Core Viewpoint - The overall performance of the home furnishing industry is declining, and even leading functional sofa company Man Wah Holdings is not immune to this trend, reporting a decrease in revenue and profits in its 2024 financial year [1] Financial Performance - Man Wah Holdings reported a revenue of HKD 16.902 billion for the fiscal year 2024, a year-on-year decline of 8.2% [1] - Gross profit decreased to HKD 6.844 billion, down 5.57% year-on-year [1] - Operating profit fell to HKD 2.824 billion, a decline of 7.74% [1] - Profit attributable to equity holders was HKD 2.062 billion, down 10.4% year-on-year [1] Domestic Market Performance - The domestic market saw a significant revenue drop of 17.2%, with sales revenue of HKD 9.927 billion [3] - Sofa sales in the domestic market decreased by approximately 10.6%, leading to a revenue decline of 15.4% to HKD 6.584 billion [2][3] - The company sold 1.885 million sofas, a slight decrease of 0.9% year-on-year [2] Product and Business Segmentation - The main product line remains functional sofas, contributing approximately HKD 11.743 billion, accounting for 68% of total revenue [2] - The company has five business segments, with sofas and related products being the core segment [2] Overseas Market Recovery - The overseas market revenue reached approximately HKD 6.666 billion, an increase of 8.33% year-on-year [5] - North America contributed HKD 4.42 billion, up 3.17%, while Europe saw a revenue increase of 19.24% to HKD 1.58 billion [5] - The company exported approximately 884,000 sofas to overseas markets, a year-on-year increase of about 13% [5] Strategic Initiatives - The company is expanding its domestic store network, adding 131 new stores, bringing the total to 7,367 [4] - Man Wah Holdings aims to leverage government policies like "trade-in for new" to stimulate consumer demand [4] Challenges and Risks - The company faces challenges from a competitive domestic market and rising costs due to increased shipping and port fees, which rose by 31% to HKD 771 million [7] - The ongoing geopolitical tensions, particularly related to the Ukraine situation, pose additional risks [7] - The company is adapting to changes in international trade policies, particularly U.S. tariffs, and is focusing on maintaining its market position in North America and Europe while exploring new growth opportunities in emerging markets [7]
海外市场收入增长8%，也没能拉回敏华控股下行的业绩