盈利的改善主要得益于原材料成本的显著下降以及内部降本增效措施的落地，推动整体毛利率同比提升 0.9 个百分点至40.4%，净利率亦攀升至14.2%。此外，财务成本下降45.0%，进一步增加了利润空间。 中国市场处于调整期，录得收入46.75 亿港元，同比下降6.0%。 机构：国投证券 研究员：罗乾生/刘夏凡 收购美国制造公司，完善北美产能布局 2025 年12 月18 日，公司宣布以总代价约5870 万美元（包含3,200万美元股权对价及约2,670 万美元债务 置换）收购一家美国本土家居制造公司100% 的股权。目标集团旗下拥有专注功能沙发的Southern Motion 及专注固定家具的Fusion Furniture 两大成熟品牌。本次收购获得约1.88 亿美元营收增量的同 时，获取了目标集团位于美国密西西比州的8 处生产设施，总面积超200 万平方英尺。在当前地缘政治 与国际贸易环境变化的背景下，通过获得成熟的美国本土产能，公司将有效规避潜在关税波动及海运成 本风险。此外，利用目标集团拥有的超1,000 名活跃零售客户的网络，可以进一步深化北美渠道渗透， 在原材料采购及自动化制造方面的规模优势，使目标 ...

2026 年 02 月 26 日 敏华控股(01999.HK) 北美产能完善全球布局， 盈利能力持续修复 收购美国制造公司，完善北美产能布局 | 表现亮眼 | | | --- | --- | | 内外销稳步复苏，FY24 业绩 | 2024-05-23 | | 表现靓丽 | | | 上半财年盈利表现靓丽，内 | 2023-11-21 | | 外销恢复可期 | | | 盈利能力有所提升，内外销 | 2023-05-17 | | 有望逐步恢复 | | | 上半财年利润表现靓眼，渠 | 2022-11-17 | 2025 年 12 月 18 日，公司宣布以总代价约 5870 万美元（包含 3,200 万美元股权对价及约 2,670 万美元债务置换）收购一家美国本土家 居制造公司 100%的股权。目标集团旗下拥有专注功能沙发的 Southern Motion 及专注固定家具的 Fusion Furniture 两大成熟品 牌。本次收购获得约 1.88 亿美元营收增量的同时，获取了目标集团 位于美国密西西比州的 8 处生产设施，总面积超 200 万平方英尺。在 当前地缘政治与国际贸易环境变化的背景下，通过获得成熟的美国 ...

敏华控股(01999)尾盘涨超4%，截至发稿，涨4.31%，报5.08港元，成交额4908.69万港元。 该行同时表示，降息或使得美国房地产有一定复苏迹象，同时美股的上涨带来的财富效应较为明显，房 地产需求有望逐步释放，敏华完成收购后，借助其品牌以及渠道或将促进公司在北美地区的业务发展。 消息面上，去年12月，敏华控股公告以约5870万美元收购GRIC集团，其主要于美国从事制造及买卖软 体家具。甬兴证券认为，交割后，目标集团透过其逾1,000名活跃客户的家具零售分销网络所带来的交 叉销售机会，以及在原材料采购及提升制造效率方面所创造的成本节约机会，将使目标集团与敏华控股 的业务产生协同效应。 ...

智通财经APP获悉，敏华控股(01999)尾盘涨超4%，截至发稿，涨4.31%，报5.08港元，成交额4908.69万 港元。 消息面上，去年12月，敏华控股公告以约5870万美元收购GRIC集团，其主要于美国从事制造及买卖软 体家具。甬兴证券认为，交割后，目标集团透过其逾1,000名活跃客户的家具零售分销网络所带来的交 叉销售机会，以及在原材料采购及提升制造效率方面所创造的成本节约机会，将使目标集团与敏华控股 的业务产生协同效应。 该行同时表示，降息或使得美国房地产有一定复苏迹象，同时美股的上涨带来的财富效应较为明显，房 地产需求有望逐步释放，敏华完成收购后，借助其品牌以及渠道或将促进公司在北美地区的业务发展。 ...

Core Viewpoint - The letter from Huang Minli, Chairman and President of Minhua Holdings, reflects on the company's achievements amidst external challenges and market competition, emphasizing a commitment to global expansion in 2026 [1] Group 1: Company Achievements - The company ensured product quality and market supply through collaboration across production, research and development, and logistics departments [1] - Production staff successfully met order deliveries, while the R&D team advanced product iterations such as the "Zhi Huashi First-Class Sofa" [1] - The company attributes its achievements to the hard work and intelligence of all employees [1] Group 2: Future Goals - The year 2026 is highlighted as a pivotal year for the company, aiming to strengthen its domestic market leadership and accelerate global expansion [1] - The company expresses a vision for the future, stating its goal is to make the world appreciate Chinese home furnishings [1] - Huang Minli promises to provide a broad platform for every employee, ensuring that efforts are rewarded and achievements are recognized [1]

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 | 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 | | | | 本月底法定/註冊股本總額： HKD 2,000,000,000 FF301 第 1 頁 共 10 頁 v 1.2.0 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: 2026年 ...

Core Viewpoint - The strategic partnership between Jingmu Decoration and Fotile Group aims to enhance community renovation services in China's home improvement market, responding to the growing demand for personalized and high-quality living spaces [1][4]. Group 1: Strategic Partnership - Jingmu Decoration, a brand under Minhua Holdings, has established a strategic cooperation with Fotile Group to create a community renovation joint initiative [1][4]. - This collaboration signifies a deep integration of both companies' strengths, focusing on delivering comprehensive kitchen renovation solutions [5][12]. Group 2: Market Context - The Chinese home improvement market is transitioning into a new era where consumer demands are increasingly refined and personalized [1][4]. - Minhua Holdings has developed a robust international presence, selling products in over 100 countries and regions, showcasing its strong market influence [4]. Group 3: Product and Service Innovations - The partnership will introduce two main renovation solutions: a "quick renovation" plan for outdated kitchens, promising completion in 7 days, and a "full renovation" service for quality upgrades [6][10]. - The collaboration will ensure a seamless integration of design and functionality, addressing common issues in traditional kitchen renovations [9]. Group 4: Quality Assurance and Cost Efficiency - The initiative emphasizes the use of environmentally friendly materials and offers a 10-year warranty, ensuring reliable quality and after-sales service [11]. - By integrating supply chain resources, the partnership aims to provide transparent pricing and eliminate hidden costs, enhancing overall consumer value [12]. Group 5: Future Outlook - The collaboration is expected to set a benchmark for industry cooperation, exploring new pathways through community-focused initiatives and cross-industry alliances [15]. - Jingmu Decoration plans to expand its strategic collaborations into other areas, such as bathroom renovations, to further enhance its service offerings [15].

Core Viewpoint - The company is a leading manufacturer of functional sofas, holding the title of the world's largest seller in this category, with a successful transition from traditional export processing to a dual business model of export manufacturing and domestic brand sales [1] Group 1: Company Overview - Established in 1992, the company specializes in functional sofas, bedding, and smart home products, with sales across domestic, North American, and European markets [1] - In FY2025, the company reported revenue of HKD 16.9 billion, a year-on-year decrease of 8.2%, and a net profit of HKD 2.06 billion, down 10.4% [1] - For FY26H1, revenue decreased by 3.1% year-on-year, while net profit increased by 0.6% [1] Group 2: Business Adjustments and Improvements - Over the past three years, the company has adjusted its internal and external sales operations, resulting in marginal improvements despite a downturn in the domestic home furnishings industry [2] - The compound annual growth rate (CAGR) for internal and external sales revenue from FY2022 to FY2025 was -9% and -6%, respectively [2] - In FY26H1, internal sales revenue decreased by 6%, while external sales revenue increased by 1% [2] - Online domestic sales have shown recovery, with a 13.6% year-on-year increase in e-commerce sales for FY26H1, reversing a decline trend since FY24H2 [2] - The company plans to acquire the U.S. furniture company Gainline Recline Intermediate Corp, which operates two brands and has a distribution network covering over 1,000 furniture retailers [2] Group 3: Profitability and Financial Performance - The company has demonstrated better-than-expected profitability, with gross margins improving despite a decline in average selling prices [3] - The average selling price of sofas decreased by 19% from FY22, yet the gross margin increased by 3.6 percentage points [3] - For FY26H1, the average selling price of sofas fell by 4%, while the gross margin rose by 1 percentage point [3] - The net profit margin for FY25 was 12.2%, slightly below FY24's 12.5%, while FY26H1 net profit margin reached 14.2%, up 0.5 percentage points year-on-year [3] Group 4: Investment Outlook - The company maintains a dividend payout ratio of around 50%, with a projected dividend yield of approximately 5.7% based on its market capitalization as of January 22, 2026 [3] - Profit forecasts for FY2026 to FY2028 are HKD 2.07 billion, HKD 2.12 billion, and HKD 2.21 billion, reflecting year-on-year growth of 0.2%, 2.5%, and 4.1%, respectively [3] - The current stock price corresponds to a price-to-earnings (PE) ratio of 9X for FY26 and 8X for FY27, which is below the average valuation of comparable companies, leading to a "buy" rating [3]

Investment Rating - The report assigns a "Buy" rating for the company, Minhua Holdings [3][57]. Core Insights - Minhua Holdings is the global leader in functional sofas, with a strong presence in both domestic and international markets. The company has successfully transitioned from a traditional export-oriented business to a model that balances export manufacturing with domestic brand sales [5][8]. - Recent financial performance shows a mixed trend, with a projected revenue decline of 8.2% in FY2025, but a slight recovery in net profit expected in FY2026 [5][15]. - The company is experiencing positive changes in its business operations, particularly in e-commerce sales, which have rebounded by 13.6% in FY26H1, reversing previous declines [28][39]. Financial Data and Valuation - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 18,411 million HKD - FY2025: 16,903 million HKD (down 8%) - FY2026: 16,392 million HKD (down 3%) - FY2027: 16,757 million HKD (up 2%) - FY2028: 17,424 million HKD (up 4%) [5][54]. - Net profit projections are: - FY2024: 2,302 million HKD - FY2025: 2,063 million HKD (down 10%) - FY2026: 2,067 million HKD (up 0.2%) - FY2027: 2,120 million HKD (up 2.5%) - FY2028: 2,208 million HKD (up 4.1%) [5][54]. - The company maintains a dividend payout ratio of around 50%, with a projected dividend yield of approximately 5.7% based on FY26 earnings [57]. Business Operations - The company has a balanced revenue structure with approximately 59% from domestic sales and 41% from international sales as of FY26H1 [6][17]. - The domestic sales model primarily focuses on the Zhihua brand, with a significant portion of revenue coming from sofas and mattresses [8][17]. - The company is pursuing strategic acquisitions, such as the planned acquisition of Gainline Recline Intermediate Corp, to enhance its business layout and operational synergies [39][41]. Profitability and Margin Analysis - The company has demonstrated resilience in profitability, with a net profit margin of 12.2% in FY2025, slightly below the previous year's 12.5% [43][54]. - Despite a decrease in average selling prices, the gross margin has improved, indicating strong cost control capabilities [43][54]. Investment Recommendations - The report suggests that Minhua Holdings, as a leader in the functional sofa market, is well-positioned for growth, particularly with its manufacturing advantages and recovery in online sales [57]. - The projected earnings for FY2026 to FY2028 indicate a gradual recovery in net profit, with expected growth rates of 0.2%, 2.5%, and 4.1% respectively [54][57].

Group 1: Industry Overview - The light industry and beauty sector is expected to stabilize and improve due to the dual drivers of domestic demand policies and steady export growth [3] - The "14th Five-Year Plan" marks a year of enhanced domestic demand policies, coupled with consumers' increasing pursuit of high-quality living, creating significant growth opportunities for the industry [3] - The penetration rate of cross-border e-commerce has ample room for improvement, and the recovery of international relations and demand from emerging markets will further drive market expansion [3] Group 2: Beauty Sector - The cosmetics market is projected to grow steadily, with the skincare segment being the largest, reaching a market size of 4,619 billion yuan in 2024, and expected to grow at a CAGR of 8.6% from 2024 to 2029 [19] - The high-end cosmetics market is rapidly expanding, with the market size for high-end skincare products increasing from 749 billion yuan in 2019 to 1,144 billion yuan in 2024, reflecting a CAGR of 8.84% [19] - Key companies in the beauty sector include: - **Mao Geping**: Revenue reached 25.88 billion yuan in H1 2025, with a growth rate of 31.28% [23] - **Lin Qingxuan**: Revenue grew to 10.52 billion yuan in H1 2025, marking a 98.28% increase [27] - **Marubi**: Revenue is expected to reach 29.70 billion yuan in 2024, recovering from previous declines [32] Group 3: Medical Aesthetics - The medical aesthetics sector is facing short-term pressure due to cautious consumer spending, but the long-term growth potential remains strong, with a projected CAGR of 10%-15% from 2024 to 2027 [36] - The market penetration rate for medical aesthetics in China is currently at 4-5%, indicating a growth potential of 2-5 times compared to countries like the US and South Korea [36] - Key companies in the medical aesthetics sector include: - **Jinbo Biological**: Achieved revenue of 12.96 billion yuan in Q1-Q3 2025, with a year-on-year growth of 31.10% [45] Group 4: Daily Chemicals - The daily chemical industry is benefiting from domestic demand policies, with local brands poised to capture market share [49] - Companies such as **Dengkang Oral Care** and **Runben** are highlighted for their strong market positions and growth potential [51][55] - **Shanghai Jahwa** has shown significant growth, with revenue reaching 49.61 billion yuan in Q1-Q3 2025, reflecting a 10.83% increase [59] Group 5: Home Furnishing - The home furnishing sector is under pressure due to weak real estate sales, with a 15% decline in residential investment in 2025 [65] - National subsidies for home appliances and furnishings have provided some support, but the long-term effects are limited [65] - Leading companies such as **Oppein Home** and **Kuka Home** are noted for their strong channel capabilities and multi-category layouts [65]