中商官网
研究报告
敏华控股（HK1999）
主要经济指标
| 类别\年份 | 营业额 （港元) |
营业额同比 （%) |
营业利润 （港元) |
营业利润同比 （%) |
利润总额 （港元) |
利润总额同比 （%) |
净利润 （港元) |
净利润同比 （%) |
| 2025-03 | 16902634000.0000 | -8.19 | 6844162000.0000 | -5.57 | 2676584000.0000 | -6.56 | 2062617000.0000 | -10.41 |
| 2024-03 | 18411197000.0000 | 6.11 | 7248027000.0000 | 8.53 | 2864475000.0000 | 21.64 | 2302366000.0000 | 20.23 |
| 2024-09 | 8305373000.0000 | -7.07 | 3280649000.0000 | -6.05 | 1439351000.0000 | 1.77 | 1138925000.0000 | 0.25 |
| 2023-09 | 8937569000.0000 | -3.78 | 3491920000.0000 | -3.22 | 1414295000.0000 | 3.97 | 1136042000.0000 | 4.02 |
| 2022-09 | 9289026000.0000 | -9.06 | 3608075000.0000 | -2.49 | 1360237000.0000 | 7.70 | 1092131000.0000 | 10.52 |
| 2023-03 | 17351106000.0000 | -19.29 | 6678267000.0000 | -15.36 | 2354872000.0000 | -16.48 | 1914914000.0000 | -14.80 |
| 2022-03 | 21496783000.0000 | 30.81 | 7890595000.0000 | 33.08 | 2819489000.0000 | 19.45 | 2247491000.0000 | 16.78 |
| 2021-09 | 10214451000.0000 | 53.90 | 3700225000.0000 | 59.34 | 1262951000.0000 | 37.20 | 988136000.0000 | 31.87 |
| 2021-03 | 16434071000.0000 | 35.32 | 5929107000.0000 | 34.21 | 2360314000.0000 | 11.90 | 1924513000.0000 | 17.49 |
| 2020-09 | 6636892000.0000 | 18.67 | 2322262000.0000 | 18.71 | 920518000.0000 | 1.36 | 749303000.0000 | 6.18 |
| 2019-09 | 5592673000.0000 | 1.92 | 1956320000.0000 | 10.61 | 908190000.0000 | 10.57 | 705679000.0000 | 6.07 |
| 2020-03 | 12144299000.0000 | 7.87 | 4417699000.0000 | 15.13 | 2109244000.0000 | 22.91 | 1638069000.0000 | 20.11 |
| 2018-09 | 5487539000.0000 | 18.60 | 1768618000.0000 | -0.23 | 821404000.0000 | -15.83 | 665325000.0000 | -16.11 |
| 2019-03 | 11257792000.0000 | 12.28 | 3837098000.0000 | 2.52 | 1716027000.0000 | -10.74 | 1363801000.0000 | -11.21 |
| 2018-03 | 10026573000.0000 | 28.89 | 3742940000.0000 | 14.88 | 1922585000.0000 | -6.32 | 1535908000.0000 | -12.35 |
| 2017-09 | 4626881000.0000 | 28.77 | 1772707000.0000 | 15.59 | 975922000.0000 | -2.54 | 793046000.0000 | -10.25 |
| 2017-03 | 7779015000.0000 | 6.16 | 3258183000.0000 | 12.51 | 2052346000.0000 | 37.74 | 1752370000.0000 | 32.03 |
| 2016-03 | 7327590000.0000 | 11.79 | 2896027000.0000 | 24.14 | 1490000000.0000 | 18.37 | 1327244000.0000 | 23.45 |
| 2015-09 | 3683915000.0000 | 15.12 | 1363642000.0000 | 18.63 | 690308000.0000 | 6.48 | 613870000.0000 | 10.38 |
| 2016-09 | 3593018000.0000 | -2.47 | 1533551000.0000 | 12.46 | 1001371000.0000 | 45.06 | 883585000.0000 | 43.94 |
| 2015-03 | 6554811000.0000 | 9.41 | 2332826000.0000 | 9.47 | 1258737000.0000 | 9.10 | 1075159000.0000 | 10.05 |
| 2014-09 | 3200082000.0000 | 10.94 | 1149505000.0000 | 13.79 | 648268000.0000 | 13.80 | 556125000.0000 | 10.70 |
| 2014-03 | 5991060000.0000 | 22.84 | 2131033000.0000 | 20.32 | 1153701000.0000 | 84.92 | 976965000.0000 | 71.88 |
| 2013-03 | 4876976000.0000 | 12.47 | 1771158000.0000 | 20.08 | 623894000.0000 | 84.88 | 568401000.0000 | 87.38 |
| 2013-09 | 2884611000.0000 | 20.12 | 1010158000.0000 | 17.93 | 569656000.0000 | 138.80 | 502373000.0000 | 129.10 |
| 2011-09 | 2126378000.0000 | 7.43 | 735334000.0000 | -15.79 | 170458000.0000 | -56.95 | 142749000.0000 | -61.61 |
| 2012-03 | 4336353000.0000 | 13.87 | 1474928000.0000 | -8.81 | 337467000.0000 | -50.42 | 303345000.0000 | -51.25 |
| 2012-09 | 2401498000.0000 | 12.94 | 856586000.0000 | 16.49 | 238547000.0000 | 39.94 | 219281000.0000 | 53.61 |
| 2010-09 | 1979301000.0000 | 49.20 | 873254000.0000 | 58.94 | 395996000.0000 | 40.99 | 371868000.0000 | 45.65 |
| 2010-03 | 2932217000.0000 | 49.31 | 1256655000.0000 | 79.25 | 668912000.0000 | 168.15 | 605799000.0000 | 171.04 |
| 2011-03 | 3808210000.0000 | 29.87 | 1617403000.0000 | 28.71 | 680714000.0000 | 1.76 | 622296000.0000 | 2.72 |
| 2009-09 | 1326646000.0000 | 29.82 | 549424000.0000 | 52.22 | 280862000.0000 | 101.85 | 255311000.0000 | 104.48 |
| 2009-03 | 1963837000.0000 | 27.27 | 701047000.0000 | 42.43 | 249452000.0000 | 23.06 | 223509000.0000 | 15.16 |
| 2008-09 | 1021901000.0000 | -- | 360938000.0000 | -- | 139144000.0000 | -- | 124861000.0000 | -- |
| 2007-03 | 884870000.0000 | -- | 236098000.0000 | -- | 101973000.0000 | -- | 94945000.0000 | -- |
| 2008-03 | 1543089000.0000 | 74.39 | 492210000.0000 | 108.48 | 202700000.0000 | 98.78 | 194089000.0000 | 104.42 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
主营利润率 （%) |
总资产利润率 （%) |
净资产收益率 （%) |
存货周转率 | 应收账款周转率 （次) |
总资产周转率 （次) |
| 2025-03 | 40.49 | 15.8400 | 13.37 | 16.2300 | 5.81 | -- | 0.84 |
| 2024-03 | 39.37 | 15.5400 | 14.46 | 19.0500 | 6.04 | -- | 0.93 |
| 2024-09 | 39.50 | 17.3200 | 6.84 | 8.9100 | 2.84 | -- | 0.39 |
| 2023-09 | 39.07 | 15.7900 | 7.08 | 9.8700 | 3.17 | -- | 0.45 |
| 2022-09 | 38.84 | 14.6200 | 7.15 | 10.0000 | 2.57 | -- | 0.49 |
| 2023-03 | 38.49 | 13.5100 | 11.99 | 16.5700 | 6.03 | -- | 0.88 |
| 2022-03 | 36.71 | 13.0700 | 13.74 | 19.1900 | 4.41 | -- | 1.05 |
| 2021-09 | 36.23 | 12.3100 | 6.80 | 8.8000 | 2.33 | -- | 0.55 |
| 2021-03 | 36.08 | 14.3300 | 13.53 | 17.9200 | 4.34 | -- | 0.94 |
| 2020-09 | 34.99 | 13.8400 | 6.22 | 10.2600 | 2.32 | -- | 0.45 |
| 2019-09 | 34.98 | 16.2300 | 7.01 | 11.4100 | 2.03 | -- | 0.43 |
| 2020-03 | 36.38 | 17.3600 | 15.96 | 24.4300 | 4.46 | -- | 0.92 |
| 2018-09 | 32.23 | 15.0300 | 8.15 | 11.8900 | 2.42 | -- | 0.54 |
| 2019-03 | 34.08 | 15.2800 | 13.05 | 21.9100 | 4.02 | -- | 0.86 |
| 2018-03 | 37.33 | 19.1700 | 20.30 | 25.7600 | 4.33 | -- | 1.06 |
| 2017-09 | 38.31 | 21.0900 | 12.51 | 14.8500 | 2.66 | -- | 0.59 |
| 2017-03 | 41.88 | 26.3800 | 27.32 | 34.7800 | 6.03 | -- | 1.04 |
| 2016-03 | 39.52 | 20.3400 | 26.39 | 28.1700 | 7.30 | -- | 1.30 |
| 2015-09 | 37.02 | 18.7400 | 10.69 | 13.2300 | 3.40 | -- | 0.57 |
| 2016-09 | 42.68 | 27.8700 | 15.81 | 17.2800 | 3.26 | -- | 0.57 |
| 2015-03 | 35.59 | 19.2000 | 20.65 | 24.4600 | 5.40 | -- | 1.08 |
| 2014-09 | 35.92 | 20.2500 | 9.74 | 11.4400 | 2.84 | -- | 0.48 |
| 2014-03 | 35.57 | 18.9000 | 18.82 | 21.9300 | 5.50 | -- | 0.98 |
| 2013-03 | 36.32 | 12.6400 | 12.48 | 16.5700 | 4.89 | -- | 0.98 |
| 2013-09 | 35.02 | 19.5700 | 9.06 | 12.9000 | 2.89 | -- | 0.46 |
| 2011-09 | 34.58 | 7.9400 | 4.43 | 4.5200 | 2.42 | -- | 0.55 |
| 2012-03 | 34.01 | 7.6700 | 7.53 | 9.6000 | 5.24 | -- | 0.97 |
| 2012-09 | 35.67 | 9.7500 | 5.20 | 7.0300 | 2.54 | -- | 0.52 |
| 2010-09 | 44.12 | 20.0000 | 11.63 | 12.6900 | 2.88 | -- | 0.58 |
| 2010-03 | 42.86 | 22.8800 | 40.08 | 52.6500 | 5.29 | -- | 1.76 |
| 2011-03 | 42.47 | 17.8300 | 19.31 | 20.1100 | 5.55 | -- | 1.08 |
| 2009-09 | 41.41 | 21.3100 | 16.90 | 24.2900 | 2.95 | -- | 0.80 |
| 2009-03 | 35.70 | 12.7000 | 20.33 | 27.7900 | 5.88 | -- | 1.60 |
| 2008-09 | 35.32 | 13.5900 | -- | -- | -- | -- | -- |
| 2007-03 | 26.68 | 11.5500 | 15.64 | 21.6600 | 3.49 | -- | 1.36 |
| 2008-03 | 31.90 | 13.1200 | 19.29 | 31.6400 | 4.53 | -- | 1.47 |
偿债能力分析
| 类别\年份 | 资产负债率 （%) |
股东权益比率 （%) |
流动比率 | 速动比率 |
| 2025-03 | 31.83 | 68.17 | 1.36 | 1.08 |
| 2024-03 | 33.99 | 66.01 | 1.26 | 0.97 |
| 2024-09 | 34.52 | 65.48 | 1.28 | 1.02 |
| 2023-09 | 37.53 | 62.47 | 1.23 | 0.99 |
| 2022-09 | 37.60 | 62.40 | 1.21 | 0.88 |
| 2023-03 | 36.21 | 63.79 | 1.24 | 0.98 |
| 2022-03 | 37.88 | 62.12 | 1.25 | 0.84 |
| 2021-09 | 34.33 | 65.67 | 1.38 | 0.92 |
| 2021-03 | 34.60 | 65.40 | 1.44 | 1.03 |
| 2020-09 | 46.80 | 53.20 | 1.03 | 0.75 |
| 2019-09 | 48.38 | 51.62 | 1.05 | 0.70 |
| 2020-03 | 45.26 | 54.74 | 1.11 | 0.77 |
| 2018-09 | 39.84 | 60.16 | 1.29 | 0.87 |
| 2019-03 | 48.91 | 51.09 | 1.20 | 0.80 |
| 2018-03 | 31.95 | 68.05 | 1.55 | 1.06 |
| 2017-09 | 26.26 | 73.74 | 2.00 | 1.46 |
| 2017-03 | 27.99 | 72.01 | 1.89 | 1.52 |
| 2016-03 | 16.56 | 83.44 | 3.05 | 2.40 |
| 2015-09 | 27.08 | 72.92 | 2.10 | 1.71 |
| 2016-09 | 18.89 | 81.11 | 2.79 | 2.26 |
| 2015-03 | 26.96 | 73.04 | 2.08 | 1.60 |
| 2014-09 | 26.13 | 73.87 | 2.89 | 2.39 |
| 2014-03 | 26.55 | 73.45 | 3.08 | 2.51 |
| 2013-03 | 30.64 | 69.36 | 2.19 | 1.71 |
| 2013-09 | 37.43 | 62.57 | 2.76 | 2.31 |
| 2011-09 | 17.35 | 82.65 | 3.79 | 2.92 |
| 2012-03 | 28.87 | 71.13 | 2.40 | 1.91 |
| 2012-09 | 31.08 | 68.92 | 2.18 | 1.66 |
| 2010-09 | 13.94 | 86.06 | 5.52 | 4.71 |
| 2010-03 | 31.06 | 68.94 | 2.04 | 1.40 |
| 2011-03 | 12.21 | 87.79 | 5.81 | 4.88 |
| 2009-09 | 35.97 | 64.03 | 1.95 | 1.47 |
| 2009-03 | 33.63 | 66.37 | 2.02 | 1.37 |
| 2008-09 | -- | -- | -- | -- |
| 2007-03 | 32.34 | 67.66 | 1.99 | 0.98 |
| 2008-03 | 41.11 | 58.89 | 1.53 | 0.90 |
成本费用分析
| 类别\年份 | 销售成本 （港元) |
销售费用 （港元) |
管理费用 （港元) |
财务费用 （港元) |
| 2025/3/31 0:00:00 | 10058472000.0000 | -- | -- | 147817000.0000 |
| 2024/3/31 0:00:00 | 11163170000.0000 | -- | -- | 200500000.0000 |
| 2024/9/30 0:00:00 | 5024724000.0000 | -- | -- | 73114000.0000 |
| 2023/9/30 0:00:00 | 5445649000.0000 | -- | -- | 98266000.0000 |
| 2022/9/30 0:00:00 | 5680951000.0000 | -- | -- | 61068000.0000 |
| 2023/3/31 0:00:00 | 10672839000.0000 | -- | -- | 164857000.0000 |
| 2022/3/31 0:00:00 | 13606188000.0000 | -- | -- | 79692000.0000 |
| 2021/9/30 0:00:00 | 6514226000.0000 | -- | -- | 33505000.0000 |
| 2021/3/31 0:00:00 | 10504964000.0000 | -- | -- | 96046000.0000 |
| 2020/9/30 0:00:00 | 4314630000.0000 | -- | -- | 55186000.0000 |
| 2019/9/30 0:00:00 | 3636353000.0000 | -- | -- | 83052000.0000 |
| 2020/3/31 0:00:00 | 7726600000.0000 | -- | -- | 155947000.0000 |
| 2018/9/30 0:00:00 | 3718921000.0000 | -- | 264551000.0000 | 22029000.0000 |
| 2019/3/31 0:00:00 | 7420694000.0000 | -- | -- | 79345000.0000 |
| 2018/3/31 0:00:00 | 6283633000.0000 | -- | -- | 23542000.0000 |
| 2017/9/30 0:00:00 | 2854174000.0000 | -- | 206010000.0000 | 9678000.0000 |
| 2017/3/31 0:00:00 | 4520832000.0000 | -- | 365441000.0000 | 10271000.0000 |
| 2016/3/31 0:00:00 | 4431563000.0000 | -- | 344913000.0000 | 11964000.0000 |
| 2015/9/30 0:00:00 | 2320273000.0000 | -- | 168025000.0000 | 9661000.0000 |
| 2016/9/30 0:00:00 | 2059467000.0000 | -- | 168795000.0000 | 2116000.0000 |
| 2015/3/31 0:00:00 | 4221985000.0000 | -- | 351976000.0000 | 22594000.0000 |
| 2014/9/30 0:00:00 | 2050577000.0000 | -- | 160383000.0000 | 12543000.0000 |
| 2014/3/31 0:00:00 | 3860027000.0000 | -- | 338568000.0000 | 43160000.0000 |
| 2013/3/31 0:00:00 | 3105818000.0000 | -- | 325907000.0000 | 16807000.0000 |
| 2013/9/30 0:00:00 | 1874453000.0000 | -- | 149094000.0000 | 24402000.0000 |
| 2011/9/30 0:00:00 | 1391044000.0000 | -- | 145702000.0000 | 1694000.0000 |
| 2012/3/31 0:00:00 | 2861425000.0000 | -- | 329169000.0000 | 7693000.0000 |
| 2012/9/30 0:00:00 | 1544912000.0000 | -- | 143388000.0000 | 8888000.0000 |
| 2010/9/30 0:00:00 | 1106047000.0000 | -- | 106006000.0000 | 972000.0000 |
| 2010/3/31 0:00:00 | 1675562000.0000 | -- | 157814000.0000 | 4244000.0000 |
| 2011/3/31 0:00:00 | 2190807000.0000 | -- | 254352000.0000 | 1479000.0000 |
| 2009/9/30 0:00:00 | 777222000.0000 | -- | 68383000.0000 | 2318000.0000 |
| 2009/3/31 0:00:00 | 1262790000.0000 | -- | 131755000.0000 | 8031000.0000 |
| 2008/9/30 0:00:00 | 660963000.0000 | -- | 58895000.0000 | 4703000.0000 |
| 2007/3/31 0:00:00 | 648772000.0000 | -- | 46348000.0000 | 2036000.0000 |
| 2008/3/31 0:00:00 | 1050879000.0000 | -- | 77987000.0000 | 4610000.0000 |