Minth Group(425 HK) Battery Box Becomes the Largest Business Segment
5 Nov 2025Company Profile
Minth Group is a world-renowned supplier engaged in the design, manufacturing and sales
of automotive interior and exterior trim and body structure parts. The domestic market
share of its core products exceeds 30%. The company has production bases in China, the
United States, Mexico, Thailand, Germany, Serbia and other countries, and its customers
cover major vehicle companies in the market. Based on a variety of new materials and
surface treatment technologies, in recent years the company has developed new electrified
and smart product lines such as aluminum power battery boxes and smart front faces,
forming a series of competitive terminal products.
Investment Summary
Strong Profit Growth Maintained in H1 2025, Net Profit Up Nearly 20%
Minth Group recorded revenue of RMB12.287 billion (RMB, the same below) in H1 2025, up
10.8% yoy; net profit attributable to the parent company reached RMB1.277 billion,
equivalent to an increase of 19.5% yoy. The main drivers behind the profit growth include: 1)
continued ramp-up of orders for NEV components such as battery boxes, leading to higher
capacity utilisation; 2) incremental earnings contribution from capacity ramp-up at overseas
production bases; 3) decline in unit transportation costs and favourable exchange rates.
Meanwhile, the Company continued to advance its localisation strategy and implement
effective cost control measures, resulting in lower expense ratios.
By region, domestic revenue was RMB4.31 billion, down 4.9% yoy, mainly due to the decline
in market share of joint venture brands in China. International business remained strong,
with revenue up 21.6% yoy to RMB7.98 billion, primarily driven by rapid growth in battery
box and structural component businesses in the European market, as well as stable
contributions from traditional exterior parts in international markets. The proportion of
international business in total revenue rose by 5.2 ppts from 59.7% at the end of 2024 to
64.9%. The localisation strategy in North America, Europe and other regions has effectively
reduced tariffs and geopolitical risks, while enhancing competitiveness in local markets.
Battery Box Becomes the Largest Business Segment
In H1, the Company’s revenue from plastic parts, metal and trims, battery boxes, and
aluminium parts reached RMB2.87/2.66/3.58/2.47 billion respectively, up
0.9%/4.7%/49.8%/4.1% yoy. Their respective shares of total revenue changed by -2.3/-
1.3/+7.6/-1.3 ppts yoy, to 23.3%/21.6%/29.2%/20.1%.
During the review period, the Company achieved breakthroughs in its battery box and body
chassis structure businesses, with a more balanced customer mix: it broke into the structural
component business for Toyota Europe, and secured chassis structure orders from multiple
Chinese clients such as Great Wall and Geely; entered the battery box business of Chery for
the first time and secured repeat orders from BYD; made its first breakthrough in battery
box structural parts for General Motors; and continued to expand its battery box business
with Stellantis and Volkswagen. In the area of smart interior and exterior parts, the
Company achieved breakthroughs in bumper assembly business with Ford North America
and Renault, while continuing to secure orders from clients such as Toyota, Hyundai-Kia,
Changan, and General Motors.
About the author
Zhang Jing
Phillip Securities (HK)
Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.
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About the author
Zhang Jing
Phillip Securities (HK)
Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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