Core Viewpoint - CITIC Securities raised the target price for Minhua Holdings (01999) by 11% from HKD 4.5 to HKD 5, maintaining an "outperform" rating despite weak domestic demand, citing stable underlying profits due to margin improvements [1] Group 1: Financial Performance - Minhua achieved stable underlying profits in FY2025, attributed to margin enhancements [1] - The net profit estimates for 2026 and 2027 were reduced by 7.1% and 7.5% respectively, reflecting lower sales assumptions and tariffs [1] Group 2: Market Position and Strategy - Minhua's global production base has shown resilience in overseas sales, helping to mitigate the impact of US tariffs [1] - Continuous efficiency optimization and increased overseas capacity are expected to stabilize short-term profitability [1] Group 3: Future Outlook - The company is anticipated to benefit from a potential stabilization in domestic demand by 2026 [1] - CITIC Securities rolled forward the valuation to 2027, applying a higher price-to-earnings ratio of 8.8 times, up from 7.5 times, which is still below the three-year average by 0.5 standard deviations [1]

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。 承董事會命 敏華控股有限公司 主 席 黃敏利 香 港，二 零 二 五 年 九 月 三 十 日 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） 董事會會議通告 敏 華 控 股 有 限 公 司（「本公司」）之 董 事 會（「董事會」）謹 此 宣 佈，將 於 二 零 二 五 年 十 一 月 十 四 日（星 期 五）舉 行 董 事 會 會 議，藉 以（其 中 包 括）考 慮 及 審 批 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 九 月 三 十 日 止 半 年 度 之 未 經 審 核 財 務 業 績，以 及 考 慮 宣 派 中 期 股 息（如 有）及 處 理 任 何 其 他 事 宜。 於 本 公 佈 日 期，執 行 董 事 為 黃 敏 利 先 生、許 慧 卿 ...

Core Insights - The smart sofa industry is experiencing significant growth driven by rising consumer demand for quality, comfort, and smart features, with the market size expected to reach 7.22 billion yuan in 2024, a year-on-year increase of 10.9% [1][6] - The younger generation is becoming the main consumer force, showing a high acceptance of innovative products and a willingness to pay for smart features [1][6] - The expansion of the home furnishing market, particularly in new home renovations and old home upgrades, provides ample market space for smart sofas [1][6] Industry Overview - Smart sofas, also known as electric sofas, integrate information technology, microelectronics, sensors, and mechanical technology to enhance user experience with features like massage, heating, and personalized adjustments [3] - The industry has evolved through three stages: initial development in the 1980s-90s, rapid growth from 2000-2018, and a current phase of innovation driven by IoT, big data, and AI technologies [3] Market Dynamics - The smart sofa industry is characterized by increasing competition as more companies enter the market, leading to higher R&D investments and innovative product launches [1][6] - The supply chain includes raw material suppliers (leather, microfibers, batteries), manufacturers, and various application fields such as homes, offices, and cinemas [5] Competitive Landscape - Major players in the smart sofa market include established furniture brands like Kuka Home, Mousse, and Qumei, as well as emerging tech companies like Xiaomi and Baidu, which leverage technology to enhance product offerings [8] - Kuka Home reported a revenue of 10.204 billion yuan from its sofa business in 2024, reflecting a year-on-year increase of 9.14% [8][9] Future Trends - The integration of AI and IoT technologies will deepen, allowing smart sofas to monitor user health metrics and adjust settings automatically for optimal comfort [10] - Customization demand is expected to rise as younger consumers seek personalized designs and features, expanding the market beyond traditional living spaces [11] - Companies are increasingly looking to expand into international markets to enhance competitiveness and growth opportunities [12]

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 | | | 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9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 | 本月底法定/註冊股本總額： HKD 2,000 ...

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]

Group 1 - The company, Minhua Holdings (01999), announced that it could not reach an agreement with PwC regarding the audit fees for the consolidated financial statements for the year ending March 31, 2026 [1] - As a result, PwC has resigned as the company's auditor effective August 6, 2025 [1] - Following the recommendation of the audit committee, Ernst & Young has been appointed as the new auditor effective August 6, 2025, until the conclusion of the next annual general meeting [1]

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 ...

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 | | | 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,878,083,200 | | 0 | | 3,878,083,200 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 3,878,083,200 | | 0 | | 3,878,083,200 | 本月底法定/註冊股本總額： HKD 2,000,000,000 FF301 公司名稱: 敏華控股有限公司 呈交日期: 2025年8月4日 第 1 頁 共 10 頁 v 1.1.1 I. ...

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].