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%% %% 丨证券研究报告丨 港股研究丨公司点评丨敏华控股（1999.HK） [Table_Title] 敏华控股 FY2025H1 点评：内销承压、修复 可期，外销增速佳，盈利端有所提升 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司发布 FY2025H1 业绩（ 2024 年 4 月至 9 月），期间实现主营收入 / 归母净利润 83.05/11.39 | | | 亿港元，同比 -7%/+0.3% 。收入端， FY2025H1 内销承压而近期国补提振下有修复，外销整体 延续较优增势。盈利端， FY2025H1 毛利率及利润率均有改善，与原材料降价、费用控制等有 | | | 关。近期家居国补积极推进，需求 ...

Revenue Performance - Revenue for the first half of fiscal year 2025 was approximately HKD 8,305.373 million, a decrease of 7.1% year-on-year[9] - Revenue from the Chinese market decreased by 16.8% to approximately HKD 5,047.547 million, with sofa sales volume down 9.9% and average selling price down 4.0%[10] - North American sales volume increased by 18%, but average selling price decreased by 10.2%, resulting in a 5.7% increase in revenue to approximately HKD 2,153.816 million[11] - Revenue from Europe and other overseas markets grew by 37.7% to approximately HKD 732.697 million[11] - China market sales revenue decreased by 17.2% YoY to approximately 4,975,209 thousand HKD, with a RMB-denominated decrease of 16.8%[22] - North America sales revenue increased by 5.7% YoY to approximately 2,153,816 thousand HKD, despite a 10.2% decrease in average selling price[25] - Europe and other overseas markets (excluding Home Group) revenue grew by 37.7% YoY to approximately 732,697 thousand HKD[25] - Home Group revenue increased by 24.5% YoY to approximately 371,313 thousand HKD, driven by European market demand[25] - Total revenue and other income decreased by 7.4% YoY to approximately 8,471,446 thousand HKD, with an overall gross margin of 39.5%[26] - Sofa and matching products revenue decreased by 5.8% YoY to approximately 5,816,974 thousand HKD, with a 15.6% decline in China market revenue[34] - Bedding and matching products revenue dropped by 18.9% YoY to approximately 1,208,846 thousand HKD, mainly due to consumer downgrading in China[29] - Other products revenue decreased by 7.8% YoY to approximately 835,902 thousand HKD, primarily due to lower sales of iron frames and smart furniture in China[30] - Other business revenue increased by 12.1% YoY to approximately 72,338 thousand HKD, driven by higher property rental income[32] - Revenue for the period 3.2.2021-2.2.2024 is $2,000 million[159] - Revenue for the period 3.2.2024-2.2.2026 is $19.78 billion[161] - Revenue for the period 16.2.2022-15.2.2024 is $11.1 billion[178] - Revenue for the period 16.2.2024-15.2.2026 is $13,600 million[180] - Revenue for the period 16.2.2022-15.2.2025 is $13,600 million[189] - Revenue for the period 16.2.2026-15.2.2028 is $11.1 billion[194] - Revenue for the period 16.2.2022-15.2.2026 is $13,200 million[196] - Revenue for the period 3.2.2021-2.2.2025 is $1,200 million[169] - Revenue for the period 16.2.2025-15.2.2027 is $11.1 billion[185] - Revenue for the period 3.2.2025-2.2.2027 is $5.06 billion[168] Profitability and Margins - Gross profit margin increased by 0.4 percentage points to approximately 39.5%, and net profit margin increased by 1 percentage point to approximately 13.7%[9] - Profit attributable to equity holders of the company was approximately HKD 1,138.925 million, a slight increase of 0.3%[9] - Net profit attributable to equity holders increased by 0.3% to approximately HKD 1,138,925 thousand in the first half of fiscal year 2025, with a net profit margin of 13.7%[70] Market Performance - The company added 280 new stores, bringing the total number of stores to 7,516 by the end of the reporting period[10] - The company's store closure rate remained low at 4.8%[10] - The company plans to continue expanding overseas markets, particularly in North America and Europe, while focusing on domestic market recovery through initiatives like "trade-in" and "upgrade your home" campaigns[17] - The company continues to focus on expanding its global market presence, particularly in North America and Europe, leveraging its production capacity and cost advantages[83] - The company's smart home products are expected to gain further traction in the Chinese market as consumer preferences shift towards quality, brand, and value-for-money products[84] Expenses and Costs - Sales and distribution expenses decreased by 5.6% to approximately HKD 1,513,891 thousand in the first half of fiscal year 2025, with the percentage of revenue increasing from 17.9% to 18.2%[63] - Administrative and other expenses decreased by 30.8% to approximately HKD 311,617 thousand in the first half of fiscal year 2025, mainly due to the settlement of a lawsuit with a former supplier[66] - Financial costs decreased by 25.6% to approximately HKD 73,114 thousand in the first half of fiscal year 2025, primarily due to lower loan interest expenses[68] - Income tax expenses increased by 6.6% to approximately HKD 244,796 thousand in the first half of fiscal year 2025, with the tax rate increasing from 16.2% to 17.0%[69] - Net loss from other items decreased to approximately HKD 109,203 thousand in the first half of fiscal year 2025, compared to HKD 142,290 thousand in the same period last year, primarily due to credit loss provisions for other receivables[62] Dividends and Shareholder Information - The company maintained a dividend payout ratio of around 50%, declaring an interim dividend of 15 HK cents per share, with a payout ratio of 51.1%[12] - The company declared an interim dividend of HK$0.15 per share, unchanged from the previous year[86] - The company's Chairman, Mr. Wong Man Li, holds a 62.30% stake in the company through controlled corporation interests[88] - The company's issued share capital as of September 30, 2024, was 3,877,745,600 shares[90] - Man Wah Holdings Limited's issued share capital as of September 30, 2024, is 3,877,745,600 shares[99] - Man Wah Investment Limited holds 2,415,782,400 shares, representing 62.30% of the company's issued share capital[96] - Mr. Wong Man Li holds 800 shares in Man Wah Investment Limited, representing 80% of the associated company's equity[92] - Ms. Hui Hui Qing holds 200 shares in Man Wah Investment Limited, representing 20% of the associated company's equity[92] - No further share options were granted under the 2010 and 2020 Share Option Plans after their expiration/termination[102] - The company adopted a Share Award Plan on June 24, 2024, but no awards were granted during the review period[102] - 23,600 share options granted on January 17, 2020, remain unexercised with an exercise price of HKD 6.53[102] - 18,400 share options granted on January 17, 2020, remain unexercised with an exercise price of HKD 6.53[102] - 39,200 share options granted on January 17, 2020, remain unexercised with an exercise price of HKD 6.53[102] - 22,400 share options granted on January 28, 2019, remain unexercised with an exercise price of HKD 3.91[122] Legal and Financial Settlements - The company settled a lawsuit with a former supplier, paying a compensation of USD 8,250 thousand (approximately HKD 64,420 thousand) and reversing a provision of USD 10,693 thousand (approximately HKD 83,826 thousand)[76] Investments and Acquisitions - The company did not make any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures in the first half of fiscal year 2025, but continues to seek opportunities for acquisitions in the furniture industry[80] Employee Information - The company had 27,246 employees as of September 30, 2024, a decrease from 29,837 employees on March 31, 2024[81] - Total employee costs for the first half of fiscal year 2025 were approximately HK$1,490,404 thousand, compared to HK$1,479,784 thousand in the same period of fiscal year 2024[81] Product Development and Market Trends - The company's "Zero Wall, Zero Gravity" functional sofa product underwent its second technical iteration in 2024, enhancing its position in the smart home market[83] - The functional sofa penetration rate in the Chinese market increased from 7.2% in 2023 to 9.7% in 2024, with Euromonitor predicting it could exceed 13% within five years[84] Cash and Financial Position - Cash and bank balances (excluding restricted bank balances) stood at approximately HKD 4,283,927 thousand as of September 30, 2024, with good working capital turnover[71] - Short-term and long-term bank borrowings were approximately HKD 4,614,287 thousand and HKD 917 thousand, respectively, as of September 30, 2024, with weighted average interest rates of 5.07% for floating rates and 2.46% for fixed rates[73] Share Transactions - The company did not engage in any purchase, sale, or redemption of its listed securities during the review period[87]

敏华控股（1999） 更新报告 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|---------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|-------------------------|---------------|---------- ...

来源：公司年报、国金证券研究所 敏华控股 (01999.HK) 港股公司点评 证券研究报告 买入(维持评级) 业绩简评 11 月 22 日，公司发布 2025 财年中期业绩公告，公司 2025 财年上 半年实现营收 83.1 亿港元（同比-7.1%），归母净利润 11.4 亿港 元（同比+0.3%）。期内公司每股派息 15 港仙，派息比率为 51.1%， 继续保持较优分红比例。 经营分析 FY25H1 内销承压，外销亮点显现：分区域看，FY25H1 中国/北美/ 欧洲及其他海外营收分别同比-17.2%/+5.7%/+37.7%至 49.8 亿 /21.5 亿/7.3 亿港元。欧美市场 FY25H1 表现相对较优，尤其欧洲 及其他地区依托于新客户和渠道的开拓，整体呈现快速增长。而中 国市场主因地产景气下行叠加消费力偏弱，整体需求承压。中国市 场分品类来看，沙发/床 垫营 收分 别同 比-15.6%/-18.9% 至 32.9/12.1 亿港元，其中沙发销量同比-9.9%。分渠道来看，公司 继续加大线下扩张，中国区域线下门店 FY25H1 净增 280 家至 7516 家（未含格调和苏宁渠道店），而由于消费需求较 ...

23/1123/1224/0124/0324/0424/0524/0624/0724/0824/0924/1024/11 | --- | --- | |----------------------------------------------|------------------------------------------| | 敏华控股 (01999) | 报告日期： 2024 年 11 月 24 日 | | 外贸销量增长超预期，以旧换新有望拉动内贸改善 | | 投资要点 ❑ 敏华控股发布业绩公告： 24/25 财年 H1（24 年 4 月-24 年 9 月）公司实现营业收入 83.05 亿港元（同比7.08%），归母净利 11.39 亿港元（同比+0.3%）。公司 24/25 财年 H1 毛利率为 39.5%，同比增长 0.4pct；净利率 13.7%，同比增加 1.0pct，盈利能力显著提升。 派息率 51.1%、当前股息率 6-7%。 ❑ 内销：开拓下沉市场，持续打开渠道 期内中国市场收入 49.75 亿港元（同比-17.2%，不含房地产业务），消费者信心下 探收入承压，毛利率 40.2%（同比 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 11 23 年 月 日 敏华控股（01999.HK） 内销承压、以旧换新驱动修复，外销全球供应链布局完善、增长 靓丽 公司发布 FY2025H1 财报：FY2025H1 公司实现营业收入 83.05 亿港元（同比7.1%），归母净利润 11.39 亿港元（同比+0.3%），内销经营延续承压，外销延续 稳健增长。 内销：需求疲弱，门店逆势扩张。FY2025H1 公司实现内销收入 49.75 亿港元（同 比-17.2%），其中线下渠道收入 34.87 亿港元（同比-14.9%，人民币口径-14.6%）， 线上渠道收入 10.07 亿港元（同比-21.6%，人民币口径-21.3%），毛利率 40.2% （同比-1.0pct），毛利率小幅下滑主要系 ASP 下降导致。分品类来看，内销沙发实 现收入 32.86 亿港元（同比-15.6%，人民币口径-15.2%），内销床垫实现收入 12.09 亿港元（同比-18.9%，人民币口径-18.6%）。按量价拆分，FY2025H1 内销沙发销 量 48.19 万套（同比-9.9%），ASP 同比-4.0%，主力销 ...

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 表 明 不 會 就 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 敏華控股有限公司 （於百慕達註冊成立的有限公司） （股份代號：01999） 截至二零二四年九月三十日止六個月中期業績 以 及 暫停辦理股東登記 中期業績 敏 華 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」或「敏 華」）截 至 二 零 二 四 年 九 月 三 十 日 止 六 個 月（「二 零 二五財政年度上半年」或「回顧期」）之 未 經 審 核 簡 明 綜 合 中 期 業 績。本 中 期 業 績 已 由 本 公 司 審 核 委 員 會（「審核委員會」）審 閱。 – 1 – 簡明綜合中期全面收益表 截至二零二四年九月三十日止六個月 | --- | --- ...

敏华控股:功能沙发市场龙头,踏平地产周期,全力开拓中国市场 导语:消费者的购买驱动因素,逐渐从新房布置需求转变为对生活品质的追求。 作者:市值风云 App:布偶 最近,一个名为"45 度人生"的说法流行了起来,描述了"躺又躺不平,但卷 又卷不动"的状态。然而,当谈到"躺平",风云君有话要说:真正的躺平,其 实是一种极致的舒适体验呀! 不过,风云君所指的并非懒惰,而是在紧张的生活节奏中找到片刻的宁静。周 末逛宜家时,你不难发现,无论是男士还是女士,都喜欢在沙发和床具区域逗 留,沉浸在手机的世界里,享受一天的悠闲时光。 根据《全民升舱白皮书 II》,如今近七成年轻人将躺在沙发上玩手机作为下班回 家后的首选休闲方式。而相比传统沙发,具备调节转向、摇摆按摩等功能的功 能沙发对年轻人更具吸引力。 今天,风云君就和大家聊聊沙发。 一、贸易战后的战略调整,开拓中国市场 敏华控股(01999.HK)是一家在功能沙发领域占据龙头地位的香港上市公司。 敏华控股成立于 1992 年,总部位于中国香港,在中国、美国、英国等全球核心 经济区域设有多家分支机构。 公司产品以功能沙发为主,辅以床垫、板式家具及家具配件等。公司旗下拥有 芝华 ...

[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 敏华控股（1999）公司年报点评 2024年06月10日 [Table_InvestInfo] 投资评级 优于大市 维持 内外销实现增长，功能沙发竞争力强劲 股票数据 [Table_Summary] 0[6Ta月b0le7_日S收to盘ck价Info] 6.33港元 投资要点： 52周股价波动 4.34~7.84港元 总股本/流通A股 38.78亿/38.78亿 总市值/流通市值 245亿/245亿港元  公司发布2024财年业绩报告。FY2024，公司实现总收入188.0亿港元，同 相关研究 比增长5.7%；实现归母净利润23.0亿港元，同比增长20.2%，若按人民币 [Table_ReportInfo] 口径计算，同比增长达到25.5%。  内外销实现增长，海外市场持续开拓。FY2024，中国市场、北美市场、欧洲 市场表现 及其他海外市场、HomeGroup、其他分别实现营业收入119.9亿港元、42.8 [Table_QuoteInfo] 亿港元、12.0亿港元、6.7亿港元、2.7亿港元，分别同比变动+8.1%、+2.3 ...