Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a total revenue of HKD 8.241 billion for FY2026 H1, a decrease of 2.7% year-on-year, while the operating income was HKD 8.045 billion, down 3.1% year-on-year. However, the net profit attributable to shareholders increased by 0.6% year-on-year to HKD 1.146 billion, indicating improved profitability despite challenging market conditions [1][2][3] Summary by Sections Financial Performance - The company achieved a revenue of HKD 4.675 billion in the Chinese market for FY2026 H1, a decline of 6.0% year-on-year, with a gross margin of 41.0%, up 0.8 percentage points. Offline store revenue decreased by 12.3% to HKD 3.059 billion, while online sales increased by 13.6% to HKD 1.144 billion. The company reduced its store count by 327 during this period [2] - The overseas market generated revenue of HKD 2.161 billion from North America, a slight increase of 0.3%, and HKD 0.765 billion from Europe and other markets, up 4.3%. The overall gross margin for overseas markets was 39.3%, an increase of 1.1 percentage points [3] Profitability and Shareholder Returns - The company's gross margin and net margin for FY2026 H1 were 40.4% and 14.2%, respectively, reflecting increases of 0.9 and 0.5 percentage points year-on-year. The total sales and administrative expense ratio was 23.7% [3] - The company maintained a high dividend payout ratio of 50.8% for FY2026 H1, continuing its trend of returning over 50% to shareholders [3] Earnings Forecast - The forecast for net profit attributable to shareholders for FY2026-2028 is HKD 2.32 billion, HKD 2.44 billion, and HKD 2.58 billion, respectively, with corresponding price-to-earnings ratios of 8.5X, 8.0X, and 7.6X [4]
敏华控股（01999）：稳扎稳打，经营提效