（文/孙梅欣 编辑/张广凯） 即便作为较早就在海外进行布局的头部软体家居企业，"芝华士"沙发母公司敏华控股在最新的财年半年 报中，也开始呈现出营收压力。 敏华控股近期公布了2025/2026财年上半年业绩。根据财报显示，上半年期内（2025年4月初—9月末） 总营收82.41亿港元，同比去年同期下降2.7%，呈现下滑走势。公司毛利32.5亿港元，同比微降0.91%。 不过公司期内利润在营收同比下滑的情况下，仍然出现小幅增长，达到12.06亿港元，同比增幅约为 1%。 敏华控股坦言，期内面临全球经济增长承压、贸易保护主义升温及中国消费复苏放缓的多重夹击，这对 各行各业都形成压力。 值得注意的是，虽然敏华控股在海外市场的增长对内地的业绩下滑形成一定的对冲，但由于美国对越南 开征关税，使得公司从越南出口至美国商品的关税成本大幅攀升超过1000%，使得利润空间受到一定程 度的压缩。 从财报中看，敏华控股上半财年在内地市场营收下滑和门店减少，是拖累业绩的主要因素。 财报显示，上半财年内地市场营收同比下滑6%，降至47.4亿港元元，是各市场分布中降幅最大的区 域。同时，内地市场的营收也是公司的主力，在总营收的占比接近59 ...

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, indicating effective retail transformation and global expansion strategies [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 15.012 billion yuan, net profit of 1.539 billion yuan, and net profit excluding non-recurring items of 1.389 billion yuan, representing year-on-year increases of 8.77%, 13.24%, and 13.90% respectively [1]. - In Q3 2025, the company reported revenue of 5.211 billion yuan, net profit of 518 million yuan, and net profit excluding non-recurring items of 489 million yuan, with year-on-year growth of 6.50%, 11.99%, and 11.48% respectively [1]. Business Strategy - The company is implementing a "one body, two wings, dual-core development" strategy, focusing on refined operations in the existing market, which is expected to show strong resilience in domestic sales for Q3 2025 [2]. - The company is enhancing its global layout by establishing production bases in Vietnam, Mexico, and the United States, with plans for a new base in Indonesia, thereby improving its global supply chain [2]. Operational Efficiency - The company achieved a gross profit margin of 31.4% in Q3 2025, an increase of 1.6 percentage points year-on-year [2]. - The company reported a decrease in expense ratios for sales, management, and financial costs, with rates of 13.8%, 1.4%, and 0.1% respectively, showing improvements of -0.2, -0.3, and -0.6 percentage points year-on-year [2]. - The overall net profit margin reached 9.9%, reflecting a year-on-year increase of 0.5 percentage points [2]. Investment Outlook - As a leading player in the soft furniture industry, the company’s retail transformation and global expansion strategies are expected to create solid barriers to competition, with internal efficiency improvements driving steady profit growth [3]. - Projected net profits for 2025, 2026, and 2027 are 1.89 billion yuan, 2.10 billion yuan, and 2.30 billion yuan respectively, corresponding to price-to-earnings ratios of 13, 12, and 11 times [3]. - The company is assigned a target price of 38.41 yuan per share based on a 15 times PE ratio for 2026, maintaining a "strong buy" rating [3].

Core Insights - The domestic soft home furnishing industry shows a clear divergence in Q3 2025, with leading companies experiencing revenue and profit growth, while some others face revenue declines and profit losses. Group 1: Company Performance - Gujia Home achieved a revenue of 15.012 billion yuan, a year-on-year increase of 8.77%, and a net profit of 1.539 billion yuan, up 13.24% [1] - Mengbaihe reported a revenue of 6.756 billion yuan, a year-on-year increase of 10.29%, and a net profit of 161 million yuan, a significant increase of 205.18% [2] - Xilinmen's revenue reached 6.196 billion yuan, up 3.68%, with a net profit of 399 million yuan, an increase of 6.45% [2] - Mousse experienced a revenue decline to 3.761 billion yuan, down 3.01%, and a net profit of 467 million yuan, down 10.61% [2] - Qisheng Technology reported a revenue of 2.224 billion yuan, a slight increase of 0.08%, but a net profit of 147 million yuan, down 2.74% [2] - Zhongyuan Home reported a revenue of 1.125 billion yuan, a slight decline of 0.05%, and a net loss of 17.44 million yuan, a significant drop of 802.46% [2] Group 2: Business Operations - Gujia Home's cash flow from operating activities reached 1.855 billion yuan, a substantial increase of 18.97%, with cash received from sales totaling 14.905 billion yuan [1] - Mengbaihe's core product line, mattresses, generated a revenue of 3.606 billion yuan, a year-on-year increase of 14.02%, with a gross margin of 41.81%, up 4.5 percentage points from the previous year [2] - Xilinmen optimized its store count to over 5,300, improving single-store efficiency while expanding its distribution network in lower-tier markets [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported better-than-expected performance in Q3 2025, with revenue and net profit for the first three quarters reaching 15.01 billion and 1.54 billion yuan, respectively, representing year-on-year growth of 8.8% and 13.2% [5][6] - Domestic sales are stabilizing and improving, while foreign trade shows resilience, with significant growth in mattress sales in Southeast Asia and other non-US markets [6][8] - The company's gross margin for the first three quarters was 32.4%, up 0.5 percentage points year-on-year, and the net profit margin was 10.2%, up 0.4 percentage points year-on-year [6][8] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 5.21 billion yuan, a year-on-year increase of 6.5%, and a net profit of 5.2 billion yuan, up 12.0% year-on-year [5][6] - The company’s operating expenses ratio for the first three quarters was 19.2%, down 0.9 percentage points year-on-year, indicating improved operational efficiency [7] Growth Opportunities - The company is focusing on structural growth opportunities in the domestic market, particularly in functional and smart furniture, which are driving long-term performance [6][8] - The company is expanding its global footprint with production bases in Vietnam, Mexico, and the US, leading to rapid growth in non-US markets [6][8] Earnings Forecast and Valuation - The report slightly raises the net profit forecast for 2025-2027 to 2.04 billion, 2.27 billion, and 2.54 billion yuan, respectively, with corresponding EPS of 2.48, 2.76, and 3.09 yuan [8][9] - The current stock price corresponds to a P/E ratio of 12, 11, and 10 for the years 2025-2027, indicating that the company is currently undervalued [8][9]

Core Viewpoint - The company reported a steady performance in the first three quarters of 2025, with revenue and net profit showing positive year-on-year growth, indicating robust internal and external trade operations [1][2][3]. Financial Performance - For the first three quarters, the company achieved revenue of 15.01 billion yuan, up 8.8% year-on-year, and a net profit attributable to shareholders of 1.54 billion yuan, up 13.2% year-on-year [1]. - In Q3 alone, revenue was 5.21 billion yuan, reflecting a 6.5% year-on-year increase, while net profit was 520 million yuan, up 12% year-on-year [1]. - The gross margin for the first three quarters was 32.38%, an increase of 0.5 percentage points, and the net profit margin was 10.25%, up 0.4 percentage points [1]. Operational Efficiency - The company has improved operational efficiency and released scale effects, leading to continuous profit improvement [1][2]. - The expense ratios for sales, management, R&D, and finance were 15.64%, 1.59%, 2.08%, and -0.14%, showing a decrease in sales and management expenses year-on-year [1]. Market Trends - The company benefits from an increase in domestic trade proportion, improved operational efficiency, and a gradual recovery in foreign trade profitability, with expectations for Q4 trends to continue [2]. - Domestic sales of sofas have accelerated, while the foreign trade of bedroom products is recovering [2]. Investment Outlook - The company is viewed as a leading player in the domestic soft furniture market, focusing on a dual-core development strategy and global expansion [3]. - Revenue projections for 2025-2027 are 20 billion, 21.7 billion, and 23.5 billion yuan, with corresponding net profits of 1.93 billion, 2.1 billion, and 2.3 billion yuan, indicating a strong growth trajectory [3].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][7]. Core Insights - The company is experiencing steady growth in foreign trade and is advancing its dual-wing strategy [2]. - The company plans to invest RMB 1.124 billion in building a self-owned base in Indonesia, expected to generate annual revenue of approximately RMB 2.520 billion within three years after completion [4]. - The company reported a strong performance in the first half of 2025, with revenue of RMB 9.801 billion, a year-on-year increase of 10.02%, and a net profit of RMB 1.021 billion, up 13.89% year-on-year [4]. - Domestic retail is stabilizing, while foreign trade revenue continues to grow, with domestic revenue reaching RMB 5.225 billion, a 10.65% increase year-on-year [4]. - The company is diversifying its product offerings, with significant growth in its sofa and mattress segments, achieving revenue of RMB 5.667 billion and RMB 1.693 billion respectively in the first half of 2025 [4]. - The company is focused on efficiency improvements, with a comprehensive gross margin of 32.89% in the first half of 2025, slightly down by 0.14 percentage points year-on-year [5]. Financial Forecasts - The company is projected to achieve revenues of RMB 19.780 billion, RMB 21.802 billion, and RMB 24.131 billion from 2025 to 2027, with corresponding net profits of RMB 1.856 billion, RMB 1.946 billion, and RMB 2.045 billion [6][7]. - The estimated P/E ratios for the company are 14, 13, and 12 for the years 2025, 2026, and 2027 respectively [7][8].

Group 1 - The core viewpoint of the article highlights the challenges faced by the home furnishing industry, characterized by internal competition stagnation and external pressures leading to painful outcomes [1] - The term "going abroad" has become a popular phrase in the home furnishing industry, with the sentiment that "if you don't go abroad, you will be out" gaining traction [1] - The article discusses the adverse effects of globalization reversal, including tariff barriers and the challenges of adapting to local laws and cultural practices when entering foreign markets [1] Group 2 - The article identifies key strategies for breaking through the competitive landscape, particularly through high-end and brand-oriented approaches, exemplified by companies like Iola and Mussi [1] - Iola is noted as the only "double growth" company in the custom home furnishing sector, attributed to its successful high-end positioning and brand development [1] - Companies like Kuka Home and Golden Medal are highlighted as successful examples of navigating external competition effectively, with Kuka Home achieving significant overseas revenue [1]

Core Viewpoint - Mousse Health Sleep Co., Ltd. is facing renewed allegations from distributors regarding profit exploitation and financial misconduct, with previous complaints surfacing in 2021 and 2023, raising concerns about the company's operational integrity and reliance on its distribution model [1][17][19]. Group 1: Distributor Complaints - Several distributors from Jiangsu and Chongqing have accused Mousse of requiring regular store renovations, imposing various fines categorized as "off-balance income," and manipulating profit figures [1][3][10]. - A distributor reported a loss exceeding 10 million yuan due to Mousse's practices, which include monopolizing store decoration contracts and enforcing strict compliance with renovation schedules [4][8]. - Complaints also highlight that Mousse forces distributors to purchase new products under threat of penalties, leading to financial strain on the distributors [8][10]. Group 2: Company Response - Mousse has denied the allegations, asserting that all claims are unfounded and that the company operates within legal and accounting standards, with its financial reports receiving unqualified opinions from auditing firms [1][17]. - The company emphasizes its commitment to treating distributors as strategic partners and aims for mutual growth [17]. Group 3: Financial Performance and Business Model - Mousse's revenue heavily relies on its distribution model, with 74.13% of its revenue in 2024 coming from distributors, amounting to approximately 4.15 billion yuan [1][21]. - The company reported a slight increase in total revenue from 5.58 billion yuan in 2023 to 5.60 billion yuan in 2024, indicating a 0.43% growth [21]. - The furniture manufacturing segment remains the primary revenue source, contributing 98.56% of total revenue, with mattress sales alone accounting for 47.81% [21][22].

Core Viewpoint - Mousse Health Sleep Co., Ltd. is facing serious allegations from its distributors regarding profit exploitation, mandatory store renovations, and potential financial misconduct, which the company has denied, claiming compliance with accounting standards [1][17]. Group 1: Distributor Complaints - Several distributors from Jiangsu and Chongqing have reported that Mousse coerces them into regular store renovations to extract profits and imposes various fines categorized as "off-balance income" [1][4]. - Distributors allege that Mousse compresses the sales cycle for new products, forcing them to purchase unsold inventory, which inflates the company's sales figures [11][6]. - A distributor reported losses exceeding 10 million yuan due to Mousse's practices, including mandatory procurement of store decorations exclusively from the company [6][11]. Group 2: Company Response - Mousse has publicly stated that the allegations from distributors are unfounded and that the company operates legally and in accordance with accounting principles, with all financial reports receiving "standard unqualified opinions" from auditing firms [1][17]. - The company emphasizes its commitment to treating distributors as strategic partners and aims for mutual growth [17]. Group 3: Historical Context - This is not the first instance of distributor complaints; in 2023, a collaboration with influencer Xinba led to significant dissatisfaction among distributors when a mattress priced at 20,000 yuan was sold for under 5,000 yuan during a live stream [17][18]. - In 2021, a former distributor publicly accused Mousse of IPO data fraud and tax evasion, which the company also denied, asserting compliance with tax laws [18]. Group 4: Financial Performance - Mousse's revenue heavily relies on its distribution model, with 74.13% of its revenue in 2024 coming from distributors, amounting to approximately 4.15 billion yuan [19][21]. - The company's total revenue for 2024 was approximately 5.60 billion yuan, showing a slight increase of 0.43% compared to the previous year [21].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown stable domestic sales and continued growth in foreign trade, with a significant increase in revenue and net profit in the first half of 2025 [5][6]. - The company's revenue for 1H2025 reached 9.8 billion yuan, with a year-on-year growth of 10.0%, while the net profit attributable to shareholders was 1.02 billion yuan, up 13.9% year-on-year [5]. - The report highlights the effectiveness of the company's retail transformation and its ability to withstand risks in foreign trade, particularly through its operations in Vietnam and the expansion of its OBM business in Southeast Asia [8][9]. Summary by Sections Financial Performance - In 1H2025, the company achieved revenue of 9.8 billion yuan and a net profit of 1.02 billion yuan, with cash flow from operating activities at 1.09 billion yuan, reflecting a 71.9% increase year-on-year [5][6]. - The revenue breakdown by product categories shows sofas, beds, integrated products, and custom products generating 5.67 billion, 1.69 billion, 1.16 billion, and 550 million yuan respectively, with year-on-year growth rates of 14.7%, 10.3%, -8.2%, and 12.6% [6]. Cost and Profitability - The overall gross margin for 1H2025 was 32.9%, a slight decrease of 0.1 percentage points year-on-year, while the net profit margin increased by 0.4 percentage points to 10.4% [6]. - The company's expense ratio for the period was 20.1%, down 1.2 percentage points year-on-year, indicating improved operational efficiency [7]. Market Strategy - The company is focusing on enhancing its retail operations and digital capabilities, which are expected to drive growth in the second half of the year [8]. - The expansion of the company's manufacturing capacity in Vietnam is anticipated to significantly cover the demand in the U.S. market, enhancing its resilience against global trade policy fluctuations [8]. Earnings Forecast - The revenue and net profit forecasts for 2025 have been slightly adjusted upwards to 19.78 billion yuan and 1.91 billion yuan respectively, reflecting a 3% and 4% increase [9]. - The projected EPS for 2025 is 2.33 yuan, with corresponding P/E ratios of 12, 11, and 10 for the years 2025, 2026, and 2027 respectively [10][13].