Investment Rating - The report maintains a BUY rating for Minth Group, indicating a potential return of over 15% over the next 12 months [1][8]. Core Insights - The company is expected to see solid earnings growth in the second half of 2025, with a projected net profit increase of 17% year-over-year for FY25E. This growth is anticipated to accelerate further in FY26-27E, driven by the expansion in battery housing and contributions from new business segments such as humanoid robots and AI server liquid cooling systems [1][8]. - Revenue forecasts for FY25E, FY26E, and FY27E have been revised upwards by 3-6%, reflecting a positive outlook for the company's performance in these years [8][10]. Financial Summary - For FY25E, revenue is projected at RMB 25,945 million, with a year-over-year growth of 12.1%. Net profit is expected to reach RMB 2,708 million, reflecting a 16.8% increase [2][12]. - The company’s earnings per share (EPS) for FY25E is estimated at RMB 2.36, with a price-to-earnings (P/E) ratio of 13.5x [2][12]. - The gross profit margin is expected to be 28.7% for FY25E, with operating and net margins projected at 12.1% and 10.4%, respectively [10][12]. Share Performance - The target price for Minth Group has been set at HK$42.00, representing a 17.3% upside from the current price of HK$35.80 [3]. - The market capitalization of the company is approximately HK$42,313.8 million, with an average turnover of HK$228.4 million over the past three months [3]. Shareholding Structure - The largest shareholder is Chin Jong-Hwa's family, holding 38.1% of the shares, followed by Invesco Asset Management with 6.0% [4]. Growth Projections - The company anticipates a 16% year-over-year increase in NEV sales volume in Europe for FY26E, which is expected to benefit its battery housing business significantly [8]. - New business segments are projected to contribute over RMB 1 billion in revenue by FY27E, with additional contributions from door sealing systems and other new businesses expected to exceed RMB 0.5 billion [8]. Valuation - The report maintains a target price based on a P/E ratio of 13x for the revised FY26E EPS, reflecting confidence in the company's growth trajectory [8].

该行将敏实2025至2027年净利润预测分别上调6%、10%及14%，至27.54亿、32.29亿及38.66亿元，维 持"买入"评级，目标价则由40港元上调至45港元。 大华继显发表研报指，根据敏实集团管理层制定的战略目标，集团将于2030年实现营业收入720亿元， 即未来五年收入年均复合增长率将超过20%，高于该行预测的13%及市场普遍预期的14%至15%。该行 相信，额外的增长动作将来自于智能外饰部件、液冷部件、人形机械人部件、电动垂直起降飞行器部件 及无线充电部件等新产品线，又指虽然近期铝价上涨，但集团拥有良好成本转嫁机制，预计2026年毛利 将保持平稳。 ...

格隆汇2月2日丨根据联交所最新权益披露资料显示，2026年1月27日，敏实集团(00425.HK)遭JPMorgan Chase & Co.以每股均价37.8563港元减持好仓404.88万 股，涉资约1.53亿港元。 减持后，JPMorgan Chase & Co.最新持好仓数目为68,569,778股，持好仓比例由6.14%下降至5.80%。 | FROM FOR BE | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 日都少老名经贸费用性 | 估已發行的 有關事 | | --- | --- | --- | --- | --- | --- | --- | | | 历史以言 | | | | ( 讀發閱 上述 * 註冊) | 有投票權股 (目 / F | | | | | | | | 份高分市 | | CS20260130E00532 | JPMorgan Chase & Co. | 1201(L) | 4,048,811(L | HKD 37.8563 | 68.569.778(L) | 5.80(L)27/01/ | | | | | | | 6.785. ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，摩根大通减持敏实集团(00425)404.8811万 股，每股作价37.8563港元，总金额约为1.53亿港元。减持后最新持股数目约为6856.98万股，最新持股 比例为5.80%。 ...

香港联交所最新数据显示，1月27日，摩根大通减持敏实集团(00425)404.8811万股，每股作价37.8563港 元，总金额约为1.53亿港元。减持后最新持股数目约为6856.98万股，最新持股比例为5.80%。 ...

格隆汇2月2日丨敏实集团(00425.HK)发布公告，股份于联交所买卖的每手买卖单位将由2,000股股份更 改为100股股份，自2026年2月26日(星期四)上午九时正起生效。 ...

敏实集团(00425)发布公告，股份于联交所买卖之每手买卖单位将由2000股股份更改为100股股份，自 2026年2月26日(星期四)上午九时正起生效。 ...

智通财经APP讯，敏实集团(00425)发布公告，股份于联交所买卖之每手买卖单位将由2000股股份更改为 100股股份，自2026年2月26日(星期四)上午九时正起生效。 ...

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 敏實集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：425） 更改每手買賣單位 董事會謹此宣佈，股份於聯交所買賣之每手買賣單位將由2,000股股份更改為100 股股份，自2026年2月26日（星期四）上午九時正起生效。更改每手買賣單位之預 期時間表載於以下正文。 股東可於2026年2月9日（星期一）至2026年3月20日（星期五）（包括首尾兩日）的營 業時間內，將其每手買賣單位為2,000股股份之現有股票交回股份過戶登記處，以 免費換領每手買賣單位為100股股份之新股票。 敏實集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會（「董 事會」）謹此宣佈，本公司股本中之普通股（「股份」）於香港聯合交易所有限公司（「聯 交所」）主板買賣之每手買賣單位將由2,000股股份更改為100股股份，自2026年2月 26日（星期四）上午九時正起 ...

Core Viewpoint - The report from China Merchants Securities International predicts that the humanoid robot industry in China will experience significant growth by 2026 due to advancements in AI model capabilities, hardware technology maturity, cost reductions, and accelerated application scenarios, along with a surge in orders in the fourth quarter [1] Group 1: Recommended Companies - Recommended humanoid robot manufacturers include UBTECH Robotics (09880), Yujin Robot (02432), and Geek+ (02590) [1] - Cross-industry collaborative companies recommended are Tesla (TSLA.US) and Xpeng Motors (09868) [1] - Ecological companies to watch include Xiaomi Group (01810) and Midea Group (00300) [1] Group 2: Supply Chain Insights - The supply chain outlook is positive, focusing on technology convergence, with a favorable view on Minth Group (00425) in the Hong Kong stock market [1] - Companies expanding from intelligent driving to robotics, such as Hesai Technology (02525) and Horizon Robotics (09660), are also highlighted as promising [1] Group 3: Industry Trends - The humanoid robot industry in China is characterized by rapid incremental advancements and a full-chain explosion, particularly with the trend of large-scale production by overseas leaders by the end of the year [1] - Catalysts for growth include the release of Tesla's V3 and the listing of Yushu Technology, along with a significant number of new robot companies expected to go public in the Hong Kong market this year [1]