Core Insights - Minhua Holdings reported a revenue of HKD 16.903 billion (approximately RMB 15.927 billion) for the fiscal year ending March 31, 2025, representing a year-on-year decline of 8.2% [1] - The company's profit attributable to equity holders was HKD 2.063 billion (approximately RMB 1.9 billion), down 10.4% year-on-year [1] - The decrease in net profit was primarily due to fair value losses on investment properties of HKD 71.244 million, goodwill impairment provisions of HKD 104 million, and other asset impairments totaling HKD 96.419 million [1] Financial Performance - Total revenue for the fiscal year 2025 was HKD 17.249 billion, down from HKD 18.799 billion in 2024 [3] - Gross profit decreased to HKD 6.844 billion from HKD 7.248 billion, indicating a decline in profitability [3] - The company's operating profit was HKD 2.824 billion, down from HKD 3.061 billion in the previous year [3] Business Segments - Revenue from sofas and related products was HKD 11.743 billion, a decrease of 7.2% year-on-year [1] - Revenue from bedding and related products fell by 19.4% to HKD 2.408 billion [1] - Other products generated revenue of HKD 1.666 billion, down 8.4% year-on-year [1] Market Performance - Sales revenue in the Chinese market (excluding real estate and other business income) was HKD 9.927 billion, a decline of 17.2% year-on-year, reducing its contribution to total revenue from 65.0% to 58.7% [2] - The company opened 131 new stores, bringing the total to 7,367 stores, with a focus on enhancing its presence in lower-tier markets and first- and second-tier cities [2] - Management noted that domestic consumer confidence is recovering slowly, leading to increased sales pressure, but the company is maintaining competitiveness through optimized sales channels and brand building [2]
敏华控股2025财年营收159.27亿元 净利同比跌10.4%至19亿元