瑞财经 吴文婷近日，据国家企业信用信息公示系统显示，杭州宇树科技股份有限公司（以下简称"宇树科技"）的财务负责人已变更为王枫，创始人王兴兴 不再兼任财务负责人。 公开资料显示，王枫的职业生涯始于传统制造业。早年其曾在敏实集团担任财务经理，主导集团成本优化与海外并购项目；后任双林机械股份财务总监，推 动企业从劳动密集型向智能化转型。2020年，王枫加入宇树科技，彼时公司刚完成B轮融资。 而宇树科技是一家专注于消费级、行业级高性能四足机器人研发、生产及销售的世界机器人圈内知名初创公司，公司成立于2016年，创始人为出生于1990年 的宁波余姚小伙王兴兴。 此前，宇树科技为IPO做准备，已将公司进行股改。随后，王兴兴亲自担任公司财务负责人。直至今年7月18日，宇树科技启动IPO辅导，辅导机构为中信证 券股份有限公司。 9月2日，宇树科技在社交媒体上发帖称，预计将在2025年10月至12月期间向证券交易所提交上市申请文件，届时公司的相关运营数据将正式披露。 宇树科技表示，以2024年为例，四足机器人、人形机器人和组件产品的销售额分别占约65%、30%和5%。 其中，约80%的四足机器人被应用于研究、教育和消费领域，而 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: 2025年8月31日 | | --- | | 新提交 | | 狀態: | 致：香港交易及結算所有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 II. 已發行股份及/或庫存股份變動 公司名稱: 敏實集團有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00425 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結 ...

智通财经APP获悉，富瑞发布研报称，参加了敏实集团(00425)绩后非交易路演，管理层重申全年营收与 净利实现双位数增长指引，其中净利增速将超越营收。 营业费用率将保持稳定或略有下降。 新订单目 标上调至150亿元人民币，资本支出指引为20亿元人民币，自由现金流将持续改善。富瑞将敏实 2025/2026财年盈利预测上调至27亿及32亿元人民币，目标价由21.5港元上调至32.1港元，维持"持有"评 级。 ...

富瑞发布研报称，参加了敏实集团(00425)绩后非交易路演，管理层重申全年营收与净利实现双位数增 长指引，其中净利增速将超越营收。营业费用率将保持稳定或略有下降。新订单目标上调至150亿元人 民币，资本支出指引为20亿元人民币，自由现金流将持续改善。富瑞将敏实2025/2026财年盈利预测上 调至27亿及32亿元人民币，目标价由21.5港元上调至32.1港元，维持"持有"评级。 ...

Group 1 - The core viewpoint of the report is that Minth Group (00425) achieved a revenue growth of 10.8% year-on-year in the first half of this year, reaching 12.3 billion RMB, which is in line with expectations [1] - The European business experienced rapid growth, increasing by 51% year-on-year, driven by the rising adoption of electric vehicles, despite a significant decline in the Chinese market [1][2] - The target price for Minth Group has been raised from 25 HKD to 35 HKD, based on a projected price-to-earnings ratio of 13 times for 2026 [1] Group 2 - The net profit forecast for 2025 has been moderately adjusted upward by 2% to 26.5 billion RMB, while the 2026 net profit forecast remains unchanged at 29 billion RMB [1][2] - The battery casing business is expected to continue being the main driver of profit growth for Minth, particularly due to the increasing adoption of new energy vehicles in Europe and a robust local production capacity [2] - Traditional businesses are anticipated to maintain stable growth through product category expansion and deepening penetration with domestic brands, effectively offsetting the weak demand for joint venture brands in the Chinese market [2]

Group 1 - The core viewpoint of the report is that Minth Group (00425) has shown a revenue growth of 10.8% year-on-year in the first half of the year, reaching 12.3 billion RMB, which is in line with expectations [1] - The European business has experienced rapid growth, increasing by 51% year-on-year, driven by the rising adoption rate of electric vehicles, despite a significant decline in the Chinese market [1][2] - The target price for Minth Group has been raised from 25 HKD to 35 HKD, reflecting a forecasted price-to-earnings ratio of 13 times for 2026 [1] Group 2 - The net profit forecast for 2025 has been adjusted upward by 2% to 26.6 billion RMB, while the 2026 net profit forecast remains unchanged at 29 billion RMB [2] - The battery casing business is expected to continue being the main driver of profit growth for Minth, particularly due to the increasing adoption of new energy vehicles in Europe and a solid customer base of original equipment manufacturers [2] - Traditional businesses are anticipated to maintain stable growth through product category expansion, an increased global brand OEM customer base, and deeper penetration with domestic Chinese brands, effectively offsetting the weak demand for joint venture brands in the Chinese market [2]

Core Viewpoint - The company reported a total revenue of 12.287 billion yuan for the first half of 2025, representing a year-on-year growth of 10.8%, and a net profit attributable to shareholders of 1.277 billion yuan, up 19.6% year-on-year [1] Financial Performance - The company's gross margin slightly decreased to 28.3%, down 0.2 percentage points year-on-year [1] - Revenue growth was observed across all business units (BUs): - Metal and decorative strip BU revenue reached 2.660 billion yuan, an increase of 4.6% year-on-year [1] - Plastic parts BU revenue was 2.867 billion yuan, up 0.8% year-on-year [1] - Aluminum parts BU revenue amounted to 2.469 billion yuan, a rise of 4.1% year-on-year [1] - Battery box BU revenue surged to 3.582 billion yuan, reflecting a significant increase of 49.8% year-on-year [1] - Other business units generated revenue of 1.670 billion yuan, up 10.2% year-on-year [1] Strategic Developments - The company has accelerated its layout in the robotics and low-altitude sectors, becoming a Tier 1 supplier in the robotics industry [1] - It provides innovative robotic component solutions in areas such as limb structural parts, integrated arms, electronic skin, wireless charging, rotating planetary joints, harmonic drives, and customized masks [1] - In the low-altitude sector, the company focuses on body systems and rotor systems, including eVTOL non/secondary load body covers and self-developed variable pitch rotor systems [1]

丨证券研究报告丨 港股研究丨公司点评丨敏实集团（0425.HK） [Table_Title] 敏实集团中报点评：受益欧洲新能源电池盒业务 高速增长，公司进入成长及盈利双升周期 报告要点 [Table_Summary] 公司 2025H1 实现营收 122.9 亿元，同比增长 10.8%；实现归母净利润 12.8 亿元，同比增长 19.5%。公司作为较早出海的零部件企业，海外产能布局较为完善，并掌握优秀的全球化经营 能力，目前公司投产高峰已过，随全球电池盒工厂顺次落地，智能外饰等新产品在手订单持续 放量，中系客户加速开拓，产能利用率进一步提升，公司盈利水平有望持续提升。同时，敏实 与智元签订战略合作协议，将以 Tier 0.5 身份与智元协同研发电子皮肤、关节、无线充电等环 节，人形机器人行业进展加速。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 丨证券研究报告丨 2025-09-01 1 敏实集团（042 ...

V i e w p o i n t | 28 Aug 2025 04:08:39 ET │ 12 pages Minth (0425.HK) Raise TP to HK$38; LT Positive on Battery Housing & eVTOL/Robotics CITI'S TAKE Mgmt. shared their battery housing outlook at today's analyst briefing, with EU contribution driven by robust EV sales growth and China contribution driven by order wins amid tightening safety standards. Battery housing should be the major growth driver in the near term, with eVTOL/Robotics business to gradually contribute scale from 2027E, according to mgmt. ...

事项： 机构：华创证券 研究员：张程航 预计2025-2026 年主业延续较好增长趋势。产品角度，欧洲电动车放量将继续推动公司电池盒营收放 量，而传统的饰件业务则将保持稳定，并受益于区域性的订单增加。客户角度，除了欧洲电动车拉动 外，自主客户的持续开拓以及不断下降的合资客户占比，将逐步为公司非欧系客户降低营收下降风险、 提高经营稳定性，其中随电池安全标准趋严、自主车企出海，敏实电池盒业务预计也将在自主车企市场 打开更大局面。盈利角度，电池盒业务毛利率有望继续提升，整体费用率随营收扩增预计小幅改善。在 此情形下，我们预计公司今明两年将继续保持15-20%的利润增速，为后续新品开拓奠定较好基础。 积极布局低空、机器人新业务领域。依托于敏实在汽车行业积累的金属成形、材料工艺、塑料件加工、 复杂零件系统集成等能力，公司近年积极布局了低空业务（如机体系统、旋翼系统等），机器人业务 （如肢体结构件、智能皮肤、关节总成、充电设备等）。今年7 月，公司公告宣布其子公司敏翼与亿航 签订开发委托服务协议，将为亿航提供低空飞行器指定零部件的设计、开发、制造与组装，同时敏实汽 研与亿航签订战略合作协议，双方同意联合研发及开展低空飞行 ...