每日经济新闻 . 中国主流财经全媒体。互联网新闻信息服务许可证编号：51120190017 。 来源|每日经济新闻 以下文章来源于每日经济新闻 ，作者每经记者 下班不关电脑？扣罚！桌椅摆放不整齐？扣罚！ 近日，港股上市公司敏华控股（HK01999）因旗下"芝华仕"品牌一高管随意罚款言论"出圈"，引发热议。 更有网友直言，芝华仕把员工 当成"提款机"。 《每日经济新闻》记者注意到，敏华控股近日发布了2024/2025年年报，该企业2025财年（2024年3月31日至2025年3月31日止的财 政年度，以下称2025财年或去年）遭遇收入、净利润双下滑。具体产品中，沙发、床具销售额均出现较大幅度下降，敏华控股将主要原 因归结于国内家居市场需求疲软。 另一方面，虽然遭遇业绩下滑，但敏华控股去年毛利率达到40.5%，为近5年最高水平。此外，记者发现，敏华控股去年门店数量净增加 131间，但集团员工减少了3700余人，总员工成本也对应减少，而其董事酬金则有所增加。 01 被曝高管随意扣罚，相关帖子已不可见 近日，据多家媒体报道，有网友在社交平台发帖称，芝华仕电商部门一名刘姓高管以多种名目对员工进行扣罚， 包括下班不关电脑 ...

Core Viewpoint - The article discusses the recent controversies surrounding Minhua Holdings and its brand Zhi Huashi, highlighting the company's declining financial performance and the backlash from employees regarding punitive measures imposed by management [2][11][13]. Financial Performance - In the fiscal year 2025, Minhua Holdings reported a revenue of HKD 16.903 billion, a decrease of 8.2% year-on-year [13]. - The net profit attributable to shareholders was HKD 2.063 billion, down 10.4% compared to the previous year [13]. - Sales of sofas and bedding products saw significant declines, with sofa sales dropping approximately 7.2% to HKD 11.743 billion and bedding sales decreasing by 19.4% to HKD 2.408 billion [14]. Market Dynamics - The domestic market revenue fell by 17.2%, contributing to a decline in the overall revenue share from 65.0% to 58.7% [17]. - Despite the domestic challenges, the overseas market showed positive performance, with exports of sofa products increasing by 13% [15]. - The company continues to hold a leading position in the domestic functional sofa market, with a market share of 45.3% [12][18]. Operational Changes - The company increased its store count by 131 to a total of 7,367 stores, focusing on cost-effective locations in lower-tier cities [20]. - The gross profit margin reached 40.5%, the highest in five years, attributed to a 9.9% decrease in the cost of goods sold [21]. - Employee numbers decreased by over 3,700, resulting in a reduction of total employee costs to approximately HKD 3.055 billion [21][22]. Management Controversies - A high-ranking executive's punitive measures against employees, including fines for minor infractions, sparked public outrage and discussions about employee treatment [4][5][8]. - The executive defended the measures as part of a management strategy, claiming they were not fines but rather contributions to a fund [9].