Core Viewpoint - The company's FY25 performance fell short of expectations, primarily due to impairment provisions, with a revenue of HKD 16.903 billion and a net profit of HKD 2.063 billion, reflecting year-on-year declines of 8.2% and 10.4% respectively [1][2] Group 1: Sales Performance - Domestic sales faced significant pressure, with FY25 domestic revenue at HKD 9.927 billion, down 17.2% year-on-year, while international sales showed resilience, particularly in Europe, with a revenue increase of 22.9% to HKD 1.469 billion [1] - The company's sofa revenue was HKD 6.584 billion, down 15.4%, and mattress revenue was HKD 2.408 billion, down 19.4% [1] Group 2: Cost Management and Profitability - The company achieved a gross margin of 40.5% in FY25, an increase of 1.1 percentage points year-on-year, driven by improved operational efficiency and stable raw material costs [2] - The net profit margin was 12.20%, a slight decrease of 0.3 percentage points year-on-year, impacted by impairment provisions [2] Group 3: Store Optimization and Future Strategy - The company added 131 stores, bringing the total to 7,367, although there was a net decrease of 149 stores in the second half of the fiscal year due to optimization strategies [2] - The company plans to accelerate its online channel development following the optimization of its offline store network [2] Group 4: Profit Forecast and Valuation - Due to the pressure on domestic demand and external trade risks, the company revised its FY2026 net profit forecast down by 21% to HKD 2.128 billion and introduced a FY2027 forecast of HKD 2.255 billion [2] - The current stock price corresponds to a P/E ratio of 8/7 for FY2026/FY2027, with a target price adjustment down by 7% to HKD 6.5, indicating a potential upside of 53% from the current price [2]
敏华控股(01999.HK)：FY25业绩承压 关注后续经营改善