Core Viewpoint - Minth Group has reached a framework agreement with Luyuan Harmony to establish a joint venture in the United States focused on humanoid robot joint module assembly design, manufacturing, and commercialization [1] Group 1: Joint Venture Details - The joint venture will be established in California, with Minth California Inc. being a wholly-owned subsidiary of Minth Group [1] - Minth Group and Luyuan Harmony are expected to hold 60% and 40% stakes in the joint venture, respectively [1] - The initial capital contribution for the joint venture is projected to be $10 million (approximately 78 million HKD), funded according to their respective ownership percentages [1] Group 2: Strategic Objectives - The partnership aims to accelerate market expansion in North America by leveraging Minth Group's global resources and Luyuan Harmony's technical expertise in the transmission field [1] - The collaboration is intended to deepen cooperation in the humanoid robot joint module sector, achieving industrial synergy and mutual benefits [1] - This initiative is expected to open new revenue streams for both companies [1]

格隆汇2月9日丨敏实集团(00425.HK)发布公告，集团已与绿的谐波(688017.SH)就拟于美国成立合资公 司的主要条款达成框架协议，该合资公司将致力于在北美开展人形机器人关节模组总成的设计、制造及 商业化拓展。 在获得适用监管批准的前提下，加州敏实(即Minth California Inc.，为公司的全资附属公司)与绿的谐波 将成立合资公司并订立合资协议及股东协议。预期加州敏实与绿的谐波将分别持有合资公司60%及40% 的股权。合资公司的初始资本出资总额预计为1000万美元(约合7800万港元)，将由加州敏实与绿的谐波 按其初始持股比例进行出资。 根据框架协议，集团将与绿的谐波携手加速北美市场的拓展。依托集团的全球资源与平台以及绿的谐波 在传动领域方面的技术专长，双方致力于通过优势互补深化在人形机器人关节模组领域的合作，实现产 业联动及互利共赢，从而为双方开辟新的收入来源。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 MINTH GROUP LIMITED 敏實集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：425） 自願公告 人工智能機器人領域之框架協議 本公告系本公司自願刊發，以使本公司股東及潛在投資者獲悉本集團的最新業務發 展。 本公司欣然宣佈，本集團已與綠的諧波就擬於美國成立合資公司的主要條款達成框 架協議，該合資公司將致力於在北美開展人形機器人關節模組總成的設計、製造及 商業化拓展。 框架協議主要條款之概要載列如下。 有關本集團的資料 本集團主要擁有兩大類業務，即汽車零部件和工裝模具的研發（「研發」）、生產和銷 售。本集團汽車零部件業務主要包括金屬及飾條、塑件、鋁件和電池盒等產品。工 裝模具業務主要包括汽車外飾件、車身結構件在開發、加工和生產過程中的各類模 具、檢具與夾具。本集團亦積極開拓新的賽道和產品，聚力發展第二增長曲線。本 集團聚焦人工智能、機器人、低空經濟、智能出行等新領域的研發和開拓。 ...

Core Viewpoint - Minth Group (00425) is projected to achieve a revenue target of 72 billion RMB by 2030, indicating a compound annual growth rate (CAGR) of over 20% for the next five years, surpassing the bank's forecast of 13% and the market's expectations of 14% to 15% [1] Group 1: Revenue Growth - The company aims for a revenue target of 72 billion RMB by 2030, with a CAGR exceeding 20% [1] - The growth factors include new product lines such as smart exterior components, liquid cooling components, humanoid robot components, electric vertical takeoff and landing aircraft components, and wireless charging components [1] Group 2: Cost Management and Profitability - Despite recent increases in aluminum prices, the company has a strong cost pass-through mechanism, and gross profit margins are expected to remain stable by 2026 [1] - Concerns regarding rising aluminum prices are low, with expectations that the gross margin for aluminum products will benefit from new orders and leverage effects [1] Group 3: Market Catalysts - Recent electric vehicle subsidies introduced in Germany are likely to act as a catalyst for Minth Group's business as a leading supplier of battery enclosures in Europe [1]

Core Viewpoint - Minth Group (00425) is projected to achieve a revenue target of 72 billion RMB by 2030, indicating a compound annual growth rate (CAGR) of over 20% for the next five years, surpassing the bank's forecast of 13% and the market's expectations of 14% to 15% [1] Group 1 - The company's growth will be driven by new product lines including smart exterior components, liquid cooling components, humanoid robot components, electric vertical takeoff and landing (eVTOL) aircraft components, and wireless charging components [1] - Despite recent increases in aluminum prices, the company has a strong cost pass-through mechanism, and gross profit margins are expected to remain stable by 2026 [1] - The recent introduction of electric vehicle subsidies in Germany is likely to act as a catalyst for Minth Group's business as a leading supplier of battery enclosures in Europe [1]

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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 敏實集團有限公司 呈交日期: 2026年2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 | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/註冊股本總額 ...

Core Viewpoint - DWS has released a report stating that Minth Group (00425) aims to achieve a revenue of 72 billion RMB by 2030, with a compound annual growth rate (CAGR) of over 20% for the next five years, exceeding DWS's forecast of 13% and the market's general expectation of 14% to 15% [1][5] Group 1 - DWS maintains a "Buy" rating for Minth Group, raising the target price from 40 HKD to 45 HKD [1][5] - Additional growth is expected to come from new product lines including smart exterior components, liquid cooling components, humanoid robot components, electric vertical take-off and landing aircraft components, and wireless charging components [1][5] - Despite recent increases in aluminum prices, the group has a strong cost transfer mechanism, and gross profit is expected to remain stable by 2026 [1][5] Group 2 - DWS has revised its net profit forecasts for Minth Group for 2025 to 2027, increasing them by 6%, 10%, and 14% respectively, resulting in projected profits of 2.754 billion, 3.229 billion, and 3.866 billion RMB [1][5]

Core Viewpoint - Minth Group (00425) aims to achieve a revenue target of 72 billion RMB by 2030, indicating a compound annual growth rate (CAGR) of over 20% for the next five years, surpassing the bank's forecast of 13% and the market's expectation of 14% to 15% [1] Group 1 - The bank maintains a "Buy" rating on Minth Group, raising the target price from 40 HKD to 45 HKD [1] - Additional growth is expected from new product lines including smart exterior components, liquid cooling components, humanoid robot components, electric vertical take-off and landing aircraft components, and wireless charging components [1] - Despite recent increases in aluminum prices, the company has a strong cost pass-through mechanism, and gross margins are expected to remain stable through 2026 [1] Group 2 - The bank has revised its net profit forecasts for Minth Group for 2025, 2026, and 2027, increasing them by 6%, 10%, and 14% respectively, resulting in projected profits of 2.754 billion, 3.229 billion, and 3.866 billion RMB [1]

Investment Rating - The report maintains a BUY rating for Minth Group, indicating a potential return of over 15% over the next 12 months [1][8]. Core Insights - The company is expected to see solid earnings growth in the second half of 2025, with a projected net profit increase of 17% year-over-year for FY25E. This growth is anticipated to accelerate further in FY26-27E, driven by the expansion in battery housing and contributions from new business segments such as humanoid robots and AI server liquid cooling systems [1][8]. - Revenue forecasts for FY25E, FY26E, and FY27E have been revised upwards by 3-6%, reflecting a positive outlook for the company's performance in these years [8][10]. Financial Summary - For FY25E, revenue is projected at RMB 25,945 million, with a year-over-year growth of 12.1%. Net profit is expected to reach RMB 2,708 million, reflecting a 16.8% increase [2][12]. - The company’s earnings per share (EPS) for FY25E is estimated at RMB 2.36, with a price-to-earnings (P/E) ratio of 13.5x [2][12]. - The gross profit margin is expected to be 28.7% for FY25E, with operating and net margins projected at 12.1% and 10.4%, respectively [10][12]. Share Performance - The target price for Minth Group has been set at HK$42.00, representing a 17.3% upside from the current price of HK$35.80 [3]. - The market capitalization of the company is approximately HK$42,313.8 million, with an average turnover of HK$228.4 million over the past three months [3]. Shareholding Structure - The largest shareholder is Chin Jong-Hwa's family, holding 38.1% of the shares, followed by Invesco Asset Management with 6.0% [4]. Growth Projections - The company anticipates a 16% year-over-year increase in NEV sales volume in Europe for FY26E, which is expected to benefit its battery housing business significantly [8]. - New business segments are projected to contribute over RMB 1 billion in revenue by FY27E, with additional contributions from door sealing systems and other new businesses expected to exceed RMB 0.5 billion [8]. Valuation - The report maintains a target price based on a P/E ratio of 13x for the revised FY26E EPS, reflecting confidence in the company's growth trajectory [8].

Core Viewpoint - The report from Dahua Jixiang indicates that Minshi Group aims to achieve a revenue of 72 billion yuan by 2030, with an expected compound annual growth rate (CAGR) of over 20% for the next five years, surpassing the bank's forecast of 13% and the market's general expectation of 14% to 15% [1] Group 1 - The additional growth is anticipated to come from new product lines including smart exterior components, liquid cooling components, humanoid robot components, electric vertical takeoff and landing (eVTOL) aircraft components, and wireless charging components [1] - Despite recent increases in aluminum prices, the group has a strong cost transfer mechanism, and it is expected that gross profit will remain stable by 2026 [1] Group 2 - The bank has raised its net profit forecasts for Minshi for 2025, 2026, and 2027 by 6%, 10%, and 14% respectively, resulting in projections of 2.754 billion, 3.229 billion, and 3.866 billion yuan [1] - The rating remains "Buy," and the target price has been increased from 40 HKD to 45 HKD [1]