格隆汇9月12日丨根据联交所最新权益披露资料显示，2025年9月8日，敏实集团(00425.HK)遭JPMorgan Chase & Co.以每股均价31.3761港元减持好仓84.96万 股，涉资约2665.6万港元。 | 麦格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | ( 請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | | | 播 | 份自分比 | | | | | | | | | 96 | | CS20250911E00360 | JPMorgan Chase & Co. | 1201(L) | | 849,560(L) | HKD 31.3761 | 81.617.979(L) | 6.95(L)08/09/2025 | | | | | | | | 5,791,462(S) | 0.49(S) | | | ...

香港联交所最新资料显示，9月8日，摩根大通减持敏实集团(00425)84.956万股，每股作价31.3761港 元，总金额约为2665.59万港元。减持后最新持股数目约为8161.8万股，最新持股比例为6.95%。 ...

Group 1 - On September 8, JPMorgan reduced its stake in Sensata Technologies (00425) by 849,560 shares at a price of HKD 31.3761 per share, totaling approximately HKD 26.6559 million [1] - After the reduction, JPMorgan's latest holding is approximately 81.618 million shares, representing a holding percentage of 6.95% [1]

Core Viewpoint - Unitree Robotics, a notable startup in the robotics sector, is preparing for an IPO, with plans to submit its filing documents between October and December 2025, revealing operational data at that time [5][6]. Group 1: Company Leadership Changes - The financial officer of Unitree Robotics has changed to Wang Feng, while the founder Wang Xingxing will no longer hold this position [1][2]. - Wang Feng has a background in traditional manufacturing and has previously worked in financial roles that involved cost optimization and corporate transformation [3]. Group 2: Company Overview - Unitree Robotics, established in 2016, focuses on the research, production, and sales of high-performance quadruped robots, humanoid robots, and components [2][5]. - The company has undergone a share reform in preparation for its IPO and has engaged CITIC Securities as its advisory firm [2]. Group 3: Revenue Structure and Market Application - For the year 2024, the sales distribution is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for component products [5][6]. - About 80% of quadruped robots are utilized in research, education, and consumer sectors, while the remaining 20% are applied in industrial fields such as inspection and firefighting [5][7].

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8月31日 | | --- | | 新提交 | | 狀態: | 致：香港交易及結算所有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 II. 已發行股份及/或庫存股份變動 公司名稱: 敏實集團有限公司 呈交日期: 2025年9月4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 ...

Core Viewpoint - The management of Minth Group (00425) reaffirmed guidance for double-digit growth in both revenue and net profit for the year, with net profit growth expected to outpace revenue growth [1] Financial Performance - The operating expense ratio is expected to remain stable or slightly decrease [1] - The new order target has been raised to 15 billion RMB [1] - Capital expenditure guidance is set at 2 billion RMB [1] - Free cash flow is expected to continue improving [1] Earnings Forecast - Jefferies has raised its earnings forecasts for Minth Group for the fiscal years 2025 and 2026 to 2.7 billion RMB and 3.2 billion RMB, respectively [1] - The target price has been increased from 21.5 HKD to 32.1 HKD, while maintaining a "Hold" rating [1]

富瑞发布研报称，参加了敏实集团(00425)绩后非交易路演，管理层重申全年营收与净利实现双位数增 长指引，其中净利增速将超越营收。营业费用率将保持稳定或略有下降。新订单目标上调至150亿元人 民币，资本支出指引为20亿元人民币，自由现金流将持续改善。富瑞将敏实2025/2026财年盈利预测上 调至27亿及32亿元人民币，目标价由21.5港元上调至32.1港元，维持"持有"评级。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved a revenue of 12.29 billion yuan in H1 2025, representing a year-on-year growth of 10.8%, and a net profit attributable to shareholders of 1.28 billion yuan, up 19.5% year-on-year [2][4] - The company benefits from the rapid growth of the European new energy battery box business, entering a dual growth cycle of both growth and profitability [2][4] - The company has established a strategic cooperation agreement with Zhiyuan to collaboratively develop electronic skin, joints, and wireless charging, accelerating progress in the humanoid robot industry [2] Summary by Sections Revenue and Profitability - In H1 2025, the company reported a revenue of 12.29 billion yuan, with a year-on-year increase of 10.8%, and a net profit of 1.28 billion yuan, reflecting a growth of 19.5% year-on-year [2][4] - The revenue breakdown by product category shows significant growth in battery boxes, with a revenue of 3.58 billion yuan, up 49.8% year-on-year [7] Market Dynamics - The global automotive production and sales are experiencing high demand, with China's passenger car production increasing by 13.8% year-on-year and European new energy vehicle sales rising by 31.0% [7] - The company's overseas revenue reached 7.98 billion yuan, a year-on-year increase of 21.6%, with overseas revenue accounting for 65.0% of total revenue, up 9.7 percentage points year-on-year [7] Cost and Margin Analysis - The overall gross margin for H1 2025 was 28.3%, with a slight decrease of 0.2 percentage points year-on-year, while the gross margin for battery boxes improved to 23.0%, up 2.4 percentage points year-on-year [7] - The company has reduced its selling, administrative, and general expense ratio to approximately 10.7%, down 0.8 percentage points year-on-year, indicating improved cost efficiency [7] Future Outlook - The company is well-positioned in the battery box market, having secured orders from major automotive manufacturers such as Chery, BYD, and Stellantis, further solidifying its status as a leading global battery box supplier [7] - The company anticipates net profits of 2.82 billion yuan, 3.37 billion yuan, and 4.10 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 12.4X, 10.4X, and 8.5X respectively [7]

Summary of Minth (0425.HK) Analyst Briefing Company Overview - Minth is a leading global supplier of auto parts, particularly in body structural parts, trims, and decorative parts, with approximately 10% global market share in core products, producing over 30 million units annually [doc id='16'][doc id='17']. Industry Insights - The company is focusing on the electric vehicle (EV) market, particularly in battery housing, which is expected to be a major growth driver in the near term, alongside eVTOL (electric Vertical Take-Off and Landing) and robotics, which are anticipated to contribute from 2027 onwards [doc id='1'][doc id='4']. Key Financial Metrics - Target price raised from HK$32.0 to HK$38.0, reflecting a 21.5% expected share price return and a total expected return of 24.0% [doc id='1'][doc id='7']. - Revenue and net profit (NP) guidance for 2025 remains unchanged, with expectations of double-digit growth [doc id='2']. Battery Housing Growth - **Europe**: Projected battery housing revenue to grow at a 23% CAGR from Rmb3.2 billion in 2024 to Rmb11.2 billion by 2030, driven by strong EV sales. In 1H25, 8 out of the top 15 EVs in Europe were equipped with Minth's battery housing [doc id='3']. - **China**: Expected revenue growth of 20% CAGR from Rmb2.1 billion in 2024 to Rmb6.3 billion by 2030, supported by new orders amid stricter safety standards. Significant orders received from Changan (3 million units, Rmb1.2 billion) and BYD (500,000 units, Rmb300 million) [doc id='3']. eVTOL and Robotics - Minth has begun small-scale deliveries of eVTOL core parts and robotics products, with expectations for gradual scale contribution starting in 2027 [doc id='4']. Domestic Revenue Trends - Decline in domestic revenue attributed to market share loss from joint venture (JV) brands, with revenue mix from JV brands decreasing from 31% in 1H23 to 19% in 1H25. New battery housing orders from Chinese brands indicate a positive trend for future growth [doc id='5']. Earnings Summary - 2023A NP: Rmb1,903 million, with a diluted EPS of Rmb1.654, showing a 26.9% growth. Expected NP for 2025E is Rmb2,746 million with a diluted EPS of Rmb2.377 [doc id='6']. Operational Guidance - Operating expenses (Opex) as a percentage of revenue expected to remain flat or slightly decrease year-over-year. Capital expenditure (Capex) for 2025 is projected at Rmb2 billion, with improved cash flow anticipated [doc id='2']. Risks and Considerations - Key risks include potential RMB appreciation affecting gross profit margins, aluminum price hikes impacting production costs, and overall market conditions in the PV sector [doc id='19']. - Management indicated that Euro appreciation could improve gross margins by 0.1-0.3 percentage points for every 5-10% increase [doc id='9']. Conclusion - Minth is positioned for growth in the EV sector, particularly through battery housing, with a strong outlook for future revenue and profit growth. The company maintains a positive long-term view on its eVTOL and robotics segments, while managing risks associated with currency fluctuations and material costs [doc id='1'][doc id='17'].

Core Viewpoint - The company reported strong financial performance in the first half of 2025, driven by the growth of electric vehicle sales in Europe, with revenue and net profit showing significant year-on-year increases [1][2]. Financial Performance - In 1H25, the company achieved revenue of 12.3 billion, representing a year-on-year increase of 11% and a quarter-on-quarter increase of 1.9% [1] - The net profit attributable to the parent company was 1.28 billion, up 20% year-on-year and 2.0% quarter-on-quarter [1] - The gross profit margin for 1H25 was 28.3%, a slight decrease of 0.2 percentage points year-on-year and 1.1 percentage points quarter-on-quarter [1] - The net profit margin was 10.4%, an increase of 0.8 percentage points year-on-year, remaining stable quarter-on-quarter [1] Business Segments - Revenue from traditional exterior parts was 8 billion, a year-on-year increase of 3.1% but a quarter-on-quarter decrease of 6.1% [1] - Battery box revenue reached 3.6 billion, showing a significant year-on-year increase of 50% and a quarter-on-quarter increase of 22%, benefiting from the rise in European electric vehicle sales [1] - The company expects continued growth in its core business for 2025-2026, driven by the ongoing demand for electric vehicle battery boxes and stable traditional parts business [2] Strategic Initiatives - The company is actively exploring new business areas such as low-altitude and robotics, leveraging its expertise in metal forming, material processing, and complex component integration [2] - Recent collaborations include a development agreement with EHang for low-altitude aircraft components and a strategic partnership with Zhiyuan for smart exterior and robotic technologies [2] Future Outlook - The company anticipates a profit growth rate of 15-20% over the next two years, supported by the expected improvement in battery box gross margins and a slight reduction in overall expense ratios [2] - Projected net profits for 2025-2027 are estimated at 2.77 billion, 3.24 billion, and 3.66 billion, reflecting year-on-year growth rates of 20%, 17%, and 13% respectively [2]