Minth Group Limited reported solid top-line and bottom-line expansion for the year ended 31 December 2025, supported by record overseas demand and continued penetration of new-energy vehicle (NEV) programmes.
Revenue and Profitability • Revenue rose 11.2% year on year to RMB 25.74 billion, driven by rapid growth in battery housings, structural parts and steady demand for traditional exterior components. • Gross profit increased 7.6% to RMB 7.21 billion; gross margin eased to 28.0% from 28.9% in 2024, reflecting a deeper global localisation drive and product-mix shifts. • Profit attributable to shareholders advanced 16.1% to RMB 2.69 billion, with basic earnings per share climbing to RMB 2.348 (2024: RMB 2.019). • Operating leverage, lower finance charges (-37.6% to RMB 0.32 billion) and tighter cost control underpinned the margin expansion at the net level.
Dividend • The board proposes a final dividend of HK$0.764 per share, up from HK$0.435 a year earlier. Subject to shareholder approval on 5 June 2026, the payout is scheduled for 26 June 2026 to holders on record as of 15 June 2026.
Business Mix and Geography • International markets contributed 63.5% of revenue (RMB 16.33 billion), up 18.1% year on year, offsetting muted growth in China, which accounted for 36.5% (RMB 9.41 billion). • Segment sales (before eliminations) were led by Body Structure RMB 7.53 billion, Plastic RMB 6.13 billion, Metal & Trim RMB 5.53 billion, Aluminium RMB 4.89 billion and Others RMB 3.65 billion.
Cost Structure • Distribution & selling expenses fell to 4.0% of revenue (RMB 1.03 billion) on lower logistics costs and higher localisation. • Administrative expenses rose to 7.2% of revenue (RMB 1.86 billion) as the group invested in global talent and governance. • R&D expenditure reached RMB 1.50 billion, equivalent to 5.8% of revenue, supporting programmes in battery housings, intelligent exterior systems and new-material development.
Cash Flow and Balance Sheet • Net cash generated from operations totalled RMB 4.91 billion. • Cash, pledged deposits and time deposits stood at RMB 6.80 billion against total borrowings of RMB 8.95 billion, giving a gearing ratio of 21.2% (31 Dec 2024: 24.3%). • Capital expenditure increased 15.6% to RMB 2.21 billion, focused on new capacity in Europe, North America and Southeast Asia for high-growth product lines. • Consolidated net asset value expanded 14.8% to RMB 24.41 billion.
Operational Highlights • Body structure (formerly battery housing) remained the fastest-growing business; capacity utilisation improved at Serbian and Czech plants, while new Polish and French sites progressed to mass production. • Global localisation efforts saw most North American orders fulfilled regionally, containing tariff risk. • Ongoing digital transformation includes expanded SAP rollout, industrial IoT platforms and AI-driven EHS management.
Outlook Management expects heightened global supply-chain realignment and intensified competition amid divergent trade policies, particularly in North America. The group plans to accelerate localisation, enhance cost efficiency and deepen R&D in emerging areas such as humanoid robots, AI server liquid-cooling and low-altitude aircraft, while maintaining disciplined capital expenditure aligned with its asset-light strategy.