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]

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 the "other products" segment, which includes Ruimai Technology, 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 being a key sales partner for Ruimai Technology, Minhua Holdings is also looking 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 [4] - Minhua Holdings' moves to list its subsidiary and enter the home decoration sector are seen as attempts to navigate the challenges in the traditional business landscape [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 | | | 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11月3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 2,000,000,000 FF301 第 ...

Core Viewpoint - The grand opening of the first flagship store of Jingmu Decoration in Beijing marks a significant milestone for the company, which aims to empower Chinese families with a new approach to home decoration through a one-stop personalized design service [1][25]. Industry Insights - The home decoration industry is undergoing a historic transformation, with new consumer demands challenging traditional business models [5]. - The shift from merely meeting basic decoration needs to ensuring future living comfort is driving companies to upgrade from offering single products to building robust support systems [8]. Company Innovations - Jingmu Decoration's innovative model breaks away from traditional display logic, focusing on real consumer needs and reconstructing the construction system and cost structure [6]. - The core team of Jingmu Decoration has over ten years of experience in the home decoration industry, understanding both consumer demands and the shortcomings of traditional practices [6]. Strategic Collaborations - Jingmu Decoration has signed strategic cooperation agreements with leading industry players, including Minhua Holdings and Zhongju Culture, to enhance product supply chains and brand content development [21]. - The collaboration aims to implement the core philosophy of "design leading the whole decoration," providing higher quality one-stop home solutions [21]. Market Impact - The opening of Jingmu Decoration's flagship store injects strong confidence into the industry, leveraging Minhua Holdings' strengths in brand, capital, and supply chain [10]. - Jingmu Decoration aims to create a transparent, efficient renovation process that exceeds customer expectations, encouraging clients to share their renovation stories [19][25].

Core Insights - The grand opening of the first flagship store of Jingmu Decoration marks a significant milestone in the home decoration industry, initiated by the publicly listed company Minhua Holdings [1][26] - Jingmu Decoration aims to empower Chinese families with a new journey towards a better life through personalized and one-stop design solutions [1][26] Industry Trends - The home decoration industry is undergoing a historic transformation, with consumers demanding new standards from home decoration companies, leading to challenges for traditional models [5][7] - The shift from merely meeting basic decoration needs to ensuring future living comfort is driving companies to upgrade from providing single products to building robust support systems [7][9] Company Innovations - Jingmu Decoration's innovative model breaks traditional display logic by focusing on real consumer needs and reconstructing the construction system and cost structure [5][7] - The company emphasizes a modular delivery and seamless operation system, ensuring that design, construction, procurement, and installation are well-coordinated [17][19] Strategic Collaborations - Jingmu Decoration has signed strategic cooperation agreements with industry leaders, including Minhua Holdings and Zhongju Culture, to enhance product supply chains and brand content development [19][21] - The collaboration aims to provide higher quality one-stop home solutions and drive innovation in the industry [19][21] Market Impact - The opening of Jingmu Decoration's flagship store injects strong confidence into the market, showcasing the company's potential backed by Minhua Holdings' brand, capital, and supply chain advantages [9][11] - The company is positioned to become a new benchmark for high-quality development in the home decoration industry, promoting a healthy and win-win industrial ecosystem [9][11]

Core Viewpoint - Minhua Holdings (01999) announced that its indirect non-wholly-owned subsidiary, Ruimai Technology Co., Ltd. (Ruimai Technology), is planning a potential spin-off [1] Group 1 - Ruimai Technology submitted an application to the National Equities Exchange and Quotations (NEEQ) on October 30, 2025, for independent listing on the New Third Board [1] - The application was accepted by the NEEQ on October 31, 2025 [1]

Core Viewpoint - Minhua Holdings (01999) announced that its indirect non-wholly-owned subsidiary, Ruimai Technology Co., Ltd. (Ruimai Technology), may proceed with a spin-off plan to independently list on the National Equities Exchange and Quotations (NEEQ) [1] Group 1 - Ruimai Technology submitted an application to the NEEQ's operating entity, National Equities Exchange and Quotations Co., Ltd., on October 30, 2025, for independent listing [1] - The application was accepted by the National Equities Exchange and Quotations Co., Ltd. on October 31, 2025 [1]

Group 1 - The core point of the article is that Minhua Holdings (01999.HK) announced that Ruimai Technology has submitted an application to the National Equities Exchange and Quotations (NEEQ) for independent listing on the New Third Board, with the application being accepted on October 31, 2025 [1]