（文/孙梅欣 编辑/张广凯） 这边新的大股东才斥资20亿元定增入股，那边旧日实控人的破产重整，却同步获得法院受理。 杭州德烨嘉俊的大股东为持股比例66%的王火仙，即顾家家居创始人顾江生的母亲。顾江生持股 15.6%，持有公司14.4%股份的王才良则是王火仙的侄子。 顾家家居目前的大股东是美的"太子爷"何剑锋实控的宁波盈峰睿和投资管理有限公司，但杭州德烨嘉俊 仍然持有10.77%的股份比例，为公司第二大股东。同时第三大股东TB Home Limited同样为顾江生家族 持有，因此顾氏家族对顾家家居目前的持股比例仍然有15.78%。 不过这是目前尚未变更的股份比例，由于今年10月何剑锋通过实际控制的盈峰集团旗下企业进行定增， 待完成增资后虽然顾氏家族第二大股东的身份不变，但对顾家家居的持股比例将下降至12.32%。 由于这一层关系，顾家家居在重整公告中强调，尽管股东层面的重整正在进行，但公司的经营活动将保 持正常，不会受到股东重整事宜的干扰。 值得注意的是，就在11月份，德烨嘉俊和TB Home Limited的股份再遭轮候冻结。 其中，11月5日德烨嘉俊被河北省衡水市中级人民法院轮候冻结其持有顾家家居持有的全部 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11] Core Views - The company has shown resilience in its external sales, with a notable recovery in overseas markets, while domestic sales are expected to stabilize [8] - The company's revenue for FY26H1 was HKD 8.045 billion, a year-on-year decrease of 3.1%, but the decline has narrowed significantly compared to previous periods [7] - The gross profit margin improved by 0.9 percentage points to 40.4%, benefiting from cost control and operational efficiency [7][8] Revenue and Profitability - The company's revenue forecast for the upcoming years is as follows: - 2024A: HKD 18.411 billion - 2025A: HKD 16.903 billion - 2026E: HKD 16.953 billion - 2027E: HKD 17.631 billion - 2028E: HKD 18.513 billion - The year-on-year growth rates for revenue are projected to be -8% for 2025A, 0% for 2026E, 4% for 2027E, and 5% for 2028E [2] - The net profit attributable to the parent company is forecasted as follows: - 2024A: HKD 2.302 billion - 2025A: HKD 2.063 billion - 2026E: HKD 2.193 billion - 2027E: HKD 2.321 billion - 2028E: HKD 2.433 billion - The year-on-year growth rates for net profit are projected to be -10% for 2025A, 6% for 2026E, 6% for 2027E, and 5% for 2028E [2] Market Performance - Domestic sales in the Chinese market for FY26H1 were HKD 4.203 billion, a year-on-year decrease of 6.5%, but the decline has significantly narrowed compared to FY25H2 [7] - Online sales showed strong performance with a year-on-year increase of 13.6%, while offline sales decreased by 12.3% [7] - The North American market revenue for FY26H1 was HKD 2.161 billion, a slight increase of 0.3%, demonstrating strong resilience amid rising international trade barriers [5] - Revenue from Europe and other markets for FY26H1 was HKD 0.765 billion, a year-on-year increase of 4.3% [5] Cost and Margin Analysis - The overall gross profit margin increased to 40.4%, benefiting from a decrease in average unit costs of key raw materials such as leather, chemicals, and steel [8] - However, the company faced increased tariff costs for exports to the United States, which rose from HKD 6.65 million to HKD 78.83 million year-on-year [8]

梦百合所属申万行业为：轻工制造-家居用品-成品家居。所属概念板块包括：出海概念、QFII持股、小 盘、基金重仓、C2M概念等。 梦百合今年以来股价涨31.04%，近5个交易日跌6.99%，近20日跌9.39%，近60日跌1.24%。 今年以来梦百合已经2次登上龙虎榜，最近一次登上龙虎榜为10月17日，当日龙虎榜净买入3719.05万 元；买入总计6973.71万元 ，占总成交额比28.31%；卖出总计3254.66万元 ，占总成交额比13.21%。 资料显示，梦百合家居科技股份有限公司位于江苏省如皋市丁堰镇皋南路999号，成立日期2003年5月30 日，上市日期2016年10月13日，公司主营业务涉及致力于提升人类深度睡眠的家居产品—记忆绵床垫、 记忆绵枕头、沙发、电动床及其他家居制品的研发、生产和销售。主营业务收入构成为：记忆绵床垫 52.06%，沙发13.12%，其他10.07%，电动床7.48%，卧具6.99%，记忆绵枕6.95%，其他(补充)3.34%。 11月20日，梦百合盘中下跌3.09%，截至10:25，报8.78元/股，成交4284.92万元，换手率0.84%，总市值 50.10亿元。 资金流 ...

11月20日，顾家家居盘中上涨2.06%，截至10:09，报30.72元/股，成交5183.67万元，换手率0.21%，总 市值252.35亿元。 资金流向方面，主力资金净流出195.49万元，大单买入511.09万元，占比9.86%，卖出706.58万元，占比 13.63%。 顾家家居今年以来股价涨17.25%，近5个交易日涨0.56%，近20日涨1.22%，近60日涨9.28%。 资料显示，顾家家居股份有限公司位于浙江省杭州市上城区东宁路599号顾家大厦，成立日期2006年10 月31日，上市日期2016年10月14日，公司主营业务涉及客厅及卧室中高档软体家具产品的研发、设计、 生产与销售。主营业务收入构成为：沙发57.82%，卧室产品17.28%，集成产品11.87%，定制家具 5.64%，信息技术服务3.81%，其他(补充)3.25%，其他0.34%。 顾家家居所属申万行业为：轻工制造-家居用品-成品家居。所属概念板块包括：高派息、跨境电商、融 资融券、定制家居、中盘等。 截至9月30日，顾家家居股东户数1.82万，较上期减少22.71%；人均流通股44700股，较上期增加 29.39%。2025年1 ...

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].

Core Viewpoint - The company reported a slight decline in revenue but a modest increase in net profit, indicating resilience in its operations despite challenging market conditions [1][2] Financial Performance - The company’s FY26H1 revenue was HKD 8.04 billion, a year-on-year decrease of 3.1% - Net profit attributable to shareholders was HKD 1.146 billion, reflecting a year-on-year increase of 0.6% - Gross margin stood at 40.4%, up by 0.9 percentage points year-on-year - Net profit margin was 14.2%, an increase of 0.5 percentage points year-on-year [1] Domestic Sales - Domestic sales revenue reached HKD 4.67 billion, down 6.0% year-on-year, but the decline was narrowing - Gross margin for domestic sales improved to 41.0%, up by 0.8 percentage points year-on-year, benefiting from lower raw material prices - E-commerce sales grew by 13.6% to HKD 1.14 billion, while offline sales fell by 12.3% to HKD 3.059 billion - The company reduced its store count to 7,040, a net decrease of 327 stores [1] Product Performance - Sofa sales slightly outperformed bed products, with domestic sofa revenue at HKD 3.084 billion (down 6.1%) and bed revenue at HKD 1.119 billion (down 7.4%) - Sofa sales volume increased by 0.1%, while prices decreased by 6.2%, primarily due to a higher proportion of online sales [1] International Sales - Revenue from North America and Europe grew to HKD 2.16 billion and HKD 0.765 billion, respectively, with year-on-year increases of 0.3% and 4.3% - The gross margin for international sales was 39.3%, up by 1.1 percentage points year-on-year, driven by lower raw material costs and improved operational efficiency [1] Expenses - Sales expense ratio increased to 19.13%, up by 0.9 percentage points year-on-year, primarily due to tariffs imposed by the U.S. on Vietnam and increased e-commerce promotion costs - Tariff expenses rose from HKD 6.65 million to HKD 78.83 million, accounting for a year-on-year increase of 0.9 percentage points in revenue proportion [2] Investment Outlook - The domestic penetration rate for functional sofas is expected to continue rising, projected at 12.2% by 2024, an increase of 2.5 percentage points year-on-year - The company’s transformation of distributors and stores is anticipated to gradually improve performance - The company maintains a stable dividend payout ratio above 50%, with a TTM dividend yield of 5.19% and an interim dividend of HKD 0.15 per share, highlighting its investment value - Projected net profits for FY26-28 are HKD 2.23 billion, HKD 2.403 billion, and HKD 2.584 billion, respectively, with a "buy" rating maintained [2]

公司点评 | 敏华控股 收入降幅收窄，利润率稳中有升 敏华控股（01999.HK）2026 财年中期业绩点评 公司发布 FY26H1 主营收入 80.4 亿港元，同比-3.1%；归母净利润 11.46 亿 港元，同比+0.6%；毛利率 40.4%，同比+0.9pct；净利率 14.2%，同比+0.5pct。 | | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万港元） | 18,411.20 | 16,902.63 | 17,097.85 | 17,826.52 | 18,653.44 | | YoY(%) | 6.11 | -8.19 | 1.15 | 4.26 | 4.64 | | 净利润（百万港元） | 2,302.37 | 2,062.62 | 2,230.39 | 2,402.86 | 2,583.85 | | YoY(%) | 20.23 | -10.41 | 8.13 | 7.73 | 7.53 | | EPS(摊薄/港元) | 0.59 | 0.53 | 0.58 | 0 ...

11月18日，梦百合盘中下跌2.06%，截至13:01，报9.03元/股，成交5791.51万元，换手率1.11%，总市值 51.52亿元。 梦百合所属申万行业为：轻工制造-家居用品-成品家居。所属概念板块包括：出海概念、QFII持股、小 盘、C2M概念、增持回购等。 截至9月30日，梦百合股东户数2.41万，较上期减少0.17%；人均流通股23651股，较上期增加0.17%。 2025年1月-9月，梦百合实现营业收入67.56亿元，同比增长10.29%；归母净利润1.61亿元，同比增长 205.18%。 分红方面，梦百合A股上市后累计派现5.46亿元。近三年，累计派现2852.93万元。 机构持仓方面，截止2025年9月30日，梦百合十大流通股东中，华安安康灵活配置混合A（002363）位 居第四大流通股东，持股688.38万股，相比上期减少294.40万股。交银瑞思混合(LOF)（501092）位居 第六大流通股东，持股360.00万股，相比上期减少50.00万股。交银主题优选混合A（519700）位居第八 大流通股东，持股296.65万股，为新进股东。平安研究睿选混合A（009661）位居第十大流通股东 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a total revenue of HKD 8.241 billion for FY2026 H1, a decrease of 2.7% year-on-year, while the operating income was HKD 8.045 billion, down 3.1% year-on-year. However, the net profit attributable to shareholders increased by 0.6% year-on-year to HKD 1.146 billion, indicating improved profitability despite challenging market conditions [1][2][3] Summary by Sections Financial Performance - The company achieved a revenue of HKD 4.675 billion in the Chinese market for FY2026 H1, a decline of 6.0% year-on-year, with a gross margin of 41.0%, up 0.8 percentage points. Offline store revenue decreased by 12.3% to HKD 3.059 billion, while online sales increased by 13.6% to HKD 1.144 billion. The company reduced its store count by 327 during this period [2] - The overseas market generated revenue of HKD 2.161 billion from North America, a slight increase of 0.3%, and HKD 0.765 billion from Europe and other markets, up 4.3%. The overall gross margin for overseas markets was 39.3%, an increase of 1.1 percentage points [3] Profitability and Shareholder Returns - The company's gross margin and net margin for FY2026 H1 were 40.4% and 14.2%, respectively, reflecting increases of 0.9 and 0.5 percentage points year-on-year. The total sales and administrative expense ratio was 23.7% [3] - The company maintained a high dividend payout ratio of 50.8% for FY2026 H1, continuing its trend of returning over 50% to shareholders [3] Earnings Forecast - The forecast for net profit attributable to shareholders for FY2026-2028 is HKD 2.32 billion, HKD 2.44 billion, and HKD 2.58 billion, respectively, with corresponding price-to-earnings ratios of 8.5X, 8.0X, and 7.6X [4]