智通财经APP讯，敏实集团(00425)发布公告，于2025年12月29日根据于2012年5月22日采纳的购股权计 划行使购股权而发行合共39.5万股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 敏實集團有限公司 呈交日期： 2025年12月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 00425 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股 ...

Core Viewpoint - The overall Beta of the automotive parts sector is expected to weaken in 2026, with structural opportunities being more favorable than total opportunities. The humanoid robot sector opens up valuation elasticity for automotive parts, focusing on three main technology lines: "Intelligent Driving (L2++/L3/L4) + Liquid Cooling (AIDC) + Humanoid Robots," along with the long-term certainty of "going overseas." Traditional advantageous tracks should be selectively laid out based on "performance realization + new order production" [3][8]. EPS Dimension - In the existing market, companies with high competitiveness that enhance market share and those that enter high-value tracks through internal and external expansion to increase ASP should be prioritized. The globalization of automotive parts opens up growth space, with a focus on production capacity in Europe, North America, and Southeast Asia, significantly enhancing growth potential and risk resistance. Companies are expected to transition to global Tier 1/platform leaders between 2026-2030. Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Zhuomag, with New Spring Co. as a focus [4][8]. PE Dimension - Intelligent Driving: The penetration of L2++ is accelerating, with L3 regulations and urban NOA speeding up, and L4-level smart vehicles rapidly landing. Focus on chip + domain control + core sensors + steer-by-wire chassis (systematic capabilities in cost/algorithm/safety redundancy). Recommended companies include Horizon Robotics, Black Sesame, and Desay SV. Companies to watch include Bertel and Nexperia [5][9]. - Robotics: Transitioning from "0→1" to "1→10," benefiting from large models + actuators/reducers/lead screws/force sensors, with a focus on automotive parts leaders that have "technological synergy + manufacturing collaboration." Recommended companies include Top Group, Minth Group, and Shuanghuan Transmission, with a focus on Yapu Co. and Daimay Co. [5][9]. - Liquid Cooling: AI capital expenditure growth and AIDC power consumption increase; the liquid cooling temperature control market is expected to reach hundreds of billions by 2030. Automotive parts should focus on thermal management/pipes/quick connectors, emphasizing system integration and cost reduction capabilities. Recommended companies include Minth Group, Yinlun Co., and Feilong Co. [5][9]. Emerging Industries - The expansion of emerging industries is expected to be less than anticipated, with downstream demand also falling short of expectations, and increasing geopolitical uncertainties [7]. Globalization - The global light vehicle market has a capacity of nearly 80 million units. The overseas light vehicle market is vast, with the 2024 overseas light vehicle production expected to reach 51.7 million units, accounting for 66% of the global market. The globalization of automotive parts is crucial for achieving significant revenue scales [47][49][50]. Conclusion - The automotive parts sector is entering a phase where structural opportunities are prioritized over total market growth. Companies focusing on intelligent driving, robotics, and liquid cooling technologies are expected to lead the way, while globalization will enhance growth potential and resilience against risks [3][4][5][8].

Core Conclusions - The overall beta of the automotive parts sector is expected to weaken in 2026, with structural opportunities being more favorable than total opportunities. The focus should be on "smart driving (L2++/L3/L4) + liquid cooling (AIDC) + humanoid robots" as the three main technology lines, along with the long-term certainty of "going overseas" [2][34] - EPS perspective: 1) Seek alpha that can traverse cycles in the existing market, prioritizing product companies with high competitiveness that can increase market share and companies that can enhance ASP by entering high-value tracks through internal and external expansion. 2) Globalization opens up growth space for automotive parts, with a significant increase in growth potential and risk resistance by prioritizing capacity layout in Europe, North America, and Southeast Asia [2][34] - Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Zhuomag, with New Spring Co. as a focus [2] EPS Dimension Outlook - The automotive parts sector's beta is expected to be weak due to domestic total factors in 2026, with structural opportunities preferred over total opportunities. The focus should be on high-competitiveness product companies that can increase market share and those that can enhance ASP by entering high-value tracks through internal and external expansion [34] - Globalization is expected to open up growth space for automotive parts, with incremental orders mainly coming from Southeast Asia and European new energy markets [34] Market Review - The automotive parts sector's overall performance in 2025 was significantly influenced by AI and robotics, with the sector index outperforming the market in the first half of the year. However, it faced challenges in the second half due to U.S. tariffs and price wars [11][19] - The sector's valuation fluctuated, starting from approximately 21 times earnings at the beginning of 2025, peaking at 32 times by September, and then adjusting back down due to tariff impacts and slower-than-expected robotics progress [11][19] Globalization and Market Expansion - The global light vehicle production is projected to reach 78.82 million units in 2024, with overseas markets, particularly in Europe and North America, being significant contributors [52][57] - Chinese automotive parts companies are increasingly following domestic car manufacturers in their overseas expansion, leveraging cost control and response efficiency advantages [60][61] Recommended Companies and Focus Areas - Companies recommended for investment include Fuyao Glass, Xingyu Co., Minth Group, and others that are positioned to benefit from high competitiveness and market share growth [2][34] - Focus areas include smart driving technologies, liquid cooling systems, and humanoid robotics, which are expected to drive growth in the automotive parts sector [2][34]

Core Insights - The report highlights a sustained high growth in electric vehicle (EV) sales across nine European countries in November 2025, with a total of 281,000 new energy vehicles sold, representing a year-on-year increase of 38.6% and a penetration rate of 34.3%, up by 9.0 percentage points [1][2]. Group 1: Sales Performance - In November 2025, battery electric vehicle (BEV) sales reached 190,000 units, marking a year-on-year increase of 40.5%, while plug-in hybrid electric vehicle (PHEV) sales totaled 91,000 units, up by 35.0% [1][2]. - Germany's BEV sales were 56,000 units, a significant year-on-year increase of 58.5%, and PHEV sales were 32,000 units, up by 57.4% [2][3]. - France's BEV sales reached 34,000 units, reflecting a year-on-year growth of 47.5%, with a penetration rate of 25.8%, an increase of 8.4 percentage points [3]. Group 2: Market Drivers - The implementation of subsidies in France and Italy has led to a rapid increase in BEV sales, with Italy experiencing a remarkable year-on-year growth of 131.4% in BEV sales, totaling 15,000 units [3]. - The UK has restarted EV subsidies and is under pressure from zero-emission vehicle (ZEV) targets, which is expected to sustain growth in EV sales in the coming months [2][3]. - Norway is anticipated to see a surge in electric vehicle purchases as the year-end approaches, driven by consumer demand [1][2]. Group 3: Future Outlook - The European Commission's proposal to adjust the 2035 emission reduction targets is not expected to hinder the long-term trend of electrification in Europe; instead, it may promote sales of small electric vehicles [4]. - New generations of pure electric models are set to be launched by various automakers from late 2025 to the first half of 2026, which is likely to boost the European EV market [4]. Group 4: Investment Recommendations - Investment recommendations include companies involved in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure [4]. - Specific companies recommended for investment in lithium batteries include CATL, EVE Energy, and Xinwangda, while lithium material companies include Hunan Youneng and Tianci Materials [4].

Core Viewpoint - Minth Group is a leading enterprise in the automotive exterior and body structure components sector, continuously expanding its product offerings and customer base, with projected net profits for 2025-2027 at 2.813 billion, 3.443 billion, and 4.073 billion yuan, reflecting growth rates of 21%, 22%, and 18% respectively, and a corresponding market PE of 13, 11, and 9 times [1] Group 1: Business Overview - Minth Group has over 30 years of industry experience, with core business lines including metal trim, plastic parts, aluminum components, and new energy vehicle battery boxes, showcasing both depth and breadth in its operations [1] - The company serves over 70 leading domestic and international automakers, including BMW, Mercedes-Benz, Tesla, and BYD, with overseas revenue increasing from 41% in 2021 to 65% in the first half of 2025, indicating significant progress in its globalization strategy [1] - The business structure is continuously optimized, with the battery box segment projected to account for 27% of revenue in the first half of 2025, becoming the largest revenue source; aluminum products are expected to see a CAGR of 12% from 2020 to 2024, maintaining a gross margin above 30% [1] Group 2: Growth Drivers - The traditional exterior component business remains robust, with a diverse range of products contributing to sustained performance; the company is leveraging lightweight and intelligent upgrades to enhance value, with aluminum alloy exterior parts gaining traction in high-end European and American brands [2] - The battery box business, a core segment in the new energy sector, has established a global supply system with factories in Serbia, France, and Poland, achieving a remarkable CAGR of 173% from 2020 to 2024; the company is also expanding into collision modules, subframes, and die-casting structural components, enhancing the integrated value of battery boxes and chassis structures [2] Group 3: Emerging Opportunities - Minth Group is actively entering emerging sectors such as humanoid robots, liquid cooling, and low-altitude economy, leveraging its manufacturing expertise; it has signed a strategic cooperation agreement with ZhiYuan Robotics to develop joint modules and electronic skin components, with initial samples completed [3] - The AI server liquid cooling business has secured orders from leading Taiwanese manufacturers, integrating into the global semiconductor supply chain, and a joint venture with Fuman Technology aims to achieve mass production capabilities by the end of 2025 [3] - In the low-altitude aircraft sector, the company is collaborating with EHang Intelligent to develop eVTOL airframes and rotor systems, and is working with Siemens on wireless charging systems for electric vehicles, creating smart mobility solutions [3]

Core Viewpoint - Minth Group (00425) is a leading player in the exterior and body structure components sector, continuously expanding its new products and customer base, with projected net profits for 2025-2027 at 2.813 billion, 3.443 billion, and 4.073 billion yuan, representing growth rates of 21%, 22%, and 18% respectively, and corresponding market PE ratios of 13, 11, and 9 times [1] Group 1 - Minth Group has over 30 years of industry experience, with core business lines including metal trim, plastic parts, aluminum components, and new energy vehicle battery boxes, serving over 70 major domestic and international automakers such as BMW, Mercedes-Benz, Tesla, and BYD [2] - The company's overseas revenue share increased from 41% in 2021 to 65% in the first half of 2025, indicating significant progress in its globalization strategy [2] - The business structure is continuously optimized, with the battery box segment projected to account for 27% of revenue in the first half of 2025, becoming the largest revenue source [2] Group 2 - The traditional exterior component business remains robust, with a diverse range of products contributing to sustained growth, benefiting from the dual upgrades of lightweight and intelligent features [3] - The battery box business, a core area in the new energy sector, has established a global supply system with factories in Serbia, France, and Poland, achieving a revenue CAGR of 173% from 2020 to 2024 [3] - The company is extending its offerings to include front and rear collision modules, subframes, and die-casting structural components, enhancing the integrated value of battery boxes and chassis structures [3] Group 3 - Minth is actively entering emerging sectors such as humanoid robots, liquid cooling, and low-altitude economy, leveraging its manufacturing expertise [4] - In the humanoid robot sector, Minth has signed a strategic cooperation agreement with Zhiyuan Robotics to develop joint modules and electronic skin, with small batch samples already completed [4] - The company has received orders for AI server liquid cooling from leading Taiwanese manufacturers and is collaborating with Fuman Technology to establish a factory capable of mass production by the end of 2025 [4]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新数据显示，12月17日，摩根大通增持敏实集团（00425）148.9384万股，每股作价 30.1236港元，总金额约为4486.56万港元。增持后最新持股数目约为7116.16万股，持股比例为6.03%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 责任编辑：卢昱君 香港联交所最新数据显示，12月17日，摩根大通增持敏实集团（00425）148.9384万股，每股作价 30.1236港元，总金额约为4486.56万港元。增持后最新持股数目约为7116.16万股，持股比例为6.03%。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, considering its leadership in the exterior and structural components sector and ongoing expansion into new products and customers [3]. Core Insights - The company is a leading global supplier of automotive exterior and body structure components, with a diversified business model that includes metal trims, plastic parts, aluminum components, and battery boxes for electric vehicles [1][14]. - The battery box business is highlighted as a key growth driver, with a projected revenue CAGR of 173% from 2020 to 2024, and it is expected to account for 27% of total revenue by the first half of 2025 [2][3]. - The company is actively expanding into emerging sectors such as humanoid robotics, liquid cooling for AI servers, and low-altitude flying vehicles, which are expected to contribute to long-term growth [3][11]. Summary by Sections 1. Company Overview - The company has over 30 years of experience in the automotive parts industry and serves more than 70 leading automotive manufacturers globally, with overseas revenue increasing from 41% in 2021 to 65% in the first half of 2025 [1][14]. - The business structure is continuously optimized, with the battery box segment becoming the largest revenue source [1][2]. 2. Business Performance - The traditional exterior parts business remains robust, with steady growth driven by lightweight and intelligent upgrades [2]. - The aluminum product segment is benefiting from the automotive lightweight trend, with a projected revenue CAGR of 12% from 2020 to 2024 and a maintained gross margin above 30% [1][2]. 3. Financial Projections - The company expects to achieve net profits of 2.81 billion, 3.44 billion, and 4.07 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 21%, 22%, and 18% [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 13x, 11x, and 9x, respectively, indicating a favorable valuation as the company scales its operations [3][5]. 4. Emerging Business Opportunities - The company is entering new markets such as humanoid robotics and AI server cooling, with strategic partnerships established to enhance its product offerings [3][11]. - Collaborations with companies like EHang for low-altitude flying vehicles and Siemens for wireless charging systems are part of the company's strategy to diversify its revenue streams [3][11].

智通财经APP获悉，香港联交所最新数据显示，12月17日，摩根大通增持敏实集团(00425)148.9384万 股，每股作价30.1236港元，总金额约为4486.56万港元。增持后最新持股数目约为7116.16万股，持股比 例为6.03%。 ...