Core Viewpoint - The letter from Huang Minli, Chairman and President of Minhua Holdings, reflects on the company's achievements amidst external challenges and market competition, emphasizing a commitment to global expansion in 2026 [1] Group 1: Company Achievements - The company ensured product quality and market supply through collaboration across production, research and development, and logistics departments [1] - Production staff successfully met order deliveries, while the R&D team advanced product iterations such as the "Zhi Huashi First-Class Sofa" [1] - The company attributes its achievements to the hard work and intelligence of all employees [1] Group 2: Future Goals - The year 2026 is highlighted as a pivotal year for the company, aiming to strengthen its domestic market leadership and accelerate global expansion [1] - The company expresses a vision for the future, stating its goal is to make the world appreciate Chinese home furnishings [1] - Huang Minli promises to provide a broad platform for every employee, ensuring that efforts are rewarded and achievements are recognized [1]

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 | 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 1 頁 共 10 頁 v 1.2.0 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: 2026年 ...

Core Viewpoint - The strategic partnership between Jingmu Decoration and Fotile Group aims to enhance community renovation services in China's home improvement market, responding to the growing demand for personalized and high-quality living spaces [1][4]. Group 1: Strategic Partnership - Jingmu Decoration, a brand under Minhua Holdings, has established a strategic cooperation with Fotile Group to create a community renovation joint initiative [1][4]. - This collaboration signifies a deep integration of both companies' strengths, focusing on delivering comprehensive kitchen renovation solutions [5][12]. Group 2: Market Context - The Chinese home improvement market is transitioning into a new era where consumer demands are increasingly refined and personalized [1][4]. - Minhua Holdings has developed a robust international presence, selling products in over 100 countries and regions, showcasing its strong market influence [4]. Group 3: Product and Service Innovations - The partnership will introduce two main renovation solutions: a "quick renovation" plan for outdated kitchens, promising completion in 7 days, and a "full renovation" service for quality upgrades [6][10]. - The collaboration will ensure a seamless integration of design and functionality, addressing common issues in traditional kitchen renovations [9]. Group 4: Quality Assurance and Cost Efficiency - The initiative emphasizes the use of environmentally friendly materials and offers a 10-year warranty, ensuring reliable quality and after-sales service [11]. - By integrating supply chain resources, the partnership aims to provide transparent pricing and eliminate hidden costs, enhancing overall consumer value [12]. Group 5: Future Outlook - The collaboration is expected to set a benchmark for industry cooperation, exploring new pathways through community-focused initiatives and cross-industry alliances [15]. - Jingmu Decoration plans to expand its strategic collaborations into other areas, such as bathroom renovations, to further enhance its service offerings [15].

Core Viewpoint - The company is a leading manufacturer of functional sofas, holding the title of the world's largest seller in this category, with a successful transition from traditional export processing to a dual business model of export manufacturing and domestic brand sales [1] Group 1: Company Overview - Established in 1992, the company specializes in functional sofas, bedding, and smart home products, with sales across domestic, North American, and European markets [1] - In FY2025, the company reported revenue of HKD 16.9 billion, a year-on-year decrease of 8.2%, and a net profit of HKD 2.06 billion, down 10.4% [1] - For FY26H1, revenue decreased by 3.1% year-on-year, while net profit increased by 0.6% [1] Group 2: Business Adjustments and Improvements - Over the past three years, the company has adjusted its internal and external sales operations, resulting in marginal improvements despite a downturn in the domestic home furnishings industry [2] - The compound annual growth rate (CAGR) for internal and external sales revenue from FY2022 to FY2025 was -9% and -6%, respectively [2] - In FY26H1, internal sales revenue decreased by 6%, while external sales revenue increased by 1% [2] - Online domestic sales have shown recovery, with a 13.6% year-on-year increase in e-commerce sales for FY26H1, reversing a decline trend since FY24H2 [2] - The company plans to acquire the U.S. furniture company Gainline Recline Intermediate Corp, which operates two brands and has a distribution network covering over 1,000 furniture retailers [2] Group 3: Profitability and Financial Performance - The company has demonstrated better-than-expected profitability, with gross margins improving despite a decline in average selling prices [3] - The average selling price of sofas decreased by 19% from FY22, yet the gross margin increased by 3.6 percentage points [3] - For FY26H1, the average selling price of sofas fell by 4%, while the gross margin rose by 1 percentage point [3] - The net profit margin for FY25 was 12.2%, slightly below FY24's 12.5%, while FY26H1 net profit margin reached 14.2%, up 0.5 percentage points year-on-year [3] Group 4: Investment Outlook - The company maintains a dividend payout ratio of around 50%, with a projected dividend yield of approximately 5.7% based on its market capitalization as of January 22, 2026 [3] - Profit forecasts for FY2026 to FY2028 are HKD 2.07 billion, HKD 2.12 billion, and HKD 2.21 billion, reflecting year-on-year growth of 0.2%, 2.5%, and 4.1%, respectively [3] - The current stock price corresponds to a price-to-earnings (PE) ratio of 9X for FY26 and 8X for FY27, which is below the average valuation of comparable companies, leading to a "buy" rating [3]

Investment Rating - The report assigns a "Buy" rating for the company, Minhua Holdings [3][57]. Core Insights - Minhua Holdings is the global leader in functional sofas, with a strong presence in both domestic and international markets. The company has successfully transitioned from a traditional export-oriented business to a model that balances export manufacturing with domestic brand sales [5][8]. - Recent financial performance shows a mixed trend, with a projected revenue decline of 8.2% in FY2025, but a slight recovery in net profit expected in FY2026 [5][15]. - The company is experiencing positive changes in its business operations, particularly in e-commerce sales, which have rebounded by 13.6% in FY26H1, reversing previous declines [28][39]. Financial Data and Valuation - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 18,411 million HKD - FY2025: 16,903 million HKD (down 8%) - FY2026: 16,392 million HKD (down 3%) - FY2027: 16,757 million HKD (up 2%) - FY2028: 17,424 million HKD (up 4%) [5][54]. - Net profit projections are: - FY2024: 2,302 million HKD - FY2025: 2,063 million HKD (down 10%) - FY2026: 2,067 million HKD (up 0.2%) - FY2027: 2,120 million HKD (up 2.5%) - FY2028: 2,208 million HKD (up 4.1%) [5][54]. - The company maintains a dividend payout ratio of around 50%, with a projected dividend yield of approximately 5.7% based on FY26 earnings [57]. Business Operations - The company has a balanced revenue structure with approximately 59% from domestic sales and 41% from international sales as of FY26H1 [6][17]. - The domestic sales model primarily focuses on the Zhihua brand, with a significant portion of revenue coming from sofas and mattresses [8][17]. - The company is pursuing strategic acquisitions, such as the planned acquisition of Gainline Recline Intermediate Corp, to enhance its business layout and operational synergies [39][41]. Profitability and Margin Analysis - The company has demonstrated resilience in profitability, with a net profit margin of 12.2% in FY2025, slightly below the previous year's 12.5% [43][54]. - Despite a decrease in average selling prices, the gross margin has improved, indicating strong cost control capabilities [43][54]. Investment Recommendations - The report suggests that Minhua Holdings, as a leader in the functional sofa market, is well-positioned for growth, particularly with its manufacturing advantages and recovery in online sales [57]. - The projected earnings for FY2026 to FY2028 indicate a gradual recovery in net profit, with expected growth rates of 0.2%, 2.5%, and 4.1% respectively [54][57].

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 截至月份: 2025年12月31日 狀態: 新提交 公司名稱: 敏華控股有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 | 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 ...

MAN WAH HOLDINGS LIMITED 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。 （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 須 予 披 露 交 易－ 補充公佈 收 購Gainline Recline Intermediate Corp. 100%權 益 董 事 會 謹 此 補 充 說 明，代 價 乃 經 公 平 磋 商 後 達 成，並 已 考 慮 目 標 集 團 於 二 零 二 五 年 六 月 二 十 八 日 的 資 產 淨 值 及 本 公 司 盡 職 審 查 結 果。就 已 購 買 股 份 支 付 之較上述資產淨值溢價約7百 萬 美 元，反 映 本 公 司 對 目 標 集 團 旗 下 現 有 品 牌 及 其位於美國之8間 生 產 設 施 所 賦 予 之 價 值。本 公 司 認 為，在 當 前 地 緣 政 治 與 宏 觀 經 濟 市 場 環 境 ...

Group 1 - Citi has adjusted the earnings forecast for Sensible Holdings (01999) for the fiscal years 2026 to 2028, with a decrease of 2% for 2026, an increase of 1% for 2027, and an increase of 4% for 2028 [1] - Following the acquisition of Gainline, Citi raised the target price for Sensible Holdings from HKD 5.3 to HKD 6.5, based on an 11x price-to-earnings ratio for fiscal year 2026 [1] - The acquisition is expected to enhance Sensible Holdings' competitive position in the U.S. market, with a projected compound annual growth rate of 7% in earnings per share over the next three years [1] Group 2 - Sensible Holdings announced a USD 32 million acquisition of 100% of Gainline Recline Intermediate Corp. to strengthen its U.S. sofa business [1] - The company aims to achieve breakeven for Gainline within 12 months by reducing supply chain procurement costs and leveraging bulk purchasing discounts [1] - The acquisition is expected to contribute a 1% and 4% profit boost to Sensible Holdings in fiscal years 2027 and 2028, respectively [1] Group 3 - Citi believes that Sensible Holdings holds a dominant position in the leisure sofa market in both the U.S. and China, with structural improvements in living standards in China supporting long-term growth [2] - The company is expected to benefit from its competitive production facilities in Vietnam, leading to increased market share in the U.S. [2] - The penetration rate of leisure chairs is projected to rise from 9.7% in 2023 to double digits over the next five years, which will benefit Sensible Holdings [2]

Group 1 - Citi has adjusted the earnings forecast for Sensible Holdings (01999) for the fiscal years 2026 to 2028, with a 2% decrease for 2026, a 1% increase for 2027, and a 4% increase for 2028 [1] - Following the acquisition of Gainline, Citi raised the target price from HKD 5.3 to HKD 6.5, based on an 11x price-to-earnings ratio for fiscal year 2026, indicating an attractive valuation [1] - The expected return for fiscal year 2027 exceeds 6%, with a projected compound annual growth rate of 7% for earnings per share over three years [1] Group 2 - Sensible Holdings announced a USD 32 million acquisition of 100% of Gainline Recline Intermediate Corp. to strengthen its position in the U.S. sofa market [1] - The company aims to achieve cost synergies through lower supply chain procurement costs, including cheaper metal frame purchases and bulk discounts, with a goal for Gainline to reach breakeven within 12 months [1] - The acquisition is expected to contribute a 1% and 4% profit boost to Sensible Holdings in fiscal years 2027 and 2028, respectively [1] Group 3 - Citi believes that Sensible Holdings holds a dominant position in the leisure sofa market in both the U.S. and China, with structural improvements in living standards in China supporting long-term growth [2] - The company is expected to increase its market share in the U.S. through competitive production facilities in Vietnam [2] - The penetration rate of leisure chairs is projected to rise from 9.7% in 2023 to double digits over the next five years, which is anticipated to benefit the company [2]

Core Viewpoint - Citigroup's report indicates that Sensible Holdings has announced a $32 million acquisition of 100% of Gainline Recline Intermediate Corp to strengthen its position in the U.S. sofa market [1] Group 1: Acquisition Details - The acquisition aims to enhance Sensible's competitive edge in the U.S. market by reducing supply chain procurement costs, including lower-cost sourcing of metal frames and benefiting from bulk purchase discounts [1] - The company plans to achieve breakeven for Gainline within the next 12 months through automation and cost efficiencies [1] Group 2: Financial Projections - Citigroup has adjusted Sensible's earnings forecasts for the fiscal years 2026 to 2028, with a 2% decrease for 2026, a 1% increase for 2027, and a 4% increase for 2028 [1] - The target price for Sensible has been raised from HKD 5.3 to HKD 6.5, based on an 11x price-to-earnings ratio for fiscal year 2026 [1] Group 3: Investment Rating - The rating for Sensible has been upgraded from "Neutral" to "Buy" due to the improved competitive position in the U.S. market following the acquisition [1] - Expected return for fiscal year 2027 is over 6%, with a projected compound annual growth rate of 7% for earnings per share over the next three years, indicating attractive valuation [1]