Core Viewpoint - Morgan Stanley reports that the recent decline of approximately 6% in the stock price of Minth Group (00425) is attributed to market concerns over new tariffs on various Chinese imports, including automotive parts and steel, approved by the Mexican Senate, with rates reaching up to 50% and set to take effect in 2026 [1] Group 1: Impact of New Tariffs - The new tariffs are expected to have a limited impact on Minth Group due to over 15 years of operational experience in Mexico and established local material procurement to comply with USMCA regulations [1] - Management anticipates that localized production will mitigate cost pressures, thereby alleviating risks associated with tariff increases [1] Group 2: Compliance and Production Capabilities - The potential 5% tariff increase on imports from Mexico by the US is also expected to have a minimal effect, as all of Minth's production in Mexico adheres to USMCA standards [1] - Minth Group operates over 50 production bases across North America, the EU, and 15 countries in Asia, leveraging more than 16 years of experience in managing overseas factories, positioning the company favorably in a de-globalization context [1]

Summary of Minth Investor Day Conference Call Company Overview - **Company**: Minth - **Industry**: Auto Parts Manufacturing - **Established**: 1992 - **Key Products**: Design, manufacturing, and sales of auto trims, decorative parts, body structural parts, and other auto parts - **Production Facilities**: Over 40 in China and overseas Key Business Targets - **Sales Target**: RMB72 billion for auto-parts business by 2030, representing a 22% CAGR from 2025 to 2030 [2] - Breakdown of sales targets: - RMB30 billion for battery housing (31% CAGR) - RMB20 billion for plastic parts (27% CAGR) - RMB11.5 billion for aluminum parts (17% CAGR) - RMB10.5 billion for trims and metal parts (13% CAGR) - **Emerging Sectors Revenue Target**: RMB10 billion by 2030, including: - RMB5 billion for humanoid robot components - RMB4 billion for liquid cooling products - RMB1 billion for eVTOL components [3] Growth Drivers - **Global Trends**: Accelerating vehicle electrification and intelligence [2] - **Market Expansion**: Growth in Europe for plastic business and sealing systems [2] - **Revenue Distribution**: By 2030, expected revenue distribution is 30% from China, 30% from Europe, and 30% from North America [2] Financial Projections - **Earnings Growth**: Targeting 20% CAGR from 2025 to 2030 and 15% ROE by 2030 [2] - **Revised EPS Estimates**: Increased by 0.4% for 2025, 0.6% for 2026, and 1.8% for 2027 [4] - **New Price Objective**: Raised to HKD50 from HKD43, maintaining a Buy rating [4] Revenue and Profitability Insights - **2025 Revenue Estimates**: - Total: RMB26.3 billion - Battery housing: RMB9.7 billion - Legacy business: RMB20.4 billion [20] - **Profit Margins**: Expected improvement in gross margin and operating expenses discipline [16] Market Position and Competitive Landscape - **Aluminum Parts Market**: Anticipated market share gain due to competitor exits [17] - **Plastic Parts Growth**: Expected 10% revenue growth in 2025, driven by contributions from Chinese and European OEMs [17] Technology and Innovation - **Emerging Sectors**: Highlighted technology advantages in liquid cooling and humanoid robot components [19] - **Partnerships**: Established partnerships with top AI server ODMs in Taiwan for liquid cooling products [19] Risks and Challenges - **Downside Risks**: Increasing trade tariffs, volatile margins in overseas plants, lower margins in battery housing, and foreign exchange volatility [24] Conclusion - **Investment Rationale**: Positive outlook on Minth's revenue growth from both traditional and new businesses, with a focus on vehicle electrification and intelligence [14]

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,165,909,599 | | 11,130,000 | | 1,177,039,599 | | 增加 / 減少 (-) | | | 995,200 | | 0 | | | | 本月底結存 | | | 1,166,904,799 | | 11,130,000 | | 1,178,034,799 | 公司名稱: 敏實集團有限公司 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | ...

香港联交所最新资料显示，11月26日，摩根大通减持敏实集团(00425)86.4995万股，每股作价34.2891港 元，总金额约为2965.99万港元。减持后最新持股数目约为6985.28万股，最新持股比例为5.93%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月26日，摩根大通减持敏实集团(00425)86.4995万 股，每股作价34.2891港元，总金额约为2965.99万港元。减持后最新持股数目约为6985.28万股，最新持 股比例为5.93%。 ...

格隆汇12月2日丨根据联交所最新权益披露资料显示，2025年11月25日，敏实集团(00425.HK)获JPMorgan Chase & Co.以每股均价34.1968港元增持好仓100.21 万股，涉资约3426.7万港元。 | FREE FREE | 大股東/董事/最高行政人員名稱作出披露的 買入 / 曹出或涉及的 | | | 每股的平均價 | 四角分会见你赞母姓 | 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | | 版 演歌日 | | | 【 暗号码 370 1 | | | | | | | | | 分目分明 | | CS20251128E00330 | JPMorgan Chase & Co. 1101(L) | | 1,002,053(L) | HKD 34. 1968 | 70.717.768(L | 6.00(L)25/11/2025 | | | | | | | 6.997.995(S) | 0.59(S) | | | | | | | 16,638,408(P) | 1.41(P) | 增持后，JPMorgan Ch ...

Summary of Minth Group Conference Call Company Overview - **Company Name**: Minth Group - **Industry**: Auto Parts - **Main Businesses**: Design, manufacture, and sales of auto trims, decorative parts, body structural parts, and related auto parts, operating primarily in China, Asia Pacific, North America, and Europe [11][26] Key Insights from the Conference Call Industry and Business Outlook - **Positive Growth Outlook**: Management is optimistic about the growth potential of the automotive parts business, driven by: 1. Comprehensive global capacity layout to mitigate trade friction risks and meet OEMs' localized supply requirements [3] 2. Increasing content value per vehicle through product integration and systematization [3] 3. Expansion into low-penetrated regions like Brazil [3] 4. Progress in securing battery housing orders in China due to tightening battery safety standards [3] New Business Developments - **Robotics**: Key product categories include limb structural components, joint modules, masks, e-skin, and wireless charging. Minth aims for revenues of Rmb100 million in 2026 and Rmb500 million in 2027 from this segment [8] - **Liquid Cooling for AI Servers**: Products include cooling plates and immersion cooling tanks. Minth has secured orders from AI server manufacturers in Taiwan, targeting Rmb200 million in 2026 and Rmb800 million in 2027 [8] - **eVTOL**: Products include airframe and rotor systems. Minth has entered the supply chain of five leading eVTOL manufacturers in China, targeting Rmb10 million in 2026 and Rmb100 million in 2027 [8] Financial Projections - **Revenue Growth**: Projected revenues are expected to grow from Rmb17.3 billion in 2022 to Rmb41.5 billion by 2029, representing a compound annual growth rate (CAGR) of approximately 15.5% [5] - **Earnings Before Interest and Taxes (EBIT)**: Expected to increase from Rmb1.7 billion in 2022 to Rmb5.7 billion by 2029 [5] - **Net Earnings**: Forecasted to rise from Rmb1.5 billion in 2022 to Rmb4.9 billion by 2029 [5] - **Earnings Per Share (EPS)**: Expected to grow from Rmb1.30 in 2022 to Rmb4.21 by 2029 [5] Valuation and Investment Rating - **Price Target**: Increased from HK$35.60 to HK$40.20, maintaining a "Buy" rating [9] - **Market Capitalization**: Approximately HK$40.2 billion (US$5.17 billion) [6] - **Forecast Returns**: Anticipated stock return of 19.4%, with a price appreciation forecast of 17.8% and a dividend yield of 1.5% [10] Risks and Challenges - **Downside Risks**: Include weaker-than-expected growth in the China auto market, margin deterioration at overseas factories, and adverse movements in raw material prices [12] Additional Insights - **Equity Free Cash Flow Yield**: Expected to turn positive by 2024, indicating improved cash generation capabilities [5] - **Debt Management**: Net debt is projected to decrease significantly, moving from Rmb3.98 billion in 2022 to a net cash position of Rmb3.14 billion by 2029 [5] This summary encapsulates the key points discussed during the conference call, highlighting Minth Group's growth strategies, financial outlook, and potential risks in the auto parts industry.

Group 1 - JPMorgan Chase & Co. reduced its stake in Minth Group (00425.HK) by selling 2,797,122 shares at an average price of HKD 33.4474 per share, totaling approximately HKD 93.56 million [1] - After the sale, JPMorgan's total holdings in Minth Group decreased to 69,715,715 shares, representing a reduction in ownership from 6.16% to 5.92% [1]

香港联交所最新资料显示，11月24日，摩根大通减持敏实集团(00425)279.7122万股，每股作价33.4474 港元，总金额约为9355.65万港元。减持后最新持股数目约为6971.57万股，最新持股比例为5.92%。 ...

Group 1 - Morgan Stanley reduced its stake in Sensata Technologies (00425) by 2,797,122 shares at a price of HKD 33.4474 per share, totaling approximately HKD 93.5565 million [1] - After the reduction, the latest number of shares held is approximately 69,715,700, representing a holding percentage of 5.92% [1]