Minth Group (0425) H2 2025 earnings summary

Executive summary

• Revenue rose 11.2% year-over-year to RMB25.74 billion, driven by strong international growth and robust NEV demand.

• Gross profit increased 7.6% to RMB7.21 billion, with profit attributable to owners up 16.1% to RMB2.69 billion.

• International markets contributed 63.5% of revenue, up from 59.7%, reflecting successful global expansion.

• Proposed final dividend of HK$0.764 per share, up from HK$0.435.

Financial highlights

• Gross margin was 28.0%, down 0.9 percentage points year-over-year due to global localised production layout.

• Investment income fell to RMB206 million, while other gains and losses swung to a net gain of RMB279 million.

• Distribution and selling expenses decreased to 4.0% of revenue; administrative expenses rose to 7.2%.

• Research expenditure was RMB1.50 billion, 5.8% of revenue, reflecting ongoing innovation.

• Interest expenses dropped 37.6% to RMB325 million due to loan portfolio adjustments and lower rates.

Outlook and guidance

• Plans to further increase localised production in North America and diversify globally to mitigate tariff and geopolitical risks.

• Focus on technological innovation, intelligent connectivity, and expansion into new sectors such as AI, robotics, and low-altitude aircraft.

• Continued investment in R&D and digital transformation to support sustainable growth.