Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of HKD 16.903 billion for the fiscal year 24/25, a decrease of 8.2% year-on-year, with a net profit attributable to shareholders of HKD 2.063 billion, down 10.41% year-on-year. Excluding fair value losses and impairment provisions, the adjusted net profit was HKD 2.35 billion, reflecting a 1.3% increase due to cost control measures [1] - The domestic market faced challenges with a revenue decline of 16.94% year-on-year, attributed to construction pressures and weak terminal demand. However, online sales showed resilience with a revenue of HKD 2.193 billion, down 16.33% year-on-year, but with a narrowing decline in the second half [2] - The North American market saw a revenue increase of 3.17% year-on-year, while the European market experienced a significant growth of 22.90% year-on-year, driven by enhanced market promotion and expanded sales channels [3] Summary by Sections Domestic Sales - Revenue from the Chinese market was HKD 10.236 billion, down 16.94% year-on-year, with a gross margin of 40.4% [2] - Offline store revenue decreased to HKD 6.799 billion, with a net increase of 131 stores, focusing on improving single-store revenue [2] - Online sales strategies included live streaming and collaborations with key influencers, contributing to brand visibility and sales growth [2] International Sales - North America generated HKD 4.420 billion in revenue, up 3.17% year-on-year, with a gross margin of 41.50% [3] - European and other overseas markets achieved revenue of HKD 1.469 billion, a 22.90% increase year-on-year, with a gross margin of 31.0% [3] Product Categories - Sofa and related products generated HKD 11.743 billion, down 7.24% year-on-year, with total sales of 1.885 million sets [4] - Bed products saw a revenue decline to HKD 2.408 billion, down 19.4% year-on-year, impacted by weak domestic demand [4] Financial Metrics - The gross margin improved to 40.5%, primarily due to a decrease in raw material costs [5] - The company effectively controlled expenses, with a period expense ratio of 23.51%, leading to significant profit release potential [10] - Future revenue projections estimate HKD 17.886 billion for 2025, reflecting a 6% growth, and net profit of HKD 2.273 billion, a 10% increase [11]
敏华控股（01999）：点评报告：经营利润率抬升、功能沙发渗透率加速向上