智通财经APP获悉，敏华控股(01999)跌超4%，截至发稿，跌4.09%，报4.46港元，成交额3366.4万港元。
麦格理发布研报指出，敏华控股2025财年上半年营收同比跌7%，较预期低3%，主要由于原物料成本及管理费用下降；净利润按年持平，较预期高7.8%。该行认为，鉴于销售势头可持续性的不确定性，目前预计敏华2025财年下半年中国内地市场收入将下跌14%，重点将转移至海外增长。
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。
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