External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Maintain BUY. We expect solid 2H25E earnings for Minth, with FY25E net profit to rise 17% YoY.</li><li>We also expect its net profit to rise even faster in FY26-27E, aided by continued growth in battery housing and new business contribution including parts for humanoid robots and AI server liquid cooling system.</li><li>We expect solid 2H25E earnings. We revise up our Minth’s 2H25E revenue forecast by 1% to RMB13.7bn (+13% YoY) due to potentially higher revenue from its aluminium and battery housing businesses amid raw material price hikes. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Maintain BUY. We expect solid 2H25E earnings for Minth, with FY25E net profit to rise 17% YoY.We also expect its net profit to rise even faster in FY26-27E, aided by continued growth in battery housing and new business contribution including parts for humanoid robots and AI server liquid cooling system.We expect solid 2H25E earnings. We revise up our Minth’s 2H25E revenue forecast by 1% to RMB13.7bn (+13% YoY) due to potentially higher revenue from its aluminium and battery housing businesses amid raw material price hikes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minth Group (425 HK) - Solid Growth Outlook from Battery Housing, Robotics and AIDC