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 | | | 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 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 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 3,878,083,200 0 3,878,083,200 增加 / 減少 (-) 0 本月底結存 3,878,083,200 0 3,878,083,200 呈交日期: 2026年3月3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) | 0 ...

Core Viewpoint - Minhua Holdings (01999) announced the issuance of 2.898 million shares as part of its share award plan adopted on June 24, 2024, which represents approximately 0.07% of the total issued shares as of the grant date [1] Group 1 - The share award is granted to 24 employees within the group [1] - The issuance of shares is subject to acceptance by the grantees [1]

Core Viewpoint - Minmetals Holdings (01999.HK) announced the grant of share awards to 24 group employees, involving a total of 2.898 million shares, which represents approximately 0.07% of the issued shares as of the grant date, pending acceptance by the grantees [1] Group 1 - The share awards are based on the company's share award plan adopted on June 24, 2024 [1] - The issuance of shares is contingent upon acceptance by the grantees [1] - The total number of shares involved in the award is 2.898 million [1]

Core Viewpoint - Minhua Holdings (01999) announced the issuance of 2.898 million shares as part of its share incentive plan adopted on June 24, 2024, which represents approximately 0.07% of the 3.878 billion shares outstanding as of the grant date, pending acceptance by the recipients [1] Group 1 - The company will grant shares to 24 employees under the share incentive plan [1] - The total number of shares to be issued is 2.898 million [1] - The shares represent about 0.07% of the total issued shares as of the grant date [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 佈 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 MAN WAH HOLDINGS LIMITED （「獎勵股份」）： – 1 – 已授出獎勵的 購 買 價 格： 各 承 授 人 將 負 責 支 付 購 買 價 格，其 計 算 方 式 為(i)股 份 於緊接相關歸屬日期前五個交易日在聯交所每日報價 表所報平均收市價的80%；及(ii)股 份 面 值 之 較 高 者， 乘 以 將 於 相 關 歸 屬 日 期 歸 屬 的 股 份 數 目。 （於百慕達註冊成立的有限公司） （股份代號：01999） 敏華控股有限公司 授出股份獎勵 本 公 佈 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則（「上市規則」） 第17.06A條 的 規 定 而 作 出。 敏 華 控 股 有 限 公 司（「本公司」，與 其 附 屬 公 司 統 稱「本集團」）董 事（「董 事」）會（「董 ...

Group 1 - The company announced the acquisition of a US home manufacturing company for approximately $58.7 million, which includes $32 million in equity and about $26.7 million in debt replacement [1] - The acquisition is expected to generate an additional revenue of approximately $188 million and includes eight production facilities in Mississippi, totaling over 2 million square feet [1] - This strategic move aims to mitigate potential tariff fluctuations and shipping cost risks while enhancing the company's penetration in the North American market through an established network of over 1,000 active retail customers [1] Group 2 - Despite a 3.1% year-on-year decline in revenue to approximately HKD 8.045 billion for the first half of FY2026, the company's net profit increased by 0.6% to HKD 1.146 billion [2] - The improvement in profitability is attributed to a significant decrease in raw material costs and effective internal cost-reduction measures, leading to a 0.9 percentage point increase in overall gross margin to 40.4% [2] - The company closed 327 offline stores to enhance single-store quality while expanding e-commerce revenue by 13.6%, effectively countering the negative impact of reduced foot traffic [2] Group 3 - The company is recognized as a leader in the functional sofa industry and is expected to maintain strong long-term investment value due to solid fundamentals and consistent high dividends [3] - Revenue projections for FY2026-2028 are estimated at HKD 165.46 billion, HKD 174.66 billion, and HKD 188.23 billion, with corresponding net profits of HKD 22.33 billion, HKD 23.92 billion, and HKD 26.26 billion [3] - The company is assigned a target price of HKD 6.50 based on an 11x PE for FY2026, maintaining a "Buy-A" investment rating [3]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 6.50 HKD over the next six months [3][7]. Core Insights - The company has acquired a US-based furniture manufacturer for approximately 58.7 million USD, enhancing its North American production capacity and mitigating potential tariff and shipping cost risks [1]. - Despite a 3.1% year-on-year decline in revenue to approximately 8.045 billion HKD for the first half of FY2026, the net profit attributable to shareholders increased by 0.6% to 1.146 billion HKD, driven by lower raw material costs and internal efficiency measures [2]. - The company is actively optimizing its channel structure in response to domestic market pressures, closing 327 offline stores while expanding e-commerce channels, resulting in a 13.6% increase in online sales [2]. Financial Performance - The company's revenue for FY2026 is projected to be 16.546 billion HKD, with net profit expected to reach 2.233 billion HKD, reflecting a year-on-year growth of 8.24% [9]. - The gross margin improved by 0.9 percentage points to 40.4%, and the net profit margin increased to 14.2% due to reduced financial costs, which fell by 45% [2]. - The company’s asset-liability ratio decreased to 19.0%, with cash and bank balances amounting to 3.947 billion HKD [2]. Market Position - The company is recognized as a leader in the functional sofa industry and soft home furnishings, with a solid fundamental base and a commitment to high dividends for shareholders [2][3]. - The North American market showed resilience with a slight revenue increase of 0.3%, while European and other overseas markets grew by 4.3%, supported by the company's manufacturing presence in Vietnam and Mexico [2].

Group 1 - The core viewpoint of the article highlights that Minhua Holdings (01999) experienced a significant stock price increase of 4.31%, reaching HKD 5.08, with a trading volume of HKD 49.0869 million [1] - Minhua Holdings announced the acquisition of GRIC Group for approximately USD 58.7 million, which primarily operates in the manufacturing and trading of soft furniture in the United States [1] - According to Yongxing Securities, the acquisition is expected to create synergies between Minhua Holdings and GRIC Group through cross-selling opportunities from GRIC's over 1,000 active customers and cost savings in raw material procurement and manufacturing efficiency [1] Group 2 - The report suggests that a potential interest rate cut may lead to signs of recovery in the U.S. real estate market, with the wealth effect from rising U.S. stock markets likely to gradually release housing demand [1] - Following the completion of the acquisition, Minhua Holdings is expected to leverage its brand and distribution channels to enhance its business development in North America [1]

Core Viewpoint - Minhua Holdings (01999) experienced a significant increase in stock price, rising over 4% to HKD 5.08, with a trading volume of HKD 49.09 million [1] Group 1: Acquisition Details - In December of last year, Minhua Holdings announced the acquisition of GRIC Group for approximately USD 58.7 million, which primarily operates in the manufacturing and trading of soft furniture in the United States [1] - The acquisition is expected to create synergies between Minhua Holdings and GRIC Group through cross-selling opportunities via GRIC's network of over 1,000 active customers [1] Group 2: Market Outlook - Yongxing Securities noted that a potential interest rate cut could indicate signs of recovery in the U.S. real estate market, with a noticeable wealth effect from rising U.S. stock markets [1] - The demand for real estate is anticipated to gradually release, and following the acquisition, Minhua Holdings may leverage its brand and distribution channels to enhance its business development in North America [1]

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]