花旗发布研报称，重申对敏实集团(00425)的"买入"评级，并对其开展为期90日的上行催化剂观察，给 予目标价46港元，对应2026年预测市盈率约15倍。 花旗认为，此战略合作将令敏实来自丰田及该地区其他日本汽车制造商的订单显著增长，考虑到海外车 企通常有较长的汽车研发周期，估计合资公司要到明年底才开始大规模生产，预测订单潜在价值介乎2 亿至3亿美元。 敏实宣布将与株式会社爱信及丰田通商共同成立合资公司，拓展铝制车身骨架部件生产业务，当中敏 实、爱信及丰田将分别于合资公司持股40%、40%及20%，该行预期此举将增强北美市场供应链能力， 可应对当地日益增长的汽车电动化及轻量化技术需求。 ...

Core Viewpoint - The partnership between Sensata Technologies and Lide Harmonic aims to establish a joint venture in the U.S. focused on humanoid robot joint module assembly, targeting the North American market to capitalize on the growing demand for core components in the humanoid robotics industry [1][6]. Company Overview - Sensata Technologies is a leading global automotive parts manufacturer with production bases in 14 countries, supplying major automakers like Tesla and BMW, and has extensive experience in large-scale manufacturing and global operations [2][7]. - Lide Harmonic is a leading domestic company in harmonic reducers, with its products already integrated into the supply chain of Tesla's Optimus robots, showcasing strong technical expertise in precision transmission [2][7]. Market Potential - The humanoid robot industry is projected to experience explosive growth, with global shipments expected to reach nearly 18,000 units by 2025, representing a 508% year-over-year increase, and order volumes exceeding 35,000 units [2][7]. - Joint modules, as core motion components of robots, integrate harmonic reducers, servo motors, and encoders, presenting high technical barriers and strong customization demands [2][7]. Strategic Goals - The joint venture aims to provide localized humanoid robot joint modules in North America, covering the entire service chain from R&D to production and maintenance, addressing the increasing demand from leading robot products like Tesla's Optimus [1][6]. Financial Market Response - The market reacted positively to the announcement, with Sensata's stock price rising over 9% on the day of the announcement, reaching a new high since January 2021, and a cumulative increase of 160% over the past year [3][8]. - Financial institutions like UBS and Citigroup have expressed optimism about the long-term value enhancement for Sensata, with UBS raising its target price to 45.5 HKD, highlighting the potential for new revenue sources from localized robot joint modules [3][8]. Challenges Ahead - The humanoid robot industry is still in its early commercialization phase, with Morgan Stanley noting that actual global shipments may fall short of 20,000 units by 2025, indicating a slower-than-expected scaling process [3][8]. - The complexity of joint modules and the dispersion of orders may hinder significant revenue contributions in the short term, alongside potential profit margin pressures from fluctuating aluminum prices and high costs of customized production [3][8]. Industry Trends - The collaboration reflects a broader trend of traditional manufacturing giants and niche technology experts working together to seize emerging market opportunities in humanoid robotics [4][9]. - The partnership signifies a shift in Chinese manufacturing from "globalized OEM" to "technology-driven ecosystems," providing a new growth narrative amid slowing electric vehicle growth [4][9].

花旗认为，此战略合作将令敏实来自丰田及该地区其他日本汽车制造商的订单显著增长，考虑到海外车 企通常有较长的汽车研发周期，估计合资公司要到明年底才开始大规模生产，预测订单潜在价值介乎2 亿至3亿美元。花旗重申对敏实的"买入"评级，并对其开展为期90日的上行催化剂观察，目标价为46港 元，对应2026年预测市盈率约15倍。 花旗发表研报指，敏实集团宣布将与株式会社爱信及丰田通商共同成立合资公司，拓展铝制车身骨架部 件生产业务，当中敏实、爱信及丰田将分别于合资公司持股40%、40%及20%，预期此举将增强北美市 场供应链能力，可应对当地日益增长的汽车电动化及轻量化技术需求。 ...

Major Events - Xian Dao Intelligent (00470) received a subscription rate of 79.54 times for its public offering in Hong Kong, with a final issue price of HKD 45.8 per share [1] - Shishi Pharmaceutical Group (02005) is expected to win bids for 45 products in the national centralized procurement [1] - Gilead Sciences-B (01672) has selected the oral amylin receptor agonist peptide ASC36 for clinical development [1] - China Railway Construction (01186) recently won major projects totaling CNY 451.42 billion [1] - Shoucheng Holdings (00697) invested in Qimiao Labi through its subsidiary fund, focusing on expanding its product matrix around core intellectual property [1] - Minshi Group (00425) plans to establish a joint venture to produce aluminum body frame components [1] - Fubo Group (03738) has reached a strategic cooperation with Xinglu Technology [1] - Jin Xun Resources (03636) plans to increase capital by a total of USD 44 million for its overseas subsidiaries [1] - Changfei Optical Fiber and Cable (06869) experienced abnormal fluctuations in A-share trading, clarifying that it does not engage in CPO-related businesses [1] Operating Performance - SMIC (00981) reported Q4 revenue of USD 2.489 billion, a quarter-on-quarter increase of 4.5%, with a gross margin of 19.2% [1] - PCCW (00008) reported a loss attributable to shareholders of HKD 253 million for the fiscal year 2025, narrowing by 16% year-on-year [1] - WuXi Biologics (02269) issued a positive profit alert, expecting a year-on-year profit increase of approximately 46.3% to CNY 4.908 billion for the fiscal year 2025 [1] - Dongyue Group (00189) issued a positive profit alert, anticipating over 100% year-on-year growth in profit attributable to owners for 2025 [1] - Elephant Future Group (02309) issued a positive profit alert, expecting a mid-term profit attributable to owners of approximately HKD 178 million, reversing from a loss [1] - Sihuan Pharmaceutical (00460) issued a positive profit alert, expecting revenue of no less than CNY 2.5 billion for 2025, with a growth rate exceeding 30% compared to the previous year [1] - Beijing Automotive (01958) expects a net profit attributable to the parent company of approximately CNY 110 million to CNY 130 million for 2025, a year-on-year decrease of about 86.4% to 88.5% [1] - COFCO Joycome (01610) issued a profit warning, expecting a loss attributable to shareholders of approximately CNY 230 million to CNY 350 million, reversing from profit year-on-year [1] - New Town Development (01030) achieved a contract sales amount of approximately CNY 714 million in January, a year-on-year decrease of 29.79% [1] - Yue Yuen Industrial (00551) reported a net operating income of approximately USD 705 million in January, a year-on-year decrease of 12.5% [1] - Baoshan International (03813) reported a cumulative net operating income of CNY 1.748 billion in January, a year-on-year decline of 32.5% [1]

Investment Rating - The report maintains a "Buy" rating for the company [6][5]. Core Views - The company is establishing a joint venture in the U.S. with Harmonic Drive to develop humanoid robot joint modules, marking a significant step in its global robotics business expansion [1][2]. - The traditional business is expected to maintain steady growth, with the battery box business accelerating globally, and new strategic initiatives in robotics, AI, liquid cooling, and low-altitude economy potentially enhancing long-term growth prospects [1][3]. - The battery box business is entering a harvest phase, with revenue of 3.582 billion RMB in the first half of 2025, reflecting a year-on-year increase of 49.8% and a gross margin of 23.0% [4]. Summary by Sections Joint Venture and Global Expansion - On February 9, 2026, the company signed a framework agreement with Harmonic Drive to establish a joint venture in the U.S., with a 60% stake for the company and a 40% stake for Harmonic Drive, involving an investment of 10 million USD [2]. - The company has previously signed a strategic cooperation agreement with a leading robotics company for the European market, focusing on the production and distribution of general embodied intelligent robots [2]. New Business Developments - The company is diversifying into liquid cooling and low-altitude economy sectors, with significant orders from a global semiconductor company for liquid cooling cabinets and systems [3]. - A strategic partnership with EHang for eVTOL aircraft and rotor systems has been established, with intentions for mass production orders [3]. - The company has issued 2.4 million shares as part of a zero-cost equity incentive plan, targeting core R&D personnel in new strategic areas [3]. Financial Performance and Projections - The company expects revenues of 27.774 billion RMB in 2025, 32.033 billion RMB in 2026, and 36.851 billion RMB in 2027, with net profits projected at 2.847 billion RMB, 3.430 billion RMB, and 4.070 billion RMB respectively [9][5]. - The target price is set at 49.71 HKD for 2026, corresponding to a PE ratio of 15.2 times, and a target price of 127.13 USD for the U.S. market [5][6].

ATM Automotive计划将由加拿大敏实、株式会社爱信及丰田通商分别持有40%、 40%及20%的股权。 ATM Automotive董事会预计将由五名董事组成，其中加拿大敏实与株式会社爱信将各提名两名董事， 丰田通商将提名一名董事。合资公司的首席执行官、首席运营官及首席财务官将分别由丰田通商、加拿 大敏实及株式会社爱信提名。 敏实集团(00425)发布公告，本集团与株式会社爱信及丰田通商同意成立一间合资公司以生产铝制车身 骨架部件。预期合资公司将命名为ATM Automotive，其成立旨在加强北美市场汽车铝制车身骨架部件 的供应体系。 与株式会社爱信及丰田通商成立的合资公司将在北美生产铝制车身骨架部件。多年来，各方持续精进各 自的铝成型技术，并已在全球范围内供应相关产品。随着电动化及轻量化技术的发展，预计市场对铝制 车身骨架部件的需求将稳步增长。因此，与株式会社爱信及丰田通商成立合资公司对满足市场与客户期 望、保障产品供应的可持续性具有重要意义。 ...

智通财经APP讯，敏实集团(00425)发布公告，本集团与株式会社爱信及丰田通商同意成立一间合资公司 以生产铝制车身骨架部件。预期合资公司将命名为ATM Automotive，其成立旨在加强北美市场汽车铝 制车身骨架部件的供应体系。 ATM Automotive计划将由加拿大敏实、株式会社爱信及丰田通商分别持有40%、 40%及20%的股权。 ATM Automotive董事会预计将由五名董事组成，其中加拿大敏实与株式会社爱信将各提名两名董事， 丰田通商将提名一名董事。合资公司的首席执行官、首席运营官及首席财务官将分别由丰田通商、加拿 大敏实及株式会社爱信提名。 与株式会社爱信及丰田通商成立的合资公司将在北美生产铝制车身骨架部件。多年来，各方持续精进各 自的铝成型技术，并已在全球范围内供应相关产品。随着电动化及轻量化技术的发展，预计市场对铝制 车身骨架部件的需求将稳步增长。因此，与株式会社爱信及丰田通商成立合资公司对满足市场与客户期 望、保障产品供应的可持续性具有重要意义。 ...

公告表示，与株式会社爱信及丰田通商成立的合资公司将在北美生产铝制车身骨架部件。多年来，各方 持续精进各自的铝成型技术，并已在全球范围内供应相关产品。随着电动化及轻量化技术的发展，预计 市场对铝制车身骨架部件的需求将稳步增长。因此，与株式会社爱信及丰田通商成立合资公司对满足市 场与客户期望、保障产品供应的可持续性具有重要意义。 格隆汇2月10日丨敏实集团(00425.HK)发布公告，集团与株式会社爱信及丰田通商同意成立一间合资公 司以生产铝制车身骨架部件。预期合资公司将命名为ATM Automotive，其成立旨在加强北美市场汽车 铝制车身骨架部件的供应体系。 ATM Automotive计划将由加拿大敏实、株式会社爱信及丰田通商分别持有40%、40%及20%的股权。 ATM Automotive董事会预计将由五名董事组成，其中加拿大敏实与株式会社爱信将各提名两名董事， 丰田通商将提名一名董事。合资公司的首席执行官、首席运营官及首席财务官将分别由丰田通商、加拿 大敏实及株式会社爱信提名。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 MINTH GROUP LIMITED 本公告系本公司自願刊發，以使本公司股東及潛在投資者獲悉本集團的最新業務發 展。 董事會欣然宣佈，本集團與株式会社愛信及豐田通商同意成立一間合資公司以生產 鋁製車身骨架部件。預期合資公司將命名為ATM Automotive，其成立旨在加強北 美市場汽車鋁製車身骨架部件的供應體系。 ATM Automotive計劃將由加拿大敏實、株式会社愛信及豐田通商分別持有40%、 40%及20%之股權。ATM Automotive董事會預計將由五名董事組成，其中加拿大 敏實與株式会社愛信將各提名兩名董事，豐田通商將提名一名董事。合資公司的首 席執行官、首席運營官及首席財務官將分別由豐田通商、加拿大敏實及株式会社愛 信提名。 有關合資夥伴的資料 株式会社愛信是一家全球性汽車供應商，總部位於日本愛知縣刈谷市，成立於1965 年8月，主要從事汽車零部件及能源相關產品的製造與銷售。 敏實 ...

Group 1: Market Environment - The Chinese automotive parts manufacturers are expected to face a challenging market environment in the coming year due to slowing production growth in domestic automobiles and electric vehicles, appreciation of the Renminbi, and rising commodity prices [1] Group 2: Company Ratings and Target Prices - Morgan Stanley downgraded Fuyao Glass (03606) to "Neutral" despite maintaining over 80% market share in China, citing increasing industry competition and lowering the target price from HKD 80 to HKD 70 [1] - Minth Group (00425) remains the only stock in the Chinese automotive parts sector with an "Overweight" rating, supported by its strong positioning in the EU electric vehicle market and attractive valuation (2026 forecast P/E of 11 times), with a target price of HKD 70 [1] Group 3: Battery Supply Chain Outlook - The battery supply chain is viewed positively due to its extensive coverage in the energy storage system sector, with growth expected to exceed 40%, maintaining "Overweight" ratings for CATL (03750) and Enjie (002812.SZ) [1]