智通财经APP讯，敏实集团(00425)公布，于2025年12月22日根据于2012年5月22日采纳的购股权计划行 使购股权合共发行23.2万股股份，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22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) | 已發行股份總數 | | | | 已發行股 ...

Core Viewpoint - Minth Group (00425) announced the issuance of a total of 490,000 shares due to the exercise of stock options on December 19, 2025 [1] Group 1 - The company is set to issue 490,000 shares as a result of stock option exercises [1]

智通财经APP讯，敏实集团(00425)发布公告，于2025年12月19日，因购股权获行使发行合计49万股。 ...

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19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) | 已發行股份總數 | | | | 已發行股 ...

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].

Group 1 - The company, Minth Group (00425), announced the issuance of a total of 275,000 shares through the exercise of stock options under a plan adopted on May 22, 2012 [1] - The exercise of these stock options is expected to occur on or before December 18, 2025 [1]

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.