Group 1 - The core viewpoint of the article highlights the significant increase in consumer spending during the National Day and Mid-Autumn Festival, driven by various promotional activities and discounts offered by retailers [8] - Jining Jin Yu Home Furnishing Mall launched a promotional event from September 19 to October 8, featuring a "9.9 yuan direct access package" that includes multiple exclusive benefits for consumers [1][2] - The promotional activities have led to a notable increase in foot traffic and sales in home furnishing and appliance stores, with businesses reporting a substantial rise in customer engagement and transaction rates [2][3] Group 2 - During the holiday period, Jining's major retail sectors, including home appliances and furniture, saw a surge in sales, with a reported revenue of 1.86 billion yuan from 56 commercial enterprises, marking an 8.7% increase compared to the previous year [4] - The local government has actively supported these promotional efforts by organizing 42 consumer promotion events across various sectors, including automotive and home appliances, to stimulate market activity [3][6] - Innovative consumption scenarios, such as themed events and cultural performances, have been introduced to enhance consumer engagement, resulting in a 15% increase in foot traffic and a 10% increase in sales for large commercial complexes during the holiday [7]

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10月2日 第 2 頁 共 10 頁 v 1.1.1 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 ...

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 [1] Group 1: Financial Performance - Minhua achieved stable base profits in FY2025, attributed to margin improvements [1] - The company’s overseas sales showed resilience, helping to mitigate the impact of US tariffs due to its global production base [1] Group 2: Future Outlook - Continuous efficiency optimization and increased overseas capacity are expected to stabilize profits in the short term [1] - Minhua is anticipated to benefit from a potential stabilization in domestic demand in 2026 [1] Group 3: Profit Forecast Adjustments - CITIC Securities adjusted net profit forecasts for 2026 and 2027 down by 7.1% and 7.5% respectively, reflecting lower sales assumptions and tariffs [1] - The valuation was rolled forward to 2027 with a higher price-to-earnings ratio of 8.8 times, up from 7.5 times, which is below the three-year average by 0.5 standard deviations [1]

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 ...