Minth Group (0425) H1 2026 earnings summary

Executive summary

• Revenue rose 9.1% year-over-year to RMB13,408 million for the six months ended 30 June 2026, driven by strong growth in EMEA, Americas, and Japan & Korea markets.

• Profit attributable to owners increased 12.3% to RMB1,434 million, with EPS up to RMB1.235.

• Gross profit margin improved to 28.6% from 28.3% year-over-year, reflecting cost control and operational efficiency.

• The Group maintained stable operations amid global macroeconomic and industry challenges, leveraging its global-local (GLOCAL) strategy.

Financial highlights

• Gross profit increased 10.6% year-over-year to RMB3,840 million.

• Other income rose to RMB167 million, mainly from increased government grants.

• Distribution and selling expenses grew to RMB530 million, but as a percentage of revenue, decreased to 4.0%.

• Administrative expenses rose to RMB894 million, reflecting global business expansion and talent investment.

• Research expenditures increased to RMB821 million, supporting innovation and new business areas.

• Interest expenses declined to RMB162 million due to loan structure optimization.

Outlook and guidance

• Global light vehicle sales are forecast to decline 2–3% in 2026, with moderate contraction expected.

• Western Europe is expected to see mild recovery, while US and China markets face continued pressure.

• The Group will focus on deepening localization, risk management, and business diversification to enhance resilience.

• Strategic priorities include advancing high-value product portfolios, operational excellence, and global competitiveness.