Core Viewpoint - The company reported a decline in total revenue and net profit for the fiscal year ending March 31, 2025, but showed resilience in its overseas markets, particularly in North America and Europe [1][2] Revenue Analysis - Total revenue for the reporting period was HKD 17.249 billion, a year-on-year decrease of 8.24% [1] - The company's net profit attributable to the parent company was HKD 2.063 billion, down 10.41% year-on-year, while the adjusted net profit was HKD 2.350 billion, reflecting a slight increase of 1.3% [1] - Revenue from the Chinese market was HKD 10.236 billion, down 16.49% year-on-year, while North America and Europe saw increases of 3.17% and 19.19%, respectively [1] - The Chinese market accounted for 58.70% of total revenue, indicating its continued importance despite current challenges [1] Profitability Analysis - The company's gross margin was 40.49%, an increase of 1.12 percentage points year-on-year, while the net margin was 12.75%, a slight decrease of 0.27 percentage points [1] - The gross margins for sofas and related products improved due to lower raw material costs, while bedding products experienced a decline in gross margin due to a drop in plywood business [1] - The overall expense ratio decreased by 0.78 percentage points to 23.51%, with effective cost control measures in place [1] Future Outlook - The company is optimistic about the long-term stability of its domestic sales and the recovery of its export business [2] - Revenue projections for FY2026 to FY2028 are adjusted to HKD 18.063 billion, HKD 19.369 billion, and HKD 20.889 billion, respectively [2] - Earnings per share (EPS) estimates for the same period are revised to HKD 0.59, HKD 0.65, and HKD 0.71, with a maintained "buy" rating [2]
敏华控股(1999.HK)：外销表现亮眼 经营效益改善