Investment Rating - The report maintains a "Buy" rating for the company [10][8]. Core Insights - The company reported FY2025H1 results with revenue and net profit of HKD 83.05 billion and HKD 11.39 billion, respectively, reflecting a year-on-year decline of 7% in revenue but a slight increase of 0.3% in net profit [2][6]. - Domestic sales are under pressure, but recent government subsidies are expected to provide a recovery, while export sales continue to show strong growth [6][7]. - The company is building high barriers in brand, product, and supply chain, enhancing competitiveness through design marketing and channel transformation, and is expected to continue gaining market share in the soft furniture industry [8][7]. Revenue Summary - Domestic sales decreased by 17% in H1, with offline and online sales down 15% and 22%, respectively [6][7]. - The company added 280 brand specialty stores, increasing the total to 7,516, focusing on expanding coverage in lower-tier markets and enhancing same-store sales performance [6][7]. - Export sales increased by 14%, with North America and Europe growing by 6% and 38%, respectively [7]. Profitability Analysis - Gross margin and net profit margin improved in FY2025H1, attributed to lower raw material costs and effective cost control [7][8]. - The average unit costs for various materials decreased, with leather and steel down by 5.3% and 8.3%, respectively [7]. - Advertising and marketing expenses decreased by 33%, and management expenses fell by 31%, contributing to overall profitability [7]. Future Outlook - The company anticipates a recovery in domestic sales driven by government subsidies and an improved product matrix [8]. - For FY2025-2026, the company expects net profits of HKD 24.5 billion and HKD 27.8 billion, with corresponding PE ratios of 7.9x and 7.0x [8][13].
敏华控股FY2025H1点评：内销承压、修复可期，外销增速佳，盈利端有所提升