Citi Securities maintains a "buy" rating for Minhua Holdings (01999.HK) with strong growth in online domestic sales.

Wisdom Finance APP learned that Zhongtai Securities released a research report stating that it maintains a "buy" rating on Minhua Holdings (01999.HK), and domestic sales are expected to gradually recover as channel reforms progress. The company's FY26H1 revenue declined slightly year-on-year, but gross profit margin improved through effective cost control. In terms of business, the decline in the domestic market has significantly narrowed, with online channels performing well (+13.6%), while the overseas market has shown operating resilience, especially in the North American market achieving a slight increase under trade barriers. Despite facing pressure such as tariffs, as a leading functional sofa company, the company's profitability is expected to improve as channel reforms progress.