敏华控股点评报告：外贸销量增长超预期，以旧换新有望拉动内贸改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company reported a revenue of HK$8.305 billion for H1 of the fiscal year 24/25, representing a year-on-year increase of 7.08$1.139 billion, showing a slight increase of 0.3% [2] - The gross margin improved to 39.5%, up by 0.4 percentage points year-on-year, while the net margin increased to 13.7%, up by 1.0 percentage points, indicating a significant enhancement in profitability [2][6] - The company has a dividend payout ratio of 51.1%, with a current dividend yield of 6-7% [2] Domestic Sales - Revenue from the Chinese market was HK$4.975 billion, down 17.2$3.487 billion, despite an increase of 280 stores to a total of 7,516, focusing on lower-tier markets and new cities [3] - Online sales fell by 21.6% to HK$1.007 billion, with efforts to enhance brand influence through live streaming and collaborations with key influencers [3] International Sales - Revenue from the North American market reached HK$2.154 billion, up 5.7%, with sales volume increasing by 18% despite a price drop of 10.2% [4] - Revenue from Europe and other overseas markets surged by 37.7% to HK$733 million, driven by a decrease in raw material costs [4] Product Categories - Revenue from sofas and accessories was HK$5.817 billion, down 5.83%, with total sales volume of 908,000 units, a 3.0% increase year-on-year [5] - Domestic sofa revenue decreased by 15.6%, while export sales volume increased by 22.8% [5] - Revenue from bedding (entirely domestic) fell by 18.95% to HK$1.209 billion due to insufficient domestic consumption [5] Financial Metrics - The gross margin was 39.5$17.647 billion, HK$18.698 billion, and HK$19.826 billion over the next three fiscal years, with a projected decline of 4% in the first year [7]