Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - Suzano announced a price increase of $20 per ton for commodity pulp in the Asian market for August, indicating a potential recovery in pulp and paper prices from current cyclical lows [2][4] - The report highlights the ongoing price adjustments in the paper industry, with various paper types experiencing different price movements, suggesting a recovery trend driven by supply-demand dynamics [4][50] - The report emphasizes the importance of policy catalysts in the home furnishing sector, particularly in light of recent housing policy optimizations in Beijing [4][31] Summary by Sections Home Furnishing - Recent policy changes in Beijing allow families to purchase multiple properties outside the city center, which is expected to stimulate the housing market [4][31] - Major home furnishing companies are currently valued at historical lows, presenting potential investment opportunities as market sentiment improves [4][31] Paper Industry - As of August 8, 2025, various paper prices are reported: double glue paper at 4993.75 CNY/ton (unchanged), copper plate paper at 5320 CNY/ton (unchanged), white card paper at 3955 CNY/ton (down 35 CNY/ton), box board paper at 3463.4 CNY/ton (up 12.8 CNY/ton), and corrugated paper at 2582.5 CNY/ton (up 46.25 CNY/ton) [4][50] - The report notes that the current pulp and paper prices are at cyclical lows, with expectations for a rebound due to supply-demand imbalances [4][50] Consumer Goods - The report discusses the launch of new health-focused products in the personal care sector, indicating a shift towards higher quality and compliance with health standards [4][6] - The collaboration between Morning Glory stationery and popular anime IPs is expected to enhance brand visibility and sales [4][6] Export Chain - In July, China's total exports increased by 7.2% year-on-year, with significant growth in exports to ASEAN countries [4][6] - The report suggests that the ongoing shift of production capacity to Southeast Asia may enhance the long-term competitiveness of companies with overseas supply chain layouts [4][6] Packaging - New regulations in Shanghai aimed at reducing single-use plastics are expected to drive demand for recyclable and biodegradable packaging solutions [4][6] - The report recommends companies involved in eco-friendly packaging solutions as potential investment opportunities [4][6] New Tobacco Products - The introduction of new electronic cigarette products in the UK is anticipated to boost market share for refillable devices [4][6] - The report highlights the potential for growth in the new tobacco sector, particularly for companies with strong partnerships and product offerings [4][6] Textile and Apparel - The textile and apparel sector has shown resilience, with notable increases in revenue for key players despite some challenges [4][6] - The report identifies leading companies in the apparel sector as potential investment opportunities based on their performance [4][6]

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 （於百慕達註冊成立的有限公司） 敏華控股有限公司 （股份代號：01999） 更換核數師 本 公 佈 由 敏 華 控 股 有 限 公 司（「本公司」及 其 附 屬 公 司「本集團」）根 據 香 港 聯 合 交 易所有限公司證券上市規則第13.51(4)條 而 作 出。 本 公 司 董 事（「董 事」）會（「董事會」）宣 佈，由 於 本 公 司 與 羅 兵 咸 永 道 會 計 師 事 務 所（「羅兵咸永道」）未 能 就 審 核 本 集 團 截 至 二 零 二 六 年 三 月 三 十 一 日 止 年 度 之 綜 合 財 務 報 表 之 核 數 師 酬 金 達 成 共 識，故 此 羅 兵 咸 永 道 已 自 二 零 二 五 年 八 月 六 日 起 辭 任 本 公 司 核 數 師。本 公 司 乃 根 據 百 ...

Core Insights - The Shenzhen Minhua Holdings Tower project, constructed by China Metallurgical Construction Group, has successfully passed its completion acceptance [1] - The project is located in the Qianhai Guiwan area of Nanshan District, Shenzhen, featuring a super high-rise office building with a total height of 151.3 meters [3] - The building will focus on three core business areas: global furniture exhibitions, headquarters settlement, and research and design, promoting the high-end and intelligent development of the furniture industry [3] Project Overview - The project consists of a 4-level underground and 32-level above-ground office tower, with a total construction area of approximately 85,000 square meters [3] - The first three floors are designated for commercial and supporting facilities, while levels four and above are open office areas [3] - The project began construction in December 2021, with the main structure topping out in September 2023, and is expected to complete acceptance by July 2025 [3][4] Construction Innovations - The project team implemented innovative construction methods to address space constraints, such as using "post-poured belt segmented construction" and temporary processing areas [4] - Unique solutions for the basement wall construction included a "support pile planting and brick formwork" method, ensuring stability and efficiency [4] - The use of prefabricated components and a temporary support system improved installation efficiency by 30% [4] Environmental Considerations - The project incorporates green building practices, including sedimentation pools and filtration systems for wastewater treatment [5] - Construction waste is classified and reused, achieving over 60% utilization [5] - Real-time monitoring of air quality and noise levels ensures minimal environmental impact during construction [5]

Investment Rating - The report provides a positive outlook on various sectors, indicating a stable recovery in the home furnishing and paper packaging sectors, while new tobacco and packaging sectors show robust growth [3][4]. Core Insights - The home furnishing sector is expected to see marginal improvement in domestic demand due to government support for consumption upgrades, with a focus on companies with high dividend yields and growth certainty for 2025 [5][10]. - The new tobacco sector is experiencing growth, particularly in heated tobacco products (HTP), with significant sales increases reported in Europe and a growing user base for IQOS [11]. - The paper packaging sector is facing a gradual recovery in pulp prices, with a focus on companies that maintain strong market positions and high dividends [12]. - The light consumer goods and pet food sectors are under pressure, but there are opportunities in innovative product launches and channel expansion [15]. - The two-wheeler sector is poised for a rebound with government subsidies and new standards expected to drive demand [16][17]. Summary by Sections Home Furnishing - Domestic sales are expected to improve due to government initiatives, with a focus on companies with strong growth prospects and high dividends [5][10]. - Export figures show a slight increase in June, but a cumulative decline for the first half of the year [10]. New Tobacco - HNB sales increased by 10.5% year-on-year, with a growing user base for IQOS [11]. - The regulatory environment in the U.S. is tightening, which may benefit compliant market players [11]. Paper Packaging - Pulp prices have shown slight increases, but overall market conditions remain challenging [12]. - Companies with strong market positions and dividend policies are recommended for investment [12]. Light Consumer Goods & Pet Food - The sector is facing challenges, but there are opportunities in new product launches and expanding distribution channels [15]. - Online sales data indicates mixed performance across different product categories [23]. Two-Wheeler - The sector is expected to benefit from government subsidies and new regulations, with a focus on companies that can leverage these changes for growth [16][17]. - Recent data shows a significant number of electric bikes being replaced under the subsidy program [26][27].

Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

Core Insights - The launch of the "First Class Cabin" high-speed train service by Zhi Huashi marks a significant cross-industry collaboration between high-speed rail and premium home furnishings, aiming to enhance consumer experiences in both travel and home environments [2][6][12] Group 1: Event Overview - The inaugural ceremony took place simultaneously at Wuhan Station, Guangzhou South Station, and Chongqing West Station, attended by executives and outstanding distributors, creating a vibrant atmosphere [4] - The "818 National Upgrade" campaign was officially launched, featuring a promotional budget of 818 million yuan, targeting major rail lines across key regions in China [6][11] Group 2: Product and Technology - Zhi Huashi boasts over 240 core patented technologies, leading the Chinese functional sofa market for 15 consecutive years, with products designed for high-end scenarios including home, cinema, and transportation [6][9] - The flagship "First Class Cabin" sofa integrates advanced technology and ergonomic design, achieving superior performance in durability and noise reduction [9] Group 3: Market Strategy - The high-speed rail network, covering over 80% of economically active cities in China, serves as an effective medium for reaching the target demographic of high-income families aged 25-45 [12][14] - The marketing strategy includes a comprehensive media display across various train environments, enhancing brand visibility and consumer engagement [16] Group 4: Future Plans - The company plans to strengthen its national strategy by expanding its presence in high-speed rail cities and enhancing collaboration with retail partners to increase market influence [17][19] - Future product development will focus on integrating smart technology with human-centered design to meet the growing demand for high-quality living [19]

Group 1 - The demand for smart home products is increasing among consumers, leading companies to enhance their smart development initiatives [1][3] - The "芝华仕头等舱818全民升舱" event will invest 8.18 billion yuan to reward consumers, running from July 1 to August 31, 2025 [1] - The report "全民升舱白皮书Ⅳ" indicates that 72.7% of consumers watch shows on sofas, 64.5% work or study on sofas, and 48.5% relax on sofas [3] Group 2 - The Chinese furniture market is expected to exceed 1.5 trillion yuan by 2025, with smart home, customized furniture, and eco-friendly furniture as key growth drivers [3] - The shipment of smart home products is projected to reach 281 million units by 2025, with a penetration rate exceeding 20% [3] - Smart sofas are anticipated to evolve in three directions: integration of health monitoring technology, scenario-based smart interaction, and sustainable design [4] Group 3 - Smart sofas are expected to capture 30% of the market share, becoming central to home health management and smart living [4]

Industry Overview - The home furnishing industry is currently facing dual challenges of low consumer confidence and intensified market competition [1] - There is a growing trend among Chinese households shifting their demand for home furnishing from "having" to "quality" [3] Product Development - The evolution of bathroom products, such as the transition from traditional squat toilets to smart toilets, reflects consumers' ongoing pursuit of a healthy and comfortable lifestyle [3] - The sofa segment is experiencing a significant upgrade, moving from basic functionality to high-end quality, characterized by features like electric smart control and ergonomic support [3] - The introduction of the "first-class functional sofa era" signifies a leap in product development, showcasing a comprehensive advancement in consumer lifestyle concepts [3] Company Innovations - Zhi Huashi's "first-class cabin" has broken the price barrier of imported high-end functional sofas through continuous investment in independent research and development [3] - The company has achieved over 240 proprietary patents, enabling the localization of key components and reducing manufacturing costs for high-end functional sofas [3][4] - The innovative alloy frame designed by Zhi Huashi has undergone rigorous testing, demonstrating durability and a lifespan of up to 10 years [4] Market Positioning - Zhi Huashi's focus on original research and development, along with a robust after-sales service system, has established it as a trusted brand among global consumers and recognized by major retailers [3]

Summary of the Conference Call for Minhua Holdings Company Overview - **Company**: Minhua Holdings - **Industry**: Furniture, specifically focusing on sofas and mattresses Key Points and Arguments 1. **Impact of Macro Environment**: Domestic sales are affected by the macro environment and consumer confidence, with offline channels under pressure while online channels show slight growth [2][6] 2. **Sales Strategy**: The company plans to increase store presence in first and second-tier cities and expand online brand stores to enhance distribution capabilities [2][6] 3. **Government Subsidy Policy**: The impact of government subsidy policies on performance has weakened due to long replacement cycles for sofas, high unit prices, and demand exhaustion [2][5] 4. **Product Performance**: Functional sofas perform well, accounting for over 70% of sales, while mattresses face challenges due to longer replacement cycles and higher commoditization [2][7] 5. **Market Share**: North America accounts for 26% of total revenue, while Europe accounts for 9%. The company is monitoring potential tariffs from the U.S. on Vietnam [2][4] 6. **European Market Outlook**: The company aims for double-digit growth in Europe, benefiting from lower gross margins, low interest rates, and reduced shipping costs [2][15] 7. **Profitability Goals**: The company aims to maintain stable gross and net profit margins, supported by economies of scale and declining raw material costs [2][19] 8. **Sales Performance**: Domestic sales are projected to remain flat in 2025, with challenges in both online and offline channels [2][12] 9. **Store Expansion Plans**: The company plans to open 300 new stores in first and second-tier cities, with an average size of at least 500 square meters [2][9] 10. **E-commerce Development**: The company aims to enhance its online presence by opening more brand stores and collaborating with e-commerce platforms [2][11] 11. **Profit Margin Stability**: The company expects to maintain stable profit margins despite global consumer weakness affecting raw material prices [2][19] 12. **Long-term Industry Outlook**: The electric sofa industry is fragmented, with long-term growth dependent on economic recovery and increased consumer focus on quality and brand [3][23] Additional Important Insights 1. **Sales Composition**: In 2024, domestic sales accounted for approximately 60% of total revenue, with a low double-digit decline observed in early 2025 [4] 2. **Challenges in Mattress Sales**: Mattress sales declined by about 10% in volume and 5% in average price last year, indicating a competitive market [7] 3. **Store Profitability**: Approximately 60% of stores are profitable, while 30% break even and 10% incur losses [10] 4. **Consumer Behavior Trends**: The market is experiencing a trend of consumption downgrade, impacting pricing and sales dynamics [22] 5. **Innovation in Products**: The company is introducing new features in products, such as mini-fridges and sound systems, particularly appealing to U.S. consumers [24]

Group 1: Company Developments - Juran Smart Home is actively taking measures to mitigate the impact of the "qualified opinion" issued in its annual report, related to the detention of its actual controller and ongoing investigations [2] - ST Yazhen's stock was suspended for trading after its price deviation reached 107.83% over 26 trading days, indicating significant volatility compared to the market [3] - Dongyi Risheng's major shareholder successfully auctioned 18 million shares for a total of 77.22 million yuan, with no change in control expected [4] Group 2: Industry Trends - Emperor Home's control has officially changed, with new actual controllers being designated, amidst a backdrop of three consecutive years of losses [5] - Filinger's stock experienced a surge of 60.91% following an announcement of a potential ownership change, leading to a trading suspension for verification [6][7] - Minhua Holdings faced criticism over comments made by executives regarding arbitrary fines, while the company reported a decline in both revenue and profit, with a notable drop in domestic sales [8] Group 3: Product Safety Issues - IKEA recalled 2,452 units of a garlic press due to potential health risks from metal fragments detaching during use, highlighting ongoing product safety concerns in the industry [9]