（於百慕達註冊成立的有限公司） （股份代號：01999） 敏華控股有限公司 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 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 十 一 月 十 四 日 於 本 公 佈 日 期，執 行 董 事 為 黃 敏 利 先 生、許 慧 卿 女 士、Alan Marnie先 生、戴 全 發 先 生 及 黃 影 影 女 士；及 獨 立 非 執 行 董 事 為 周 承 炎 先 生、丁 遠 先 生、楊 紹 信 先 生 及 林 燕 勝 先 生。 提名委員會成員委任 敏 華 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈，執 行 董 事 黃 影影女士及獨立非執行董事楊紹信先生自二零二五年十一月十四日起已獲委 任 為 本 公 司 提 名 委 員 會（「提名委員會」 ...

智通财经APP讯，敏华控股(01999)发布公告，将于2025年12月17日派发截至2025年9月30日止六个月的 中期股息每股0.15港元。 ...

敏华控股(01999)发布公告，将于2025年12月17日派发截至2025年9月30日止六个月的中期股息每股0.15 港元。 ...

敏华控股(01999)发布截至2025年9月30日止六个月业绩，总收益82.41亿港元，同比下降2.7%;公司拥有 人应占溢利11.456亿港元，同比增长0.6%;每股基本盈利29.54港仙。 期内，集团营业收入同比下降约3.1%，但凭借严谨控制成本及良好经营效益，毛利率得以按年上升0.9 个百分点至40.4%，净利率亦上升0.5个百分点至14.2%，处于业内领先水平。公司权益拥有人应占溢利 在营业收入轻微下降的情况下，反而按年微升0.6%，实现稳中向好的发展态势，彰显管理层的卓越经 营能力。 ...

期内，集团营业收入同比下降约3.1%，但凭借严谨控制成本及良好经营效益，毛利率得以按年上升0.9 个百分点至40.4%，净利率亦上升0.5个百分点至14.2%，处于业内领先水平。公司权益拥有人应占溢利 在营业收入轻微下降的情况下，反而按年微升0.6%，实现稳中向好的发展态势，彰显管理层的卓越经 营能力。 智通财经APP讯，敏华控股(01999)发布截至2025年9月30日止六个月业绩，总收益82.41亿港元，同比下 降2.7%;公司拥有人应占溢利11.456亿港元，同比增长0.6%;每股基本盈利29.54港仙。 ...

EF001 EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，執行董事為黃敏利先生、許慧卿女士、Alan Marnie先生、戴全發先生及黃影影女士；獨立非執行董事為周承炎先 | | | 生、丁遠先生、楊紹信先生及林燕勝先生。 | | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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告的內容概不負責，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 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 敏華控股有限公司 | | 股份代號 | 01999 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年九月三十日止六個月之中期股息 | | | 公告日期 | 2025年11月14日 ...

Financial Performance - 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 for the same period in 2024[3]. - Gross profit for the period was HKD 3,250,161, representing a gross margin of 39.4%[3]. - Net profit for the six months ended September 30, 2025, was HKD 1,206,334, slightly up from HKD 1,194,555 in 2024, indicating a growth of 1.2%[4]. - Earnings per share attributable to the company’s owners was HKD 29.54, compared to HKD 29.37 for the same period last year, reflecting a 0.58% increase[3]. - Total comprehensive income for the six months was HKD 1,471,225, up from HKD 1,341,679 in 2024, marking an increase of 9.7%[4]. - The group reported a profit before tax for the six months ended September 30, 2025, was HKD 1,468,110, compared to HKD 1,439,351 for the same period in 2024, indicating an increase of approximately 2%[13][15]. - Profit attributable to the company's owners for the period was HKD 1,145,578, compared to HKD 1,138,925 for the same period last year, reflecting a slight increase[26]. Revenue Breakdown - Revenue from the sofa and related products segment was HKD 5,550,229, accounting for 69% of total revenue, while bedding and related products generated HKD 1,119,060, contributing 14%[13][15]. - Revenue from the Chinese market (including Hong Kong and Macau) was HKD 4,739,974, representing 59% of total revenue, while North America contributed HKD 2,160,622, or 27%[16]. - Sofa and related products generated revenue of approximately HKD 5,550,229,000, a decrease of about 4.6% from HKD 5,816,974,000 in the previous year, primarily due to a 6.1% decline in the Chinese market[39]. - Bedding and related products revenue fell by approximately 7.4% to about HKD 1,119,060,000, attributed to a significant decrease in consumer spending in the Chinese market[40]. - Other products revenue increased by approximately 11.4% to about HKD 930,789,000, driven by growth in sales of metal frames and smart furniture in overseas markets[41]. Expenses and Costs - The company reported a decrease in cost of goods sold to HKD 4,794,620 from HKD 5,024,724, a reduction of approximately 4.56%[3]. - Selling and distribution expenses increased slightly to HKD 1,539,021 from HKD 1,513,891, indicating a rise of 1.6%[3]. - Administrative and other expenses rose to HKD 364,089 from HKD 311,617, reflecting an increase of 16.8%[3]. - The company’s financial costs decreased significantly to HKD 40,184 from HKD 73,114, a reduction of 45.0%[3]. - Other net losses amounted to approximately HKD 33,475,000, a significant reduction from HKD 109,203,000 in the previous year, primarily due to fair value losses on investment properties[49]. Assets and Liabilities - Non-current assets totaled HKD 12,042,145 thousand as of September 30, 2025, compared to HKD 11,690,989 thousand as of March 31, 2025, reflecting an increase of 3%[5]. - Current assets increased to HKD 8,950,908 thousand from HKD 8,332,603 thousand, representing a growth of 7.4%[5]. - Total liabilities remained stable with current liabilities at HKD 6,111,866 thousand, slightly down from HKD 6,114,040 thousand[7]. - The company's net asset value reached HKD 14,661,001 thousand, up from HKD 13,649,166 thousand, indicating a growth of 7.4%[7]. - The total equity attributable to owners of the company rose to HKD 13,647,002 thousand from HKD 12,710,656 thousand, reflecting an increase of 7.4%[7]. Market and Strategic Initiatives - The group plans to enhance its online sales platform and increase resource investment in e-commerce channels and social media marketing[34]. - The group aims to optimize its product mix and improve price-performance ratio in the Chinese market[34]. - The group has committed to ongoing innovation and product development, particularly in the U.S. market, to maintain strong competitiveness[36]. - The group is actively seeking potential overseas acquisition targets to expand its global market presence and address challenges in international trade[68]. - The group plans to enhance its "Smart Home" strategy and increase market penetration in China through targeted marketing campaigns[67]. Corporate Governance - The audit committee consists of three independent non-executive directors, and the financial data for the six months ending September 30, 2025, has been reviewed by the auditors[72]. - The company has adhered to the corporate governance code principles and applicable rules, with regular reviews to ensure compliance[75]. - The roles of Chairman and CEO are held by the same individual, which the board believes does not impair the balance of power and accountability[76]. - A female director has been appointed to the nomination committee effective November 14, 2025, to comply with gender diversity requirements[77]. - The company has adopted the standard code of conduct for directors' securities transactions and confirmed compliance for the six-month period ending September 30, 2025[78].

Core Insights - A milestone collaboration has been established between Minhua Holdings and Beijing Jingmu Decoration, aiming to create a "one-stop design-oriented personalized renovation" model in the home decoration industry [1][3]. Strategic Upgrade - Minhua Holdings, founded in 1992, has evolved from a global home product supplier to a one-stop home ecosystem builder, leveraging its extensive international network and product strength [1][3]. - The partnership with Jingmu Decoration is a strategic extension of Minhua's "big home ecosystem" strategy, combining Minhua's manufacturing and supply chain capabilities with Jingmu's local design and service expertise [3][8]. Strong Alliance - The collaboration focuses on creating a value loop of "good products, good design, good service," aiming to deliver a comprehensive "good home" strategy [3][8]. - Minhua's global perspective in design and product development will be complemented by Jingmu's deep understanding of local market needs and consumer preferences [4][5]. One-Stop Product and Service Integration - Minhua offers a comprehensive product supply matrix covering various home spaces, while Jingmu provides a professional service system that includes design, budget control, and quality inspection [8][10]. - This integration aims to resolve traditional renovation issues related to product-service disconnection, ensuring a seamless consumer experience [8][10]. Value Commitment - The partnership promises consumers a superior experience by eliminating brand premiums and ensuring competitive pricing through a direct supply model [10][12]. - Jingmu's "one-on-one service manager" model enhances transparency and coordination throughout the renovation process, providing a single point of contact for clients [12][14]. Modular Construction System - Jingmu has introduced a modular delivery system that standardizes construction processes, improving efficiency by over 30% and ensuring quality through direct responsibility from top suppliers [14][16]. - This approach allows for a controlled construction timeline of 55 working days, enhancing overall project management [14][16]. Long-Term Brand Commitment - Minhua Holdings emphasizes brand reputation and customer satisfaction, integrating a "long-termism" philosophy into Jingmu's operations to ensure sustainable growth [16]. - The collaboration represents a comprehensive upgrade in industry practices, aiming to meet modern consumer expectations for a beautiful and functional home [16].

Strategic Upgrade - The collaboration between Minhua Holdings and Beijing Jingmu Decoration marks a significant strategic investment aimed at creating a "one-stop design-oriented personalized renovation" model in the home decoration industry [1][3] - Minhua Holdings has evolved from a global home product supplier to a comprehensive home ecosystem builder, leveraging its extensive international network and product development capabilities [1][3] Strong Partnership - The partnership focuses on creating a value loop of "good products, good design, good service," aiming to implement the "good home" strategy effectively [3][4] Global and Local Design Integration - Minhua Holdings brings a global perspective to product design, while Jingmu Decoration offers localized expertise, ensuring that home planning meets both international aesthetics and local living experiences [4][7] Seamless Product and Service Integration - Minhua provides a comprehensive product supply matrix for various home spaces, utilizing a factory-to-consumer model to eliminate brand premiums and ensure competitive pricing [7][9] - Jingmu contributes a professional service system covering design, budget control, construction management, and quality inspection, creating a complete renovation loop [7][11] Value Commitment - The collaboration aims to deliver a superior consumer experience by providing direct access to global quality home products without additional costs [9][12] - Jingmu Decoration offers a dedicated service manager for each client, ensuring a streamlined communication process throughout the renovation [11][14] Modular Construction System - Jingmu introduces a modular delivery system that standardizes construction processes, enhancing efficiency and quality while reducing project timelines to 55 working days [14][18] Long-term Brand Commitment - Minhua Holdings emphasizes brand reputation and customer satisfaction, integrating these values into Jingmu Decoration's operations to ensure sustainable growth [18]

Core Viewpoint - Minhua Holdings is seeking to list its subsidiary Ruimai Technology on the New Third Board while also expanding into the home decoration industry through an investment in Jingmu Decoration [1][3] Group 1: Company Developments - Minhua Holdings has submitted an application for Ruimai Technology to be listed on the New Third Board, holding an 82.76% stake in the company [1] - Ruimai Technology, established in 2011, specializes in manufacturing and trading sofa frames, smart frames, motors, and other furniture hardware, holding a 23.5% global market share in functional sofa frames [2] - The company aims to enhance brand recognition and create a more flexible independent financing platform through the listing of Ruimai Technology [2] Group 2: Financial Performance - The revenue from "other products" under Minhua Holdings, which includes Ruimai Technology's products, was HKD 1.67 billion for the fiscal year ending March, a year-on-year decline of 8.4% due to weakened demand in the domestic furniture market [2] - Despite Ruimai Technology being a key sales partner for Minhua Holdings, it is also seeking to diversify its client base [2] Group 3: Industry Context - The national building materials and home furnishing market is experiencing an overall decline, with the BHI index at 122.93 in September, reflecting a year-on-year drop of 3.75% [4] - The home decoration sector is facing more severe declines compared to the home furnishing market, as evidenced by the struggles of traditional home decoration companies like Dongyi Risheng [4] - Minhua Holdings' moves to list its subsidiary and enter the home decoration sector are seen as attempts to navigate challenges in traditional business areas [4]