Investment Rating - The report gives a "Buy" rating for the company, Minth Group [1]. Core Views - The company is positioned as a global leader in automotive exterior and structural components, focusing on electric vehicle (EV) battery boxes and expanding into humanoid robotics and liquid cooling technologies, which are expected to drive future growth [8][13]. Summary by Sections Company Overview - Minth Group is a globally recognized supplier of automotive exterior and structural components, with a product system based on various new materials and surface treatment technologies. The company has established four major product lines and is heavily investing in the electric vehicle sector, becoming the largest supplier of battery boxes and structural components [8][13]. Battery Box Business Development - The battery box is a critical component for electric vehicle battery modules, and its market is expected to grow significantly as EV penetration increases. The report estimates that the Chinese battery box market will reach 31.8 billion yuan in 2024 and 78.2 billion yuan by 2030, while the European market is projected to grow from 9.4 billion yuan in 2024 to 29.9 billion yuan by 2030 [8][45][47]. Robotics and Liquid Cooling - Minth is leveraging its automotive manufacturing expertise to enter the humanoid robotics sector, focusing on integrated joint modules and other robotic components. Additionally, the company is making strides in the AI liquid cooling market, driven by increasing energy efficiency requirements and partnerships with leading server manufacturers [8][18]. Financial Forecast and Valuation - The company is projected to achieve net profits of 2.75 billion yuan, 3.26 billion yuan, and 3.88 billion yuan for the years 2025 to 2027, respectively. The earnings per share (EPS) are expected to be 2.34 yuan, 2.76 yuan, and 3.29 yuan for the same period, with corresponding price-to-earnings (P/E) ratios of 11.91, 10.07, and 8.46 [1][8].

敏实集团(00425)发布公告，于2025年12月18日或以前根据于2012年5月22日采纳的购股权计划行使购股 权而发行合共27.5万股股份。 ...

智通财经APP讯，敏实集团(00425)发布公告，于2025年12月18日或以前根据于2012年5月22日采纳的购 股权计划行使购股权而发行合共27.5万股股份。 ...

FF305 第 1 頁 共 6 頁 v 1.3.0 | 2). 就根據股份計劃授予發行人的董事的股份獎勵或期權而發行新股或轉 | 150,000 | 0.0128 % | HKD | 23.85 | | | --- | --- | --- | --- | --- | --- | | 讓庫存股份 - 涉及新股 | | | | | | | 於2025年12月18日根據於2012年5月22日採納的購股權計劃行使購 | | | | | | | 股權 | | | | | | | 變動日期 2025年12月18日 | | | | | | | 於下列日期結束時的結存 (註5及6) 2025年12月18日 | 1,167,829,799 | | 11,130,000 | | 1,178,959,799 | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | 第 2 頁 共 6 頁 v 1.3.0 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： ...

Summary of Minth Group Limited Conference Call Company Overview - **Company**: Minth Group Limited - **Industry**: China Autos & Shared Mobility - **Ticker**: 0425.HK - **Market Cap**: Rmb31,298 million - **Current Share Price**: HK$30.12 (as of December 17, 2025) - **Price Target**: HK$43.00, indicating a potential upside of 43% from the current price [8][8] Key Developments - **Strategic Collaboration**: Minth announced a three-year strategic collaboration with a humanoid robot integrator to support manufacturing and delivery in Europe, marking progress in humanoid development and expansion into overseas markets [1][1] - **Global Footprint Advantage**: The company has a competitive edge due to its established production capacity and strong relationships with global auto OEMs, positioning it well for assisting humanoid customers in overseas market expansion [2][2] Financial Performance - **Recent Share Price Movement**: Minth's share price fell by 12% over the past month, compared to a 2% decline in the Hang Seng Index (HSI). This decline is attributed to negative sentiment in the auto sector and concerns over lower growth in EV battery housing due to the EU's removal of the 2035 ICE ban [3][3] - **Revenue Exposure**: Minth has 65% of its revenue exposure from overseas markets, which provides additional growth opportunities in humanoid robots and AIDC liquid cooling [4][4] Financial Projections - **Earnings Per Share (EPS)**: Projected EPS for the next fiscal years are as follows: - 2025: Rmb2.56 - 2026: Rmb3.31 - 2027: Rmb4.17 [8][8] - **Revenue Growth**: Expected revenue growth from Rmb23,147 million in 2024 to Rmb37,504 million by 2027 [8][8] - **Valuation Metrics**: - P/E ratio projected to be 10.6 in 2025, decreasing to 6.5 by 2027 - EV/EBITDA expected to rise from 4.4 in 2025 to 4.8 in 2027 [8][8] Risks and Opportunities - **Upside Risks**: - More-than-expected new project/client wins for aluminum battery housing products - Faster-than-expected overseas market expansion - Success in humanoid project wins [12][12] - **Downside Risks**: - Significant long-term slowdown in China's PV market - Sluggish overseas market sales growth - Increases in labor costs [12][12] Analyst Rating - **Current Rating**: Overweight (OW) [8][8] - **Industry View**: In-Line [8][8] Conclusion Minth Group Limited is positioned for growth through strategic collaborations and a strong overseas revenue base, despite facing challenges in the auto sector. The company's focus on humanoid robots and innovative products may provide significant upside potential in the coming years.

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） 自願公告 人工智能機器人領域之戰略合作 本公司欣然宣佈，本集團已與機器人公司訂立戰略合作協議，該協議涵蓋在歐洲地 區經銷及代工生產通用具身智能機器人，藉此進一步深化雙方在人工智能和機器人 領域的合作夥伴關係。 戰略合作協議之概要 機器人公司是一家智能生產力公司，致力於人工智能與機器人的融合創新，旨在成 為人形機器人與智能科技的領先製造商。機器人公司創始團隊由產業資深骨幹、來 自知名跨國企業的資深高管、頂尖科學家與產業思想領袖組成，具有深厚的核心技 術、產業管理經驗和產業資源。 訂立合作的理由及裨益 本集團高度重視機器人相關產品的佈局及商業化落地，包括從機器人核心零部件、 模塊化產品的設計、生產與製造，到整機代工業務的拓展。機器人公司是行業領先 且具備全球競爭力的具身智能機器人企業，全球化發展 ...

敏实集团(00425)公布，于2025年12月16日因购股权获行使合共发行65万股股份，每股发行价23.85港 元。 ...

智通财经APP讯，敏实集团(00425)公布，于2025年12月16日因购股权获行使合共发行65万股股份，每股 发行价23.85港元。 ...

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16日 | 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) | | 已發行股份總數 | | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | | 於下列日期開始時的結存(註1) 2025年11月30日 | | 1,166,904,799 | | 11,130,000 | | ...

小摩预期新关税对敏实影响有限，因其墨西哥业务营运超过15年，已实现本地化物料采购以符合美墨加 协议规则，管理层亦预期本地化生产下成本压力有限，可缓解关税上调的风险。该行又指，潜在的美国 对墨西哥进口加征5%关税影响同样较小，因敏实所有墨西哥生产均符合美墨加协议，指出集团在北 美、欧盟及亚洲15个国家拥有超过50个生产基地，并拥有超过16年的海外工厂管理经验，实际上是处于 去全球化的有利位置。 摩根大通发布研报称，敏实集团(00425)昨日(11日)股价下挫约6%，相信是由于市场对墨西哥参议院批 准对汽车零部件、钢铁等多类中国进口商品加征新关税的担忧，税率最高达50%，新规将于2026年生 效。该行给予"增持"评级，目标价70港元。 ...