Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company reported FY2025H1 revenue of HKD 8.305 billion, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of HKD 1.139 billion, up 0.3% year-on-year. Domestic sales remain under pressure, while international sales continue to show robust growth [2][5]. Summary by Sections Domestic Sales - Domestic sales revenue reached HKD 4.975 billion, a decline of 17.2% year-on-year. Offline channel revenue was HKD 3.487 billion (down 14.9% year-on-year), and online channel revenue was HKD 1.007 billion (down 21.6% year-on-year). The gross margin was 40.2%, a decrease of 1.0 percentage points, primarily due to a decline in average selling price (ASP). Sofa sales in the domestic market generated HKD 3.286 billion (down 15.6% year-on-year), while mattress sales were HKD 1.209 billion (down 18.9% year-on-year). The company plans to continue expanding its store network and enhance online and new retail channels [3]. International Sales - International sales revenue was HKD 2.887 billion, an increase of 12.3% year-on-year. North America generated HKD 2.154 billion (up 5.7% year-on-year), with a shipment volume increase of 18%. The European market saw revenue of HKD 733 million, a significant increase of 37.7% year-on-year, with a shipment volume increase of 45%. The gross margin in North America improved to 40.7% (up 4.8 percentage points), while Europe achieved a gross margin of 30.8% (up 3.4 percentage points) [4]. Dividend and Operational Efficiency - The company maintained a high dividend payout ratio of 51.1%. As of FY2025H1, inventory turnover days were 65 days (up 7 days year-on-year), accounts receivable turnover days were 39 days (up 7 days), and accounts payable turnover days were 27 days (down 2 days), indicating stable operational efficiency [5]. Profit Forecast - The company forecasts net profits attributable to shareholders of HKD 2.3 billion, HKD 2.48 billion, and HKD 2.67 billion for FY2025, FY2026, and FY2027, respectively, with corresponding P/E ratios of 7.9X, 7.3X, and 6.8X [5].
敏华控股：内销承压、以旧换新驱动修复，外销全球供应链布局完善、增长靓丽