来源：环球网 井木装饰作为敏华控股旗下的一站式设计型个性化整装品牌，凭借其创新的"模块化交付"体系，在家装 行业树立了新典范。井木装饰以"好装修，值得分享"为品牌理念，通过自行研发的LINK数字化系统， 为消费者构建从家居咨询、室内设计、工程施工、材料选购、整体交付到售后服务的全屋生态家居解决 方案。 敏华控股自1992年于香港创立以来，始终专注于沙发、床垫、智能家居等领域的研发与制造。历经三十 余载稳健发展，已成为业务网络横跨亚、美、欧、澳四大洲，产品畅销全球超100个国家和地区的国际 家居巨头。旗下拥有"芝华仕"、"头等舱"等知名品牌，以及全球超过8000家品牌专卖店，充分彰显了其 强大的产品力与市场影响力。 敏华控股供应链体系涵盖环保材料研发、定制家具生产、智能制造等多个环节，旗下芝华仕定制专注于 为消费者提供高品质的整体家居定制解决方案。以 "功能主义与美学设计并重"为核心理念，拥有完善 的产品研发体系和智能制造能力，能够满足消费者对个性化空间定制的多样化需求。其专业的定制服务 1月23日，敏华控股旗下的一站式设计型个性化整装品牌——井木装饰与全球智慧厨房专家与领导者品 牌——方太集团北京分公司在北京 ...

机构：华福证券 研究员：李宏鹏/李含稚 近年盈利韧性好于市场预期，毛利率逆势提升。公司早期通过产业链垂直整合，实现功能沙发核心部件 的自研自产、成本优势领先。FY25沙发销售套均价较FY22 下降19%，但同期沙发毛利率提升3.6pct； FY26H1 沙发均价同比-4%、毛利率同比+1pct。得益于公司强大的成本控制力，近年盈利能力相对稳 定、好于市场预期。FY25 净利率12.2%，仍处于近5 年来较高水平、仅略低于FY24 的12.5%；FY26H1 净利率14.2%、同比+0.5pct。 盈利预测与投资建议：公司作为功能沙发龙头，制造优势领先，内销线下磨底、线上恢复增长，外销通 过并购进一步完善业务布局。近年分红比例维持在50%左右，目前（2026 年1 月22 日）市值对应FY26E 股息率约5.7%。暂不考虑收购影响，我们预计FY2026-FY2028 归母净利润分别为20.7 亿港币、21.2 亿 港币、22.1 亿港币，同比分别+0.2%、+2.5%、+4.1%，目前股价对应FY26、FY27 财年PE 为9X、8X， 低于可比公司平均估值水平，首次覆盖给予"买入"评级。 风险提示 国内外宏观 ...

华福证券 成品家居 公 司 研 究 敏华控股（01999.HK） 关注内外销积极的边际变化 投资要点： 究 报 风险提示 告 国内外宏观环境风险，市场竞争加剧风险，外贸政策变化风险 | 财务数据和估值 | 2024A | 2025A | 2026E | 2027E 2028E | | | --- | --- | --- | --- | --- | --- | | 主营收入（百万港 | 18,411 | 16,903 | 16,392 | 16,757 | 17,424 | | 元） | | | | | | | 增长率 | 6% | -8% | -3% | 2% | 4% | | 归母净利润（百万港 | 2,302 | 2,063 | 2,067 | 2,120 | 2,208 | | 元） | | | | | | | 增长率 | 20% | -10% | 0% | 3% | 4% | | EPS（港元/股） | 0.59 | 0.53 | 0.53 | 0.55 | 0.57 | | 市盈率（P/E） | 7.8 | 8.7 | 8.7 | 8.5 | 8.2 | | 市净率（P/B） | 1.5 | 1.4 ...

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]

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12月31日 狀態: 新提交 公司名稱: 敏華控股有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 | 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 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The report highlights the opportunity in the paper sector due to the recent appreciation of the RMB against the USD, which enhances domestic purchasing power and reduces costs for imported raw materials like wood pulp [5][6] - The report suggests focusing on companies with high wood pulp procurement costs, such as Zhongshun Jierou, and recommends Sun Paper for its integrated advantages in cultural paper production [5][6] - The report also emphasizes the potential for improved profitability in Q4 due to stabilized and rising pulp prices, alongside the release of new production capacity [5][6] Summary by Relevant Sections Industry Overview - The light industry sector includes 167 listed companies with a total market value of 1,204.38 billion CNY and a circulating market value of 954.25 billion CNY [1] Market Performance - For the week of December 22-26, 2025, the Shanghai Composite Index rose by 1.88%, while the Shenzhen Component Index increased by 3.53%. The light industry index gained 1.69%, ranking 16th among 28 Shenwan industries [10] - The paper sector saw a weekly increase of 4.47%, while the textile and apparel index rose by 2.86% [10] Key Company Recommendations - Sun Paper: Buy rating with projected EPS growth from 1.10 CNY in 2023 to 1.48 CNY in 2027, with a PE ratio decreasing from 14.25 to 10.60 [3] - Baiya Co.: Buy rating with projected EPS growth from 0.54 CNY in 2023 to 1.28 CNY in 2027, with a PE ratio decreasing from 38.94 to 16.49 [3] - Huali Group: Buy rating with projected EPS growth from 2.74 CNY in 2023 to 3.97 CNY in 2027, with a PE ratio decreasing from 19.24 to 13.27 [3] Raw Material Price Trends - The report notes fluctuations in raw material prices, with MDI and TDI prices decreasing, while cotton prices have shown an upward trend [18][22] - The average price of wood pulp and various paper products is tracked, indicating a mixed performance with some prices stabilizing and others showing slight increases [42] Housing Market Data - The report highlights a significant decline in property sales, with a 39.1% year-on-year decrease in transactions among major cities [31] - Cumulative property sales area from January to November 2025 shows a 7.8% decline year-on-year [59] Consumer Goods and AI Applications - The report discusses the potential of AI applications in consumer goods, particularly in the context of new product launches and market expansion opportunities [6] Conclusion - The report emphasizes the importance of monitoring the paper sector due to favorable currency movements and suggests specific companies for investment based on their cost structures and market positions [5][6]

Core Viewpoint - The acquisition of GRIC by Minhua Holdings for 587 million RMB (approximately 84 million USD) is a strategic move aimed at enhancing its presence in the U.S. market, despite GRIC's financial struggles, reflecting a broader trend of Chinese furniture companies transitioning from OEM to brand acquisition in response to trade barriers and market challenges [1][2][5]. Group 1: Acquisition Details - Minhua Holdings announced the acquisition of GRIC, a U.S. furniture company, for 587 million RMB, with 32 million USD for 100% equity and 26.99 million USD as an interest-free loan to cover GRIC's bank debts [1]. - GRIC reported a revenue of 188 million USD for the fiscal year 2025, a decline of 21.3%, and a net loss of 9.6867 million USD, which is a 148% increase in losses compared to the previous year [1][3]. - The acquisition is seen as a long-term strategic investment rather than a short-term profit opportunity, as it provides Minhua with essential market access and production capabilities in the U.S. [6][8]. Group 2: Industry Context - The Chinese furniture industry has evolved from relying on OEM production to seeking global market presence through brand acquisitions, driven by increased tariffs and the need for brand recognition [2][3]. - The U.S. market has seen a significant decline in furniture exports from China, with a 23.7% drop in 2024, highlighting the challenges faced by Chinese manufacturers [3]. - The shift towards brand acquisition is seen as a necessary evolution for Chinese companies to overcome the limitations of being perceived as low-cost manufacturers [4][16]. Group 3: Strategic Implications - The acquisition of GRIC allows Minhua to leverage existing production facilities and a network of over 1,000 retail partners in the U.S., facilitating a quicker market entry [6][7]. - Minhua's strategy includes integrating GRIC's operations to enhance procurement efficiency and reduce costs, potentially improving GRIC's profitability [12][13]. - The company plans to implement a three-brand strategy to cater to different market segments, which will require careful management to avoid internal competition [14]. Group 4: Comparative Analysis - The case of Minhua contrasts with other Chinese companies like Kuka Home, which faced significant challenges due to aggressive acquisition strategies that did not align with their core business [9][10]. - Dream Lily's gradual approach to acquisitions has proven successful, emphasizing the importance of strategic alignment and integration capabilities [11]. - Minhua's acquisition strategy appears to be more focused and calculated, learning from the pitfalls of previous industry players [11][16]. Group 5: Future Outlook - The success of Minhua's acquisition will depend on effective integration and the ability to establish a strong brand presence in the U.S. market [15][17]. - The broader trend in the industry indicates a shift towards brand ownership and local market adaptation, which will be crucial for long-term success [16][17]. - The outcome of this acquisition could serve as a model for other Chinese companies looking to expand internationally, emphasizing the importance of brand recognition and local market understanding [17].

MAN WAH HOLDINGS LIMITED 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。 （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 須 予 披 露 交 易－ 補充公佈 收 購Gainline Recline Intermediate Corp. 100%權 益 董 事 會 謹 此 補 充 說 明，代 價 乃 經 公 平 磋 商 後 達 成，並 已 考 慮 目 標 集 團 於 二 零 二 五 年 六 月 二 十 八 日 的 資 產 淨 值 及 本 公 司 盡 職 審 查 結 果。就 已 購 買 股 份 支 付 之較上述資產淨值溢價約7百 萬 美 元，反 映 本 公 司 對 目 標 集 團 旗 下 現 有 品 牌 及 其位於美國之8間 生 產 設 施 所 賦 予 之 價 值。本 公 司 認 為，在 當 前 地 緣 政 治 與 宏 觀 經 濟 市 場 環 境 ...

Group 1 - Citi has adjusted the earnings forecast for Sensible Holdings (01999) for the fiscal years 2026 to 2028, with a decrease of 2% for 2026, an increase of 1% for 2027, and an increase of 4% for 2028 [1] - Following the acquisition of Gainline, Citi raised the target price for Sensible Holdings from HKD 5.3 to HKD 6.5, based on an 11x price-to-earnings ratio for fiscal year 2026 [1] - The acquisition is expected to enhance Sensible Holdings' competitive position in the U.S. market, with a projected compound annual growth rate of 7% in earnings per share over the next three years [1] Group 2 - Sensible Holdings announced a USD 32 million acquisition of 100% of Gainline Recline Intermediate Corp. to strengthen its U.S. sofa business [1] - The company aims to achieve breakeven for Gainline within 12 months by reducing supply chain procurement costs and leveraging bulk purchasing discounts [1] - The acquisition is expected to contribute a 1% and 4% profit boost to Sensible Holdings in fiscal years 2027 and 2028, respectively [1] Group 3 - Citi believes that Sensible Holdings holds a dominant position in the leisure sofa market in both the U.S. and China, with structural improvements in living standards in China supporting long-term growth [2] - The company is expected to benefit from its competitive production facilities in Vietnam, leading to increased market share in the U.S. [2] - The penetration rate of leisure chairs is projected to rise from 9.7% in 2023 to double digits over the next five years, which will benefit Sensible Holdings [2]

Group 1 - Citi has adjusted the earnings forecast for Sensible Holdings (01999) for the fiscal years 2026 to 2028, with a 2% decrease for 2026, a 1% increase for 2027, and a 4% increase for 2028 [1] - Following the acquisition of Gainline, Citi raised the target price from HKD 5.3 to HKD 6.5, based on an 11x price-to-earnings ratio for fiscal year 2026, indicating an attractive valuation [1] - The expected return for fiscal year 2027 exceeds 6%, with a projected compound annual growth rate of 7% for earnings per share over three years [1] Group 2 - Sensible Holdings announced a USD 32 million acquisition of 100% of Gainline Recline Intermediate Corp. to strengthen its position in the U.S. sofa market [1] - The company aims to achieve cost synergies through lower supply chain procurement costs, including cheaper metal frame purchases and bulk discounts, with a goal for Gainline to reach breakeven within 12 months [1] - The acquisition is expected to contribute a 1% and 4% profit boost to Sensible Holdings in fiscal years 2027 and 2028, respectively [1] Group 3 - Citi believes that Sensible Holdings holds a dominant position in the leisure sofa market in both the U.S. and China, with structural improvements in living standards in China supporting long-term growth [2] - The company is expected to increase its market share in the U.S. through competitive production facilities in Vietnam [2] - The penetration rate of leisure chairs is projected to rise from 9.7% in 2023 to double digits over the next five years, which is anticipated to benefit the company [2]