北京商报讯（记者 翟枫瑞）7月3日，北京商报记者走访终端市场时了解到，消费者对于智能化家居的需求度正在不断提升，越来越多的智能化家居产品涌 现市场。在此背景下，企业也在加强智能化发展。 作为国内功能沙发品牌头部企业，芝华仕头等舱在北京举办了"全民升舱·智家共享"发布会。据了解，"芝华仕头等舱818全民升舱"活动拟投入8.18亿元回馈 消费者，活动于2025年7月1日至8月31日在全国范围内同步开展。现场，敏华控股VIP区域总经理马丽公布了"芝华仕头等舱818全民升舱"活动方案。 事实上，消费者的客厅生活方式正加速向个性化、多元化方向演变，中国家庭对客厅空间的需求从"基础功能"转向"品质生活"。《全民升舱白皮书Ⅳ》报告 显示，72.7%的人习惯于在沙发上追剧观影，64.5%的人习惯在沙发上办公/学习，48.5%的人喜欢在沙发上放松小憩。 随着消费需求转变，消费者对于智能化产品青睐度逐渐提升，中国家庭对家居品质的需求正从"有"向"优"升级。公开数据显示，2025年中国家具行业市场规 模预计突破1.5万亿元，同比仍有增长。其中，智能家居、定制家具、绿色环保家具成为核心增长引擎，2025年智能家居出货量预计达2.81 ...

据了解，在技术研发方面，芝华仕头等舱目前已拥有240余项核心专利技术，构建了完善的知识产权体 系，其中芝华仕头等舱自主设计和研发的合金架，通过26万次空载开合无折损测试，荷载160kg的功能 沙发也能顺畅伸缩运行，可保用10年之久；创新设计的降噪处理电机，远优于欧盟静音标准，同时可实 现最大1700N推力，轻松应对不同身型人群，为每一个家营造安静舒适的使用环境。（记者 焦子原） 近年来，中国家庭对家居品质的需求正从"有"向"优"升级。以卫浴场景为例，从传统蹲厕到智能马桶的 迭代，印证了消费者对健康舒适生活方式的持续追求。这一升级趋势同样体现在客厅场景中，作为家居 生活的核心载体，沙发正经历从基础功能到高端品质的跨越式发展。从第一代仅满足基础落座需求 的"传统沙发时代"，到第二代的"普通功能沙发时代"，再到如今以电动智能控制、人体工程学五区承托 及多角度调节为核心的"头等舱功能沙发时代"，持续的升级演进不仅实现了产品迭代，更反映了消费者 生活理念的全面进阶。 然而，过去受制于进口高端功能沙发的价格壁垒，在一定程度上制约了中国消费者家居升级的步伐。 芝华仕头等舱洞悉消费者需求，凭借持续的自主研发投入，打破了欧美对 ...

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]

Core Viewpoint - The home furnishing industry is undergoing profound changes amid a complex macroeconomic environment and ongoing trade frictions, with Minhua Holdings (01999.HK) demonstrating resilience and unique value despite fluctuations in revenue and profit [1][2]. Group 1: Financial Performance - For the fiscal year ending March 31, 2025, Minhua Holdings reported a revenue of HKD 16.903 billion, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of HKD 2.063 billion, down 10.4% [3]. - Excluding factors such as fair value losses on investment properties and goodwill impairment, the adjusted net profit was HKD 2.347 billion, reflecting a year-on-year increase of 1.3% [3]. - The company's gross profit margin improved to 40.5%, an increase of 1.1 percentage points year-on-year, indicating enhanced operational efficiency [4]. Group 2: Market Performance and Strategy - Minhua Holdings achieved a revenue of HKD 9.927 billion from the China region, accounting for 58.7% of total revenue, while North America generated HKD 4.420 billion, a year-on-year growth of 3.2%, and Europe and other regions saw a significant increase of 22.9% to HKD 1.469 billion [6]. - The company has effectively mitigated domestic market pressures through strong performance in overseas markets, particularly in Europe, which has fortified its overall performance [7]. - Minhua Holdings is focused on product research and development, creating a diversified product matrix, and enhancing supply chain management to ensure product availability and efficiency [7]. Group 3: Investment Appeal - The company is currently undervalued in the capital market, presenting investment opportunities due to its global layout and high dividend yield [8]. - Minhua Holdings has maintained its position as the world's leading functional sofa manufacturer for seven consecutive years, leveraging its global presence to achieve stable growth despite trade tensions [9]. - The company plans to distribute a dividend of HKD 0.27 per share, maintaining a payout ratio of 50.8%, resulting in a dividend yield exceeding 6% based on a share price of HKD 4.21 [12]. Group 4: Conclusion - Minhua Holdings has established a robust defensive barrier through its dual domestic and international market and production capacity strategy, showcasing unique value in the era of trade frictions [13]. - The company's strong financial indicators reflect its business resilience and vitality, providing a solid foundation for investor returns [13].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance in the context of its market position and growth potential [1]. Core Viewpoints - The report highlights that Sensible Holdings, as a leading functional sofa manufacturer, is progressing steadily with stable domestic sales and continued growth in international sales [1]. - For FY2025, the company achieved a revenue of HKD 16.903 billion, a decrease of 8.2% year-on-year, and a net profit attributable to shareholders of HKD 2.063 billion, down 10.4% year-on-year [1]. - The report emphasizes the company's focus on enhancing its marketing strategies and product channels to improve domestic sales performance [2]. - The international market, particularly non-US regions, showed promising growth, with FY2025 international sales revenue reaching HKD 6.666 billion, an increase of 8.3% year-on-year [3]. Summary by Sections Domestic Sales - In FY2025, domestic market revenue was HKD 9.927 billion, down 17.2% year-on-year, with a gross margin of 40.4% [2]. - Offline store revenue was HKD 6.799 billion (down 16.6%), while e-commerce revenue was HKD 2.193 billion (down 16.3%) [2]. - Sofa and related products generated HKD 6.584 billion (down 15.4%), and mattress and related products generated HKD 2.408 billion (down 19.4%) [2]. - The company sold 1.001 million sofas (down 10.6%) at an average price of HKD 6,574.4 (down 5.4%) [2]. - The company plans to enhance store management systems to improve key performance indicators for dealers [2]. International Sales - FY2025 international sales revenue was HKD 6.666 billion, with North America contributing HKD 4.420 billion (up 3.2%) and Europe and other regions contributing HKD 1.469 billion (up 22.9%) [3]. - The gross margin for international sales was 41.5%, an increase of 4.4 percentage points year-on-year [3]. - Sofa sales in North America reached 702,500 units (up 10.6%), while European sales reached 181,000 units (up 23.3%) [3]. - The report indicates that the company's production capacity in Mexico and Vietnam is sufficient to cover the US market, with minimal tariff impact [3]. Profitability and Shareholder Returns - The company's gross margin and net profit margin for FY2025 were 40.5% and 13.9%, respectively, both showing year-on-year improvements [3]. - The dividend payout ratio for FY2025 was 50.8%, reflecting a commitment to high shareholder returns [3]. - The report notes that selling and administrative expense ratios were 22.6%, a decrease of 0.6 percentage points year-on-year, indicating stable expense management [3].

Core Viewpoint - The recent controversial remarks by a senior executive at Minhua Holdings have sparked discussions about employee treatment and company policies, coinciding with a decline in sales and employee numbers amid a challenging market environment [3][4][5]. Group 1: Company Performance - Minhua Holdings reported a revenue of HKD 16.903 billion for the fiscal year 2025, representing a year-on-year decrease of 8.2% [6]. - The company's profit attributable to equity holders was HKD 2.063 billion, down 10.4% year-on-year [6]. - The sales revenue from sofa products in the Chinese market was HKD 6.584 billion, a decline of 15.4%, with the number of units sold decreasing by approximately 10.6% to about 1,001,000 [7]. Group 2: Employee Dynamics - The company reduced its workforce by approximately 3,700 employees over the past year, with total employees decreasing from 29,837 to 26,134 [8]. - Employee compensation, including wages and benefits, fell from HKD 806 million to approximately HKD 760 million, a decrease of about 5.7% [8]. - Despite the reduction in employee numbers and costs, the remuneration for directors increased from HKD 17.406 million to HKD 20.956 million [8]. Group 3: Market Strategy - Minhua Holdings is focusing on expanding its presence in lower-tier markets, increasing the number of stores by 131 to a total of 7,368 [7]. - The company aims to stimulate consumer demand through participation in promotional activities such as "trade-in" programs, leveraging policy benefits to boost sales [9].

Core Viewpoint - The recent controversies surrounding Minhua Holdings (HK01999) and its brand Zhi Huashi have sparked significant public discussion, particularly regarding employee penalties and the company's declining financial performance in the 2025 fiscal year [1][2][3]. Financial Performance - In the 2025 fiscal year, Minhua Holdings reported a revenue of HKD 16.903 billion, a decrease of 8.2% year-on-year, and a net profit of HKD 2.063 billion, down 10.4% from the previous year [4][5]. - The domestic market revenue fell by 17.2%, contributing to a decline in overall sales, with sofa and bedding sales experiencing significant drops [5][4]. Product Sales - Sofa and related products generated approximately HKD 11.743 billion, down 7.2% from HKD 12.659 billion the previous year, while bedding and related products saw a 19.4% decline, from HKD 2.988 billion to HKD 2.408 billion [5]. - Despite domestic challenges, the overseas market showed positive performance, with exports of sofa products increasing by 13% to approximately 884,000 sets [5]. Market Position - Zhi Huashi remains a leading brand in the functional sofa market, holding a 45.3% market share in China, and has been recognized as the top global seller of functional sofas [4][6]. Operational Changes - The company increased its store count by 131 to a total of 7,367, while reducing its workforce by over 3,700 employees, resulting in a 12% decrease in total staff [7]. - The gross profit margin reached 40.5%, the highest in five years, attributed to a 9.9% decrease in the cost of sold goods, including an 11.2% drop in raw material costs [7][8]. Management Compensation - Despite the overall reduction in employee costs, the compensation for directors increased to approximately HKD 20.956 million, up from HKD 17.406 million the previous year [8].

Financial Performance - The company reported a significant increase in revenue for the fiscal year 2024/25, with a total revenue of HKD 1.2 billion, representing a 15% year-over-year growth[2]. - Total revenue for the fiscal year 2025 was HKD 17,249,385, a decrease of 8.2% from HKD 18,798,633 in fiscal year 2024[20]. - Profit attributable to equity holders was HKD 2,062,617, a decrease of 10.4% compared to HKD 2,302,366 in fiscal year 2024[20]. - Basic earnings per share for fiscal year 2025 was HKD 53.19, down from HKD 59.09 in fiscal year 2024[20]. - The company reported a net profit margin of 12%, up from 10% in the previous year, indicating improved operational efficiency[2]. - Profit attributable to equity holders decreased by approximately 10.4% from about HKD 2,302,366 thousand in FY2024 to about HKD 2,062,617 thousand in FY2025, with a net profit margin of approximately 12.2% (FY2024: 12.5%) in FY2025[52]. Revenue Breakdown - The domestic sales revenue in China was HKD 9,927,490 thousand, a decrease of 17.2% year-on-year, accounting for 58.7% of total revenue[33]. - Revenue from bedding and related products fell by 19.4% to approximately HKD 2,408,061, primarily due to weak market demand in China[40]. - Revenue from other products decreased by 8.4% to approximately HKD 1,665,873, attributed to declining sales in the Chinese home furnishings market[41]. - Revenue from the North American market was approximately HKD 4,420,102, a year-on-year increase of 3.2%, contributing 26.2% to the total revenue[34]. - Revenue from Europe and other overseas markets increased by 22.9% to approximately HKD 1,468,854, accounting for 8.7% of total revenue[34]. Cost and Expenses - The cost of goods sold decreased by 9.9% to approximately HKD 10,058,472, with raw material costs declining by 11.2%[45]. - Sales and distribution expenses decreased by 7.2% to approximately HKD 3,075,090, with advertising and marketing expenses dropping by 30.3%[48]. - Administrative and other expenses decreased by approximately 21.5% from about HKD 956,000 thousand in FY2024 to about HKD 750,373 thousand in FY2025, representing about 4.4% of revenue (FY2024: 5.2%) due to a settlement with a former supplier[50]. Cash Flow and Liquidity - Cash flow from operations increased by 25%, totaling HKD 300 million, providing a strong liquidity position for future investments[2]. - Cash and bank balances increased to HKD 4,006,314 in fiscal year 2025, compared to HKD 3,273,830 in fiscal year 2024[20]. - Short-term borrowings were approximately HKD 4,213,483 thousand and long-term borrowings were about HKD 1,066 thousand as of March 31, 2025, with a current ratio of approximately 1.4 (FY2024: 1.3) and a debt-to-equity ratio of approximately 33.2% (FY2024: 34.0%) as of the same date[56]. Strategic Initiatives - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[2]. - New product launches are expected to contribute to revenue, with three new furniture lines set to be introduced in Q2 2025[2]. - Market expansion plans include entering two new international markets, targeting a 5% market share within the first year[2]. - The company is considering strategic acquisitions to enhance its market position, with a budget of HKD 200 million earmarked for potential mergers[2]. - The company plans to enhance brand awareness and product sales by focusing on core cities and key regions through refined market operations and precise marketing strategies[67]. Sustainability and Innovation - The management emphasized a focus on sustainability, aiming for a 30% reduction in carbon emissions by 2026[2]. - The company is investing in technology development, allocating HKD 50 million for R&D in smart furniture solutions[2]. - The group will increase R&D investment to launch more intelligent and environmentally friendly home products to meet consumer demand for high-quality living[67]. Corporate Governance - The board consists of five executive directors and four independent non-executive directors as of March 31, 2025[80]. - The audit committee includes four independent non-executive directors, responsible for reviewing the external auditor's audit plan and reports[93]. - The company ensures compliance with listing rules by appointing a sufficient number of independent non-executive directors, enhancing independent viewpoints[87]. - The board has established specific committees to oversee certain areas and assist in executing its responsibilities, with all resolutions reported at the next board meeting[92]. Shareholder Engagement - The company emphasizes open communication and fair disclosure to ensure all shareholders receive significant corporate development information[110]. - Senior executives will arrange roadshows or presentations after performance announcements to engage with institutional investors and analysts[110]. - The company is committed to addressing shareholder inquiries through its investor relations manager[116]. Employee and Diversity Initiatives - The total employee cost for FY2025 was approximately HKD 3,055,078 thousand, down from about HKD 3,193,022 thousand in FY2024, with 26,134 employees as of March 31, 2025 (FY2024: 29,837 employees)[66]. - As of March 31, 2025, 36% of the company's employees are women, reflecting the company's commitment to gender diversity[100]. - The company is committed to further enhancing gender diversity in its board composition and senior management team[98]. Risk Management - The company identified significant business risks, including macroeconomic changes that could adversely affect sales growth or gross margins[134]. - The company has implemented effective communication policies with shareholders during the review period[117].

Core Viewpoint - The company reported a decline in total revenue and net profit for the fiscal year ending March 31, 2025, but showed resilience in its overseas markets, particularly in North America and Europe [1][2] Revenue Analysis - Total revenue for the reporting period was HKD 17.249 billion, a year-on-year decrease of 8.24% [1] - The company's net profit attributable to the parent company was HKD 2.063 billion, down 10.41% year-on-year, while the adjusted net profit was HKD 2.350 billion, reflecting a slight increase of 1.3% [1] - Revenue from the Chinese market was HKD 10.236 billion, down 16.49% year-on-year, while North America and Europe saw increases of 3.17% and 19.19%, respectively [1] - The Chinese market accounted for 58.70% of total revenue, indicating its continued importance despite current challenges [1] Profitability Analysis - The company's gross margin was 40.49%, an increase of 1.12 percentage points year-on-year, while the net margin was 12.75%, a slight decrease of 0.27 percentage points [1] - The gross margins for sofas and related products improved due to lower raw material costs, while bedding products experienced a decline in gross margin due to a drop in plywood business [1] - The overall expense ratio decreased by 0.78 percentage points to 23.51%, with effective cost control measures in place [1] Future Outlook - The company is optimistic about the long-term stability of its domestic sales and the recovery of its export business [2] - Revenue projections for FY2026 to FY2028 are adjusted to HKD 18.063 billion, HKD 19.369 billion, and HKD 20.889 billion, respectively [2] - Earnings per share (EPS) estimates for the same period are revised to HKD 0.59, HKD 0.65, and HKD 0.71, with a maintained "buy" rating [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a total revenue of HKD 17.249 billion for the fiscal year ending March 31, 2025, representing a year-on-year decrease of 8.24% [2] - The net profit attributable to the parent company was HKD 2.063 billion, down 10.41% year-on-year, while the adjusted net profit increased by 1.3% to HKD 2.350 billion [2] - The company plans to distribute a final dividend of HKD 0.12 per share, with a payout ratio of 50.80% [2] Revenue Analysis - The company experienced a decline in revenue from the Chinese market by 16.49% year-on-year, while the North American market grew by 3.17% and the European market increased by 19.19% [3] - The Chinese market accounted for 58.70% of total revenue, indicating its continued importance despite current challenges [3] - The company is focusing on optimizing its offline channels, increasing the number of stores to 7,367 in the Chinese market [3] Profitability Analysis - The company's gross margin was 40.49%, an increase of 1.12 percentage points year-on-year, while the net margin was 12.75%, a slight decrease of 0.27 percentage points [4] - The gross margins for different product lines varied, with the sofa and related products seeing an increase, while the bedding segment faced a decline [4] - Overall, the company managed to control its operating expenses effectively, resulting in a total expense ratio decrease of 0.78 percentage points to 23.51% [4] Investment Recommendations - The company is positioned in a large consumer market with significant growth potential, particularly in its domestic sales and recovering export business [5] - Revenue forecasts for FY2026 to FY2028 have been adjusted to HKD 18.063 billion, HKD 19.369 billion, and HKD 20.889 billion respectively, reflecting a cautious outlook [5] - The expected earnings per share (EPS) for the same period are projected at HKD 0.59, HKD 0.65, and HKD 0.71, maintaining a "Buy" rating [5]