Core Viewpoint - The company reported a decline in both revenue and net profit for FY2025, with a focus on the challenges faced in domestic sales and a slight slowdown in international sales [1][2]. Revenue Summary - For FY2025, the company achieved a main revenue of 16.903 billion HKD and a net profit of 2.063 billion HKD, representing a year-on-year decrease of 8% and 10% respectively [1]. - In FY2025H2, the revenue was 8.597 billion HKD and net profit was 0.924 billion HKD, showing a decline of 9% and 21% year-on-year [1]. - Domestic sales faced pressure with a 17% decline in furniture sales, while online and offline sales decreased by 18% and 11% respectively [1]. - International sales showed a slight increase of 4%, with North America and Europe growing by 1% and 11% respectively [1]. Profitability Summary - The company experienced improvements in gross margin and operating profit margin due to raw material price reductions and cost control measures [2]. - The gross margin and net profit margin for FY2025 increased by 1.1 and decreased by 0.3 percentage points respectively [2]. - The average unit costs for various materials decreased, with leather and chemicals seeing reductions of 6.7% and 9.8% respectively [2]. - Advertising and management expenses decreased by 30% and 22% respectively, while tariff expenses dropped significantly by 89% due to increased shipments from Vietnam [2]. Future Outlook - Domestic sales are expected to face ongoing pressure from the real estate and consumer environment, but there are marginal benefits from national subsidies for home furnishings [3]. - The company plans to restructure its dealer and store layout to enhance operational efficiency and improve brand presence through new online channels [3]. - For international sales, if the current low tariff levels in the U.S. persist, the impact may remain manageable, with advantages in overseas production capacity becoming more evident [3]. - The company maintains a dividend payout ratio of 51%, with projected net profits for FY2026 to FY2028 expected to be 2.4 billion, 2.59 billion, and 2.85 billion HKD respectively, corresponding to PE ratios of 6.9, 6.3, and 5.8 times [3].

%% %% %% %% research.95579.com 报告要点 [Table_Summary] 公司发布 FY2025A 业绩（2024 年 4 月至 2025 年 3 月），期间实现主营收入/归母净利润 169.03/20.63 亿港元，同比-8%/-10%；其中 FY2025H2 对应 85.97/9.24 亿港元，同比-9%/- 21%。收入端 FY2025H2 内销承压，外销有所放缓；盈利端 FY2025 毛利率及经营利润率均有 改善，与原材料降价、费用控制等有关。公司在品牌/产品/供应链上构筑高壁垒，期待公司通过 渠道及营销变革强化竞争力，外销关税仅为短期扰动，重视公司中长期核心竞争优势。 分析师及联系人 请阅读最后评级说明和重要声明 丨证券研究报告丨 港股研究丨公司点评丨敏华控股（1999.HK） [Table_Title] 敏华控股 FY2025A 点评：收入因内销拖累， 经营盈利改善，期待内部变革现成效 1 敏华控股（1999.HK） cjzqdt11111 [Table_Title 敏华控股 FY2025A 2] 点评：收入因内销拖累，经 营盈利改善，期待内部变革现成效 [Table ...