Summary of Minth (0425.HK) Conference Call Company Overview - Minth is a leading global supplier of auto parts, particularly in body structural parts, trims, and decorative parts, with approximately 10% market share in core products, covering over 30 million vehicles annually [doc id='13'][doc id='14']. Key Industry Insights AI Liquid Cooling Products - Mass delivery of AI liquid cooling products likely commenced in January 2026, with expectations for further orders from AI server manufacturers, leveraging global production capabilities [doc id='2'][doc id='11']. - Projected revenue contribution from AI liquid cooling products is approximately RMB 200 million for 2026, with a gross profit margin (GPM) of around 35%, exceeding the group average of 29% [doc id='2']. European Market Dynamics - The German government has reintroduced a €3 billion subsidy program for electric vehicles, which may positively impact Minth's sales in Europe, where 34% of total revenue was generated in 1H25 [doc id='3'][doc id='11']. - Key manufacturers such as VW, Renault, BMW, Stellantis, Mercedes, and Kia are launching new models in 2026 that will utilize Minth's battery housing [doc id='3']. Cost Management - Minth can manage aluminum cost hikes effectively by passing costs to customers on a quarterly basis, particularly in the battery housing business [doc id='4']. - The impact of new tariffs imposed by Mexico on auto parts from China is expected to be limited, estimated at around USD 1 million for 2026 [doc id='5']. Financial Performance Earnings Summary - Projected net profit for 2026 is RMB 3.3 billion, with diluted EPS expected to reach RMB 2.857, reflecting a growth rate of 19.7% [doc id='6'][doc id='10']. - The company is expected to maintain an attractive valuation with a P/E ratio of 10.6x and a dividend yield of 3.8% for 2026 [doc id='10']. Valuation and Investment Strategy - The target price for Minth is set at HK$46.00, indicating a potential upside of 35.2% from the current price of HK$34.02 [doc id='7'][doc id='15']. - The investment strategy rates Minth shares as a "Buy," anticipating benefits from product mix upgrades and trends towards lighter-weight vehicle construction [doc id='14']. Risks and Considerations - Key risks include potential RMB appreciation, which could negatively impact margins, and fluctuations in aluminum prices affecting production costs [doc id='16']. - Overall revenue and average selling price (ASP) are influenced by the broader passenger vehicle market conditions in China and internationally [doc id='16']. Conclusion - Minth is positioned to capitalize on emerging trends in AI liquid cooling and electric vehicle markets, supported by favorable government policies and effective cost management strategies. The company's financial outlook remains strong, with significant growth potential in the coming years.

智通财经APP讯，敏实集团(00425)发布公告，于2026年1月21日，根据于2022年5月31日采纳的购股权计 划行使购股权而发行合共7.4万股股份。 ...

敏实集团(00425)发布公告，于2026年1月21日，根据于2022年5月31日采纳的购股权计划行使购股权而 发行合共7.4万股股份。 ...

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： 2026年1月21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 | | | 已發行股份（不包括庫存股份）數 目 | | 佔 ...

每经AI快讯，敏实集团(00425.HK)涨超7%，截至发稿涨6.9%，报33.76港元，成交额1.4亿港元。 ...

Core Viewpoint - Minth Group (00425) has seen a stock increase of over 7%, currently trading at HKD 33.76 with a transaction volume of HKD 140 million, driven by developments in liquid cooling technology [1] Group 1: Company Developments - Nvidia announced the launch of the Rubin platform at CES, which will feature a power consumption exceeding 200KW per cabinet, utilizing a 100% liquid cooling solution [1] - Minth Group's liquid cooling products include immersion cooling cabinets, CDU, liquid cooling plates, and manifolds, positioning the company to benefit from the growing demand for server liquid cooling solutions [1] Group 2: Industry Trends - The increasing energy requirements and higher cabinet power density are driving rapid development in server liquid cooling, with Minth Group leveraging its technology reserves in battery boxes and liquid cooling plates, along with global production capacity and long-term partnerships with leading server manufacturers [1] - Minth Group has already secured orders from AI server manufacturers, with deliveries expected to commence by the end of 2025 [1]

Core Viewpoint - Minth Group (00425) shares rose over 7%, currently at HKD 33.76 with a trading volume of HKD 140 million, driven by developments in liquid cooling technology [1] Group 1: Company Developments - Nvidia launched the Rubin platform at CES, featuring a single cabinet power consumption exceeding 200KW, utilizing a 100% liquid cooling solution [1] - The Rubin liquid cooling solution shows significant enhancements in cold plates, CDU, and Manifold compared to the GB series [1] - The design of the Manifold in the Rubin architecture has been modified with larger pipe diameters and integrated valves and sensors to improve stability and reduce leakage risks, indicating a higher level of integration and intelligence [1] Group 2: Industry Trends - The demand for energy efficiency and increased cabinet power density is driving rapid development in server liquid cooling [1] - Minth Group is leveraging its technology reserves in battery boxes and liquid cooling plates, along with global production capacity and long-term partnerships with leading server manufacturers, to quickly penetrate the server liquid cooling market [1] - The company has secured orders from AI server manufacturers, with deliveries expected to commence by the end of 2025 [1]

格隆汇1月8日丨敏实集团(00425.HK)公告，为承接公司新定位新战略，公司更改其公司标志，即时生 效。现将公司的新旧标志对照如下： 新标志融合了"Minth"的首字母"M"与"Worldwide"的首字母"W"，象征着公司的全球拓展与持续蜕变。通 过融合"M"与"W"共通的韵律精髓，将其转化为三条连续的线条，此设计象征着支撑公司发展的三大支 柱：技术实力、全球网络与前瞻动能。 ...

Compensation Details - The total compensation for the former CEO, Mr. Chen Binbo, for the year ended December 31, 2019, was RMB 3,189,000, which included RMB 2,614,000 in salary and other benefits, RMB 540,000 in discretionary or performance-related bonuses, and RMB 35,000 in retirement benefits[4] - The company did not pay any compensation to Mr. Chen as an incentive for joining or as severance upon leaving the company during the year ended December 31, 2019[4] Annual Report Information - The announcement does not affect any other information disclosed in the 2019 annual report, which remains unchanged[5]

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。 （於開曼群島註冊成立的有限公司） （股份代號：425） 更改公司標誌 敏實集團有限公司（「本公司」）宣佈，為承接本公司新定位新戰略，本公司更改其公 司標誌，即時生效。現將本公司的新舊標誌對照如下： MINTH GROUP LIMITED 敏實集團有限公司 新標誌將印列於本公司的企業文件上，包括但不限於中期及年度報告、公告、通 函、新聞稿及宣傳刊物。 – 1 – 更改標誌不影響本公司現有股東的任何權利。所有印有舊標誌的現有本公司已發行 股票證書將繼續是本公司股票所有權的有效憑證，可繼續用作買賣、交收、註冊及 交付；因此不會就現有股票證書提供任何換領印有本公司新標誌的新股票證書安 排。本公司將繼續發行庫存中印有舊標誌的現有股票證書，直至用盡所有現有股票 證書為止。此後，本公司將發行印有新標誌的股票證書。 承董事會命 敏實集團有限公司 魏清蓮 主席 香港，二零二六年一月八日 截至本公告日期，董事會成員包括：執 ...