收入端：家居行业需求趋缓，海外市场韧性强劲分地区看：报告期内公司中国市场、北美市场、欧洲市 场及其他海外市场分别实现主营业务收入102.36、44.20、22.46 亿港元，同比分别-16.49%（人民币口 径-14.99%）、3.17%（人民币口径+5.02%）、19.19%（人民币口径+22.33%），中国市场在消费复苏缓 慢、家具行业竞争激烈的背景下，收入端暂时性承压，但中国市场对公司整体的营业收入占比仍然保持 第一，报告期内达到58.70%，随着补贴政策的支持及公司优化措施的实施，中国市场需求有望得到恢 复；北美市场稳步向好，基于公司的品牌推广及积极合作，预计北美市场的未来销量持续增长；欧洲及 其他海外市场表现较理想，其中Home 集团收入同比+15.30%至7.77 亿港元，有所上升。渠道方面： 持续优化线下渠道。报告期内，中国市场进一步加强下沉市场及一二线城市的性价比系列门店布局，线 下门店数量净增至7367 家。分产品看：沙发、床具及其他产品收入均有所降低，同比分别为-7.24% （人民币口径-5.57%）、-19.40%（人民币口径-17.96%）、-8.45%（人民币口径-6.80%），主要 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a total revenue of HKD 17.249 billion for the fiscal year ending March 31, 2025, representing a year-on-year decrease of 8.24% [2] - The net profit attributable to the parent company was HKD 2.063 billion, down 10.41% year-on-year, while the adjusted net profit increased by 1.3% to HKD 2.350 billion [2] - The company plans to distribute a final dividend of HKD 0.12 per share, with a payout ratio of 50.80% [2] Revenue Analysis - The company experienced a decline in revenue from the Chinese market by 16.49% year-on-year, while the North American market grew by 3.17% and the European market increased by 19.19% [3] - The Chinese market accounted for 58.70% of total revenue, indicating its continued importance despite current challenges [3] - The company is focusing on optimizing its offline channels, increasing the number of stores to 7,367 in the Chinese market [3] Profitability Analysis - The company's gross margin was 40.49%, an increase of 1.12 percentage points year-on-year, while the net margin was 12.75%, a slight decrease of 0.27 percentage points [4] - The gross margins for different product lines varied, with the sofa and related products seeing an increase, while the bedding segment faced a decline [4] - Overall, the company managed to control its operating expenses effectively, resulting in a total expense ratio decrease of 0.78 percentage points to 23.51% [4] Investment Recommendations - The company is positioned in a large consumer market with significant growth potential, particularly in its domestic sales and recovering export business [5] - Revenue forecasts for FY2026 to FY2028 have been adjusted to HKD 18.063 billion, HKD 19.369 billion, and HKD 20.889 billion respectively, reflecting a cautious outlook [5] - The expected earnings per share (EPS) for the same period are projected at HKD 0.59, HKD 0.65, and HKD 0.71, maintaining a "Buy" rating [5]

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 05 月 28 日 [Table_Title] 外销表现亮眼，经营效益改善 [Table_Title2] 敏华控股(1999.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1999 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 6.83/3.6 | | 目标价格(港元)： | | 总市值(亿港元) | 162.10 | | 最新收盘价(港元)： | 4.18 | 自由流通市值(亿港元) | 162.10 | | | | 自由流通股数(百万) | 3,878.08 | [Table_Summary] 事件概述 公司发布 2024-2025 年末期业绩报告（截止 2025 年 3 月 31 日）。报告期内公司实现总收入 172.49 亿港元，同比 -8.24%（人民币口径-6.59%）；归属于母公司净利润 20.63 亿港元，同比-10.41%（人民币口径-8.80%），扣非后 归属于母公司净利润 23.50 亿港元，同比+1. ...

(文/孙梅欣 编辑/张广凯） 在家居行业整体走势下行的背景下，最为头部的功能性沙发企业敏华控股，也未能避免受其影响。 敏华控股2024年财报显示，本财年公司营收169.02亿港元，同比下滑8.2%；毛利68.44亿元，同比下滑 5.57%；营业利润28.24亿元，同比下滑7.74%；公司权益拥有人应占利润20.62亿港元，同比下降 10.4%。 敏华控股表示，利润减少主要是由于投资物业公允值带来的亏损，以及商誉减值、物业、厂房、设备及 无形资产减值等造成的影响。 尽管以财务计算解释了利润下滑，但从产品和区域细节来看，主要产品和地区收入的下滑，是造成整体 业绩下行的重要原因。 事实上，过去几年敏华控股的海外市场表现一度对业绩造成拖累，但在这一财年，海外市场的表现有所 回升。然而新的情况正在出现——国内市场业绩疲软的表现，影响了业绩的走势。 消费疲软，国内市场收入降17% 作为国内较早上市的家居企业之一，敏华控股的主力产品为功能性沙发，尤其是"芝华仕"沙发是公司旗 下知名度最高的产品之一，早年主打高端按摩沙发概念，前几年也进入连锁影院，成为观影按摩椅。 目前以产品类型划分，敏华控股共有5个方向的业务，包括沙发及配 ...

事件评论 机构：长江证券 研究员：蔡方羿/米雁翔/应奇航 事件描述 收入：FY2025H2 内销承压，外销有所放缓。 1）内销业务：H2 家具业务同降17%（人民币口径下同降16%），其中线下/线上同降18%/11%（人民币 口径下同降17%/10%）。家具业务分品类看，沙发及配套品/床垫及配套品分别同降15%/20%（人民币 口径下同降14%/19%），其中沙发及配套品销量/均价分别同降11%/3%（人民币口径）。H2 其他产品 （铁架、定制等）同降24%。FY2025H2 期间品牌专卖店数净减149 家至7367 家，全财年净增131 家。 2）外销业务：H2 整体同增4%，其中北美/欧洲及其他市场/Home Group（HG）分别同增1%/11%/8%， 其中估计北美地区延续量增价减趋势，FY2025 全年北美沙发销量/均价+11%/-7%）；欧洲地区延续较 快增长趋势。 盈利：FY2025 毛利率及经营利润率均有改善，与原材料降价、费用控制等有关。FY2025毛利率/归母 净利率同比+1.1/-0.3pcts，而其中投资物业公允值亏损、商誉减值拨备、物业/厂房及设备减值拨备、无 形资产减值拨备等形成一 ...

Core Viewpoint - The company's FY25 performance fell short of expectations, primarily due to impairment provisions, with a revenue of HKD 16.903 billion and a net profit of HKD 2.063 billion, reflecting year-on-year declines of 8.2% and 10.4% respectively [1][2] Group 1: Sales Performance - Domestic sales faced significant pressure, with FY25 domestic revenue at HKD 9.927 billion, down 17.2% year-on-year, while international sales showed resilience, particularly in Europe, with a revenue increase of 22.9% to HKD 1.469 billion [1] - The company's sofa revenue was HKD 6.584 billion, down 15.4%, and mattress revenue was HKD 2.408 billion, down 19.4% [1] Group 2: Cost Management and Profitability - The company achieved a gross margin of 40.5% in FY25, an increase of 1.1 percentage points year-on-year, driven by improved operational efficiency and stable raw material costs [2] - The net profit margin was 12.20%, a slight decrease of 0.3 percentage points year-on-year, impacted by impairment provisions [2] Group 3: Store Optimization and Future Strategy - The company added 131 stores, bringing the total to 7,367, although there was a net decrease of 149 stores in the second half of the fiscal year due to optimization strategies [2] - The company plans to accelerate its online channel development following the optimization of its offline store network [2] Group 4: Profit Forecast and Valuation - Due to the pressure on domestic demand and external trade risks, the company revised its FY2026 net profit forecast down by 21% to HKD 2.128 billion and introduced a FY2027 forecast of HKD 2.255 billion [2] - The current stock price corresponds to a P/E ratio of 8/7 for FY2026/FY2027, with a target price adjustment down by 7% to HKD 6.5, indicating a potential upside of 53% from the current price [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported FY2025 results (April 2024 to March 2025) with main revenue and net profit of HKD 16.903 billion and HKD 2.063 billion, respectively, reflecting a year-on-year decline of 8% and 10% [2][6] - In FY2025H2, the company experienced a revenue decline in domestic sales, while international sales showed a slowdown; however, operating profit improved due to raw material price reductions and cost control [2][6] - The company is focusing on internal transformation to enhance competitiveness through channel and marketing changes, with a long-term view on its core competitive advantages despite short-term tariff disturbances in international sales [2][10] Revenue Summary - Domestic sales faced pressure in FY2025H2, with furniture sales down 17% in RMB terms, and online and offline sales decreasing by 18% and 11%, respectively [7] - International sales grew by 4% in FY2025H2, with North America and Europe showing increases of 1% and 11%, respectively [7] Profitability Summary - The gross margin and operating profit margin improved in FY2025, with gross margin increasing by 1.1 percentage points year-on-year [10] - The company managed to reduce advertising and management expenses by 30% and 22%, respectively, while tariff expenses decreased significantly by 89% due to increased shipments from its Vietnam factory [10] Future Outlook - The company anticipates continued pressure from the real estate and consumer environment but expects marginal benefits from national subsidies for home furnishings [10] - Plans include restructuring dealer and store layouts, enhancing online presence, and optimizing product positioning to improve competitiveness [10] - The company projects net profits of HKD 2.398 billion, HKD 2.590 billion, and HKD 2.849 billion for FY2026, FY2027, and FY2028, respectively, with corresponding PE ratios of 6.9, 6.3, and 5.8 [11]

业绩简评 5 月 15 日，公司发布 2025 财年业绩公告，公司 2025 财年实现营 收 169.0 亿港元（同比-8.2%），归母净利润 20.6 亿港元（同比- 10.4% ）。 其 中 FY25H2 营 收 / 归 母净 利分 别-9.2%/-20.8%至 86.0/9.2 亿元。FY25 年末公司每股派息 12 港仙，叠加中期派息 的 15 港仙，FY25 全年派息比率为 50.8%，继续保持较优分红比例。 经营分析 FY25 内销承压较明显，欧美市场表现相对较优：FY25 全年中国/ 北 美 / 欧 洲 / 其他海外 地 区 营 收 分 别 同 比 - 16.5%/+3.2%/+19.2%/+22.6%至 102.4 亿/44.2 亿/15.8/6.7 亿港 元，其中 FY25H2 分别同比-16.2%/+0.9%/+5.3%/+23.8%至 51.9 亿 /22.7 亿/8.2/3.2 亿港元。中国市场短期受宏观环境影响，经营 压力显现明显，期待国补激发更多需求，而海外市场整体表现相对 较优。公司针对北美市场消费需求推出系列产品，推动北美出货量 维持增长，欧洲及其他地区销售渠道不断拓宽，市场推 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of HKD 16.903 billion for the fiscal year 24/25, a decrease of 8.2% year-on-year, with a net profit attributable to shareholders of HKD 2.063 billion, down 10.41% year-on-year. However, excluding certain impairments, the adjusted net profit was HKD 2.35 billion, reflecting a growth of 1.3% due to effective cost control measures [1][11] Summary by Sections Domestic Sales - Revenue from the Chinese market was HKD 10.236 billion, a decline of 16.94% year-on-year, with a gross margin of 40.4%. The decline was attributed to construction pressures and weak terminal demand. Offline store revenue decreased by 16.56% to HKD 6.799 billion, while online sales fell by 16.33% to HKD 2.193 billion, although the latter showed signs of recovery in the second half of the fiscal year [2] International Sales - North American revenue increased by 3.17% to HKD 4.420 billion, with a gross margin improvement of 4.4 percentage points to 41.5%. European and other overseas markets saw a revenue increase of 22.90% to HKD 1.469 billion, driven by enhanced market promotion and expanded sales channels [3] Product Categories - Sofa and related products generated HKD 11.743 billion in revenue, down 7.24% year-on-year, with total sales volume of 1.885 million sets. Domestic sofa revenue decreased by 15.4%, while export sales volume increased by 13.04%, particularly in North America and Europe [4] Financial Metrics - The gross margin improved to 40.5%, up 1.1 percentage points year-on-year, primarily due to a decrease in raw material costs. The company effectively reduced its expense ratio to 23.51%, with a notable decrease in management expenses [5][10] Earnings Forecast and Valuation - The company is expected to achieve revenues of HKD 17.886 billion, HKD 19.168 billion, and HKD 20.570 billion over the next three fiscal years, with corresponding net profits of HKD 2.273 billion, HKD 2.492 billion, and HKD 2.720 billion. The current market valuation corresponds to a PE ratio of 7.24X, 6.60X, and 6.05X for the next three years [11][12]

证券研究报告 | 公司点评 | 家居用品 24/25 财年（24 年 4 月-25 年 3 月）公司实现营业收入 169.03 亿港元（同比- 8.2%），归母净利 20.63 亿港元（同比-10.41%），主要系计提公允价值损失 0.71 亿（同期 0.025 亿），商誉减值准备 1.04 亿（同期 0.12 亿），固定资产减值准备 0.96 亿（同期无），无形资产减值准备 0.13 亿（同期无），剔除后公司实现归母 净利 23.5 亿（+1.3%），得益于公司积极降本控费。 ❑ 内销：竣工压力传导、积极优化渠道 期内中国市场收入 102.36 亿港元（同比-16.94%），其中 H1/H2 分别同比- 16.84%/-16.14%，毛利率 40.4%（同比持平），主要原因系竣工压力传导、终端需 求不振。若剔除铁架口径中国市场收入 89.92 亿港元（同比-16.5%）： （1）线下门店收入 67.99 亿港元（同比-16.56%），净增加门店 131 家至 7367 家 （H1/H2 门店数分别+280 家/-149 家），下半财年优化门店布局，聚焦提升单店收 入。 经营利润率抬升、功能沙发渗透率加速向上 ...