全球贸易格局深刻调整的背景下，敏华控股(01999.HK)以东南亚市场为支点，加速推进国际化战略，这一举措不仅体现了公司对区域经济潜力的精准研 判，更通过供应链优化、渠道下沉与本土化运营，为长期增长注入新动能。 一、战略意义：分散风险，抢占新兴市场红利 东南亚作为全球家居消费增长最快的区域之一，人口红利与城镇化进程形成双重驱动，敏华控股通过布局越南、马来西亚等生产基地，有效规避贸易摩擦 风险，同时贴近消费市场降低物流成本。 敏华控股(01999.HK) 这一战略与公司"全球供应链+本土化运营"模式高度契合，强化了其在北美、欧洲外的第三极竞争力。 二、落地路径：产能协同与渠道创新并进 东南亚扩张不仅分散了敏华控股对单一市场的依赖，更通过高增长区域对冲传统市场波动。机构预测，随着产能释放与渠道渗透，东南亚业务有望在未来 3年内贡献超20%的海外收入，成为公司估值重塑的关键因素。 敏华控股的东南亚战略，是其在贸易摩擦时代构建"韧性增长"的缩影。通过产能、渠道与产品的三重创新，公司正从"中国制造"向"全球品牌"跃迁，为投 资者打开长期价值空间。 1. 产能布局：越南工厂扩建后，敏华控股已实现东南亚产能对北美出口的全面 ...

敏华控股(01999.HK)在今年11月14日交出了截至9月30日止六个月的中期业绩，而近日公司的中期报告也已正式出炉。回顾自业绩发布以来的市场各方面动 向，不难看到市场对这份"韧性"答卷给予了正面反馈。 多家内外资机构对公司给出了"买入"或"跑赢行业"的积极评级，并调升目标价。 | 券商名称 | 评级 | 目标价(港元) | | --- | --- | --- | | 中金公司 | 跑赢行业 | 6.5(不变) | | 瑞士银行 | 头入 | 5.5 调升至 5.8 | | 中信里昂 | 跑赢大市 | 5.0 调升至 5.58 | | 长江证券 | 买入 | -- | | 国金证券 | 头入 | - | | 中泰证券 | 买入 | 日同居 | （来源：各券商研报） 梳理近期券商的研报，笔者认为市场看好的逻辑主要围绕以下三个层面的"韧性"展开。 其一，内销韧性。 如果单只看营收数字，此前敏华控股的这份中期报告似乎并不算太亮眼，期内实现总收入约80.45亿港元，同比下降约3.1%。不过从盈利端来看，公司权益 拥有人应占溢利约为11.46亿港元，同比逆势增长0.6%。与此同时，毛利率提升0.9个百分点至40.4% ...

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11月30日 | | --- | | 狀態: | | 新提交 | 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 呈交日期: 2025年12月2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) | 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 HKD | | 2,000,000,000 | ...

Man Wah Holdings Limited 敏華控股有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） (Stock Code 股份代號: 01999) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear non-registered shareholder(s), Man Wah Holdings Limited (the "Company") 敏華控股有限公司（「公司」） –2025/26 年中期報告（「本次公司通訊」）的刊發通知 本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「香港交易所」）網站（www.hkexnews.hk）及公司網站 （www.manwahholdings.com），歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於公司網站上的本次公司通訊文件出現困難， 閣下可將 要求（註明 閣下的姓名、地址及要求）以電郵方式發送至 manwah.ecom@computershare.com.hk 或以書面方式郵寄至公司香港股 份過戶登記處（ ...

Man Wah Holdings Limited (the "Company") Man Wah Holdings Limited 敏華控股有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） (Stock Code 股份代號: 01999) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear registered shareholder(s), To ensure timely receipt of the latest Corporate Communications, the Company recommends you provide your email address by scanning your personalized QR code printed on the reply form (the "Reply Form") on the reverse side. Alternatively, you may sign and return the Reply ...

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of approximately HKD 8,044,781, a decrease of about 3.1% year-on-year[6]. - Total revenue for the six months ended September 30, 2025, was HKD 8,240,757, a decrease of 2.73% compared to HKD 8,471,446 in the same period of 2024[71]. - Gross profit for the same period was HKD 3,250,161, down 0.93% from HKD 3,280,649 year-over-year[71]. - Net profit for the period was HKD 1,206,334, representing a slight increase of 0.67% from HKD 1,194,555 in the previous year[72]. - Net profit attributable to equity holders increased by about 0.6% to HKD 1,145,578,000, with a net profit margin of approximately 14.2%, up from 13.7% in the previous year[27]. - Total comprehensive income for the period was HKD 1,471,225, an increase of 9.68% from HKD 1,341,679 in the same period last year[72]. - The profit attributable to the company's owners for the six months ended September 30, 2025, was HKD 1,145,578,000, a slight increase from HKD 1,138,925,000 in the same period of 2024, representing a growth of approximately 0.3%[106]. Revenue Breakdown - Sofa sales in the Chinese market generated revenue of approximately HKD 3,083,855, down 6.1% from HKD 3,285,505 in the previous year[11]. - Revenue from the North American market was approximately HKD 2,160,622, a slight increase of 0.3% year-on-year[8]. - Revenue from bedding and related products was approximately HKD 1,119,060,000, a decrease of about 7.4% compared to HKD 1,208,846,000 in the same period last year, primarily due to significant consumption downgrade in the Chinese market[12]. - Revenue from other products reached approximately HKD 930,789,000, an increase of about 11.4% from HKD 835,902,000 in the previous year, driven by sales growth of metal frames and smart furniture in overseas markets[13]. - Revenue from the Home Group was approximately HKD 379,665,000, up about 2.2% from HKD 371,313,000 in the same period last year, mainly due to increased demand in the European market[14]. - Revenue from real estate, hotels, and other property leasing was approximately HKD 65,038,000, a decline of about 10.1% from HKD 72,338,000 in the previous year, primarily due to a decrease in real estate income[15]. Cost and Expenses - Cost of goods sold decreased by about 4.6% to HKD 4,794,620,000 from HKD 5,024,724,000, with raw material costs declining more than revenue due to lower unit costs[17]. - Selling and distribution expenses increased by about 1.7% to HKD 1,539,021,000, with the percentage of revenue rising from approximately 18.2% to 19.1%[21]. - Administrative and other expenses rose by about 16.8% to HKD 364,089,000, with the percentage of revenue increasing from approximately 3.8% to 4.5%[23]. - Financial costs decreased by about 45.0% to HKD 40,184,000 from HKD 73,114,000 in the previous year, primarily due to lower loan interest expenses[25]. Assets and Liabilities - Non-current assets increased to HKD 12,042,145 as of September 30, 2025, from HKD 11,690,989 as of March 31, 2025[74]. - Current assets rose to HKD 8,950,908, compared to HKD 8,332,603 at the end of the previous reporting period[74]. - Total liabilities remained stable with current liabilities at HKD 6,111,866, slightly down from HKD 6,114,040[74]. - The company's equity increased to HKD 14,661,001 as of September 30, 2025, from HKD 13,649,166 as of March 31, 2025[75]. Cash Flow and Financing - Operating cash flow for the six months was HKD 1,685,877,000, an increase from HKD 1,584,455,000 in the prior year, representing a growth of about 6.4%[80]. - The company incurred a net cash outflow from investing activities of HKD 1,089,500,000, compared to HKD 1,682,535,000 in the previous year, showing a reduction in cash outflow by approximately 35.3%[80]. - New bank borrowings amounted to HKD 2,583,826,000, an increase from HKD 1,591,460,000 in the previous year, indicating a significant rise in financing activities[80]. - The company paid dividends to equity holders totaling HKD 465,370,000, down from HKD 581,662,000 in the previous year, reflecting a decrease of approximately 20%[80]. Shareholder Information - The company has issued a total of 3,878,083,200 shares as of September 30, 2025[44]. - Min Wah Investment Limited holds 2,426,692,800 shares, representing approximately 62.57% of the company's issued share capital[46]. - Mr. Huang Min Li owns 80% of Min Wah Investment Limited, which translates to a beneficial ownership of 1,941,353,440 shares[44]. - Ms. Xu Hui Qing owns 20% of Min Wah Investment Limited, equating to a beneficial ownership of 485,338,560 shares[44]. - The company declared an interim dividend of HKD 0.12 per ordinary share for the six months ended September 30, 2025, down from HKD 0.15 per share in 2024, resulting in total dividends of HKD 465,370,000 compared to HKD 581,662,000 in the previous year[104]. Corporate Governance - The audit committee consists of three independent non-executive directors, and the interim financial information for the six months ending September 30, 2025, has been reviewed by Ernst & Young[54]. - The company has complied with the corporate governance code, with a noted deviation regarding the separation of the roles of chairman and CEO[61]. - All directors confirmed compliance with the standards of conduct for securities trading during the six-month period ending September 30, 2025[63]. Future Plans and Strategies - The company plans to continue its "smart home" strategy and enhance product innovation and brand building to solidify its market leadership[37]. - The group is exploring potential overseas acquisition targets to respond to changes in the international trade environment[37]. - The group has submitted an application for its subsidiary, Ruimai Technology, to be listed on the National Equities Exchange and Quotations[38].

Core Viewpoint - Minsun Holdings has reported a decline in domestic sales, particularly in the sofa and related products segment, facing multiple operational pressures and challenges in a competitive market [1][2][5]. Financial Performance - For the six months ending September 30, total revenue was approximately HKD 82.41 billion, a year-on-year decrease of about 2.7%, while shareholder profit was approximately HKD 11.456 billion, a slight increase of 0.6% [2]. - Domestic sales revenue fell by 6% to approximately HKD 46.75 billion, with sofa sales volume remaining stable but average prices slightly reduced due to an increase in online sales [2][5]. - In the 2025 fiscal year, sofa and related products generated approximately HKD 117.43 billion in revenue, a year-on-year decline of 7.2%, with domestic market revenue dropping by 15.4% [5][6]. Market Challenges - The sofa industry is experiencing overcapacity, leading to increased competition and more cautious consumer purchasing decisions [1][6]. - Minsun Holdings has seen a net reduction of 327 stores, which has impacted its offline sales scale [3][6]. Product and Service Issues - The brand Zhi Huashi has faced numerous complaints regarding product quality, after-sales service, and alignment with its high-end positioning [7][9][10]. - As of December 1, there were 4,301 complaints related to Zhi Huashi on the Black Cat Complaint platform, highlighting issues such as product defects and difficulties in returns and refunds [10]. Internal Management Concerns - Recent internal management controversies, including a "fine gate" incident, have raised concerns about the company's internal practices and employee treatment [11][12][13]. - The company has seen a significant reduction in employee numbers while board compensation has increased by over 20%, leading to questions about financial strategy and its impact on brand perception [11][13]. Strategic Initiatives - Minsun Holdings plans to continue its "smart home" strategy, focusing on product innovation and brand building, while enhancing online sales capabilities and adjusting store layouts for better operational efficiency [8].

Summary of the Conference Call for Minhua Holdings Company Overview - **Company**: Minhua Holdings - **Industry**: Furniture manufacturing, specifically focusing on sofas Key Points and Arguments Financial Performance - In the first half of 2025, Minhua Holdings experienced a slight revenue decline, but both gross margin and net profit improved. The net profit attributable to the parent company increased by 0.6 percentage points to HKD 1.145 billion, with a payout ratio maintained above 50% [4][3][2] Market Performance - **China Market**: - Revenue from the Chinese market accounted for 58.1% of total revenue, with sales volume stable but average prices down by 6.2%. The growth in e-commerce sales, which increased by 13%, contributed to the lower average price as e-commerce products are priced lower than offline sales. Despite the price drop, the company remains focused on the mid-to-high-end market without resorting to price cuts [5][2][3] - **North America Market**: - The North American market is significantly impacted by tariffs, with a 25% tariff implemented in April, expected to rise to 30% in January 2026. The company anticipates a single-digit revenue decline for the year and plans to counteract this through price increases, cost reductions, and efficiency improvements. There is also consideration for acquisitions in the U.S. to increase market share [6][7][8][2] - **European Market**: - Performance in Europe remained stable, with expectations for single-digit growth for the year [18][2] Product Innovation - Minhua Holdings is focusing on product innovation to stimulate consumer demand and enhance brand competitiveness. New products include sofas with built-in mini-fridges and speakers, as well as cat scratch-resistant faux leather sofas and elderly chairs [9][2] Capacity and Production - The company will not add new production capacity in China in the short term, as current capacity is sufficient. However, it will reassess production layouts in Vietnam and Mexico due to tariff issues and is exploring acquisition opportunities in the U.S. to optimize global capacity [10][11][2] - Production efficiency in U.S. factories is lower than in China and Southeast Asia, with costs at least 50% higher than in Vietnam, compounded by tariffs. Caution is advised for any acquisitions in the U.S. market [11][2] Government Policies - National subsidy policies have limited impact on the sofa industry due to long delivery cycles and high consumer spending on sofas compared to the subsidy amounts. Thus, the risk from such policies is considered low [12][2] E-commerce Strategy - The company plans to increase investment in e-commerce channels, shifting product offerings from low-end to mid-to-high-end to maintain overall market stability in China [13][2] Store Operations - Over 300 stores were closed in the first half of 2025, with no specific targets for future openings or closures. The focus is on improving the profitability of existing stores [14][2] Future Dividends and Capital Expenditure - The dividend payout ratio will remain at least 50% for the next two years, with potential increases as capital expenditures decrease [17][2] Market Outlook - The North American market is expected to face short-term revenue declines due to tariffs, but the long-term outlook remains positive due to stable demand and consumer behavior. The European market is projected to grow, while Japan and Korea markets are smaller but still show some activity [18][19][2] Product Focus - The company will continue to focus on functional sofas for export, particularly in the North American mid-to-high-end market [20][2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported FY2026H1 results (from April 2025 to September 2025) with main revenue and net profit attributable to shareholders at HKD 80.45 billion and HKD 11.46 billion, respectively, showing a year-on-year change of -3% and +1% [2][6]. - Domestic sales continued to decline but at a reduced rate, while export sales remained stable. Domestic furniture sales decreased by 6%, with offline sales increasing by 14% and online sales decreasing by 12%. In terms of product categories, sofa and related products and mattresses and related products saw declines of 6% and 7%, respectively [7]. - Export revenue grew by 1% year-on-year, with North America, Europe, and other markets/Home Group showing increases of 0.3%, 4%, and 2%, respectively [7]. Summary by Sections Revenue - Domestic sales continued to decline, but the rate of decline has narrowed. The company is adjusting its strategies to improve performance in the domestic market [7]. - Export sales showed a slight increase, with specific declines in sofa sales in North America and Europe, while other product categories contributed positively [7]. Profitability - The company experienced improvements in gross margin and operating profit margin during FY2026H1, with gross margin and net profit margin increasing by 0.9 and 0.5 percentage points year-on-year [7]. - The decrease in raw material costs contributed to the improvement in margins, with an overall reduction of 6% in raw material costs [7]. Future Outlook - The company plans to adjust its domestic sales strategies, including restructuring dealer and store layouts and enhancing online sales channels [7]. - For export sales, the company is well-positioned to manage potential impacts from U.S. tariff policies due to its early and efficient overseas production layout [7]. - The company maintains a high dividend payout ratio of 50.8%, with an expected dividend yield of 6.2% if this ratio is maintained for the full year [7].

Core Viewpoint - The company reported a narrowing decline in revenue for FY26H1, with a total revenue of HKD 8.045 billion, down 3.1% year-on-year, while benefiting from cost control and improved operational efficiency, resulting in a gross margin increase of 0.9 percentage points to 40.4% and a net profit of HKD 1.146 billion, up 0.6% year-on-year [1][2] Revenue Analysis - The company's revenue from the Chinese market (excluding real estate and smart components) was HKD 4.203 billion, down 6.5% year-on-year, but the decline was significantly narrowed compared to FY25H2 [1] - Online sales showed strong performance with revenue of HKD 1.144 billion, up 13.6% year-on-year, while offline channel revenue was HKD 3.059 billion, down 12.3% year-on-year, indicating ongoing optimization of offline stores with a total of 7,040 stores, a net decrease of 327 stores from FY25 [1] Product Category Performance - Sofa sales remained stable with revenue of HKD 3.084 billion, down 6.1% year-on-year, with sales volume essentially flat (+0.1%) but average prices slightly decreased due to increased online sales [2] - Mattress revenue was HKD 1.119 billion, down 7.4% year-on-year, primarily impacted by consumer downgrade in the Chinese market [2] International Market Performance - North America showed resilience with revenue of HKD 2.161 billion, a slight increase of 0.3% year-on-year, despite rising international trade barriers [2] - Revenue from Europe and other markets was HKD 0.765 billion, up 4.3% year-on-year, while Home Group business revenue was HKD 0.380 billion, up 2.2% year-on-year, benefiting from increased demand in Europe [2] Profitability and Cost Factors - The overall gross margin improved to 40.4%, up 0.9 percentage points year-on-year, mainly due to a decrease in average unit costs of key raw materials such as leather (-10.4%), chemicals (-9.8%), and steel (-6.8%) [2] - However, the company faced increased tariff costs for exports to the U.S., rising from HKD 6.65 million to HKD 78.83 million year-on-year, with the revenue share increasing from 0.1% to 1.0% [2] Investment Outlook - The company is positioned as a leader in functional sofas, with potential for continued penetration in the smart home trend; despite short-term pressures in domestic sales, channel reforms are expected to gradually improve performance [3] - The profit forecast for FY26-FY28 has been slightly adjusted, with expected net profits of HKD 2.19 billion, HKD 2.32 billion, and HKD 2.43 billion respectively, corresponding to PE ratios of 7.8, 7.4, and 7.0X, maintaining a "buy" rating [3]