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 三 年 三 月 三 十 一 日 止 年 度 末 期 業 績 公 佈 以 及 暫 停 辦 理 股 東 登 記 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（「本集團」）截至二零二三年三月三十一日止財政年度（「二零二三財政年 度」、「回顧期」或「報告期」）之經審核綜合財務業績，連同截至二零二二年三月 三十一日止上一個財政年度（「二零二二財政年度」及「上年同期」）之比較數字。 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 1.5 billion for the fiscal year 2022, representing a growth of 15% compared to the previous year[1]. - Total revenue for the fiscal year 2022 reached HKD 21,787,920, representing a 30.8% increase compared to the previous year[16]. - The gross profit margin improved to 36.7%, up from 36.1% in the previous fiscal year[16]. - The company achieved a net profit margin of 10.5%, down from 11.7% in the previous year[16]. - The return on equity (ROE) was reported at 19.2%, an increase from 17.9% in the previous fiscal year[16]. - The company reported a 30.8% growth in overall main business revenue, achieving a new high in revenue levels during the review period[28]. - The company achieved a revenue growth of 29.3% in the Chinese market, driven by effective store expansion and e-commerce sales strategies[28]. - Revenue from overseas markets grew by 23.8%, with Europe and other regions (excluding Home Group) increasing by 56.8%[19]. - The company reported a total revenue of 6,607 million HKD for the period, with statutory audit services contributing 3,100 million HKD, review of interim financial information at 700 million HKD, and non-audit services at 2,807 million HKD[140]. Market Expansion and Product Development - User data indicated a rise in customer engagement, with a 20% increase in online sales channels, reflecting a shift towards e-commerce[2]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% driven by new product launches and market expansion strategies[3]. - New product development efforts include the introduction of a premium sofa line, expected to contribute an additional HKD 200 million in sales[4]. - The company is actively pursuing market expansion in Southeast Asia, targeting a 25% increase in market share within the next two years[5]. - The company is focusing on digital transformation to enhance operational efficiency and decision-making[20]. - The company is actively developing smart furniture products, enhancing its competitiveness and expanding its product line in the smart furniture market[27]. Corporate Governance - The company has appointed independent non-executive directors with extensive experience in finance and law, enhancing corporate governance[11][12][13][14]. - The independent non-executive directors include members with backgrounds in major accounting firms and legal practices, contributing to the company's strategic oversight[11][12][14]. - The company emphasizes its commitment to corporate governance through the establishment of various committees, including audit, nomination, and remuneration committees[11][12][13]. - The management team is composed of executive directors responsible for different business areas, ensuring effective operational oversight[15]. - The company has a diverse board with members holding significant positions in other listed companies, which may provide valuable insights and networking opportunities[12][14]. - The independent directors have a combined experience of over 25 years in corporate finance and legal advisory roles, strengthening the company's decision-making capabilities[11][12][13]. - The board includes members who have served in various governmental and advisory roles, indicating a strong connection to regulatory and industry standards[12][14]. - The company is focused on maintaining high standards of corporate governance to enhance shareholder value and trust[11][12]. Sustainability and Environmental Initiatives - The company has implemented new sustainability initiatives, aiming to reduce carbon emissions by 15% over the next three years[7]. - The company processed approximately 200,000 tons of domestic wastewater in the past fiscal year through its self-built sewage treatment system in major factories in China[68]. - The greenhouse gas emissions related to electricity purchases were approximately 53,931 tons of CO2 equivalent in the fiscal year 2022, an increase from 47,165 tons in the previous year[69]. - The company aims to enter the custom and fabric sofa market through potential acquisitions, enhancing its product lineup to meet consumer demands[58]. - The company adheres to the highest environmental standards in product design and factory operations, ensuring compliance with relevant environmental laws[67]. - The company has implemented effective measures to reduce waste gas and wastewater emissions during furniture production, maintaining compliance with national standards[68]. - The company emphasizes sustainable development and social responsibility as core values, striving for a healthier and more comfortable living environment[62]. Employee and Talent Management - The company employed 28,685 staff, with total employee costs for the fiscal year reaching approximately HKD 3,238.4 million[57]. - The company invested over 10 million HKD annually in talent development, integrating high-level educational resources to foster a unique talent cultivation ecosystem[58]. - In the fiscal year 2022, 59% of male employees and 41% of female employees received career development training, with an average training duration of 0.84 hours for males and 1.05 hours for females[96]. - The overall employee turnover rate was 22%, with male turnover at 21% and female turnover at 25%[92]. - The turnover rate by age group showed 27% for employees aged 30 and below, 23% for those aged 31-40, 15% for those aged 41-50, and 5% for those aged 50 and above[92]. - The company has established a comprehensive performance evaluation system based on Key Performance Indicators (KPIs) to ensure alignment with corporate goals and to motivate employees[89]. Financial Management and Investments - The company plans to invest HKD 100 million in technology upgrades to improve manufacturing processes and product quality[9]. - The group reported short-term borrowings of approximately HKD 4,335.0 million and long-term borrowings of about HKD 0.6 million as of March 31, 2022, with a capital debt ratio of approximately 37.0%[49]. - The company reported a total of 737 workdays lost due to employee injuries in the fiscal year 2022, with no reported cases of work-related fatalities[94]. - The company has not engaged in any significant investments or acquisitions during the fiscal year 2022 but continues to seek suitable opportunities in the furniture sector[54]. - The company has a stock option plan that allows for the issuance of up to 379,912,520 shares, with 367,861,320 shares available for issuance under the plan, approximately 9.4% of the issued shares[163]. Risk Management - The company faced significant risks related to macroeconomic changes in key markets such as North America, China, and Europe, which could adversely affect sales growth and gross margins[146]. - The company has established a comprehensive material procurement planning system to mitigate supply chain risks, ensuring at least two qualified suppliers for each major material[147]. - The company conducts regular reviews of significant business risk areas and takes appropriate measures to mitigate these risks[137]. - The company has implemented a robust internal control and risk management system to enhance operational efficiency and safeguard assets[137]. Shareholder Relations - The company emphasizes the importance of open communication and fair disclosure to ensure all shareholders receive significant corporate development information[130]. - The board encourages shareholder participation in meetings and promotes communication between the company and its shareholders[107]. - The company allows shareholders to propose resolutions at the annual general meeting, provided certain conditions are met, including a minimum of 100 shareholders or those representing at least 5% of the voting rights[132].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 20% growth year-over-year[3]. - The company provided a positive outlook for the next fiscal year, projecting revenue growth of 15% to $575 million[3]. - Revenue for the fiscal year 2021 reached HKD 16,434,071 thousand, a 35.5% increase from HKD 12,144,299 thousand in 2020[18]. - The group’s revenue for the fiscal year 2021 increased by approximately 34.9% to about HKD 16,945,965, compared to HKD 12,558,093 in the previous year[41]. - The company achieved a revenue growth of 35% for the fiscal year despite external challenges, with a significant increase in domestic sales[29]. User Engagement - User data showed an increase in active users to 1.2 million, up from 1 million, indicating a 20% growth in user engagement[3]. - The company provided an optimistic outlook for the next quarter, projecting revenue growth of A% and an increase in user engagement metrics[3]. Product Development - New product launches are expected to contribute an additional $50 million in revenue, with a focus on innovative furniture designs[3]. - New product launches are expected to contribute an additional $B million in revenue, with a focus on expanding the product line in the C market[4]. - The company has developed several new functional sofa technologies, including "zero gravity recline" and "no wall required" designs, enhancing product competitiveness[24]. - The company is expanding its product range to include mattresses, leisure sofas, and smart electric beds, covering high, medium, and low-end price segments[26]. - The company has introduced innovative smart furniture products, including "zero gravity recline" and "wall-free" designs, enhancing its competitive edge[34]. Market Expansion - The company is expanding its market presence in Europe, targeting a 10% market share increase by the end of the next fiscal year[3]. - Market expansion plans include entering E new regions, with an estimated potential revenue increase of $F million from these markets[6]. - The North American business experienced a 30.5% growth in revenue for the fiscal year, recovering from initial pandemic impacts[24]. Financial Management - The company reported a net profit margin of 12%, maintaining a stable performance despite market fluctuations[3]. - The net profit margin decreased to 11.7% in 2021 from 13.5% in 2020, with net profit attributable to equity holders of the company at HKD 1,924,513 thousand[18]. - The overall gross profit margin for the fiscal year 2021 was approximately 36.1%, slightly down from 36.4% in the previous year[41]. - The company reported a total asset value of HKD 17,438,861 thousand, an increase from HKD 13,213,802 thousand in the previous year[18]. Sustainability Initiatives - The board of directors emphasized the importance of sustainability initiatives, aiming for a 50% reduction in carbon footprint by 2025[3]. - The company aims to improve operational efficiency, targeting a reduction in costs by I% through various optimization initiatives[9]. - Total greenhouse gas emissions decreased from 48,969 tons in 2020 to 47,165 tons in 2021, representing a reduction of approximately 3.7%[75]. - The total electricity consumption increased from 54,334 thousand kWh in 2020 to 64,352 thousand kWh in 2021, an increase of about 18.5%[78]. Corporate Governance - The company has separated the roles of Chairman and CEO as of November 3, 2020, in compliance with corporate governance guidelines[99]. - The board consists of six executive directors and four independent non-executive directors as of March 31, 2021[108]. - The company emphasizes the independence of its non-executive directors, ensuring they have no significant relationships that could affect their judgment[117]. - The board is responsible for setting the overall strategy and monitoring performance to enhance shareholder value[110]. Employee Development - The company invested approximately HKD 10.21 million in talent training during the review period, an increase from HKD 8.46 million in the previous year[90]. - A total of 144 outstanding team leaders and production managers were trained during the review period, compared to 318 in the previous year, with over 2,408 trained in the past five years[90]. - The company has implemented a performance evaluation system based on key performance indicators (KPIs) to align employee behavior with corporate goals[87]. Risk Management - The company conducts regular reviews to identify significant business risk areas and implements measures to control and mitigate these risks[138]. - The company has established a comprehensive material procurement planning system to mitigate supply chain risks, ensuring at least two qualified suppliers for each major material[148]. Shareholder Information - The company declared an interim dividend of HKD 0.10 per share, totaling approximately HKD 380,360,000, and proposed a final dividend of HKD 0.16 per share, totaling approximately HKD 633,519,000[151]. - The company acknowledges its responsibility to prepare financial statements that fairly reflect its operations on a going concern basis[142]. - The company has purchased directors' and officers' liability insurance to provide adequate coverage for board members and senior management, renewed before March 31, 2021[137].

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 1.5 billion, representing a year-on-year growth of 15%[3]. - Revenue for the fiscal year 2020 reached HKD 12,144,299 thousand, an increase of 7.9% from HKD 11,257,792 thousand in 2019[13]. - Gross profit margin improved to 36.4% in 2020, up from 34.1% in 2019[13]. - Net profit attributable to equity holders was HKD 1,638,069 thousand, representing a 20.1% increase from HKD 1,363,801 thousand in the previous year[13]. - The company reported a net profit margin of 13.5% for the fiscal year 2020, compared to 12.1% in 2019[13]. - Operating profit margin increased to 14.8% in 2020, compared to 13.2% in 2019[13]. - The company achieved a return on equity of 24.4% in 2020, up from 21.9% in 2019[13]. - Total revenue for the fiscal year 2020 rose by approximately 7.9% to about 12,144,299 thousand HKD, with an overall gross margin increase from approximately 34.1% to 36.4%[29]. - The company reported a total comprehensive income attributable to equity holders of HKD 6,716,063 thousand for the year ended March 31, 2020[179]. Market Expansion and Strategy - The company is expanding its market presence in Europe, targeting a 25% increase in market share over the next two years[3]. - The company is expanding its international market presence, with a focus on export business and e-commerce strategies[7]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of HKD 500 million allocated for this purpose[3]. - The company plans to continue enhancing product innovation and operational efficiency to drive growth in the Chinese market[16]. - The company has been actively developing new retail strategies since 2015, enhancing online and offline integration to boost sales and customer experience[18]. Product Development and Innovation - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on innovative furniture designs[3]. - Research and development investments have increased by 30%, focusing on sustainable materials and smart furniture technology[3]. - The company has a strategic focus on innovation and new product development to meet market demands[7]. - The company has introduced a series of innovative smart furniture products and is focusing on increasing the proportion of self-produced components to lower costs and enhance product innovation[24]. Corporate Governance and Management - The board of directors emphasized the importance of corporate governance and sustainability in future business strategies[3]. - The company has a strong governance structure with independent non-executive directors contributing to audit, nomination, and remuneration committees[10]. - The management team has a diverse educational background, including degrees from prestigious institutions, which supports informed decision-making[9]. - The board includes members with extensive experience in corporate finance, mergers, and acquisitions, enhancing strategic decision-making capabilities[8]. - The company is committed to maintaining high standards of corporate governance and compliance with regulatory requirements[10]. Financial Health and Assets - The total assets of the company amounted to HKD 13,213,802 thousand, a slight increase from HKD 13,145,787 thousand in 2019[13]. - As of March 31, 2020, the group had cash and bank balances of approximately HKD 2,020,245,000, maintaining a healthy financial policy[47]. - The capital debt ratio improved to approximately 59.4% from 73.2% in the previous year, mainly due to reduced borrowings following the completion of a factory expansion in Vietnam[48]. - The company reported retained earnings of HKD 621,348,000 at the end of the review period, down from HKD 814,720,000 in the previous year[128]. Environmental and Social Responsibility - The company aims to enhance operational efficiency while reducing environmental impact through various measures, including the use of energy-efficient materials and equipment[55]. - The company processed approximately 200,000 tons of wastewater during the fiscal year, achieving full recycling of treated wastewater, saving about 64,922 tons of tap water[56]. - The group donated approximately HKD 12,363,000 to charitable activities during the review period, compared to HKD 12,021,000 in the same period last year[78]. - The company has maintained a good record during social responsibility audits conducted by major furniture retailers[68]. Stock Options and Shareholder Information - The company has adopted stock option and share incentive plans as part of its compensation system to reward and motivate employees[53]. - The stock options plan adopted on March 5, 2010, has expired as of March 4, 2020, with a total of 31,449,200 shares available for issuance under the plan, accounting for approximately 0.83% of the issued share capital at that time[140]. - The company declared an interim dividend of HKD 0.07 per share, totaling approximately HKD 267,095,000, and proposed a final dividend of HKD 0.12 per share, totaling approximately HKD 455,513,000[125]. - Shareholders have the right to request the convening of a special general meeting if they hold at least 10% of the paid-up capital[108]. Risk Management and Compliance - The company has established a comprehensive material procurement planning system to mitigate supply chain risks, ensuring at least two qualified suppliers for each major material[123]. - The company has complied with applicable laws and regulations without any significant violations during the review period[160]. - The company has established a robust internal control and risk management system to enhance operational efficiency and protect shareholder investments[113]. - The board is responsible for ensuring the effectiveness of the internal control system, which is reviewed annually[113].