Core Viewpoint - Despite facing competition in both domestic and international markets, Minhua Holdings (01999) achieved a 0.6% year-on-year increase in net profit for the first half of the 2026 fiscal year, maintaining its interim dividend, attributed to the company's proactive repositioning and improved operational efficiency [1] Financial Performance - The target price for Minhua Holdings has been raised from HKD 5 to HKD 5.58, with a maintained "outperform" rating, reflecting improved visibility of shareholder returns [1] - The gross profit margin in overseas markets increased by 1.1 percentage points to 39.3%, despite higher U.S. tariffs, due to ongoing efficiency improvements and a decrease in raw material costs [1] Management Strategy - Management indicated that capacity investment has peaked, and the focus for the coming years will be on maintaining stable dividends [1] - The commitment to shareholder returns is expected to support market sentiment in the short term, alongside anticipated stable revenue growth in the 2027 fiscal year, which may present mid-term upside potential [1]

Group 1 - Company Minhua Holdings (01999.HK) has seen a decline of over 5% in its stock price, currently down by 5.1% at HKD 4.84 [2] - The trading volume for Minhua Holdings reached HKD 37.7751 million [2]

Core Viewpoint - Minhua Holdings (01999) experienced a decline of over 5%, currently trading at 4.84 HKD with a transaction volume of 37.7751 million HKD following the release of its interim results for the period ending September 30 [1] Financial Performance - The company reported a revenue of approximately 8.045 billion HKD, representing a year-on-year decrease of about 3.1% [1] - Revenue from the mainland market fell by 6%, down to 4.74 billion HKD [1] - Net profit reached 1.1456 billion HKD, showing a year-on-year growth of 0.6% [1] Future Outlook - Cinda Securities indicated that the impact of tariff sharing is gradually materializing, which may affect apparent profitability, but the company is focused on cost reduction and efficiency improvement, suggesting overall stability [1] - Bank of America raised the target price for Minhua Holdings by 15% from 4.6 HKD to 5.3 HKD, maintaining a "neutral" investment rating due to the resilience of profit margins and a 6% dividend yield, which partially offsets uncertainties from tariff policies and domestic demand [1] - The bank revised its net profit forecast for the fiscal year 2026 down by 2% to reflect the tariff increase announced in October [1]

Core Viewpoint - Minhua Holdings (01999) experienced a decline of over 5% in stock price following the release of its interim results for the period ending September 30, which showed a revenue drop of approximately 3.1% year-on-year [1] Financial Performance - The company's revenue was approximately HKD 80.45 billion, reflecting a year-on-year decrease of about 3.1% [1] - Revenue from the mainland market decreased by 6%, amounting to HKD 47.4 billion [1] - Net profit reached HKD 11.456 billion, showing a slight increase of 0.6% year-on-year [1] Market Outlook - Cinda Securities indicated that the impact of tariff sharing is gradually materializing, which may affect apparent profitability, but the company is expected to maintain stability through cost reduction and efficiency improvements [1] - Bank of America raised the target price for Minhua Holdings by 15% from HKD 4.6 to HKD 5.3, maintaining a "neutral" investment rating due to the resilience of profit margins and a 6% dividend yield, which partially offsets uncertainties from tariff policies and domestic demand [1] - The bank revised its net profit forecast for the fiscal year 2026 down by 2% to reflect the tariff increase announced in October [1]

该行认为管理层对股东回报的承诺，短期内或可支撑市场情绪，加上预期2027财年收入将稳定增长，可 能带来中期上行潜力。基于股东回报能见度改善，目标价由5港元升至5.58港元，维持"跑赢大市"评 级。 里昂发表研究报告指，虽然同时面对海内外市场的竞争，敏华控股2026财年上半年净利润仍按年增长 0.6%，中期股息持平，归功于集团积极调整定位及提升营运效率。虽然美国关税提高，期内海外市场 毛利率仍按年升1.1个百分点至39.3%，因效率持续提升及原材料成本下降，有助缓解关税影响。敏华管 理层表示产能投资已见顶，未来几年会将优先维持稳定派息。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a FY26H1 revenue of HKD 8.04 billion, a year-on-year decrease of 3.1%, while the net profit attributable to shareholders was HKD 1.146 billion, reflecting a year-on-year increase of 0.6% [6][2] - The gross margin improved to 40.4%, up 0.9 percentage points year-on-year, and the net margin increased to 14.2%, up 0.5 percentage points year-on-year [6][2] - Domestic sales showed a narrowing revenue decline, with a 6.0% decrease in domestic revenue to HKD 4.67 billion, while the gross margin for domestic sales rose to 41.0% [2][6] - E-commerce sales outperformed offline sales, with e-commerce revenue increasing by 13.6% to HKD 1.14 billion, while offline sales decreased by 12.3% to HKD 3.059 billion [2][6] Summary by Sections Domestic Sales - Domestic revenue decreased by 6.0% to HKD 4.67 billion, with a gross margin of 41.0%, benefiting from lower raw material prices [2] - The company adjusted its store layout, resulting in a net reduction of 327 stores, totaling 7,040 stores by the end of FY26H1 [2] International Sales - International sales showed steady growth, with revenue from North America and Europe increasing by 0.3% and 4.3% respectively [2] - The gross margin for international sales improved to 39.3%, up 1.1 percentage points year-on-year [2] Financial Projections - The company expects net profits for FY26, FY27, and FY28 to be HKD 2.23 billion, HKD 2.40 billion, and HKD 2.58 billion respectively [2] - The dividend payout ratio remains stable at over 50%, with a current dividend yield of 5.19% [2]

（文/孙梅欣 编辑/张广凯） 即便作为较早就在海外进行布局的头部软体家居企业，"芝华士"沙发母公司敏华控股在最新的财年半年 报中，也开始呈现出营收压力。 敏华控股近期公布了2025/2026财年上半年业绩。根据财报显示，上半年期内（2025年4月初—9月末） 总营收82.41亿港元，同比去年同期下降2.7%，呈现下滑走势。公司毛利32.5亿港元，同比微降0.91%。 不过公司期内利润在营收同比下滑的情况下，仍然出现小幅增长，达到12.06亿港元，同比增幅约为 1%。 敏华控股坦言，期内面临全球经济增长承压、贸易保护主义升温及中国消费复苏放缓的多重夹击，这对 各行各业都形成压力。 值得注意的是，虽然敏华控股在海外市场的增长对内地的业绩下滑形成一定的对冲，但由于美国对越南 开征关税，使得公司从越南出口至美国商品的关税成本大幅攀升超过1000%，使得利润空间受到一定程 度的压缩。 从财报中看，敏华控股上半财年在内地市场营收下滑和门店减少，是拖累业绩的主要因素。 财报显示，上半财年内地市场营收同比下滑6%，降至47.4亿港元元，是各市场分布中降幅最大的区 域。同时，内地市场的营收也是公司的主力，在总营收的占比接近59 ...

Investment Rating - The investment rating for the company is "Buy" [1][7] Core Views - The company reported a total revenue of HKD 8.241 billion for the fiscal year ending September 30, 2025, representing a year-on-year decrease of 2.7% [2] - The net profit attributable to the parent company was HKD 1.146 billion, showing a year-on-year increase of 0.6% [2] - The company plans to distribute an interim dividend of HKD 0.15 per share, with a payout ratio of 50.80% [2] Revenue Analysis - Domestic sales in China reached HKD 4.675 billion, down 6.0% year-on-year, but the decline has significantly narrowed compared to the previous year [3] - The company is focusing on optimizing its product mix and enhancing collaboration with distributors to improve sales performance [3] - The overseas market showed resilience, with North America generating HKD 2.161 billion in revenue, up 0.3% year-on-year, and Europe and other markets achieving HKD 0.765 billion, up 4.3% [3] Product Performance - Revenue from sofas and related products was HKD 5.550 billion, down 4.6% year-on-year, while bedding and related products saw a decline of 7.4% [4] - Other products, including smart furniture, generated HKD 0.931 billion, up 11.4% year-on-year, primarily due to growth in overseas sales [4] Profitability - The company's gross margin and net margin were 40.4% and 14.2%, respectively, reflecting increases of 0.9 percentage points and 0.5 percentage points year-on-year [5] - The improvement in profitability is attributed to effective cost control and a decrease in raw material costs [5] Investment Recommendations - The company is positioned in a large consumer market with significant growth potential, and there is optimism regarding the stability of domestic sales and the recovery of international sales [6] - Revenue forecasts for FY2026 to FY2028 are projected at HKD 17.352 billion, HKD 18.527 billion, and HKD 19.855 billion, respectively [6] - The expected earnings per share (EPS) for the same period are HKD 0.57, HKD 0.61, and HKD 0.65, with corresponding price-to-earnings (PE) ratios of 8, 8, and 7 times [7]

Core Viewpoint - Bank of America has raised the target price for Minhua Holdings (01999) by 15% from HKD 4.6 to HKD 5.3, maintaining a "Neutral" investment rating due to the resilience of profit margins and a 6% dividend yield offsetting uncertainties from tariff policies and domestic demand [1] Financial Performance - Minhua's net profit for the first half of the year was HKD 1.146 billion, a year-on-year increase of 0.6%, exceeding expectations by 7% [1] - Revenue decreased by 3% year-on-year to HKD 8.045 billion, primarily impacted by a 6% decline in the Chinese market (average selling price/sales volume: down 6%/flat) [1] - The US and European markets experienced moderate growth of 0.3% and 4%, respectively [1] Margin and Costs - Gross margin outperformed expectations, reaching 40.4%, mainly due to favorable raw material costs [1] - Gross margins in China and the US both improved by 1 percentage point compared to the same period last year [1] - Selling, general, and administrative expenses increased by 1.7 percentage points to 23.7%, reflecting a tariff-sharing agreement with Vietnamese customers [1] Dividend Announcement - The company announced a dividend of HKD 0.15 per share, unchanged from the previous year [1]

Core Viewpoint - Bank of America has raised the target price for Minhua Holdings (01999) by 15% from HKD 4.6 to HKD 5.3, maintaining a "Neutral" investment rating due to resilient profit margins and a 6% dividend yield offsetting uncertainties from tariff policies and domestic demand [1] Financial Performance - Minhua's net profit for the first half of the year was HKD 1.146 billion, a year-on-year increase of 0.6%, exceeding expectations by 7% [1] - Revenue decreased by 3% year-on-year to HKD 8.045 billion, primarily impacted by a 6% decline in the Chinese market (average selling price/sales volume: down 6%/flat) [1] - The gross profit margin was better than expected at 40.4%, benefiting from favorable raw material costs, with gross margins in China and the US both up by 1 percentage point compared to the same period last year [1] Cost and Expenses - Selling, general, and administrative expenses increased by 1.7 percentage points to 23.7%, mainly reflecting the tariff-sharing agreement reached with customers in Vietnam [1] Dividend Announcement - The company announced a dividend of HKD 0.15 per share, unchanged from the previous year [1]