Group 1 - The core viewpoint of the article highlights the acceleration of capital market engagement by home furnishing companies, as evidenced by the IPO progress of Ruimai Technology and Qunhe Technology [1][8] - Ruimai Technology, established in 2011, specializes in manufacturing components for functional sofas and has set up three production bases globally, covering over 150,000 square meters [2][4] - Qunhe Technology, also founded in 2011, focuses on AI-based spatial intelligence and has a strong user base for its cloud design tool "Cool Home," with plans to expand into spatial intelligence [5][7] Group 2 - Ruimai Technology's IPO is expected to enhance its production capacity and R&D, solidifying its leading position in the niche market of functional sofa components, while its close relationship with Minhua Holdings exemplifies a model of "industry chain collaboration + capitalization" [4][8] - Qunhe Technology aims to become the "global leader in spatial intelligence" through its IPO, which will facilitate the acceleration of research and application of spatial intelligence technologies, driving the traditional home furnishing industry towards digitalization [5][7][8] - The ongoing IPO activities reflect a significant transformation in the home furnishing industry, with leading companies either spinning off subsidiaries or incubating supporting enterprises to extend their value chain, while tech-driven firms leverage digital advantages to seek higher valuations [8]

Core Viewpoint - Ruimai Technology Co., Ltd. is planning to publicly issue shares to unspecified qualified investors and list on the Beijing Stock Exchange, with guidance from Guotai Junan Securities [1] Company Overview - Ruimai Technology was established in April 2011 and specializes in integrated solutions for smart home electromechanical systems, focusing on the research and production of high-quality home accessories, including functional sofa frames, motors, electric beds, and other smart home components [1] Shareholding Structure - As of February 12, 2026, Minhua Industrial directly holds 82.76% of Ruimai Technology's shares, making it the controlling shareholder [1] - Minhua Group owns 100% of Minhua Industrial, while Minhua Holdings owns 100% of Minhua Group, and Minhua Investment holds 62.57% of Minhua Holdings, establishing a chain of indirect control [1] - Huang Minli indirectly controls 82.76% of the company’s shares through Minhua Investment, Minhua Holdings, Minhua Group, and Minhua Industrial, making him the actual controller of the company [1]

Core Viewpoint - Despite being an early mover in overseas markets, the parent company of "Chivas" sofas, Minhua Holdings, is experiencing revenue pressure as reflected in its latest semi-annual financial report for the fiscal year 2025/2026, showing a decline in total revenue and challenges from global economic conditions [1] Financial Performance - Total revenue for the first half of the fiscal year reached HKD 8.241 billion, a year-on-year decrease of 2.7% [1] - Gross profit was HKD 3.25 billion, showing a slight decline of 0.91% year-on-year [1] - Net profit increased slightly to HKD 1.206 billion, with a year-on-year growth of approximately 1% despite the revenue decline [1] Market Challenges - The company faces multiple pressures including global economic slowdown, rising trade protectionism, and a slowdown in consumer recovery in China [1] - The domestic market revenue declined by 6% to HKD 4.74 billion, marking the largest drop among all markets [2] - The number of dealer stores decreased to 7,040, a net reduction of 327 stores since March [2] Strategic Adjustments - The reduction in store numbers is expected to improve operational efficiency in the long term, although it may impact short-term sales [2] - The company is adjusting its store layout strategy to enhance foot traffic, conversion rates, and sales [2] - Management believes that the domestic sofa retail market has reached a bottom, with signs of improvement in sales revenue [2] Overseas Market Performance - North America remains a core overseas market, with revenue reaching HKD 2.16 billion, a slight increase of 0.3% [3] - Revenue from other regions including Indonesia, India, Australia, and South Korea grew significantly by 22.6% to HKD 400 million [3] - Overall overseas revenue reached HKD 3.303 billion, an increase from HKD 3.257 billion year-on-year [3] Product Strategy and Innovations - The company has optimized its product structure, enhancing competitiveness in overseas markets through the sale of iron frames and smart furniture components [4] - This segment has high added value and aligns with overseas market trends, helping to offset declines in traditional sofa exports [4] - A subsidiary, Ruimai Technology, is seeking to list on the New Third Board, focusing on the fast-growing segment of functional sofa frames [4] Impact of Tariffs - The imposition of tariffs by the U.S. on Vietnam has significantly increased the cost of exports to the U.S., with tariffs rising from HKD 6.651 million to HKD 78.826 million, a year-on-year increase of 1,085.2% [4] - The share of tariff costs in total revenue has increased from 0.1% to 1%, highlighting the impact of tariff changes on the company's performance [4]