股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: 2025年11月30日 | | --- | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 敏華控股有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01999 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.4 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.4 HKD | | 2,000,000,000 | ...

Man Wah Holdings Limited 敏華控股有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） (Stock Code 股份代號: 01999) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear non-registered shareholder(s), Man Wah Holdings Limited (the "Company") 敏華控股有限公司（「公司」） –2025/26 年中期報告（「本次公司通訊」）的刊發通知 本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「香港交易所」）網站（www.hkexnews.hk）及公司網站 （www.manwahholdings.com），歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於公司網站上的本次公司通訊文件出現困難， 閣下可將 要求（註明 閣下的姓名、地址及要求）以電郵方式發送至 manwah.ecom@computershare.com.hk 或以書面方式郵寄至公司香港股 份過戶登記處（ ...

Man Wah Holdings Limited (the "Company") Man Wah Holdings Limited 敏華控股有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） (Stock Code 股份代號: 01999) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear registered shareholder(s), To ensure timely receipt of the latest Corporate Communications, the Company recommends you provide your email address by scanning your personalized QR code printed on the reply form (the "Reply Form") on the reverse side. Alternatively, you may sign and return the Reply ...

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of approximately HKD 8,044,781, a decrease of about 3.1% year-on-year[6]. - Total revenue for the six months ended September 30, 2025, was HKD 8,240,757, a decrease of 2.73% compared to HKD 8,471,446 in the same period of 2024[71]. - Gross profit for the same period was HKD 3,250,161, down 0.93% from HKD 3,280,649 year-over-year[71]. - Net profit for the period was HKD 1,206,334, representing a slight increase of 0.67% from HKD 1,194,555 in the previous year[72]. - Net profit attributable to equity holders increased by about 0.6% to HKD 1,145,578,000, with a net profit margin of approximately 14.2%, up from 13.7% in the previous year[27]. - Total comprehensive income for the period was HKD 1,471,225, an increase of 9.68% from HKD 1,341,679 in the same period last year[72]. - The profit attributable to the company's owners for the six months ended September 30, 2025, was HKD 1,145,578,000, a slight increase from HKD 1,138,925,000 in the same period of 2024, representing a growth of approximately 0.3%[106]. Revenue Breakdown - Sofa sales in the Chinese market generated revenue of approximately HKD 3,083,855, down 6.1% from HKD 3,285,505 in the previous year[11]. - Revenue from the North American market was approximately HKD 2,160,622, a slight increase of 0.3% year-on-year[8]. - Revenue from bedding and related products was approximately HKD 1,119,060,000, a decrease of about 7.4% compared to HKD 1,208,846,000 in the same period last year, primarily due to significant consumption downgrade in the Chinese market[12]. - Revenue from other products reached approximately HKD 930,789,000, an increase of about 11.4% from HKD 835,902,000 in the previous year, driven by sales growth of metal frames and smart furniture in overseas markets[13]. - Revenue from the Home Group was approximately HKD 379,665,000, up about 2.2% from HKD 371,313,000 in the same period last year, mainly due to increased demand in the European market[14]. - Revenue from real estate, hotels, and other property leasing was approximately HKD 65,038,000, a decline of about 10.1% from HKD 72,338,000 in the previous year, primarily due to a decrease in real estate income[15]. Cost and Expenses - Cost of goods sold decreased by about 4.6% to HKD 4,794,620,000 from HKD 5,024,724,000, with raw material costs declining more than revenue due to lower unit costs[17]. - Selling and distribution expenses increased by about 1.7% to HKD 1,539,021,000, with the percentage of revenue rising from approximately 18.2% to 19.1%[21]. - Administrative and other expenses rose by about 16.8% to HKD 364,089,000, with the percentage of revenue increasing from approximately 3.8% to 4.5%[23]. - Financial costs decreased by about 45.0% to HKD 40,184,000 from HKD 73,114,000 in the previous year, primarily due to lower loan interest expenses[25]. Assets and Liabilities - Non-current assets increased to HKD 12,042,145 as of September 30, 2025, from HKD 11,690,989 as of March 31, 2025[74]. - Current assets rose to HKD 8,950,908, compared to HKD 8,332,603 at the end of the previous reporting period[74]. - Total liabilities remained stable with current liabilities at HKD 6,111,866, slightly down from HKD 6,114,040[74]. - The company's equity increased to HKD 14,661,001 as of September 30, 2025, from HKD 13,649,166 as of March 31, 2025[75]. Cash Flow and Financing - Operating cash flow for the six months was HKD 1,685,877,000, an increase from HKD 1,584,455,000 in the prior year, representing a growth of about 6.4%[80]. - The company incurred a net cash outflow from investing activities of HKD 1,089,500,000, compared to HKD 1,682,535,000 in the previous year, showing a reduction in cash outflow by approximately 35.3%[80]. - New bank borrowings amounted to HKD 2,583,826,000, an increase from HKD 1,591,460,000 in the previous year, indicating a significant rise in financing activities[80]. - The company paid dividends to equity holders totaling HKD 465,370,000, down from HKD 581,662,000 in the previous year, reflecting a decrease of approximately 20%[80]. Shareholder Information - The company has issued a total of 3,878,083,200 shares as of September 30, 2025[44]. - Min Wah Investment Limited holds 2,426,692,800 shares, representing approximately 62.57% of the company's issued share capital[46]. - Mr. Huang Min Li owns 80% of Min Wah Investment Limited, which translates to a beneficial ownership of 1,941,353,440 shares[44]. - Ms. Xu Hui Qing owns 20% of Min Wah Investment Limited, equating to a beneficial ownership of 485,338,560 shares[44]. - The company declared an interim dividend of HKD 0.12 per ordinary share for the six months ended September 30, 2025, down from HKD 0.15 per share in 2024, resulting in total dividends of HKD 465,370,000 compared to HKD 581,662,000 in the previous year[104]. Corporate Governance - The audit committee consists of three independent non-executive directors, and the interim financial information for the six months ending September 30, 2025, has been reviewed by Ernst & Young[54]. - The company has complied with the corporate governance code, with a noted deviation regarding the separation of the roles of chairman and CEO[61]. - All directors confirmed compliance with the standards of conduct for securities trading during the six-month period ending September 30, 2025[63]. Future Plans and Strategies - The company plans to continue its "smart home" strategy and enhance product innovation and brand building to solidify its market leadership[37]. - The group is exploring potential overseas acquisition targets to respond to changes in the international trade environment[37]. - The group has submitted an application for its subsidiary, Ruimai Technology, to be listed on the National Equities Exchange and Quotations[38].

敏华控股近日发布截至今年9月30日止6个月的中期业绩报告，以芝华仕品牌为代表的沙发及配套产品业务在 国内市场的收入下降约6.1%。在2025财年（2024年3月31日至2025年3月31日止的财政年度），敏华控股国内 市场销售已在承压，沙发及配套产品在国内市场的收入同比下降约15.4%。 当前，家居赛道竞争愈发激烈，沙发行业产能过剩，消费者购买决策更加谨慎，各种因素叠加之下，敏华控 股面临多重经营压力和挑战。摆在其面前的问题不止于此。敏华控股曾多番强调深化品牌建设，但旗下品牌 芝华仕却频遭投诉，问题涉及产品质量缺陷、售后响应迟缓、退货退款难等方面。有消费者认为其产品和服 务与"头等舱"的高端标签不符。 此外，今年618大促前夕，管理人员的一番罚款言论更是把公司送上风口浪尖，员工"上厕所""照镜子""在工 位吃东西"等行为被列为处罚项目。有观点认为，虽然事后涉事人员道歉，但暴露了内部管理问题，或间接影 响芝华仕沙发的市场接受度。 国内市场营收下滑、门店减少 11月14日，敏华控股发布2025-2026财年中期财报。财报显示，截至今年9月30日止6个月，敏华控股实现总收 益约82.41亿港元，同比下降约2.7%， ...

摘要 2025 年上半年，敏华控股中国市场营收占比 58.1%，销量持平但均价 下跌 6.2%，电商渠道增长迅速，但电商产品均价低于线下，公司坚持 中高端定位，不降价求售。 北美市场受关税影响显著，预计全年收入或将出现单位数下跌，公司计 划通过提价、降成本、增效应对，并考虑在美国并购以长期增加市场份 额，同时关注美国房地产数据及降息预期对终端需求的潜在影响。 敏华控股通过产品创新，如带小冰箱、音响的沙发，以及防猫抓仿真皮 沙发、老人椅等，刺激消费需求，提升品牌竞争力及市场占有率。 短期内，敏华控股在中国不新增产能，海外方面，需重新评估越南和墨 西哥的产能布局，并关注美国并购机会以优化全球产能配置。 美国工厂生产效率低于中国和东南亚，成本较高，并购需谨慎。敏华控 股在全球功能沙发领域具有领先的生产能力和规模效应，合理价格收购 可提升效率、降低成本。 国补政策对沙发行业影响有限，因沙发交付周期长且消费金额较高，相 对于补贴金额影响较小，对公司业绩贡献不显著。 敏华控股将加大电商渠道投入，调整线上产品结构，从低端转向中高端， 目标是保持中国市场整体持平。未来两年分红率保持至少 50%，之后随 着资本开支减少，有机会 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported FY2026H1 results (from April 2025 to September 2025) with main revenue and net profit attributable to shareholders at HKD 80.45 billion and HKD 11.46 billion, respectively, showing a year-on-year change of -3% and +1% [2][6]. - Domestic sales continued to decline but at a reduced rate, while export sales remained stable. Domestic furniture sales decreased by 6%, with offline sales increasing by 14% and online sales decreasing by 12%. In terms of product categories, sofa and related products and mattresses and related products saw declines of 6% and 7%, respectively [7]. - Export revenue grew by 1% year-on-year, with North America, Europe, and other markets/Home Group showing increases of 0.3%, 4%, and 2%, respectively [7]. Summary by Sections Revenue - Domestic sales continued to decline, but the rate of decline has narrowed. The company is adjusting its strategies to improve performance in the domestic market [7]. - Export sales showed a slight increase, with specific declines in sofa sales in North America and Europe, while other product categories contributed positively [7]. Profitability - The company experienced improvements in gross margin and operating profit margin during FY2026H1, with gross margin and net profit margin increasing by 0.9 and 0.5 percentage points year-on-year [7]. - The decrease in raw material costs contributed to the improvement in margins, with an overall reduction of 6% in raw material costs [7]. Future Outlook - The company plans to adjust its domestic sales strategies, including restructuring dealer and store layouts and enhancing online sales channels [7]. - For export sales, the company is well-positioned to manage potential impacts from U.S. tariff policies due to its early and efficient overseas production layout [7]. - The company maintains a high dividend payout ratio of 50.8%, with an expected dividend yield of 6.2% if this ratio is maintained for the full year [7].

Core Viewpoint - The company reported a narrowing decline in revenue for FY26H1, with a total revenue of HKD 8.045 billion, down 3.1% year-on-year, while benefiting from cost control and improved operational efficiency, resulting in a gross margin increase of 0.9 percentage points to 40.4% and a net profit of HKD 1.146 billion, up 0.6% year-on-year [1][2] Revenue Analysis - The company's revenue from the Chinese market (excluding real estate and smart components) was HKD 4.203 billion, down 6.5% year-on-year, but the decline was significantly narrowed compared to FY25H2 [1] - Online sales showed strong performance with revenue of HKD 1.144 billion, up 13.6% year-on-year, while offline channel revenue was HKD 3.059 billion, down 12.3% year-on-year, indicating ongoing optimization of offline stores with a total of 7,040 stores, a net decrease of 327 stores from FY25 [1] Product Category Performance - Sofa sales remained stable with revenue of HKD 3.084 billion, down 6.1% year-on-year, with sales volume essentially flat (+0.1%) but average prices slightly decreased due to increased online sales [2] - Mattress revenue was HKD 1.119 billion, down 7.4% year-on-year, primarily impacted by consumer downgrade in the Chinese market [2] International Market Performance - North America showed resilience with revenue of HKD 2.161 billion, a slight increase of 0.3% year-on-year, despite rising international trade barriers [2] - Revenue from Europe and other markets was HKD 0.765 billion, up 4.3% year-on-year, while Home Group business revenue was HKD 0.380 billion, up 2.2% year-on-year, benefiting from increased demand in Europe [2] Profitability and Cost Factors - The overall gross margin improved to 40.4%, up 0.9 percentage points year-on-year, mainly due to a decrease in average unit costs of key raw materials such as leather (-10.4%), chemicals (-9.8%), and steel (-6.8%) [2] - However, the company faced increased tariff costs for exports to the U.S., rising from HKD 6.65 million to HKD 78.83 million year-on-year, with the revenue share increasing from 0.1% to 1.0% [2] Investment Outlook - The company is positioned as a leader in functional sofas, with potential for continued penetration in the smart home trend; despite short-term pressures in domestic sales, channel reforms are expected to gradually improve performance [3] - The profit forecast for FY26-FY28 has been slightly adjusted, with expected net profits of HKD 2.19 billion, HKD 2.32 billion, and HKD 2.43 billion respectively, corresponding to PE ratios of 7.8, 7.4, and 7.0X, maintaining a "buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11] Core Views - The company has shown resilience in its external sales, with a notable recovery in overseas markets, while domestic sales are expected to stabilize [8] - The company's revenue for FY26H1 was HKD 8.045 billion, a year-on-year decrease of 3.1%, but the decline has narrowed significantly compared to previous periods [7] - The gross profit margin improved by 0.9 percentage points to 40.4%, benefiting from cost control and operational efficiency [7][8] Revenue and Profitability - The company's revenue forecast for the upcoming years is as follows: - 2024A: HKD 18.411 billion - 2025A: HKD 16.903 billion - 2026E: HKD 16.953 billion - 2027E: HKD 17.631 billion - 2028E: HKD 18.513 billion - The year-on-year growth rates for revenue are projected to be -8% for 2025A, 0% for 2026E, 4% for 2027E, and 5% for 2028E [2] - The net profit attributable to the parent company is forecasted as follows: - 2024A: HKD 2.302 billion - 2025A: HKD 2.063 billion - 2026E: HKD 2.193 billion - 2027E: HKD 2.321 billion - 2028E: HKD 2.433 billion - The year-on-year growth rates for net profit are projected to be -10% for 2025A, 6% for 2026E, 6% for 2027E, and 5% for 2028E [2] Market Performance - Domestic sales in the Chinese market for FY26H1 were HKD 4.203 billion, a year-on-year decrease of 6.5%, but the decline has significantly narrowed compared to FY25H2 [7] - Online sales showed strong performance with a year-on-year increase of 13.6%, while offline sales decreased by 12.3% [7] - The North American market revenue for FY26H1 was HKD 2.161 billion, a slight increase of 0.3%, demonstrating strong resilience amid rising international trade barriers [5] - Revenue from Europe and other markets for FY26H1 was HKD 0.765 billion, a year-on-year increase of 4.3% [5] Cost and Margin Analysis - The overall gross profit margin increased to 40.4%, benefiting from a decrease in average unit costs of key raw materials such as leather, chemicals, and steel [8] - However, the company faced increased tariff costs for exports to the United States, which rose from HKD 6.65 million to HKD 78.83 million year-on-year [8]

Core Viewpoint - The report from Zhongtai Securities maintains a "Buy" rating for Minhua Holdings, indicating that domestic sales are expected to gradually recover as channel reforms progress, despite a slight decline in revenue for FY26H1 [1] Performance Overview - For FY26H1, the company reported revenue of HKD 8.045 billion, a year-on-year decrease of 3.1%. However, due to effective cost control, the gross margin improved by 0.9 percentage points to 40.4%, resulting in a net profit attributable to shareholders of HKD 1.146 billion, an increase of 0.6% [1] - Non-recurring losses for the period amounted to HKD 33.48 million, significantly reduced from HKD 109 million in the same period last year, primarily due to fair value losses on investment properties [1] Domestic Sales Performance - Domestic revenue (excluding real estate and smart components) reached HKD 4.203 billion, down 6.5% year-on-year, but the decline was significantly narrowed compared to FY25H2 [2] - Online sales showed strong performance with revenue of HKD 1.144 billion, up 13.6% year-on-year, while offline sales decreased by 12.3% to HKD 3.059 billion. The total number of stores decreased by 327 to 7,040 [2] - Sofa sales remained stable with revenue of HKD 3.084 billion, a slight decline of 6.1%, while mattress sales faced pressure with revenue of HKD 1.119 billion, down 7.4% due to consumer downgrade in the Chinese market [2] Export Market Resilience - The North American market showed resilience with FY26H1 revenue of HKD 2.161 billion, a slight increase of 0.3% despite rising international trade barriers [3] - Revenue from Europe and other markets reached HKD 0.765 billion, a year-on-year increase of 4.3% [4] - Home group business revenue was HKD 0.380 billion, up 2.2%, mainly benefiting from increased demand in the European market [5] Profitability Improvement - The overall gross margin improved to 40.4%, up 0.9 percentage points, driven by a decrease in average unit costs of key raw materials such as leather (-10.4%), chemicals (-9.8%), and steel (-6.8%) [6] - However, the company faced increased tariff costs for exports to the U.S., rising from HKD 6.65 million to HKD 78.83 million, with the revenue share increasing from 0.1% to 1.0% [6] Investment Recommendation - As a leader in functional sofas, the company is expected to benefit from the trend of home automation, with the penetration rate of functional sofas likely to continue increasing. Although domestic sales are under pressure, recovery is anticipated as channel reforms progress [7] - The profit forecast for FY26-FY28 has been slightly adjusted, with expected net profits of HKD 2.19 billion, HKD 2.32 billion, and HKD 2.43 billion respectively, corresponding to P/E ratios of 7.8, 7.4, and 7.0 [7]