中金认为，敏华控股上半财年海外市场快速增长，但内销承压。公司计划在下半财年新增逾200间店面，在以旧换新等政策影响下，通过增加床垫及沙发连带率销售，针对不同市场补齐材料、系列产品。中金该行，上述做法将有望带动销售及业绩回暖。Minhua Holdings (01999) fell more than 4%. As of press release, it was down 4.09% to HK$4.46, with a turnover of HK$33.664 million.
The Zhitong Finance App learned that Minhua Holdings (01999) fell by more than 4%. As of press release, it was down 4.09% to HK$4.46, with a turnover of HK$33.664 million.
According to Macquarie's research report, Minhua Holdings' revenue for the first half of fiscal year 2025 fell 7% year on year, 3% lower than expected, mainly due to lower raw material costs and management expenses; net profit remained flat year on year, 7.8% higher than expected. The bank believes that due to uncertainty about the sustainability of sales momentum, it is currently expected that Minhua's revenue in the mainland China market will drop 14% in the second half of fiscal year 2025, and the focus will shift to overseas growth.
CICC believes that Minhua Holdings' overseas markets grew rapidly in the first half of the fiscal year, but domestic sales were under pressure. The company plans to add more than 200 stores in the second half of the fiscal year. Under the influence of trade-in and other policies, the company will supplement materials and series of products for different markets by increasing the sales rate of mattresses and sofas. For CICC, the above practices are expected to drive a recovery in sales and performance.
