Group 1 - The core viewpoint of the report is that Minth Group (00425) has shown a revenue growth of 10.8% year-on-year in the first half of the year, reaching 12.3 billion RMB, which is in line with expectations [1] - The European business has experienced rapid growth, increasing by 51% year-on-year, driven by the rising adoption rate of electric vehicles, despite a significant decline in the Chinese market [1][2] - The target price for Minth Group has been raised from 25 HKD to 35 HKD, reflecting a forecasted price-to-earnings ratio of 13 times for 2026 [1] Group 2 - The net profit forecast for 2025 has been adjusted upward by 2% to 26.6 billion RMB, while the 2026 net profit forecast remains unchanged at 29 billion RMB [2] - The battery casing business is expected to continue being the main driver of profit growth for Minth, particularly due to the increasing adoption of new energy vehicles in Europe and a solid customer base of original equipment manufacturers [2] - Traditional businesses are anticipated to maintain stable growth through product category expansion, an increased global brand OEM customer base, and deeper penetration with domestic Chinese brands, effectively offsetting the weak demand for joint venture brands in the Chinese market [2]