（编辑 任世碧） 证券日报网讯 11月21日晚间，好莱客发布公告称，公司股票于2025年11月19日、11月20日、11月21日 连续三个交易日内收盘价格涨幅偏离值累计超过20%，属于股票交易波动异常情形。经公司自查并向公 司大股东及实际控制人核实，截至本公告披露日，除公司已披露事项外，不存在应披露而未披露的重大 信息，在股票交易异常波动期间，未买卖公司股票。 ...

上交所公开信息显示，当日该股因日涨幅偏离值达12.47%上榜，营业部席位合计净卖出3568.10万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.22亿元，其中，买入成交额为9319.81 万元，卖出成交额为1.29亿元，合计净卖出3568.10万元。 具体来看，第一大买入营业部及卖出营业部均为高盛(中国)证券有限责任公司上海浦东新区世纪大道证 券营业部，买入金额为2843.31万元，卖出金额为5568.57万元。 资金流向方面，今日该股主力资金净流入222.31万元，其中，特大单净流入1292.02万元，大单资金净流 出1069.71万元。近5日主力资金净流入1586.19万元。 10月30日公司发布的三季报数据显示，前三季度公司共实现营业收入12.65亿元，同比下降12.38%，实 现净利润3135.57万元，同比下降65.53%。（数据宝） 好莱客(603898)今日涨停，全天换手率8.83%，成交额4.06亿元，振幅10.02%。龙虎榜数据显示，营业 部席位合计净卖出3568.10万元。 好莱客11月21日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 ...

风险提示：需求恢复不及预期，地产销售下滑，渠道拓展不及预期。 事项： 公司公布2025 年三季报。前三季度，公司实现营业收入/归母净利润/扣非归母净利润4.20/-0.08/-0.19 亿 元，YoY-37.27%/由盈转亏/亏损扩大。25Q3，公司实现营业收入/ 归母净利润/ 扣非归母净利润 1.52/0.05/0.01 亿元， 同比-30.2%/+34.2%/由亏转盈。 评论： 战略收缩大宗业务致营收承压，经营性现金流大幅改善。受房地产行业下行影响，公司主动收缩大宗业 务，通过工程直营+经销商的双轮驱动模式加强风控管理，一方面聚焦国央企、优质民企等战略客户， 提供一体化精装定制解决方案；另一方面拓宽地产拎包、酒店、医养、保障房等多元化业务渠道。截至 三季度末，公司经营活动产生的现金流量净额为1689 万，较去年同期-6334 万实现大幅转正，现金流表 现大幅改善。 Q3 盈利能力修复，营收下滑拖累费用率。1）25Q3，公司实现毛利率26.9%，同比+2.7pct/环 比-0.04pct。费用端，公司积极降本，但受营收下滑导致的经营杠杆影响，三季度销售/管理/研发/财务 费用率分别同比-0.1/+1.8/- ...

精准配置的中长期资金正成为推动"东莞制造"向"东莞智造"转变的重要引擎。截至2025年10月末，东莞 中行制造业中长期贷款余额310.51亿元，在制造业贷款中占比达55%，较年初提升2.5个百分点。 近年来，东莞凭借其产业基础、政策支持和创新能力，成功打造出"中国潮玩之都"的品牌形象。东莞中 行因地制宜，多次走访潮玩企业开展实地调研，详细了解企业技术、市场前景和产能升级中的具体资金 需求方向，针对潮玩企业的特点，积极推广"中银惠制造"专属服务方案，提供从原材料采购到产品研 发、从生产制造到市场推广的全产业链金融服务。2025年以来，从年初的《哪吒2》周边国潮文化崛 起，到十五运吉祥物等衍生品走红，东莞潮玩产业持续释放活力，期间，"中银惠制造"专属服务方案当 年累计投放超25亿元，贷款户数超600户，以源源不断的金融"活水"精准滴灌"潮玩之都"的产业沃土， 助力"东莞智造"从本土走向世界。 东莞素有"世界工厂"之称，在"制造业当家"的战略引领下，正加速迈向"科技创新+先进制造"的高质量 发展新阶段。中国银行东莞分行（以下简称"东莞中行"）主动融入国家和地方发展大局，紧密对接东莞 本土产业特色，构建起覆盖企业全生 ...

Financial Data and Key Metrics Changes - The company reported significant impacts from the Chinese and American markets, with a notable decline in sales due to ongoing tariff conflicts [10][12] - The company closed 77 stores in China while opening 30 new stores, indicating a strategic shift in retail operations [11][14] - The gross margin for the last quarter was reported at 34%, with expectations for improvement post-restructuring [28][30] Business Line Data and Key Metrics Changes - The company is actively restructuring its operations, focusing on optimizing costs and enhancing retail business flexibility [24][25] - New product initiatives and merchandising efforts are being pursued to stimulate brand interest and sales [14][22] Market Data and Key Metrics Changes - The company faced a crisis in the Chinese market, which has historically been a significant area for both distribution and production [12][19] - Despite challenges, the company continues to invest in trade fairs and design shows to maintain market presence and customer engagement [15][20] Company Strategy and Development Direction - The company is committed to investing in new projects and enhancing its brand presence despite facing headwinds [22][30] - A multi-year restructuring plan has been approved to strengthen the capital structure and support operational efficiency [24][25] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future growth potential, citing ongoing investments and strategic initiatives [22][30] - The company is focused on achieving profitability through operational efficiencies and improved sales strategies [30][32] Other Important Information - The company has engaged in significant marketing and promotional activities, including participation in international design shows and congresses [15][20] - A credit line of $15 million has been extended by the majority shareholder to support short-term needs and financial stability [23][26] Q&A Session Summary Question: What are the terms of the $15 million credit line? - The credit line is a zero-interest loan aimed at supporting the restructuring plan and ensuring financial stability [26] Question: Can you quantify the value of non-core assets? - The total net asset value is around $70 million, with the tannery valued at $5 million [29] Question: What is the expected gross margin post-restructuring? - The goal is to improve gross margins through operational efficiencies and increased sales [30][31] Question: What are the internal goals for annual run rate in commercial revenue? - The company is in a startup phase for commercial contracts, with expectations for growth as more projects are developed [34][35] Question: Any updates on the permanent CEO search? - The search is ongoing, with candidates being evaluated for their experience in managing high-end brands and retail operations [37] Question: How have written orders changed since the last quarter? - Management referred to the press release for detailed information on the company's direction and performance [39]

Core Insights - The integration of sea-rail intermodal transport has significantly reduced logistics costs and carbon emissions for companies in Hai'an, with savings of over 1 million yuan annually and a 2/3 reduction in carbon emissions [1] - Hai'an is transforming its logistics model from a "channel economy" to a "hub economy," enhancing competitiveness by integrating logistics with industrial needs [2][4] - The Hai'an Commercial Logistics Park has established six major platforms to provide comprehensive logistics solutions, facilitating seamless interface switching [2] Logistics Cost Reduction - Hai'an's logistics strategies have led to a reduction of over 2,000 million yuan in comprehensive costs for companies like Hai'an Jinzhu Grain and Oil, which imports 300,000 tons of raw oil and flaxseed annually [3] - The "logistics embedded in production" model has resulted in a 20% reduction in logistics costs for manufacturing enterprises, enhancing their market competitiveness [4][6] - The overall logistics cost reduction in Hai'an has exceeded 3 billion yuan, with annual cargo throughput surpassing 20 million tons and trade volume exceeding 100 billion yuan [6] Industry Collaboration - The establishment of the Hai'an Hema Food Smart Industrial Park has attracted key projects, enhancing the local supply chain and logistics capabilities [7] - Hai'an has become home to 638 transportation and warehousing enterprises, including over 40 logistics companies rated 4A and above, contributing to a robust logistics ecosystem [7] - The logistics industry in Hai'an has seen a 16.9% year-on-year increase in taxable sales, reaching 3.171 billion yuan in the first three quarters of the year [7]

顾家家居公告，杭州市钱塘区人民法院已受理杭州德烨嘉俊企业管理有限公司的重整申请。杭州德烨嘉 俊企业管理有限公司由顾家集团有限公司变更名称而来，此次重整申请基于杭州德烨不能清偿到期债务 且资产不足以清偿全部债务的现状。法院裁定认为重整申请符合法律规定，依法应予受理。该事项不会 导致顾家家居控制权发生变更，不会对公司日常经营和管理造成影响。 ...

Core Viewpoint - The report from Zhongtai Securities maintains a "Buy" rating for Minhua Holdings (01999), indicating that domestic sales are expected to gradually recover as channel reforms progress, despite a slight decline in revenue for FY26H1 [1][2]. Performance Overview - For FY26H1, the company reported revenue of HKD 8.045 billion, a year-on-year decrease of 3.1%. However, due to effective cost control and improved operational efficiency, the gross margin increased by 0.9 percentage points to 40.4%, resulting in a net profit attributable to shareholders of HKD 1.146 billion, up 0.6% year-on-year [2]. - The company experienced a significant reduction in losses from non-recurring items, with other losses netting HKD 33.48 million, a substantial decrease from HKD 109 million in the same period last year [2]. Domestic Sales Performance - Domestic revenue (excluding real estate and smart components) for FY26H1 was HKD 4.203 billion, down 6.5% year-on-year, but the decline was significantly narrowed compared to FY25H2 [3]. - Online sales showed strong performance, with revenue of HKD 1.144 billion, an increase of 13.6% year-on-year, while offline sales decreased by 12.3% to HKD 3.059 billion. The total number of stores decreased by 327 to 7,040 by the end of FY26H1 [3]. - Sofa sales remained stable, with revenue of HKD 3.084 billion, a slight decline of 6.1%, while mattress sales faced pressure, generating HKD 1.119 billion, down 7.4% due to consumer downgrading in the Chinese market [3]. Export Market Resilience - The North American market showed resilience with FY26H1 revenue of HKD 2.161 billion, a slight increase of 0.3% despite rising international trade barriers [4]. - Revenue from Europe and other markets reached HKD 0.765 billion, up 4.3% year-on-year [5]. - Home group business revenue was HKD 0.380 billion, a 2.2% increase, primarily driven by increased demand in the European market [6]. Profitability Improvement - The overall gross margin improved to 40.4%, up 0.9 percentage points, benefiting from a decrease in average unit costs of key raw materials such as leather (-10.4%), chemicals (-9.8%), and steel (-6.8%) [7]. - However, the company faced increased tariff costs for exports to the U.S., rising from HKD 6.65 million to HKD 78.83 million year-on-year, with the revenue share increasing from 0.1% to 1.0% [7]. Investment Recommendation - As a leading player in functional sofas, the company is expected to benefit from the trend of home automation, with the penetration rate of functional sofas likely to continue increasing. Although domestic sales are under pressure, recovery is anticipated as channel reforms progress [8]. - The profit forecast for FY26-FY28 has been slightly adjusted, with expected net profits of HKD 2.19 billion, HKD 2.32 billion, and HKD 2.43 billion respectively, corresponding to P/E ratios of 7.8, 7.4, and 7.0 [8].

Core Viewpoint - CICC maintains the earnings forecast for Minhua Holdings (01999) at HKD 21.24 billion for FY2026 and HKD 22.48 billion for FY2027, with the current stock price corresponding to a P/E ratio of 9x for both fiscal years, indicating a 27% upside potential to the target price of HKD 6.5, which corresponds to a P/E of 12x for FY2026 and 11x for FY2027 [1]. Group 1: Financial Performance - For 1HFY26, the company achieved a revenue of HKD 80.45 billion, a decrease of 3.1% year-on-year, and a net profit of HKD 11.46 billion, an increase of 0.6% year-on-year, aligning with CICC's expectations [2]. - The company plans to distribute a dividend of HKD 0.15 per share, resulting in a payout ratio of 50.8% [2]. Group 2: Sales Performance - Domestic sales revenue decreased by 6% to HKD 46.75 billion, while online sales showed a growth of 13.6% to HKD 11.44 billion, indicating a shift towards online channels [3]. - In the overseas market, revenue from North America, Europe, and other regions increased by 0.3%, 4.3%, and 2.2% respectively, demonstrating stable growth despite tariff disruptions [3]. Group 3: Profitability Metrics - The gross margin improved by 0.9 percentage points to 40.4%, with gross margins in China, overseas, and other regions increasing by 0.8, 1.1, and 0.3 percentage points respectively [4]. - The net profit margin also increased by 0.5 percentage points to 14.2%, driven by improved operational efficiency and cost control [4]. Group 4: Strategic Initiatives - The company reduced its number of stores by 327 to 7,040, with a corresponding revenue decline of 12.3% in physical stores, but anticipates improved operational efficiency from ongoing store optimization [5]. - The company is focusing on multi-channel strategies domestically and enhancing brand building while expanding internationally through global capacity collaboration and participation in international exhibitions [5].

Core Viewpoint - The company's performance in 1HFY26 met expectations, with a slight decline in revenue but a modest increase in net profit, indicating stable operational efficiency and strategic positioning in both domestic and international markets [1][2]. Group 1: Financial Performance - In 1HFY26, the company achieved revenue of HKD 8.045 billion, a year-on-year decrease of 3.1%, and a net profit of HKD 1.146 billion, a year-on-year increase of 0.6% [1]. - The company plans to distribute a dividend of HKD 0.15 per share, resulting in a payout ratio of 50.8% [1]. Group 2: Sales Trends - Domestic sales showed a decline of 6% to HKD 4.675 billion, while online sales grew by 13.6% to HKD 1.144 billion, indicating a shift in consumer purchasing behavior [2]. - International sales in North America and Europe increased by 0.3% and 4.3%, respectively, demonstrating resilience in overseas markets despite tariff disruptions [2]. Group 3: Profitability and Efficiency - The gross margin improved by 0.9 percentage points to 40.4%, with net margin increasing by 0.5 percentage points to 14.2%, reflecting enhanced operational efficiency and cost control [2]. - The company reduced its number of stores by 327 to 7,040, resulting in a 12.3% decrease in store revenue, but anticipates improved efficiency from ongoing store optimization [2]. Group 4: Strategic Outlook - The company is focusing on multi-channel strategies in the domestic market and enhancing brand presence while expanding internationally through global capacity coordination and participation in international exhibitions [2]. - The earnings forecast for FY2026 and FY2027 remains unchanged at HKD 2.124 billion and HKD 2.248 billion, respectively, with a target price of HKD 6.5, indicating a potential upside of 27% from the current stock price [3].