Investment Rating - The report maintains a positive outlook for the automotive industry, expecting a rebound in vehicle sales in Q1 and focusing on investments in intelligent driving, robotics, and liquid cooling technologies [3]. Core Insights - The automotive sector is experiencing significant dynamics, including sales, pricing, exports, and robotics developments [2]. - The report highlights that January's early sales data shows a substantial year-on-year decline, primarily due to subsidy reductions and rising vehicle prices, leading to consumer hesitation [5]. - The report anticipates that the pressure on vehicle prices will be managed through strict enforcement of anti-competitive practices, aiming to stabilize prices and profit margins [5]. - The export market is expected to grow rapidly, supported by agreements that lower trade barriers for electric vehicles, enhancing profitability for manufacturers and dealers [5]. - The robotics sector is gaining traction, with the Optimus V3 generating market excitement and expectations for product launches [5]. Data Tracking - In early January, the average discount rate remained stable, with a 9.6% increase year-on-year, and the average discount amount reached 22,259 yuan, up by 2,192 yuan year-on-year [4]. - December's wholesale vehicle sales were reported at 2.85 million units, reflecting a year-on-year decline of 8.7% and a month-on-month decline of 6.3% [4]. - Notable sales performance in December included significant year-on-year growth for new energy vehicle manufacturers like NIO and Li Auto, while traditional automakers like SAIC and Changan showed mixed results [6]. Industry News - The report discusses various industry developments, including the price commitments for electric vehicles between China and Europe, which aim to facilitate trade [27]. - The Ministry of Industry and Information Technology is focusing on enhancing the competitiveness of the new energy vehicle sector and regulating market practices to prevent price wars [27]. - Recent data indicates a significant drop in retail sales of passenger vehicles in early January, with a 32% year-on-year decline [27]. Market Performance - The automotive sector saw a weekly increase of 0.71%, ranking 8th out of 29 sectors, while the overall market indices showed mixed results [10].

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [9]. Core Insights - Liquid cooling technology is expected to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power and the rising power density of server cabinets, which traditional air cooling cannot meet [6][24]. - The global data center liquid cooling component market is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027 [7][37]. - Automotive parts suppliers are expected to become upstream component suppliers for liquid cooling systems, with several companies having Tier 1 supply capabilities [8]. Summary by Sections AIDC Liquid Cooling Industry Chain and Core Components - The current mainstream solution is cold plate liquid cooling, while immersion liquid cooling offers better efficiency but is limited by high coolant costs [7][29]. - Key components for upgrading include CDU, liquid cooling plates, manifolds, and UQDs, which have a higher value proportion [7][8]. Investment Opportunities for Automotive Parts Suppliers - Automotive parts companies can leverage existing customer bases and strong business capabilities to collaborate with Taiwanese and local manufacturers in the liquid cooling supply chain [8]. - Recommended companies include Yinlun, Minth Group, Feilong, Meilixin, Chuanhuan Technology, Zhongding, Xiangxin Technology, Sulian Technology, and Pengling [8]. Liquid Cooling Technology as the Mainstream Cooling Solution - The average power density of server cabinets is expected to exceed 25 kW by 2025, making traditional air cooling inadequate [24]. - Liquid cooling can achieve a PUE of less than 1.25, aligning with policy directives for energy efficiency [6][19]. Market Size and Growth Projections - The global data center market is projected to reach $128.9 billion by 2025, with a CAGR of 13% from 2019 to 2025 [13]. - The penetration rate of liquid cooling systems in data centers is expected to grow to 30% by 2027 [41]. Key Components and Their Evolution - The evolution of liquid cooling components, particularly the liquid cooling plates and UQDs, is driven by the increasing power requirements of GPUs, with significant upgrades expected in the next generation of GPUs [46][48]. - The design of CDU is also evolving to enhance heat exchange efficiency and prevent leaks, which are critical for the industry's advancement [61][66].

Core Viewpoint - The article discusses the strategic advantages of Serbia as a key location for Chinese automotive companies to expand into the European market, highlighting the benefits of local production to circumvent trade barriers and optimize logistics [5][9][70]. Group 1: Investment Opportunities - In recent years, Chinese tire companies have been establishing factories overseas, with notable investments in Serbia, which has become a strategic hub for the automotive industry [9][12]. - Linglong Tire's Serbian factory, with a total investment exceeding $1 billion, aims to produce 12 million passenger car tires annually, positioning it as a core hub for the European market [11][12]. - The investment from Minth Group in Serbia focuses on creating a localized supply chain for battery and body structure components, enhancing the operational efficiency of Chinese manufacturers in Europe [14][16]. Group 2: Economic Environment - Serbia's GDP growth has been stable at around 4%, with a significant reduction in unemployment rates, making it an attractive destination for foreign investment [47]. - The country has a favorable corporate tax rate of 15% and offers incentives such as tax exemptions for qualifying manufacturing and service enterprises, enhancing its appeal to investors [49]. - Despite a decline in overall foreign direct investment (FDI) in Serbia, investments from the Chinese automotive sector have surged from €830 million to €2.7 billion, indicating a shift in investment dynamics [43][44]. Group 3: Strategic Location and Infrastructure - Serbia's geographical position at the crossroads of Eastern and Western Europe provides a strategic advantage for logistics, supported by the ongoing development of the Hungary-Serbia railway, which significantly reduces transportation times [27][29]. - The country has established a comprehensive transportation network, including air and rail, facilitating efficient trade routes to major markets [25][30]. - The "Open Balkans" initiative allows for the free movement of labor and goods among member countries, addressing labor shortages and enhancing regional cooperation [57]. Group 4: Political Stability and Trade Agreements - Serbian President Aleksandar Vučić has maintained a flexible political stance, attracting foreign investment by fostering a stable economic environment and avoiding geopolitical alignments [31][33]. - Serbia's status as an EU candidate country with a network of free trade agreements provides Chinese companies with preferential access to European markets, allowing for tariff-free exports of automotive parts [35][37]. - The recent China-Serbia Free Trade Agreement aims to eliminate tariffs on 90% of trade items, further enhancing the competitiveness of Chinese automotive products in Europe [39][44]. Group 5: Labor Market and Cost Advantages - Serbia offers a competitive labor market with lower wage levels compared to neighboring countries, making it an attractive location for labor-intensive industries [52][53]. - The average monthly salary in Serbia is approximately €1,156, which remains significantly lower than in EU countries, providing cost advantages for manufacturing operations [52][53]. - The local government supports foreign enterprises by simplifying work visa processes, allowing for easier recruitment of skilled labor from neighboring regions [55][58].

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with Xiaomi Group, Tencent Holdings, and China Construction Bank leading in net inflows, while the Yingfu Fund, Hang Seng China Enterprises, and Southern Hang Seng Technology experienced the highest net outflows [1] Group 1: Net Inflows - Xiaomi Group-W (01810) recorded a net inflow of 1.07 billion, representing a 16.36% increase in its closing price [2] - Tencent Holdings (00700) saw a net inflow of 863 million, with a 7.49% increase in its closing price [2] - China Construction Bank (00939) had a net inflow of 699 million, with a significant 41.06% increase in its closing price [2] Group 2: Net Outflows - Yingfu Fund (02800) experienced the largest net outflow of 6.289 billion, reflecting a -31.44% change in its closing price [2] - Hang Seng China Enterprises (02828) had a net outflow of 2.880 billion, with a -17.89% change in its closing price [2] - Southern Hang Seng Technology (03033) faced a net outflow of 1.289 billion, showing a -11.37% change in its closing price [2] Group 3: Net Inflow Ratios - 361 Degrees (01361) led with a net inflow ratio of 74.40%, with a net inflow of 8.9117 million [3] - BRILLIANCE CHI (01114) followed with a net inflow ratio of 64.04%, amounting to a net inflow of 36.4910 million [3] - Qin Port Co. (03369) had a net inflow ratio of 61.05%, with a net inflow of 846,600 [3] Group 4: Net Outflow Ratios - Wisdom Hong Kong 100 (02825) had a net outflow ratio of -100.00%, with a net outflow of -18,200 [3] - Stone Pharmaceutical Group (02005) recorded a net outflow ratio of -68.86%, with a net outflow of -14.1501 million [3] - Dexion Shipping (02510) experienced a net outflow ratio of -53.53%, with a net outflow of -10.0204 million [3]

Investment Rating - The investment rating for the automotive industry is "Positive" and maintained [9] Core Insights - The wholesale sales of passenger vehicles in Q4 2025 are expected to be approximately 8.76 million units, a year-on-year decrease of 1% but a quarter-on-quarter increase of 14%. The profitability in Q4 may show differentiation compared to the same period last year, with expectations for a quarter-on-quarter improvement [2][5] - The revenue from automotive parts is anticipated to grow steadily quarter-on-quarter, but profitability may face pressure due to factors such as raw material costs and exchange rates [2][5] - The wholesale sales of heavy trucks are projected to be 314,000 units in Q4 2025, representing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [2][5] - The overall sales of buses are expected to see a significant quarter-on-quarter increase during the peak season, with sales of large and medium buses reaching 44,000 units, a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [2][5] - The total sales of motorcycles are estimated to be around 4.73 million units in Q4 2025, reflecting a year-on-year increase of 11.0% but a quarter-on-quarter decrease of 6.2% [2][6] Summary by Sections Passenger Vehicles - Q4 2025 wholesale sales are expected to be about 8.76 million units, down 1% year-on-year but up 14% quarter-on-quarter. New energy vehicle sales are projected at 4.84 million units, up 13% year-on-year and 21% quarter-on-quarter [5] Automotive Parts - Revenue is expected to grow steadily quarter-on-quarter, but profitability may be pressured by raw material and exchange rate factors [5] Heavy Trucks - Q4 2025 wholesale sales are projected at 314,000 units, with a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [5] Buses - Large and medium bus sales are expected to reach 44,000 units in Q4 2025, with a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [5] Motorcycles - Total motorcycle sales are estimated at 4.73 million units in Q4 2025, reflecting an 11.0% year-on-year increase but a 6.2% quarter-on-quarter decrease [6]

格隆汇1月8日丨敏实集团(00425.HK)公告，为承接公司新定位新战略，公司更改其公司标志，即时生 效。现将公司的新旧标志对照如下： 新标志融合了"Minth"的首字母"M"与"Worldwide"的首字母"W"，象征着公司的全球拓展与持续蜕变。通 过融合"M"与"W"共通的韵律精髓，将其转化为三条连续的线条，此设计象征着支撑公司发展的三大支 柱：技术实力、全球网络与前瞻动能。 ...

Compensation Details - The total compensation for the former CEO, Mr. Chen Binbo, for the year ended December 31, 2019, was RMB 3,189,000, which included RMB 2,614,000 in salary and other benefits, RMB 540,000 in discretionary or performance-related bonuses, and RMB 35,000 in retirement benefits[4] - The company did not pay any compensation to Mr. Chen as an incentive for joining or as severance upon leaving the company during the year ended December 31, 2019[4] Annual Report Information - The announcement does not affect any other information disclosed in the 2019 annual report, which remains unchanged[5]

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。 （於開曼群島註冊成立的有限公司） （股份代號：425） 更改公司標誌 敏實集團有限公司（「本公司」）宣佈，為承接本公司新定位新戰略，本公司更改其公 司標誌，即時生效。現將本公司的新舊標誌對照如下： MINTH GROUP LIMITED 敏實集團有限公司 新標誌將印列於本公司的企業文件上，包括但不限於中期及年度報告、公告、通 函、新聞稿及宣傳刊物。 – 1 – 更改標誌不影響本公司現有股東的任何權利。所有印有舊標誌的現有本公司已發行 股票證書將繼續是本公司股票所有權的有效憑證，可繼續用作買賣、交收、註冊及 交付；因此不會就現有股票證書提供任何換領印有本公司新標誌的新股票證書安 排。本公司將繼續發行庫存中印有舊標誌的現有股票證書，直至用盡所有現有股票 證書為止。此後，本公司將發行印有新標誌的股票證書。 承董事會命 敏實集團有限公司 魏清蓮 主席 香港，二零二六年一月八日 截至本公告日期，董事會成員包括：執 ...

Core Viewpoint - Ningbo Peiyuan Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, with sponsorship from Zhongtai Securities and auditing by Rongcheng Accounting Firm [2]. Financial Performance - Revenue projections for Peiyuan Co. are as follows: CNY 551 million for 2022, CNY 610 million for 2023, CNY 652 million for 2024, and CNY 332 million for the first half of 2025 [2]. - Net profit forecasts are: CNY 69.22 million for 2022, CNY 75.82 million for 2023, CNY 59.63 million for 2024, and CNY 34.69 million for the first half of 2025 [2]. Shareholder Structure - Major shareholders include Yu Peijun (26.07%), Zhang Peiqin (24.74%), Yu Keyu (39.55%), and Tian Yu (0.37%), collectively holding 90.73% of the company [3][4]. - The four major shareholders have signed a joint action agreement, ensuring they act in concert regarding shareholder decisions [4]. Corporate Governance - Yu Peijun has been the Chairman and General Manager since the company's inception, indicating significant influence over operational and managerial decisions [4][5]. - The company has a stable management team with extensive experience in the automotive parts industry [7][8][9][10][11].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 敏實集團有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00425 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/註冊股本總 ...