Investment Rating - The report assigns an "Overweight" rating to the company for the first time [1] Core Views - The company is a global leader in automotive exterior parts, with a diversified product portfolio including plastic, metal, and aluminum components, as well as battery boxes [2] - The company has a strong market position in traditional businesses such as metal trim, aluminum parts, and plastic parts, ranking first domestically and globally in certain segments [2] - The battery box business has become a major growth driver, with global market share increasing from 2.1% in 2021 to 13.3% in 2023 [2] - The company is actively developing intelligent exterior products, including smart front faces, tailgates, and side doors, with significant breakthroughs in the intelligent B-pillar and electric side door systems [2] Financial Performance and Forecast - The company's revenue is expected to grow from RMB 25.115 billion in 2024 to RMB 34.032 billion in 2026, with a CAGR of 13.13% [3] - Net profit attributable to shareholders is projected to increase from RMB 2.342 billion in 2024 to RMB 3.143 billion in 2026 [3] - The PE ratio is expected to decline from 6.78x in 2024 to 5.05x in 2026, indicating an attractive valuation [3] Business Segments - **Metal and Trim**: Revenue is expected to grow steadily, with a CAGR of 4-6% from 2024 to 2026, driven by recovery in domestic and overseas markets [48] - **Aluminum Parts**: Revenue is forecasted to grow at a CAGR of 15% from 2024 to 2026, supported by strong demand in both domestic and international markets [48] - **Plastic Parts**: Revenue is projected to grow at a CAGR of 18-20% from 2024 to 2026, benefiting from the recovery in demand in China and overseas markets [48] - **Battery Box**: Revenue is expected to grow significantly, with a CAGR of 40% from 2024 to 2026, driven by the rapid expansion of the new energy vehicle market [48] Industry and Market Position - The company is a leading global supplier of automotive exterior parts, with a strong presence in the battery box market, ranking second domestically in 2020 [2] - The battery box market is expected to grow significantly, with global market size projected to reach RMB 44.4 billion by 2026, driven by the rapid growth of the new energy vehicle market [34] - The company has a competitive advantage in the battery box market due to its global production layout and "local supply" strategy, which reduces transportation costs for large components [2] Innovation and Future Growth - The company is actively developing intelligent exterior products, including smart front faces, tailgates, and side doors, with significant breakthroughs in the intelligent B-pillar and electric side door systems [2] - The company is also focusing on lightweight and integrated chassis solutions for battery boxes, which are expected to be key growth areas in the future [41] Valuation and Peer Comparison - The company's PE ratio is lower than its peers, with a 2024 PE of 6.78x compared to the median PE of 12.83x for comparable companies, indicating an attractive valuation [52] - The company's revenue growth and profitability are among the top in its peer group, with a strong focus on R&D and innovation, which supports its future growth potential [51]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 26.43 for 2024, based on a 12x PE multiple [2] Core Investment Thesis - Long-term: The company is well-positioned to benefit from global capacity coordination, electrification trends, and localization, with battery box business as a key growth driver [2] - Medium-term: Traditional exterior parts business is expected to grow steadily due to trends in intelligence and integration [2] - Short-term: Revenue is pressured by downstream customers, but battery box business is growing rapidly due to increased market share of new energy vehicles [2] Financial Projections - Revenue is expected to grow from RMB 20.52 billion in 2023 to RMB 36.45 billion in 2026, with a CAGR of 21.0% [3] - Net profit is projected to increase from RMB 1.90 billion in 2023 to RMB 3.97 billion in 2026, with a CAGR of 26.7% [3] - EPS is forecasted to rise from RMB 1.65 in 2023 to RMB 3.42 in 2026 [3] Business Overview - The company is a global leader in automotive exterior parts and battery boxes, with over 70 factories worldwide [12] - Key product lines include metal and trim parts, plastic parts, aluminum parts, and battery boxes, contributing 25.6%, 26.4%, 20.3%, and 16.6% of total revenue in 2023, respectively [15] - The battery box business has grown rapidly, with revenue increasing from RMB 270 million in 2021 to RMB 3.54 billion in 2023 [18] Market Trends - Europe's electrification trend remains strong despite subsidy reductions, driven by carbon emission regulations and fuel economy standards [26] - The global battery box market is expected to reach RMB 63.8 billion by 2026, with a CAGR of 21.0% [44] - Localization is becoming a key trend, with the company expanding its overseas capacity to meet customer demands [55] Competitive Advantages - The company has a comprehensive product portfolio and strong R&D capabilities, with a focus on high-performance aluminum materials [53] - It has a diversified customer base, including major automakers such as Volkswagen, BMW, and Renault [54] - The company's vertical integration in the supply chain provides cost advantages and enhances its technological development capabilities [53] Industry Outlook - The automotive exterior parts market is expected to grow due to trends in intelligence and integration, with the company benefiting from its mature technology and patent barriers [2] - The battery box industry is highly competitive, but the company's cost efficiency, comprehensive manufacturing processes, and global capacity give it a strong position [47]

Automotive Market Performance - During the six months ended June 30, 2024, China's passenger car production and sales reached approximately 11.886 million and 11.979 million units, representing year-on-year growth of about 5.4% and 6.3% respectively[8]. - The export of complete vehicles from China during the review period was approximately 2.793 million units, showing a significant year-on-year increase of about 30.5%[8]. - The market share of Chinese brand passenger cars increased to approximately 61.9%, up about 8.8 percentage points year-on-year, marking a new high[8]. - The sales volume of new energy vehicles in China was approximately 4.944 million units, with a year-on-year growth of about 32%, resulting in a market share of approximately 35.2%[8]. - Global light vehicle sales during the review period were approximately 42.354 million units, reflecting a year-on-year increase of about 2.3%[9]. - In emerging markets, Brazil and India saw year-on-year growth of approximately 15.7% and 7.2% respectively, while the Thai market experienced a decline of about 24.2%[9]. Company Strategy and Operations - The company continues to enhance operational efficiency through effective collaboration across its four product lines: plastic parts, aluminum parts, metal and decorative strips, and battery boxes[10]. - The company is committed to a "Glocal" strategy, optimizing local layouts while maintaining global advantages to strengthen its core competitiveness in technology, products, resources, and talent[10]. - The company is planning a new site in Canada to further expand its global research, design, production, and sales network[10]. - The company is implementing a systematic management process for asset life cycles to achieve optimal capacity layout aligned with its global operations[10]. - The group has achieved rapid growth in revenue from battery box business, chassis structural components, and intelligent exterior parts, while traditional products also showed steady growth[11]. Financial Performance - The group's revenue for the review period was approximately RMB 11,090,414,000, an increase of about 13.8% compared to RMB 9,747,406,000 in the same period of 2023[15]. - Revenue from the Chinese market was approximately RMB 4,525,885,000, up about 7.5% from RMB 4,211,482,000 in the same period of 2023, driven mainly by the battery box business[15]. - International revenue reached approximately RMB 6,564,529,000, an increase of about 18.6% from RMB 5,535,924,000 in the same period of 2023, primarily due to rapid growth in the battery box business and improvements in traditional product sales in North America and the Asia-Pacific region[16]. - The attributable profit for the period was approximately RMB 1,068,192,000, an increase of about 20.4% from RMB 887,300,000 in the same period of 2023, driven by revenue growth and improved production efficiency[25]. - Gross profit for the period was approximately RMB 3,161,637,000, representing a 23.4% increase from RMB 2,562,733,000 in the same period last year, with a gross margin of 28.5%[28]. Sustainability and Safety Initiatives - The group has set a target for carbon peak by 2030 and carbon neutrality by 2050, with a focus on energy management and carbon emission reduction[12]. - The group’s injury accident rate per million working hours was 0.73 during the review period, reflecting a commitment to workplace safety[13]. - The group has implemented a digital EHS system with six modules to enhance global factory EHS management efficiency and risk prevention capabilities[12]. - The group is committed to sustainable development, actively participating in climate change initiatives to mitigate associated risks[13]. Research and Development - The group has filed 168 new patent applications during the review period, including 26 high-value patents and 18 international patent applications[23]. - The group has developed the Minal®-S636 aluminum alloy, which has passed real vehicle collision performance verification, achieving international advanced levels[22]. - The group has successfully developed various green low-carbon materials, achieving a comprehensive carbon reduction rate of over 30%[22]. - The group is focusing on expanding its product offerings in electric vehicle wireless charging and battery box integration technology[21]. Human Resources and Corporate Governance - The company focused on enhancing global strategic innovation and leadership capabilities, aiming for efficient global organizational layout and sustainable development[45]. - The company conducted 45 value consensus workshops to strengthen core values and promote a shared understanding among employees[45]. - The company is actively promoting global talent development and digital management systems to enhance leadership and team growth[46]. - The company has launched a global HR master data project to improve governance and collaboration in human resources[46]. - The audit committee, consisting of four independent non-executive directors, reviewed the group's internal control systems and financial statements[88]. Shareholder Information and Stock Options - Major shareholder Qin Ronghua holds a controlling interest with 450,072,000 shares, representing 38.73% of the company's issued share capital as of June 30, 2024[80]. - The company did not grant any stock options during the review period, and 538,200 stock options lapsed due to the resignation of grantees[52]. - The total number of stock options that can be granted under the 2022 stock option plan as of January 1, 2024, and June 30, 2024, is 116,183,579 and 86,183,579 respectively[49]. - The company has not experienced any forfeited contributions from employees under the share incentive plan during the review period[73]. - The company is committed to revising its share incentive plan without adversely affecting the rights of any selected participants[68]. Market Outlook - The company anticipates continued growth in the Chinese passenger car market, driven by ongoing price reductions by automakers and the introduction of trade-in subsidies[74]. - The company noted that the price war among car manufacturers intensified towards the end of Q1 2024, leading to increased sales volume[74]. - The company plans to focus on maintaining profit margins rather than participating blindly in price wars as the market enters a seasonal sales decline[74]. - In the review period, the Chinese automotive market is expected to see a gradual return to normal competition in the second half of the year, with a projected annual sales volume of approximately 26.8 million passenger vehicles in 2024, reflecting a year-on-year growth of about 3%[75]. - The global light vehicle market is forecasted to reach an annual sales volume of approximately 88.6 million units in 2024, representing a year-on-year increase of around 2.4%[76].

Investment Rating - Strong Buy (Maintained) with a target price of HKD 16.6 [1] Core Views - Revenue growth in 1H24 was in line with expectations, with traditional exterior parts slightly exceeding expectations and battery box business slightly below expectations [1] - Net profit growth in 1H24 was in line with expectations, with stable gross margins and increased expenses due to rising freight costs [1] - Future growth is expected to be driven by the battery box business and other new products, with a stable growth outlook [1] - Adjusted net profit forecasts for 2024-2025 to RMB 2.2 billion and RMB 2.58 billion, respectively, and introduced a 2026 forecast of RMB 3.1 billion [1] Financial Performance - 1H24 revenue: RMB 11.1 billion, +14% YoY, +2.9% QoQ [1] - 1H24 net profit: RMB 1.07 billion, +20% YoY, +5.1% QoQ [1] - Gross margin: 28.5%, +2.2PP YoY, flat QoQ [1] - Sales expense ratio: 4.8%, +0.8PP QoQ due to rising freight costs [1] - Management expense ratio: 6.7%, -1.0PP QoQ [1] - R&D expense ratio: 6.4%, -1.0PP QoQ [1] Business Segments - Traditional exterior parts revenue: RMB 7.8 billion, +10% YoY, -7% QoQ [1] - Metal and trim: RMB 2.5 billion, +1.2% YoY [1] - Plastic parts: RMB 2.8 billion, +14% YoY [1] - Aluminum parts: RMB 2.4 billion, +14% YoY [1] - Battery box and structural parts revenue: RMB 2.4 billion, +33% YoY, +24% QoQ [1] Future Outlook - Growth is expected to be driven by the battery box business and other new products [1] - The company is expanding its product categories in structural parts and traditional exterior parts to hedge against joint venture customers [1] - The company benefits from improved gross margins and expense ratios due to new business growth and the end of a high-intensity investment cycle [1] Valuation and Forecasts - 2024E revenue: RMB 24.123 billion, +17.5% YoY [2] - 2025E revenue: RMB 28.232 billion, +17.0% YoY [2] - 2026E revenue: RMB 33.091 billion, +17.2% YoY [2] - 2024E net profit: RMB 2.201 billion, +15.7% YoY [2] - 2025E net profit: RMB 2.577 billion, +17.1% YoY [2] - 2026E net profit: RMB 3.1 billion, +20.3% YoY [2] - 2024E PE: 5.9x, 2025E PE: 5.0x, 2026E PE: 4.2x [2]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved steady growth in the first half of 2024, with revenue reaching 11.09 billion yuan, a year-on-year increase of 13.8%, and net profit attributable to the parent company reaching 1.068 billion yuan, a year-on-year increase of 20.4% [3] - The company made significant breakthroughs in the body and chassis structural components business, expanding its market share with key clients such as Honda, Geely, and Stellantis, and securing new orders for subframes and electric control/motor housings [3] - The company plans to repurchase up to 116,199,359 shares, with a maximum budget of 500 million HKD, to be executed based on market conditions [3] - The diversified product portfolio and balanced customer structure are expected to support long-term sustainable growth, with projected net profits of 2.18 billion yuan, 2.49 billion yuan, and 2.94 billion yuan for 2024-2026, respectively [3] Financial Performance - Revenue for 2024 is forecasted to be 24.247 billion yuan, with a year-on-year growth of 18.1%, and net profit is expected to reach 2.184 billion yuan, a 14.7% increase [4] - Gross margin for 2024 is projected to be 27.4%, with a net margin of 9.01% [4] - ROE is expected to improve from 10.39% in 2023 to 11.34% in 2026 [4] - EPS for 2024 is forecasted to be 1.88 yuan, increasing to 2.53 yuan by 2026 [4] Valuation and Peer Comparison - The company's 2024 PE ratio is estimated to be 6.44x, with a PB ratio of 0.69x [7] - Compared to peers, the company's valuation is relatively attractive, with a mean PE ratio of 15.9x for 2024 among comparable companies [5] Financial Position - The company's asset-liability ratio decreased to 26.9% in the first half of 2024, down by 1.5 percentage points year-on-year [3] - Cash flow from operating activities is expected to improve significantly, from 1.513 billion yuan in 2024 to 2.993 billion yuan in 2026 [7] - Total assets are projected to grow from 37.547 billion yuan in 2023 to 50.066 billion yuan in 2026 [8] Market Performance - The stock's absolute return over the past 3 months was -16.0%, underperforming the CSI 300 index by 11.2% [2] - The stock's 52-week price range is between 9.60 HKD and 23.95 HKD, with a current price of 12.10 HKD as of May 28, 2024 [1]

Financial Performance - Revenue increased by approximately 13.8%, reaching approximately RMB 11,090 million compared to RMB 9,747 million in the same period of 2023[2] - Gross profit margin improved to approximately 28.5% from 26.3% in the same period of 2023[2] - Profit attributable to owners of the company grew by approximately 20.4%, amounting to approximately RMB 1,068 million compared to RMB 887 million in the same period of 2023[2] - Basic earnings per share were approximately RMB 0.928, up from RMB 0.771 in the same period of 2023[5] - Total comprehensive income for the period was RMB 1,001,976, compared to RMB 1,058,992 in the same period of 2023[4] - The group reported a total revenue of RMB 11,090,414,000 for the six months ended June 30, 2023, with a segment profit of RMB 3,161,637,000[15] - For the six months ended June 30, 2024, the group achieved a revenue of RMB 9,747,406,000, with a segment profit of RMB 2,562,733,000[15] - The net profit for the period ended June 30, 2024, was RMB 897,471,000, compared to RMB 1,076,662,000 for the same period in 2023[15] Assets and Liabilities - Non-current assets increased to RMB 20,571,354 from RMB 20,053,912 as of December 31, 2023[6] - Current assets rose to RMB 18,006,005 from RMB 17,493,394 as of December 31, 2023[6] - Total equity increased to RMB 20,157,691 from RMB 19,139,879 as of December 31, 2023[8] - The company reported a net cash and cash equivalents of RMB 5,503,250, up from RMB 4,165,305 as of December 31, 2023[6] - The company’s total liabilities decreased to RMB 14,263,477 from RMB 14,117,393 as of December 31, 2023[7] Employee and Operational Costs - The group incurred a total employee cost of RMB 2,356,933,000 for the six months ended June 30, 2024, an increase from RMB 2,014,181,000 in the previous year[18] - The group reported a depreciation and amortization total of RMB 733,475,000 for the six months ended June 30, 2024, compared to RMB 688,416,000 in 2023[18] - Distribution and selling expenses increased to approximately RMB 531,118,000, representing about 4.8% of revenue, up from 3.7% in the same period of 2023[48] Inventory and Receivables - The group recognized a total inventory cost of RMB 7,928,777,000 for the six months ended June 30, 2024, compared to RMB 7,184,673,000 in the same period of 2023[18] - Trade receivables from third parties amounted to RMB 4,966,428 thousand as of June 30, 2024, an increase from RMB 4,743,969 thousand as of December 31, 2023, reflecting a growth of approximately 4.7%[23] - The total amount of trade receivables and other receivables reached RMB 6,697,688 thousand as of June 30, 2024, compared to RMB 6,609,980 thousand as of December 31, 2023, indicating a rise of about 1.3%[23] Tax and Compliance - The income tax expense for the six months ended June 30, 2024, was RMB 196,031,000, down from RMB 219,782,000 in the previous year[17] - The group has adopted the standards set out in the Listing Rules Appendix C3 for securities trading by directors, confirming compliance during the review period[72] - The Audit Committee, consisting of four independent non-executive directors, has reviewed the internal control systems and the integrity of the financial statements for the six months ending June 30, 2024[73] Market and Industry Trends - During the review period, China's passenger vehicle production and sales reached approximately 11.886 million and 11.979 million units, representing year-on-year growth of about 5.4% and 6.3%, respectively[29] - The export of complete vehicles from China during the review period was approximately 2.793 million units, showing a significant year-on-year increase of about 30.5%[29] - The market share of Chinese brand passenger vehicles increased to approximately 61.9%, up by about 8.8 percentage points year-on-year, marking a new high[29] - The sales of new energy vehicles in China reached approximately 4.944 million units, reflecting a year-on-year growth of about 32% and a market share of approximately 35.2%[29] Strategic Initiatives - The company continues to focus on digital transformation, implementing systems like ERP and MES to improve operational efficiency and decision-making processes[32] - The company is actively pursuing new business orders from Japanese and Korean manufacturers in the international market, achieving steady progress[32] - The company has implemented a global operational key data platform to facilitate timely operational adjustments and improvements across its factories[32] - The company has signed a strategic cooperation framework agreement with Siemens to develop wireless charging integrated technology for battery boxes[40] Research and Development - Research and development expenses were approximately RMB 714,608,000, up from RMB 615,618,000 in the same period of 2023, accounting for about 6.4% of revenue[50] - The company has filed 168 new patents during the review period, including 26 high-value patents and 18 international patents, enhancing its global patent layout[42] - The company has developed the ECO-ALUMIN® S series green collision aluminum material, with carbon emissions less than 2.5 Kg CO2/Kg AL, in response to global carbon neutrality goals[43] Future Outlook - The company plans to explore business opportunities in product innovation and green environmental protection in the second half of 2024, aiming for business transformation and resource integration in the Asia-Pacific, Europe, and North America regions[62] - The company aims to leverage favorable policies and trends in new energy product development, smart technology innovation, and lightweight design to drive strategic layout and technological innovation[68] - The company is currently in the process of selecting a new CEO following the resignation of the previous one, with Wei Qinglian serving as both the Executive Director and Chairman during this transition period[72]

Investment Rating - The report initiates coverage of Minth Group with a BUY rating and a target price of HK$21.00, indicating a potential upside of 70.2% from the current price of HK$12.34 [2][4][51]. Core Insights - Minth Group is transitioning from a manufacturer of exterior decorative parts to a diversified tier-1 supplier with capabilities in various materials, positioning it well against trade risks due to its solid overseas foundation [2][15][17]. - The company’s overseas operations contributed approximately 10% to its total net profit in FY23, with expectations for overseas net profit to double by FY26E [2][21]. - The battery housing segment is projected to grow significantly, with expected revenue increases of 60% in FY24, 35% in FY25, and 30% in FY26, driven by the global EV market expansion [2][33][36]. Summary by Sections Company Overview - Founded in 1992, Minth Group has evolved into a diversified tier-1 supplier with multi-material manufacturing capabilities, generating 51% of its revenue from China, 24% from North America, and 20% from Europe in FY23 [15][16]. - The battery housing business, initiated in 2019, accounted for 17% of total revenue in FY23, with significant growth potential in related chassis structural parts [15][23]. Investment Thesis - Minth's extensive overseas experience provides a competitive edge in navigating trade risks, with profitable operations in Mexico and Serbia [17][18]. - The company is well-positioned to supply Chinese OEMs for local production in Europe, helping them bypass tariffs imposed on EVs produced in China [19][21]. Financial Analysis - Revenue is projected to grow by 19% in FY24, 15% in FY25, and 13% in FY26, with net profit expected to increase by 18%, 14%, and 13% respectively during the same period [41][46]. - The gross margin is anticipated to be around 27.2% in FY24, slightly declining due to the rising contribution from the battery housing segment [42][49]. Valuation - The target price of HK$21.00 is based on a 10x FY24E P/E, reflecting a historical average and the current low valuation of the stock [51][52].

Stock Data and Valuation - The stock's closing price on May 27 was HKD 16.16, with a 52-week price range of HKD 10.10-25.40 [1] - The company has a total market capitalization of HKD 187.78 billion, with 1.162 billion shares outstanding [1] - The report maintains an "Outperform" rating for the stock, with a target price range of HKD 20.21-24.25 for 2024, based on a 10-12x PE ratio [2] Financial Performance and Projections - In 2023, the company achieved revenue of RMB 20.52 billion, up 18.6% YoY, and net profit of RMB 1.90 billion, up 26.8% YoY [4] - Revenue is projected to grow to RMB 24.25 billion in 2024, RMB 27.46 billion in 2025, and RMB 30.69 billion in 2026 [5] - Net profit is expected to reach RMB 2.18 billion in 2024, RMB 2.49 billion in 2025, and RMB 2.94 billion in 2026 [5] - EPS is forecasted to be RMB 1.88 in 2024, RMB 2.15 in 2025, and RMB 2.53 in 2026 [5] Business Highlights - The company achieved record-high new business contracts in 2023, with significant progress in battery boxes, body chassis components, and intelligent products [4] - Battery box business expanded globally, with new contracts in Europe, China, and North America, including first-time orders from Nissan, Stellantis, and Hyundai-Kia [4] - Intelligent product portfolio grew to include electric door systems, illuminated front/rear masks, active grille shutters, and variable spoilers, serving Chinese, European, Japanese, and cross-industry tech clients [4] Financial Ratios and Metrics - Gross margin remained stable at 27.4% in 2023, with slight improvement expected to 28.0% by 2026 [5] - ROE improved to 10.4% in 2023 and is projected to reach 11.3% by 2026 [5] - Current ratio improved from 1.24 in 2023 to 1.36 in 2024E, while quick ratio increased from 0.81 to 0.90 [7] - P/E ratio is 9.63x for 2023 and expected to decrease to 8.60x in 2024 [7] Industry Comparison - The company's 2024E PE ratio of 8.6x is lower than industry peers such as Hesheng (18.0x), Huada (26.1x), and Lingyun (14.1x) [6] - Average industry PE for 2024 is 19.4x, significantly higher than the company's valuation [6]

Summary of Conference Call Company and Industry - The conference call involves Minshi Group, focusing on the company's annual report for 2023 and outlook for 2024 [1] Core Points and Arguments - The Secretary of the Board, Yu, is invited to present the annual report for 2023 and discuss the outlook for 2024 [1] Other Important Content - The call emphasizes the importance of discussing the performance of selected outstanding companies, indicating a focus on quality within the industry [1]

[Table_Page] 公告点评|汽车与汽车零部件 证券研究报告 [【Table_T广itle] 发 汽 车 & 海 外 】 敏 实 集 团 [公Tab司le_I评nves级t] 买入 当前价格 14.76港元 （00425.HK） 合理价值 25.80港元 前次评级 买入 公告新股权激励计划，彰显企业经营向好信心 报告日期 2024-05-05 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现  公司授出总计3000万份购股权。2024年5月2日，公司发布授出购 20% 6% 股权的公告，公司已根据其于 2022 年 5 月 31 日采纳的购股权计划 -8%05/23 07/23 09/23 11/23 01/24 03/24 05/24 （2022年购股权计划）向若干合格参与者（即集团雇员）授予购股权， -22% 以认购总计 3000 万股于该公告发布日期每股面值为港币 0.10 元的已 -36% 发行普通股份。授予购股权旨在将员工的利益与公司联动，并激发公司 -50% 敏实集团 恒生指数 在关键领域成为全球领袖，为公司的永续和全球化经营创造长期价值， ...