The Zhitong Finance App learned that Tianfeng Securities released a research report stating that it maintains the “buy” rating of Minhua Holdings (01999). As a domestic functional sofa leader, its resilience to risk is outstanding, and it is optimistic about its long-term steady development. However, considering the impact of the epidemic and adjusting profit forecasts, the net profit returned to the mother in 2022/23 is expected to be HK$2,48/2.81 billion, +10.2%/13.5% year on year. The company's FY23H1 revenue came under slight pressure, profitability improved markedly, and performance exceeded expectations.

According to the report, the companyChinese marketThe sales volume reached HK$5.7 billion. It was greatly affected by the pandemic, etc., and the online business performance was even better. As of 22Q3, there were 6,230 offline stores (excluding Style, Prini and Suning stores), with a net increase of 262, maintaining a slight net increase. Online revenue was 1.15 billion yuan, and various sales channels were actively used to divert sales, such as short video promotion, live streaming from own stores, and cooperation with leading anchors, to help dealers attract traffic.Overseas marketsGrowth has been steady, and Home Group is under pressure. The European market has shown results through product adjustments and market strategy adjustments. Europe (excluding Home Group) and other overseas markets earned 670 million yuan (yoy +2.1%); Home Group was influenced by geopolitical factors, with revenue of HK$279 million, or 39.9% year-on-year.