Group 1 - The core viewpoint of the article highlights that Minth Group (00425) is expected to see a revenue growth rate of approximately 50% year-on-year for its battery box business in 2024 and the first half of 2025, benefiting from the increase in electric vehicle production in Europe [1][2] - The company has secured orders from major European automakers such as Volkswagen, Stellantis, and Renault, which positions it well to capitalize on the growing demand for electric vehicles [1] - The company is focusing on enhancing its production capacity and reducing costs, which is expected to lead to an increase in gross profit margins and profit elasticity [1] Group 2 - Minth Group is recognized as a leading global supplier of automotive exterior and body structural parts, with a diversified product line that includes plastic parts, metal and decorative parts, aluminum components, and battery boxes [2] - The traditional business of the company is experiencing steady growth, while the battery box segment is anticipated to contribute significantly to profit elasticity due to the rise in electric vehicle production in Europe [2] - The company is actively exploring new sectors such as low-altitude economy, robotics, and AI liquid cooling systems, which are expected to create a third growth curve for the business [2] - The forecasted net profit for the company from 2025 to 2027 is projected to be 2.74 billion, 3.32 billion, and 3.99 billion yuan respectively, with corresponding EPS of 2.36, 2.85, and 3.43 yuan per share, indicating a favorable valuation with PE ratios of 13.4, 11.1, and 9.2 times [2]

报告中称，2024年、2025H1公司电池盒业务营收同比增速均在50%左右。公司订单覆盖大众、 Stellantis、雷诺等欧系车企的畅销电车平台，有望持续受益于欧洲电动车放量;且在产能利用率提升与降 本增效的作用下，毛利率持续提升，带来利润弹性。 此外，在低空经济赛道，公司聚焦机体和旋翼两大产品系统，已与亿航智能签订战略合作协议;在机器 人领域，公司聚焦一体化关节模组、机器人电子皮肤、智能面罩、机器人无线充电系统和肢体结构件， 已与智元机器人签订战略合作协议;此外，公司重点布局和推动AI液冷系统相关产品的开发和落地。 智通财经APP获悉，开源证券发布研报称，敏实集团(00425)传统业务增长较为稳健，电池盒业务受益于 欧洲电动车放量，有望贡献利润弹性，且公司已形成较为全面的全球产能布局，构筑产能壁垒。此外， 公司积极开拓低空、机器人、AI液冷等新赛道，有望形成第三成长曲线。该行预计公司2025-2027年归 母净利润分别为27.40、33.18、39.86亿元，EPS分别为2.36、2.85、3.43元/股，首次覆盖，给予"买入"评 级。 ...

Core Viewpoint - The report from Open Source Securities indicates that Minth Group (00425) is experiencing steady growth in its traditional business, with its battery box segment benefiting from the increase in electric vehicle production in Europe, which is expected to contribute to profit elasticity. The company has established a comprehensive global production capacity, creating a capacity barrier. Additionally, the company is actively exploring new sectors such as low-altitude economy, robotics, and AI liquid cooling, which may form a third growth curve [1] Group 1 - The company is projected to achieve net profits attributable to shareholders of 2.74 billion, 3.32 billion, and 3.99 billion yuan for the years 2025 to 2027, with earnings per share (EPS) of 2.36, 2.85, and 3.43 yuan per share respectively [1] - The revenue growth rate for the battery box business is expected to be around 50% year-on-year for both 2024 and the first half of 2025 [1] - The company has secured orders covering popular electric vehicle platforms from European automakers such as Volkswagen, Stellantis, and Renault, which positions it to continue benefiting from the increase in electric vehicle production in Europe [1] Group 2 - The company is focusing on two main product systems in the low-altitude economy sector, having signed a strategic cooperation agreement with EHang Intelligent [1] - In the robotics field, the company is concentrating on integrated joint modules, robotic electronic skin, smart masks, wireless charging systems for robots, and limb structural components, and has signed a strategic cooperation agreement with Zhiyuan Robotics [1] - The company is also prioritizing the development and implementation of AI liquid cooling system-related products [1]

Core Insights - The report indicates that the macroeconomic environment remains resilient, with September exports expected to show strength, supported by a 7.3% year-on-year increase in port throughput [4][8] - Industrial enterprises have shown significant improvement in profitability, with August profits rising by 20.4% year-on-year, marking a positive shift in the overall industrial profit landscape [16][17] - The real estate market is experiencing a short-term boost due to relaxed policies, with new housing transaction volumes in major cities showing a notable increase [7] Macroeconomic Overview - Construction activity is showing a mixed picture, with industrial production remaining strong while construction demand is weak [4][5] - Recent data shows that industrial production is at a historically high level, with specific sectors like chemical and automotive maintaining robust operational rates [4] Industry Performance - The non-bank financial sector and metals industry have seen significant gains, with respective increases of 3.843% and 3.781% [2] - The power equipment sector has also performed well, reflecting a broader trend of recovery in industrial sectors [2] Company-Specific Insights - The report highlights that Minth Group is well-positioned to benefit from the growing electric vehicle market in Europe, with expected revenue growth of around 50% for its battery box business [42][43] - Ji Hong Co. anticipates a substantial profit increase of 55-65% year-on-year for Q3 2025, driven by its cross-border e-commerce and packaging businesses [29] Investment Recommendations - The report suggests focusing on high-growth sectors such as gold jewelry, retail, and cosmetics, recommending companies that demonstrate strong consumer insights and innovative product offerings [35] - Specific companies like Ji Hong Co. and Minth Group are highlighted as potential investment opportunities due to their strong market positions and growth prospects [29][42]

Company Information [Board of Directors and Corporate Structure](index=4&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%88%87%E5%85%AC%E5%8F%B8%E6%9E%B6%E6%A7%8B) This section lists the basic company information of Minth Group, including its board members (executive, non-executive, and independent non-executive directors), company secretary, registered office, group headquarters, and regional headquarters - The Board of Directors includes Chairperson and CEO **Wei Qinglian**, along with several executive, non-executive, and independent non-executive directors, with **William Chin, Chen Baihong, and Hu Dingwu appointed on May 30, 2025**, and **Wang Jing retiring on the same day**[7](index=7&type=chunk) - The Group's headquarters are located in Neihu District, Taipei City, with regional headquarters globally in Asia-Pacific (China), North America (USA), Europe (Germany), and a new facility under construction in Canada[7](index=7&type=chunk) [Key Business Contacts](index=5&type=section&id=%E4%B8%BB%E8%A6%81%E5%BE%80%E4%BE%86%E6%A9%9F%E6%A7%8B) This section provides information on Minth Group's key partners, including its principal bankers, share registrars, auditors, and legal advisors, and discloses the company's stock code on the Hong Kong Stock Exchange - Principal bankers include **Bank of China and Citibank**, and the auditor is **Deloitte Touche Tohmatsu**[9](index=9&type=chunk) - The Hong Kong share registrar is **Hong Kong Registrars Limited**, and legal advisors cover Hong Kong, China, and Cayman Islands law[9](index=9&type=chunk) - The company's stock code on the Hong Kong Stock Exchange is **0425**[10](index=10&type=chunk) Management Discussion and Analysis [Industry Overview](index=6&type=section&id=%E8%A1%8C%E6%A5%AD%E6%A6%82%E8%A7%88) In the first half of 2025, China's automotive market achieved double-digit growth driven by policy stimuli and new models, with new energy vehicle sales increasing by 40.3% year-on-year and market penetration reaching 44.3%, while Chinese brands' market share rose to 68.5%, and the global light vehicle market grew steadily by 4.9%, primarily boosted by China, North America, and some emerging markets H1 2025 China Automotive Market Overview | Indicator | H1 2025 | Year-on-Year Growth | Market Share | | :--- | :--- | :--- | :--- | | China Passenger Vehicle Production/Sales | Approx. 13.522 million units / 13.531 million units | Approx. 13.8% / 13.0% | - | | China New Energy Vehicle Sales | Approx. 6.937 million units | Approx. 40.3% | Approx. 44.3% | | Chinese Brand Market Share | - | - | 68.5% (up 6.6 percentage points year-on-year) | H1 2025 Global Light Vehicle Market Overview | Indicator | H1 2025 | Year-on-Year Growth | | :--- | :--- | :--- | | Global Light Vehicle Sales | Approx. 44.474 million units | Approx. 4.9% | | US Market Sales | Approx. 8.109 million units | Approx. 3.1% | | Western European Market Sales | Approx. 6.067 million units | Approx. -1.3% | | Japanese Market Sales | Approx. 2.345 million units | Approx. 10.2% | [Company Overview](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E8%A7%88) Minth Group primarily engages in the R&D, production, and sales of automotive components and tooling molds, with product lines including metal and trim, plastic parts, aluminum parts, and battery housings, while continuously optimizing operational efficiency, deepening its 'hub + satellite' flexible production network, and planning increased capital expenditure in North America, Europe, and Southeast Asia to accelerate business growth - The Group's main businesses are the R&D, production, and sales of automotive components (metal and trim, plastic parts, aluminum parts, battery housings) and tooling molds[15](index=15&type=chunk) - The Group has R&D, design, production, and sales networks in multiple global locations and plans to increase capital expenditure in North America, Europe, and Southeast Asia to improve its global localized layout[15](index=15&type=chunk)[17](index=17&type=chunk) - The Group continues to deepen the Minth Operational Excellence System, promote lean management across the entire value chain, focus on new business expansion with Chinese brands, new energy vehicle startups, and international brands, and cultivate new track products such as low-altitude aircraft and humanoid robots[18](index=18&type=chunk) [Operational Excellence and Sustainable Development](index=8&type=section&id=%E5%8D%93%E8%B6%8A%E9%81%8B%E7%87%9F%E8%88%87%E5%8F%AF%E6%8C%81%E7%BA%8C%E7%99%BC%E5%B1%95) Minth Group is committed to enhancing operational efficiency and sustainable development through digital transformation, EHS management, and internal control and risk management, deepening digital system applications for standardized operational data and real-time decision-making, fully implementing EHS management systems with 100% energy saving and carbon reduction targets achieved, and strengthening its risk management platform to effectively control cross-border operational risks and ensure stable development [Digital Transformation](index=9&type=section&id=%E6%95%B8%E5%AD%97%E5%8C%96%E8%BD%89%E5%9E%8B) The Group continues to advance digital transformation, deepening the application of various digital systems to achieve full lifecycle digital management of production products, fixed assets, and R&D data, with a focus on deploying global factory SAP systems, improving the Industrial Internet of Things platform, and building digital benchmark factories to enhance AI technology application and real-time decision-making efficiency - The Group deepens the application of digital systems, implementing digital product design and development throughout the entire lifecycle of production products, fixed assets, and R&D data[19](index=19&type=chunk) - It promotes the unified deployment of global factory SAP systems, improves the Industrial Internet of Things platform, builds digital benchmark factories, deepens AI technology application and transparent dashboard management, and enhances real-time decision-making efficiency[19](index=19&type=chunk) [Environmental, Health, and Safety (EHS) Management](index=9&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E5%AE%89%E5%85%A8%E8%88%87%E8%81%B7%E6%A5%AD%E5%81%A5%E5%BA%B7%20(EHS)%20%E7%AE%A1%E7%90%86) The Group is committed to deepening EHS management with a goal of 'Green Intelligent Manufacturing and Sustainable Development,' achieving 100% coverage for ISO45001 and ISO14001 certifications, with 38 factories certified to ISO50001, and 100% achievement of energy saving and carbon reduction targets, while also launching a digital EHS management system and introducing advanced wastewater, exhaust gas, and hazardous waste treatment processes to strengthen safety management and occupational health protection - **ISO45001** occupational health and safety management and **ISO14001** environmental management system certifications achieved **100% coverage**, with **38 factories** certified to **ISO50001** energy management system[20](index=20&type=chunk) - **Energy saving and carbon reduction targets achieved 100%**, and an eight-module digital EHS system, including a carbon emission management system, was launched to support **carbon peaking by 2030 and carbon neutrality by 2050**[20](index=20&type=chunk)[21](index=21&type=chunk) - Advanced wastewater, exhaust gas, and hazardous waste treatment processes were introduced, investment in waste resource utilization equipment increased, and safety management strengthened, with a **lost-time injury rate of 1.03 per million working hours**[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [Internal Control and Risk Management](index=11&type=section&id=%E5%85%A7%E9%83%A8%E6%8E%A7%E5%88%B6%E8%88%87%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group strictly adheres to internal control and risk management systems, optimizing its intelligent risk management platform and systematically upgrading risk assessment mechanisms, enhancing operational efficiency and risk resilience through a clear organizational structure and digital process reengineering, and conducting comprehensive audits across Asia-Pacific, Europe, and North America to ensure effective anti-bribery management - The intelligent risk management platform is optimized, and risk assessment mechanisms are systematically upgraded to integrate risk management with daily operations, ensuring risk visualization and real-time dynamic monitoring[24](index=24&type=chunk) - Internal control and risk management system construction is strengthened, building an internal control system centered on business processes, and conducting comprehensive audits covering the Asia-Pacific, European, and North American regions[24](index=24&type=chunk) - The **ISO37001** anti-bribery management system is strictly implemented, internal audit management systems and audit qualitative and accountability procedures are updated, and the whistleblowing response mechanism is optimized to ensure a fair and transparent business environment[24](index=24&type=chunk)[25](index=25&type=chunk) [Business and Operational Layout](index=12&type=section&id=%E6%A5%AD%E5%8B%99%E8%88%87%E7%B6%93%E7%87%9F%E4%BD%88%E5%B1%80) In the first half of 2025, Minth Group's revenue increased by 10.8% year-on-year to RMB 12.287 billion, with strong international business performance growing by 21.6% and accounting for 65.0% of total revenue, primarily driven by rapid growth in battery housing and structural parts business in the European market, while the Group achieved significant breakthroughs in battery housings, body chassis structural parts, and intelligent interior/exterior businesses, continuously strengthening its global operational capabilities, promoting localized production, and enhancing factory management and operational efficiency H1 2025 Revenue by Region | Region | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Growth (%) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 12,286,969 | 11,090,414 | 10.8 | 100.0 | | China | 4,306,273 | 4,525,885 | -4.9 | 35.0 | | International Business | 7,980,696 | 6,564,529 | 21.6 | 65.0 | - Significant breakthroughs were achieved in battery housing and body chassis structural parts businesses, including European Toyota structural parts business, Great Wall and Geely chassis structural parts orders, first entry into Chery battery housing business, and breakthrough in General Motors battery housing structural parts business[27](index=27&type=chunk) - In intelligent interior and exterior trim business, the Group achieved its first breakthrough in North American Ford and Renault bumper assembly businesses, and continued to secure orders from customers such as Toyota and Hyundai-Kia[28](index=28&type=chunk) - The Group continues to implement a light-asset strategy, strictly controlling capital expenditure by reducing dedicated production lines, enhancing production line flexibility, and reallocating global capacity to improve capacity utilization and reduce overall investment[31](index=31&type=chunk) [Global Macroeconomic Environment and Automotive Industry Development Trends](index=15&type=section&id=%E5%85%A8%E7%90%83%E5%AE%8F%E8%A7%80%E7%92%B0%E5%A2%83%E8%88%87%E6%B1%BD%E8%BB%8A%E8%A1%8C%E6%A5%AD%E7%99%BC%E5%B1%95%E6%85%8B%E5%8B%A2) The global macroeconomic environment is complex and volatile, with US government tariff increases and policy adjustments profoundly impacting global trade patterns, yet Minth Group, leveraging its global presence, has optimized localized operations, increased the proportion of local supply, and achieved localized production for most North American orders, effectively controlling tariff and geopolitical risks to achieve stable business growth - US government tariff increases and policy adjustments profoundly impact the global trade landscape, with escalating trade frictions increasing market uncertainty and driving up operational and compliance costs[32](index=32&type=chunk) - Leveraging its comprehensive global layout, the Group optimizes localized operations, continuously increasing the proportion of local supply, with most North American orders now achieving localized production[32](index=32&type=chunk) - Through business and market diversification, balanced development in China, Europe, North America, and Asia-Pacific keeps tariff and geopolitical factors within a controllable range, achieving stable business growth[32](index=32&type=chunk) [Research and Development](index=15&type=section&id=%E7%A0%94%E7%A9%B6%E9%96%8B%E7%99%BC) Minth Group highly values R&D and innovation, with a clear innovation-led strategy, continuous R&D investment, and deep client engagement to proactively drive technological breakthroughs through independent innovation and collaboration, achieving milestone progress in battery housings and body chassis structural parts, intelligent integrated exterior trim, new material technologies, and new track products such as AI, robotics, and low-altitude economy, while emphasizing intellectual property protection - The Group clearly defines innovation leadership as its fundamental strategy, optimizing its R&D organizational structure and enhancing its independent R&D and innovation capabilities in basic materials, products, and technologies[33](index=33&type=chunk) - Through in-depth communication with traditional automakers, new energy vehicle startups, and battery manufacturers, the Group proactively drives process technology breakthroughs through independent innovation and collaboration with leading global enterprises[33](index=33&type=chunk) [Battery Housings and Body Chassis Structural Parts](index=16&type=section&id=%E9%9B%BB%E6%B1%A0%E7%9B%92%E5%8F%8A%E8%BB%8A%E8%BA%AB%E5%BA%95%E7%9B%A4%E7%B5%90%E6%A7%8B%E4%BB%B6) The Group continues to solidify its position as one of the world's largest battery housing suppliers, advancing battery housing technology R&D and innovation to provide multi-material, lightweight product solutions that meet CTB and the latest EV safety standards, achieving significant breakthroughs in cell shell roll-forming high-frequency welding and aluminum extrusion process technologies, and actively expanding peripheral battery housing products to substantially increase per-vehicle value - The Group consolidates its position as one of the world's largest battery housing suppliers, offering multi-material, lightweight product solutions that meet Cell-to-Body (CTB) integration and the latest electric vehicle power battery safety requirements[35](index=35&type=chunk) - Significant breakthroughs were achieved in cell shell roll-forming high-frequency welding and aluminum extrusion process technologies, successfully developing peripheral battery housing products such as front and rear crash modules, subframes, die-cast structural parts, and electronic control housings[35](index=35&type=chunk) [Intelligent Interior and Exterior Trim](index=16&type=section&id=%E6%99%BA%E8%83%BD%E5%85%A7%E5%A4%96%E9%A3%BE) The Group focuses on R&D and development of intelligent front and rear fascia systems, intelligent door systems, and intelligent interior systems to achieve intelligent upgrades for interior and exterior trim, proactively deploying integrated intelligent front fascia solutions that integrate lighting, heating, wave-transmitting, and automatic cleaning functions, achieving breakthroughs in intelligent door systems with independently developed facial recognition smart pillars, electric side-opening door systems, and expanding high-value-added interior assembly products - Proactive R&D deployment of integrated intelligent front fascia solutions, integrating lighting, heating, wave-transmitting, and automatic cleaning functions, possessing industry-leading patented technology applicable to **L4 and above autonomous driving scenarios**[36](index=36&type=chunk) - Active deployment in the intelligent door sector, independently developing facial recognition smart pillars, electric side-opening door systems, and ultra-light door assemblies, and signing cooperation agreements with European and Korean brands for joint R&D of future intelligent door solutions[37](index=37&type=chunk) - Significant breakthroughs achieved in composite material lightweighting for door systems, with product solutions combining **VarinTech® technology** gaining recognition from multiple new energy vehicle customers[37](index=37&type=chunk) [New Track Products (AI, Robotics, Low-Altitude Economy)](index=17&type=section&id=%E6%96%B0%E8%B3%BD%E9%81%93%E7%94%A2%E5%93%81%20(AI%E3%80%81%E6%A9%9F%E5%99%A8%E4%BA%BA%E3%80%81%E4%BD%8E%E7%A9%BA%E7%B6%93%E6%BF%9F)) The Group actively explores new fields such as AI, robotics, low-altitude economy, and smart mobility, deploying electric vehicle wireless charging systems and forming a strategic partnership with Siemens Germany, focusing on independent R&D of integrated joint modules and robot electronic skin in the intelligent robotics sector, signing a strategic cooperation agreement with ZHIYUAN Robotics, deeply collaborating with multiple leading flying car/eVTOL OEMs in the low-altitude economy sector, and securing mass production orders, while also developing AI liquid cooling system related products - Proactive layout in electric vehicle wireless charging systems, and signing a strategic cooperation framework agreement with **Siemens Germany**[38](index=38&type=chunk) - In the intelligent robotics sector, focusing on independent R&D of integrated joint modules, robot electronic skin, and intelligent masks, signing a strategic cooperation agreement with **ZHIYUAN Robotics**, and establishing demonstration production lines for humanoid robots in internal factories[38](index=38&type=chunk)[39](index=39&type=chunk) - In the low-altitude economy sector, focusing on two product systems: low-altitude aircraft bodies and rotors, signing a strategic cooperation agreement with **EHang Intelligent**, deeply participating in airworthiness model design and certification, and securing mass production orders[39](index=39&type=chunk) [New Material Technologies](index=18&type=section&id=%E6%96%B0%E6%9D%90%E6%96%99%E6%8A%80%E8%A1%93) The Group highly prioritizes new material technology R&D, mastering four core materials—high-performance crash aluminum, high-performance elastomer materials, functional plastics, and green materials—along with their surface treatment technologies, successfully developing Minal®-S748 aluminum alloy with over 60 related patents, and independently developing ECO-ALUMIN® S series green crash aluminum and various green low-carbon polymer materials, achieving an overall carbon reduction ratio exceeding 36% - Mastering four core materials: high-performance crash aluminum, high-performance elastomer materials, functional plastics, and green materials, along with their related surface treatment technologies[40](index=40&type=chunk) - Successfully developed **Minal®-S748 aluminum alloy**, featuring **ultra-high yield strength of 500 MPa** and excellent crash performance, holding **over 60 core patents** related to aluminum alloys[40](index=40&type=chunk) - Independently developed **ECO-ALUMIN® S series green crash aluminum** (carbon emissions less than **2.5 Kg.CO2/Kg.AL**) and various green low-carbon polymer materials, achieving an **overall carbon reduction ratio exceeding 36%**[40](index=40&type=chunk)[41](index=41&type=chunk) [Intellectual Property Protection](index=19&type=section&id=%E7%9F%A5%E8%AD%98%E7%94%A2%E6%AC%8A%E4%BF%9D%E8%AD%B7) The Group emphasizes intellectual property protection and operation, comprehensively deploying patents and trademarks for innovative products, with 72 new patent applications and 5 new trademark registrations in the first half of 2025, and 135 patents authorized by competent authorities, while actively engaging in IP rights protection and risk prevention management H1 2025 Intellectual Property Data | Indicator | Quantity | | :--- | :--- | | New Patent Applications | 72 items | | New Trademark Registrations | 5 items | | New Patents Granted | 135 items | | Trademarks Successfully Registered | 5 items | - The Group promotes the utilization and industrialization of intellectual property, conducting **242 patent licenses** and jointly building a new energy vehicle patent pool, focusing on cutting-edge areas such as lightweighting, impact resistance, and intelligent front fascia systems[41](index=41&type=chunk) [Financial Review](index=19&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In the first half of 2025, Minth Group's revenue increased by 10.8% year-on-year to RMB 12.287 billion, with profit attributable to owners of the company growing by 19.5% to RMB 1.277 billion, while gross profit margin remained at 28.3%, driven by strong international business performance and rapid growth in battery housing business, as the Group continued to optimize cost structure, strictly control expenses, maintain a healthy liquidity position, and reduce its gearing ratio to 22.3% [Performance](index=19&type=section&id=%E6%A5%AD%E7%B8%BE) In the first half of 2025, the Group's revenue increased by 10.8% year-on-year to RMB 12.287 billion, and profit attributable to owners of the company grew by 19.5% year-on-year to RMB 1.277 billion, primarily due to economies of scale from revenue growth, improved capacity utilization in the battery housing product line, and cost reduction and efficiency enhancement measures H1 2025 Key Financial Performance | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Revenue | 12,286,969 | 11,090,414 | 10.8 | | Profit Attributable to Owners of the Company | 1,276,562 | 1,068,192 | 19.5 | [Segment Revenue](index=20&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E5%85%A5) In the first half of 2025, battery housing business revenue increased by 49.8% year-on-year, with its share rising to 29.2%, becoming the main growth driver, while international business performed strongly with revenue growth of 21.6% and a 65.0% share, and China region revenue decreased by 4.9%, mainly due to a decline in market share of joint venture brands in the Chinese market H1 2025 Revenue by Product Type | Segment Category | H1 2025 (RMB thousand) | Share (%) | H1 2024 (RMB thousand) | Share (%) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Battery Housings | 3,581,923 | 29.2 | 2,390,969 | 21.6 | 49.8 | | Plastic Parts | 2,867,481 | 23.3 | 2,842,566 | 25.6 | 0.9 | | Metal and Trim | 2,660,040 | 21.6 | 2,541,801 | 22.9 | 4.6 | | Aluminum Parts | 2,469,038 | 20.1 | 2,372,380 | 21.4 | 4.1 | | Others | 1,669,679 | 13.6 | 1,515,748 | 13.7 | 10.2 | | Inter-segment Eliminations | (961,192) | (7.8) | (573,050) | (5.2) | 67.7 | | **Total Revenue** | **12,286,969** | **100.0** | **11,090,414** | **100.0** | **10.8** | H1 2025 Revenue by Market Category | Market Category | H1 2025 (RMB thousand) | Share (%) | H1 2024 (RMB thousand) | Share (%) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | People's Republic of China | 4,306,273 | 35.0 | 4,525,885 | 40.8 | -4.9 | | Other Countries | 7,980,696 | 65.0 | 6,564,529 | 59.2 | 21.6 | | **Total Revenue** | **12,286,969** | **100.0** | **11,090,414** | **100.0** | **10.8** | [Gross Profit](index=21&type=section&id=%E6%AF%9B%E5%88%A9) In the first half of 2025, the Group's gross profit increased by 9.9% year-on-year to RMB 3.473 billion, with a gross profit margin of 28.3%, a slight decrease of 0.2 percentage points from the same period last year, maintaining a healthy level primarily due to economies of scale from revenue growth, reduced procurement costs, and global localized production layout H1 2025 Gross Profit Overview | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 3,473,060 | 3,161,637 | 9.9 | | Gross Profit Margin | 28.3% | 28.5% | -0.2 percentage points | [Investment Income](index=21&type=section&id=%E6%8A%95%E8%B3%87%E6%94%B6%E5%85%A5) In the first half of 2025, the Group's investment income was RMB 108 million, a decrease of approximately RMB 83 million from the same period last year, mainly due to lower interest income H1 2025 Investment Income | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Investment Income | 107,686 | 190,648 | -82,962 | [Other Income](index=21&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) In the first half of 2025, the Group's other income was RMB 125 million, a decrease of approximately RMB 81 million from the same period last year, primarily due to reduced government grants related to income H1 2025 Other Income | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Other Income | 125,212 | 206,501 | -81,289 | [Other Gains and Losses](index=21&type=section&id=%E5%85%B6%E4%BB%96%E5%88%A9%E5%BE%97%E8%88%87%E6%90%8D%E5%A4%B1) In the first half of 2025, the Group's other gains and losses resulted in a net gain of RMB 94 million, a significant increase from the net gain in the same period last year, primarily due to increased realized net gains from derivative financial instruments H1 2025 Other Gains and Losses | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Other Gains and Losses (Net Gain) | 94,231 | 20 | 94,211 | [Distribution and Selling Expenses](index=22&type=section&id=%E5%88%86%E9%8A%B7%E5%8F%8A%E9%8A%B7%E5%94%AE%E9%96%8B%E6%94%AF) In the first half of 2025, the Group's distribution and selling expenses were RMB 512 million, a year-on-year decrease of 3.5%, with its proportion to revenue falling by 0.6 percentage points to 4.2%, mainly due to the easing of the Red Sea incident, a decline in unit transportation costs, and localized production strategies and cost control measures H1 2025 Distribution and Selling Expenses | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | Share of Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Distribution and Selling Expenses | 512,241 | 531,118 | -18,877 | 4.2 (down 0.6 percentage points) | [Administrative Expenses](index=22&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) In the first half of 2025, the Group's administrative expenses were RMB 805 million, an 8.3% year-on-year increase, primarily due to talent acquisition for global business expansion and increased share option expenses, yet its proportion to revenue decreased by 0.2 percentage points to 6.5%, indicating the Group's continuous optimization of organizational structure and strict control over expenditures H1 2025 Administrative Expenses | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | Share of Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 804,519 | 742,501 | 62,018 | 6.5 (down 0.2 percentage points) | [Research and Development Expenses](index=22&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) In the first half of 2025, the Group's R&D expenses were RMB 726 million, a 1.6% year-on-year increase, with its proportion to revenue decreasing by 0.5 percentage points to 5.9%, as the Group deepened its R&D strategic transformation, focusing on innovative areas such as new material technologies, intelligent integrated exterior trim, low-altitude aircraft, and intelligent robots, driving long-term sustainable growth through more precise and efficient investment H1 2025 Research and Development Expenses | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | Share of Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Research and Development Expenses | 726,299 | 714,608 | 11,691 | 5.9 (down 0.5 percentage points) | [Interest Expenses](index=23&type=section&id=%E5%88%A9%E6%81%AF%E9%96%8B%E6%94%AF) In the first half of 2025, the Group's interest expenses were RMB 178 million, a 38.6% year-on-year decrease, primarily due to a reduction in both the average borrowing balance and average market loan interest rates H1 2025 Interest Expenses | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Interest Expenses | 178,487 | 290,690 | -112,203 | [Share of Results of Joint Ventures](index=23&type=section&id=%E5%88%86%E4%BD%94%E5%90%88%E7%87%9F%E5%85%AC%E5%8F%B8%E6%A5%AD%E7%B8%BE) In the first half of 2025, the Group's share of results of joint ventures was a net profit of RMB 21.845 million, largely consistent with the same period last year H1 2025 Share of Results of Joint Ventures | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Share of Results of Joint Ventures (Net Profit) | 21,845 | 21,439 | 406 | [Share of Results of Associates](index=23&type=section&id=%E5%88%86%E4%BD%94%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E6%A5%AD%E7%B8%BE) In the first half of 2025, the Group's share of results of associates was a net loss of RMB 10.816 million, a decrease of approximately RMB 3.266 million from the net loss in the same period last year, primarily due to one of the associate companies turning from loss to profit H1 2025 Share of Results of Associates | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Share of Results of Associates (Net Loss) | 10,816 | 14,082 | -3,266 | [Income Tax Expense](index=23&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) In the first half of 2025, the Group's income tax expense was RMB 251 million, a 28.3% year-on-year increase, with the effective tax rate rising by 0.6 percentage points to 16.0% H1 2025 Income Tax Expense | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Income Tax Expense | 251,428 | 196,031 | 55,397 | | Effective Tax Rate | 16.0% | 15.4% | +0.6 percentage points | [Profit Attributable to Non-Controlling Interests](index=24&type=section&id=%E9%9D%9E%E6%8E%A7%E8%82%A1%E6%AC%8A%E7%9B%8A%E6%87%89%E4%BD%94%E6%BA%A2%E5%88%A9) In the first half of 2025, the Group's profit attributable to non-controlling interests was RMB 42.622 million, a significant year-on-year increase of 303.2%, primarily due to increased net profit from non-wholly owned subsidiaries H1 2025 Profit Attributable to Non-Controlling Interests | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Profit Attributable to Non-Controlling Interests | 42,622 | 8,470 | 34,152 | [Liquidity and Financial Resources](index=24&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, Minth Group's total cash and cash equivalents were approximately RMB 5.731 billion, with net cash flow from operating activities at RMB 2.237 billion, indicating a healthy cash flow position, while trade receivables turnover days shortened to 77 days, trade payables turnover days increased to 94 days, and inventory turnover days increased to 95 days, with the current ratio maintained at 1.2 and the gearing ratio decreasing to 22.3% H1 2025 Liquidity Overview | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Total Cash and Cash Equivalents | 5,731,340 | 5,274,971 | 456,369 | | Net Cash Flow from Operating Activities | 2,236,847 | 1,730,626 (H1 2024) | 506,221 | | Low-Cost Borrowings | 8,859,868 | 8,419,056 | 440,812 | H1 2025 Operational Efficiency Indicators | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Trade Receivables Turnover Days | 77 days | 78 days | -1 day | | Trade Payables Turnover Days | 94 days | 91 days | +3 days | | Inventory Turnover Days | 95 days | 94 days | +1 day | | Current Ratio | 1.2 | 1.2 | Unchanged | | Gearing Ratio | 22.3% | 24.3% | -2.0 percentage points | [Funding and Financial Policies](index=26&type=section&id=%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E6%94%BF%E7%AD%96) Minth Group adheres to prudent funding and financial policies, primarily meeting capital expenditure and working capital needs through cash generated from operating activities and bank loans, with the Board of Directors regularly reviewing and evaluating these policies to ensure financial stability and support sustainable growth - The Group primarily meets capital expenditure, working capital needs, and other liquidity requirements through cash generated from operating activities and bank and other loans[64](index=64&type=chunk) - The Board of Directors reviews and evaluates the Group's funding and financial policies from time to time to ensure their adequacy and effectiveness in supporting sustainable growth[64](index=64&type=chunk) [Commitments](index=26&type=section&id=%E6%89%BF%E6%93%94) As of June 30, 2025, Minth Group had contracted capital expenditures of RMB 407 million that were not provided for in the condensed consolidated financial statements, primarily for the acquisition of property, plant, and equipment, a decrease from the end of 2024 Capital Expenditure Commitments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Acquisition of Property, Plant and Equipment | 406,547 | 468,437 | [Interest Rate and Foreign Exchange Risk](index=26&type=section&id=%E5%88%A9%E7%8E%87%E5%8F%8A%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) As of June 30, 2025, Minth Group's bank borrowings totaled approximately RMB 8.860 billion, with most bearing floating interest rates and approximately RMB 6.004 billion denominated in non-functional currencies, prompting the Group to actively manage foreign exchange risk through currency borrowings, hedging instruments, and local currency settlements, and utilizing financial derivatives for risk prevention June 30, 2025 Bank Borrowings Overview | Indicator | Amount (RMB thousand) | | :--- | :--- | | Bank Borrowings Balance | 8,859,868 | | Due within One Year | 7,015,322 | | Due after One Year | 1,844,546 | | Fixed Interest Rate | 929,256 | | Floating Interest Rate | 7,930,612 | | Denominated in Non-Functional Currency | 6,004,216 | - The Group's management highly focuses on foreign exchange risk, partially hedging net foreign currency investments through currency borrowings and other hedging instruments, and selecting local currencies as settlement currencies based on international strategic layout to reduce the scale of foreign currency business[68](index=68&type=chunk) - The Group also uses financial derivative products such as forward foreign exchange contracts, currency swaps, options, and interest rate swaps to further mitigate interest rate and foreign exchange risks[68](index=68&type=chunk) [Contingent Liabilities](index=27&type=section&id=%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) As of June 30, 2025, Minth Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[69](index=69&type=chunk) [Pledged Assets](index=28&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, Minth Group had pledged land use rights, property, plant and equipment, bills receivable, and bank deposits as collateral for various borrowings, with a total carrying value of approximately RMB 589 million June 30, 2025 Pledged Assets Overview | Pledged Asset Type | Carrying Value (RMB thousand) | | :--- | :--- | | Land Use Rights | 6,034 | | Property, Plant and Equipment | 22,466 | | Bills Receivable | 14,778 | | Bank Deposits | 545,537 | | **Total** | **588,815** | [Capital Expenditure](index=29&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) In the first half of 2025, Minth Group's capital expenditure was RMB 902 million, a 17.5% year-on-year decrease, primarily invested in international market capacity layout and expansion of products such as battery housings and body chassis structural parts, with the reduction attributed to the realization of global capacity layout, strict control over fixed asset investments, and improved capacity utilization efficiency H1 2025 Capital Expenditure | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Capital Expenditure | 902,056 | 1,093,333 | -17.5 | - Capital expenditure was primarily directed towards international market capacity layout and capacity expansion for products such as battery housings and body chassis structural parts[72](index=72&type=chunk) - The reduction in capital expenditure is mainly due to the Group's achieved global capacity layout and synergy, strict control over fixed asset investments, active promotion of old equipment renovation and reuse, and improved capacity utilization efficiency[72](index=72&type=chunk) [Placing and Subscription](index=29&type=section&id=%E9%85%8D%E5%94%AE%E5%8F%8A%E8%AA%8D%E8%B3%BC) In the first half of 2025, Minth Group did not place or subscribe for any shares - During the review period, the Group did not place or subscribe for any shares[73](index=73&type=chunk) [Significant Acquisitions and Disposals](index=29&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E8%88%87%E5%87%BA%E5%94%AE) In the first half of 2025, Minth Group had no significant acquisitions or disposals of subsidiaries, joint ventures, or associates - During the review period, the Group had no significant acquisitions or disposals of subsidiaries, joint ventures, or associates[74](index=74&type=chunk) [Employees](index=29&type=section&id=%E5%83%B1%E5%93%A1) As of June 30, 2025, Minth Group had 26,357 employees, an increase of 694 from the end of 2024, primarily due to increased manpower demand from revenue growth and global strategy, as the Group continued to advance organizational efficiency upgrades, strengthen global operational capabilities, deepen human resource global governance, and optimize compensation and benefits strategies to incentivize core talent and support sustainable development Employee Count and Costs | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Employees | 26,357 | 25,663 | Increase of 694 | | Total Staff Costs (H1 2025) | RMB 2,589.123 million | RMB 2,356.933 million (H1 2024) | Increase of RMB 232.19 million | - The Group continues to advance its organizational efficiency upgrade strategy, strengthening global operational capabilities by promoting R&D system upgrades and supply chain vertical integration to achieve deep coupling of technological R&D and business needs[76](index=76&type=chunk) - Deepening human resource global governance, successfully building a global human resource sharing platform, empowering European and American teams with digital tools, and updating talent and compensation & benefits strategies in key European markets to ensure high-quality product delivery[78](index=78&type=chunk) [Directors](index=32&type=section&id=%E8%91%A3%E4%BA%8B) This section lists the changes in Minth Group's Board of Directors during the review period, including executive, non-executive, and independent non-executive directors, and discloses resignation information for some directors - Executive Directors include **Wei Qinglian (Chairperson and CEO), Ye Guoqiang, Zhang Yuxia, and William Chin (appointed on May 30, 2025)**[81](index=81&type=chunk) - Independent Non-Executive Directors **Chen Baihong and Hu Dingwu were appointed on May 30, 2025**, and **Wang Jing retired on the same day**[81](index=81&type=chunk) - **Mr. Chen Baihong resigned as an independent non-executive director of Kaisa Prosperity Holdings Limited on June 27, 2025**[81](index=81&type=chunk) [Share Option Scheme](index=33&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) Minth Group has a share option scheme designed to incentivize and reward selected participants who contribute to the Group, with the 2022 Share Option Scheme valid for ten years and the total number of shares that may be allocated and issued cumulatively not exceeding 10% of the issued shares, and as of the date of this interim report, the total number of outstanding share options under the 2012 and 2022 Share Option Schemes was 46,214,000, representing approximately 3.97% of the issued shares - The **2022 Share Option Scheme** aims to grant share options to the Company's directors, Group employees, and service providers as incentives and rewards[82](index=82&type=chunk) - The **2022 Share Option Scheme** is valid for **ten years**, and the total number of shares that may be allocated and issued cumulatively shall not exceed **10% of the Company's issued shares as of May 31, 2022 (i.e., 116,183,579 shares)**[83](index=83&type=chunk) Share Option Scheme Overview (as of June 30, 2025) | Indicator | Quantity | | :--- | :--- | | 2012 Share Option Scheme Outstanding Options | 7,995,000 options (approx. 0.69% of issued shares) | | 2022 Share Option Scheme Outstanding Options | 27,003,000 options (approx. 2.32% of issued shares) | | Total Share Options as of January 1, 2025 | 47,450,600 options | | Share Options Exercised in H1 2025 | 409,400 options | | Share Options Lapsed in H1 2025 | 827,200 options | | Total Share Options as of June 30, 2025 | 46,214,000 options | [Share Award Scheme](index=38&type=section&id=%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%8A%83) Minth Group adopted a Share Award Scheme on July 28, 2020, to recognize the contributions of eligible participants, retain talent, and attract suitable personnel, with a total of 112,892,450 award shares available for grant as of the date of this interim report, representing approximately 9.71% of the total issued shares, and in the first half of 2025, the Group granted 895,000 award shares, with 1,339,450 award shares vested and 692,550 forfeited - The Share Award Scheme aims to recognize the contributions of eligible participants, provide incentives to retain talent, and attract suitable personnel for the Group's further development[94](index=94&type=chunk) - Eligible participants include employees (including executive directors), non-executive directors, independent non-executive directors, or key personnel of any member company of the Group, as well as individuals or employees of companies/entities providing services[95](index=95&type=chunk) Share Award Scheme Overview (as of June 30, 2025) | Indicator | Quantity | | :--- | :--- | | Total Award Shares Available for Grant as of January 1, 2025 | 113,094,900 shares | | Total Award Shares Available for Grant as of June 30, 2025 | 112,892,450 shares (approx. 9.71% of total issued shares) | | Award Shares Granted in H1 2025 | 895,000 shares | | Award Shares Vested in H1 2025 | 1,339,450 shares | | Award Shares Forfeited in H1 2025 | 692,550 shares | [Outlook and Strategies](index=49&type=section&id=%E5%B1%95%E6%9C%9B%E8%88%87%E7%AD%96%E7%95%A5) Minth Group anticipates China's passenger vehicle sales to reach 28.9 million units and new energy vehicle sales to reach 16 million units in 2025, with global light vehicle sales projected to increase by 1.7%, as the Group actively responds to industry changes by focusing on customer needs, continuously building comprehensive competitiveness in technology, quality, and cost, deepening global localized supply capabilities, flexibly adjusting global production capacity, closely monitoring tariff policies, and further increasing the proportion of localized production in North America to achieve a parallel global and regional layout 2025 Automotive Market Forecast | Market | Forecast Sales | Year-on-Year Growth | | :--- | :--- | :--- | | China Passenger Vehicles | 28.9 million units | 4.9% | | China New Energy Vehicles | 16 million units | 24.4% | | Global Light Vehicles | 89.6 million units | 1.7% | - The Group will be customer-centric, continuously building comprehensive competitiveness in technology, quality, and cost, and strategically planning and innovating technologies in line with trends such as new energy product development, intelligent technology innovation, and lightweighting[119](index=119&type=chunk) - To address tariffs and geopolitical factors, the Group will further increase the proportion of localized production in North America, while continuously strengthening business and market diversification to achieve a parallel global and regional layout[120](index=120&type=chunk)[121](index=121&type=chunk) [Dividends](index=51&type=section&id=%E8%82%A1%E6%81%AF) The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[122](index=122&type=chunk) Other Information [Major Shareholders](index=52&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1) As of June 30, 2025, Mr. Qin Ronghua and Minth Holdings Limited, wholly owned by him, were Minth Group's major shareholders, collectively holding 38.72% of the company's issued shares, with JPMorgan Chase & Co. also holding significant shares June 30, 2025 Major Shareholder Holdings | Major Shareholder Name | Capacity | Long/Short Position | Total Ordinary Shares | Percentage of Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Qin Ronghua | Interest of controlled corporation/Spouse's interest | Long Position | 450,072,000 / 750,000 | 38.72% / 0.06% | | Minth Holdings Limited | Beneficial owner | Long Position | 450,072,000 | 38.72% | | JPMorgan Chase & Co. | Investment manager/Beneficial owner/Person with security interest in shares/Approved lending agent | Long/Short Position | 52,125,583 (Long) / 6,845,354 (Short) | 4.48% (Long) / 0.59% (Short) | [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company or Any Associated Corporation](index=54&type=section&id=%E8%91%A3%E4%BA%8B%E5%92%8C%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E5%9C%A8%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E4%BB%BB%E4%BD%95%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%96%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%92%8C%E5%82%B5%E6%AC%8A%E8%AD%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%92%8C%E6%B7%A1%E5%80%89) As of June 30, 2025, Minth Group's directors and chief executive and their associates held interests and short positions in the company's shares, underlying shares, and debentures, with Ms. Wei Qinglian holding a 0.06% beneficial owner interest and a 38.72% spouse interest, and other directors such as Mr. Ye Guoqiang, Ms. Zhang Yuxia, and Mr. William Chin also holding varying proportions of beneficial owner interests June 30, 2025 Directors' and Chief Executive's Shareholdings | Name | Capacity | Total Ordinary Shares | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Wei Qinglian | Beneficial owner | 750,000 | 0.06% | | Wei Qinglian | Spouse's interest | 450,072,000 | 38.72% | | Ye Guoqiang | Beneficial owner | 865,000 | 0.07% | | Zhang Yuxia | Beneficial owner | 1,080,000 | 0.09% | | William Chin | Beneficial owner | 300,000 | 0.03% | | Qin Qianya | Beneficial owner | 250,000 | 0.02% | | Mo Guibiao | Beneficial owner | 50,000 | 0.004% | | Sako Tatsunobu | Beneficial owner | 50,000 | 0.004% | | Meng Liqiu | Beneficial owner | 50,000 | 0.004% | | Wang Jing | Beneficial owner | 150,000 | 0.01% | [Purchase, Sale or Redemption of the Company's Listed Securities](index=56&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) In the first half of 2025, Minth Group repurchased 886,000 of its own shares and held them as treasury shares at a total cost of HKD 16,806,270, while share option scheme grantees exercised 409,400 share options and 827,200 share options lapsed, and under the share award scheme, 895,000 award shares were granted, 1,339,450 shares vested, and 692,550 shares lapsed H1 2025 Share Repurchase Activity | Date of Repurchase | Number of Shares Repurchased | Total Price Paid (HKD) | | :--- | :--- | :--- | | March 2025 | 246,000 | 5,158,300.20 | | April 2025 | 640,000 | 11,647,969.80 | | **Total** | **886,000** | **16,806,270.00** | - Grantees of the share option scheme exercised a total of **409,400 share options**, and **827,200 share options lapsed** due to grantees' resignation[132](index=132&type=chunk) - Under the share award scheme, a total of **895,000 award shares were granted**, **1,339,450 award shares vested**, and **692,550 award shares were forfeited** due to grantees' resignation or failure to meet key performance indicators[132](index=132&type=chunk) [Compliance with Corporate Governance Code and Model Code](index=57&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) Minth Group's corporate governance practices are based on the HKEX Corporate Governance Code, with deviations noted in the attendance of independent non-executive directors at general meetings and the combined roles of Chairman and CEO, though the Board believes sufficient checks and balances are in place, and all directors confirm strict compliance with the Model Code - Independent Non-Executive Directors **Mr. Sako Tatsunobu and Dr. Wang Jing attended the 2025 Annual General Meeting electronically**, while **Mr. Mo Guibiao attended in person**, and **Ms. Qin Qianya and Professor Meng Liqiu were unable to attend due to other business commitments**[136](index=136&type=chunk) - The roles of Chairperson and Chief Executive Officer are combined and held by **Ms. Wei Qinglian**, which the Board believes remains appropriate during the transition period to enhance decision-making efficiency, and sufficient checks and balances have been implemented[136](index=136&type=chunk)[137](index=137&type=chunk) - All Directors confirm strict compliance with the **Model Code for Securities Transactions by Directors of Listed Issuers** during the review period[137](index=137&type=chunk) [Major Litigation and Arbitration](index=58&type=section&id=%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F%E5%92%8C%E4%BB%B2%E8%A3%81) In the first half of 2025 and up to the date of this interim report, Minth Group had no major litigation or arbitration matters - During the review period and up to the date of this interim report, the Group had no major litigation or arbitration matters[138](index=138&type=chunk) [Audit Committee and Auditor](index=58&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E6%A0%B8%E6%95%B8%E5%B8%AB) Minth Group's Audit Committee, comprising five independent non-executive directors, is responsible for reviewing internal control systems and financial statements, and has reviewed and recommended the adoption of the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, with auditor Deloitte Touche Tohmatsu expressing an unmodified opinion on the interim financial report - The Audit Committee, composed of **five independent non-executive directors**, is responsible for reviewing the Group's internal control systems and the completeness and accuracy of its financial statements[139](index=139&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and this interim report, and recommended their adoption by the Board of Directors[139](index=139&type=chunk) - The auditor, **Deloitte Touche Tohmatsu**, has reviewed the interim financial report in accordance with **Hong Kong Standard on Review Engagements 2410** and issued an unmodified opinion[140](index=140&type=chunk) [Supplementary Information](index=59&type=section&id=%E8%A3%9C%E5%85%85%E8%B3%87%E6%96%99) This section provides additional supplementary information for Minth Group's 2024 annual report, including updates on continuing connected transactions and planned uses of treasury shares [Continuing Connected Transactions](index=59&type=section&id=%E6%8C%81%E7%BA%8C%E9%97%9C%E9%80%A3%E4%BA%A4%E6%98%93) Minth Group entered into multiple procurement agreements with Jiaxing Chunmin Electronics Co., Ltd. for automotive camera devices, parts, and accessories, and on December 31, 2024, the Group signed new Jiaxing Camera Procurement Agreements and Hubei Camera Procurement Agreements, replacing the original agreements, valid until December 31, 2027, with an annual cap of RMB 46.302 million for each - The Group entered into multiple procurement agreements with **Jiaxing Chunmin Electronics Co., Ltd.** for automotive camera devices, parts, and accessories, as well as printed circuit board assemblies[142](index=142&type=chunk) - On **December 31, 2024**, the Group signed new Jiaxing Camera Procurement Agreements and Hubei Camera Procurement Agreements, replacing the original agreements, with a term from **January 1, 2025, to December 31, 2027**[144](index=144&type=chunk) Annual Cap for Continuing Connected Transactions | Agreement | Term | Annual Cap (RMB thousand) | | :--- | :--- | :--- | | Jiaxing Camera Procurement Agreement and Hubei Camera Procurement Agreement | Three years ending December 31, 2027 | 46,302 per year | [Planned Use of Treasury Shares](index=61&type=section&id=%E5%BA%AB%E5%AD%98%E8%82%A1%E4%BB%BD%E4%B9%8B%E8%A8%88%E5%8A%83%E7%94%A8%E9%80%94) Minth Group plans to determine whether and how to use repurchased treasury shares based on market conditions and capital management needs, in accordance with the Listing Rules and applicable laws - The Company plans to determine whether and how to use such repurchased treasury shares based on prevailing market conditions and the Group's capital management needs, in accordance with the Listing Rules, the Company's Memorandum and Articles of Association, and applicable laws of the Cayman Islands[146](index=146&type=chunk) Review Report on Condensed Consolidated Financial Statements [Scope of Review and Conclusion](index=62&type=section&id=%E5%AF%A9%E9%96%B1%E7%AF%84%E5%9C%8D%E8%88%87%E7%B5%90%E8%AB%96) Deloitte Touche Tohmatsu has completed its review of Minth Group's condensed consolidated financial statements, with the scope of review being less than an audit, thus no audit opinion is expressed, and based on the review, the auditor has not noted any matters that cause them to believe that the condensed consolidated financial statements are not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 - The auditor conducted the review in accordance with **Hong Kong Standard on Review Engagements 2410**, with a scope significantly smaller than an audit conducted in accordance with Hong Kong Standards on Auditing, thus no audit opinion is expressed[150](index=150&type=chunk) - Based on the review, the auditor did not note any matters that caused them to believe that the condensed consolidated financial statements were not prepared in all material respects in accordance with **Hong Kong Accounting Standard 34**[151](index=151&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [H1 2025 Performance Overview](index=64&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, Minth Group's revenue reached RMB 12.287 billion, profit for the period was RMB 1.319 billion, and profit attributable to owners of the company was RMB 1.277 billion, with total comprehensive income for the period at RMB 1.919 billion and basic earnings per share at RMB 1.120 H1 2025 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 12,286,969 | 11,090,414 | | Gross Profit | 3,473,060 | 3,161,637 | | Profit Before Tax | 1,570,612 | 1,272,693 | | Profit for the Period | 1,319,184 | 1,076,662 | | Profit Attributable to Owners of the Company | 1,276,562 | 1,068,192 | | Total Comprehensive Income for the Period | 1,918,542 | 1,001,976 | | Basic Earnings Per Share | RMB 1.120 | RMB 0.928 | - Exchange differences arising from the translation of financial statements of overseas operations turned from a **loss of RMB 74,456 thousand in H1 2024 to a gain of RMB 600,436 thousand in H1 2025**, significantly impacting total comprehensive income positively[155](index=155&type=chunk) Condensed Consolidated Statement of Financial Position [Financial Position Overview as of June 30, 2025](index=66&type=section&id=2025%E5%B9%B46%E6%9C%8830%E6%97%A5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E6%A6%82%E8%A7%88) As of June 30, 2025, Minth Group's total assets were RMB 40.637 billion, a 2.6% increase from the end of 2024, with net current assets at RMB 2.897 billion and total equity at RMB 22.728 billion, where property, plant, and equipment constituted the largest portion of non-current assets, and current liabilities primarily consisted of trade payables and borrowings June 30, 2025 Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-Current Assets | 22,139,611 | 21,589,587 | | Current Assets | 18,497,961 | 17,169,349 | | Current Liabilities | 15,601,267 | 14,576,791 | | Net Current Assets | 2,896,694 | 2,592,558 | | Total Assets Less Current Liabilities | 25,036,305 | 24,182,145 | | Total Equity | 22,727,904 | 21,258,931 | | Non-Current Liabilities | 2,308,401 | 2,923,214 | - Property, plant and equipment is the largest non-current asset, totaling **RMB 16.252 billion**, an increase from the end of 2024[158](index=158&type=chunk) - Total borrowings amounted to **RMB 8.860 billion**, of which **RMB 7.015 billion were current liabilities** and **RMB 1.845 billion were non-current liabilities**[159](index=159&type=chunk) Condensed Consolidated Statement of Changes in Equity [H1 2025 Equity Movement Overview](index=68&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, Minth Group's total equity increased from RMB 21.259 billion as of January 1, 2025, to RMB 22.728 billion, with equity attributable to owners of the company increasing by RMB 1.841 billion, primarily influenced by profit for the period and other comprehensive income, especially the increase in exchange reserves, and a final dividend of RMB 465 million for 2024 was distributed during the period H1 2025 Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | January 1, 2025 (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 20,445,152 | 21,847,677 | | Non-Controlling Interests | 813,779 | 880,227 | | **Total Equity** | **21,258,931** | **22,727,904** | | Profit for the Period | - | 1,276,562 (Attributable to Owners of the Company) | | Other Comprehensive Income for the Period | - | 564,302 (Attributable to Owners of the Company) | | Equity-Settled Share-Based Payments Recognized | - | 32,045 | | Dividends Declared | - | (460,639) | | Exercise of Share Options and Vesting of Restricted Shares | - | 5,731 | | Treasury Shares | - | (15,610) | - Exchange reserves turned from a **loss of RMB 179,432 thousand as of January 1, 2025, to a gain of RMB 385,948 thousand as of June 30, 2025**, positively impacting equity attributable to owners of the company[161](index=161&type=chunk) - On **June 25, 2025**, a dividend of **HKD 0.435 per share** was distributed to shareholders as the **2024 final dividend**, totaling **RMB 465,211 thousand**[192](index=192&type=chunk) Condensed Consolidated Statement of Cash Flows [H1 2025 Cash Flow Overview](index=70&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, Minth Group's net cash generated from operating activities was RMB 2.237 billion, net cash used in investing activities was RMB 161 million, and net cash used in financing activities was RMB 1.149 billion, with cash and cash equivalents at the end of the period totaling RMB 3.413 billion, an increase of RMB 927 million from the beginning of the period H1 2025 Condensed Consolidated Statement of Cash Flows Key Data | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 2,236,847 | 1,730,626 | | Net Cash (Used in) Generated from Investing Activities | (160,965) | 31,017 | | Net Cash (Used in) Financing Activities | (1,149,320) | (437,574) | | Net Increase in Cash and Cash Equivalents | 926,562 | 1,324,069 | | Cash and Cash Equivalents at End of Period | 3,412,703 | 5,503,250 | - Net cash from investing activities turned from a **net inflow in H1 2024 to a net outflow in H1 2025**, primarily due to the **purchase of property, plant and equipment (RMB 902 million)** and **investment in other financial assets (RMB 2.478 billion)**[165](index=165&type=chunk) - Net cash outflow from financing activities increased, mainly due to **repayment of borrowings (RMB 11.593 billion)** and **dividends paid (RMB 461 million)**, despite being partially offset by **new borrowings (RMB 11.912 billion)**[166](index=166&type=chunk) Notes to the Condensed Consolidated Financial Statements [Basis of Preparation](index=72&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, and are presented in Renminbi, which is also the functional currency of the Company - The condensed consolidated financial statements are prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'** issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[167](index=167&type=chunk) - The condensed consolidated financial statements are presented in **Renminbi**, which is also the functional currency of the Company[168](index=168&type=chunk) [Principal Accounting Policies](index=72&type=section&id=%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, and the Group first applied the revised Hong Kong Accounting Standard 21 'Lack of Exchangeability' during this interim period, which had no significant impact on its financial position or performance - The condensed consolidated financial statements are prepared on a **historical cost basis**, except for certain financial instruments measured at fair value[169](index=169&type=chunk) - The Group first applied the revised **Hong Kong Accounting Standard 21 'Lack of Exchangeability'** issued by the Hong Kong Institute of Certified Public Accountants during this interim period, which had no significant impact on the Group's financial position and performance and/or the disclosures contained in these condensed consolidated financial statements for the current and prior periods[170](index=170&type=chunk) [Revenue from Contracts with Customers](index=73&type=section&id=%E5%AE%A2%E6%88%B6%E5%90%88%E7%B4%84%E6%94%B6%E5%85%A5) In the first half of 2025, Minth Group's total revenue from contracts with customers amounted to RMB 12.287 billion, with automotive component sales accounting for RMB 11.635 billion and mold sales for RMB 652 million, all revenue recognized at a point in time, and international market revenue comprising 65.0% of the total H1 2025 Revenue from Contracts with Customers Details | Type of Goods | Automotive Components (RMB thousand) | Molds (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | Sale of Goods | 11,634,570 | 652,399 | 12,286,969 | | **Geographical Market** | | | | | China | 4,007,449 | 298,824 | 4,306,273 | | Other Countries | 7,627,121 | 353,575 | 7,980,696 | - All of the Group's revenue is rec

（原标题：集团首席财务官张玉霞减持敏实集团(00425)5万股 每股作价36.93港元） 智通财经APP获悉，香港联交所最新资料显示，9月22日，集团首席财务官张玉霞减持敏实集团(00425)5 万股，每股作价36.928港元，总金额为184.64万港元。减持后最新持股数目为98万股，最新持股比例为 0.08%。 ...

Core Insights - The European electric vehicle (EV) market is experiencing significant growth, with sales in August 2025 reaching 176,000 units, a year-on-year increase of 41.2% and a penetration rate of 31.4%, up by 8.3 percentage points [1][2] - The European Parliament has approved amendments to carbon emission assessments, delaying the tightening of emission targets originally planned for 2025, but the overall trend towards stricter regulations remains unchanged [1] Group 1: Market Performance - In August 2025, battery electric vehicle (BEV) sales reached 114,000 units, a year-on-year increase of 32.3%, while plug-in hybrid electric vehicle (PHEV) sales were 62,000 units, up by 61.5% [2] - Germany saw accelerated growth in electric vehicle sales, with BEV sales of 39,000 units, up 45.7%, and PHEV sales of 24,000 units, up 76.7% [3] - The UK has reintroduced BEV subsidies, with approximately 25% of BEV models qualifying for subsidies as of August, leading to BEV sales of 22,000 units, a 14.9% increase, and PHEV sales of 9,800 units, up 69.4% [4] - France's BEV sales were 17,000 units, a 29.6% increase, despite a general decline in the automotive market, with a penetration rate of 19.4% in August, the highest of the year [5] Group 2: Market Drivers - Spain is promoting electric vehicle adoption through new model launches, promotional activities, and the MOVES III subsidy program, alongside a 15% personal income tax reduction for electric vehicle purchases [6] Group 3: Investment Recommendations - Recommended investments in lithium battery companies include CATL, EVE Energy, and Xinwangda, with beneficiaries such as Innovation Navigation and Guoxuan High-Tech [7] - For lithium materials, recommended companies include Hunan Yueneng, with beneficiaries like Fulian Precision and Wanrun New Energy [7] - Recommendations for electric drive systems include Weimaisi and Fute Technology, with beneficiaries such as Xinrui Technology and Huangshan Gujie [7]

标的方面 推荐：1)规模已成、领先布局出海的中国自主车企：比亚迪（002594）(01211)、零跑汽车(09863)、长 城汽车（601633）(601633.SH)、吉利汽车(00175)、小鹏汽车(09868)等。2)随着欧美日车企电动智能转 型，深耕全球、技术领先的国际化零部件白马将迎来戴维斯双击：敏实集团(00425)、福耀玻璃 中金发布研报称，全球汽车正处于格局重构阶段，2025年中国汽车已完成出口扩张，即将迎来出海加 速，预计2030年中国自主品牌车企有望实现全球近3000万辆的产量规模，并培育数家年产500万辆以上 的车企。全球消费者对电动智能技术认知已建立，欧美日车企加速产品投放，非中国市场的新能源渗透 率，将从拖累转向加速。因此，建议对应关注中国自主车企的出海扩张机遇；欧美日车企加速新能源转 型，拉动的中国供应链机遇。 中金主要观点如下： 中国汽车电动智能变革基本完成，立足出口走向出海 中金预计2025年中国汽车新能源渗透率突破50%，依托技术变革优势，中国自主品牌实现本土新能源市 场份额的领先(新能源上险口径8M25达89%)；依托规模优势和运营效率，中国蝉联汽车出口全球第一， 自主车企 ...

智通财经APP讯，敏实集团(00425)发布公告，于2025年9月22日，因购股权获行使发行合计15.1万股。 该信息由智通财经网提供 ...

Core Viewpoint - Minth Group (00425) announced the issuance of a total of 1.5846 million shares on September 17, 2025, due to the exercise of stock options [1] Company Summary - The total number of shares issued as a result of the stock option exercise is 1.5846 million [1]