此外，敏华2025财年上半年度收入83.05亿港元，同比减少7.1%，纯利11.39亿港元，同比增0.3%，差于高盛预期。收入增长差于预期主要因为国内市场持续疲弱，这部分被欧洲增长强于预期所抵消。Goldman Sachs released a research report stating that it slightly raised the target price of Minhua Holdings (01999) by 1.9%, from HK$5.2 to HK$5.3, and rated “sale”. Goldman Sachs lowered its 2025-2027 earnings forecast for Minhua Holdings by 1%, mainly based on: 1) the latest performance; 2) domestic growth was worse than expected; 3) Europe grew faster than expected; 4) Goldman Sachs remained cautious in predicting profit margin prospects.
Goldman Sachs believes that management was outspoken about the difficulties encountered later, including weak domestic market demand, unit sales price/same store sales pressure, etc., but they continue to have full confidence in the European market. Goldman Sachs supports management's views, but believes that the strength of the European market cannot completely offset the weakness of the domestic market.
Minhua Holdings paid an interim dividend of HK$0.15 per share, the same as the previous year. Management said that the company has completed the expansion of production capacity in the domestic market and is digesting excess capacity. Therefore, there will be no capital expenditure to build a new factory in China. If the business environment does not change much, dividends will continue to be stable.
In addition, Minhua's revenue for the first half of fiscal year 2025 was HK$8.305 billion, a year-on-year decrease of 7.1%, and net profit of HK$1.139 billion, up 0.3% year over year, which is lower than Goldman Sachs's expectations. The weaker-than-expected revenue growth was mainly due to continued weakness in the domestic market, which was partly offset by stronger than expected growth in Europe.
