Core Viewpoint - The partnership between Sensata Technologies and Lide Harmonic aims to establish a joint venture in the U.S. focused on humanoid robot joint module assembly, targeting the North American market to capitalize on the growing demand for core components in the humanoid robotics industry [1][6]. Company Overview - Sensata Technologies is a leading global automotive parts manufacturer with production bases in 14 countries, supplying major automakers like Tesla and BMW, and has extensive experience in large-scale manufacturing and global operations [2][7]. - Lide Harmonic is a leading domestic company in harmonic reducers, with its products already integrated into the supply chain of Tesla's Optimus robots, showcasing strong technical expertise in precision transmission [2][7]. Market Potential - The humanoid robot industry is projected to experience explosive growth, with global shipments expected to reach nearly 18,000 units by 2025, representing a 508% year-over-year increase, and order volumes exceeding 35,000 units [2][7]. - Joint modules, as core motion components of robots, integrate harmonic reducers, servo motors, and encoders, presenting high technical barriers and strong customization demands [2][7]. Strategic Goals - The joint venture aims to provide localized humanoid robot joint modules in North America, covering the entire service chain from R&D to production and maintenance, addressing the increasing demand from leading robot products like Tesla's Optimus [1][6]. Financial Market Response - The market reacted positively to the announcement, with Sensata's stock price rising over 9% on the day of the announcement, reaching a new high since January 2021, and a cumulative increase of 160% over the past year [3][8]. - Financial institutions like UBS and Citigroup have expressed optimism about the long-term value enhancement for Sensata, with UBS raising its target price to 45.5 HKD, highlighting the potential for new revenue sources from localized robot joint modules [3][8]. Challenges Ahead - The humanoid robot industry is still in its early commercialization phase, with Morgan Stanley noting that actual global shipments may fall short of 20,000 units by 2025, indicating a slower-than-expected scaling process [3][8]. - The complexity of joint modules and the dispersion of orders may hinder significant revenue contributions in the short term, alongside potential profit margin pressures from fluctuating aluminum prices and high costs of customized production [3][8]. Industry Trends - The collaboration reflects a broader trend of traditional manufacturing giants and niche technology experts working together to seize emerging market opportunities in humanoid robotics [4][9]. - The partnership signifies a shift in Chinese manufacturing from "globalized OEM" to "technology-driven ecosystems," providing a new growth narrative amid slowing electric vehicle growth [4][9].

Core Viewpoint - Citi's report indicates that Minth Group will establish a joint venture with Aisin Seiki and Toyota Tsusho to expand the production of aluminum vehicle body frame components, enhancing supply chain capabilities in the North American market to meet the growing demand for electric and lightweight vehicle technologies [1] Group 1: Joint Venture Details - The joint venture will have Minth and Aisin each holding 40% and Toyota holding 20% [1] - This strategic collaboration is expected to significantly increase Minth's orders from Toyota and other Japanese automakers in the region [1] Group 2: Market Impact and Projections - The joint venture is anticipated to start large-scale production by the end of next year, given the long automotive development cycles typical for overseas automakers [1] - The potential order value from this initiative is estimated to be between $200 million and $300 million [1] Group 3: Analyst Rating and Price Target - Citi reaffirms a "Buy" rating for Minth and initiates a 90-day observation for upward catalysts [1] - The target price is set at HKD 46, corresponding to a projected price-to-earnings ratio of approximately 15 times for 2026 [1]

Major Events - Xian Dao Intelligent (00470) received a subscription rate of 79.54 times for its public offering in Hong Kong, with a final issue price of HKD 45.8 per share [1] - Shishi Pharmaceutical Group (02005) is expected to win bids for 45 products in the national centralized procurement [1] - Gilead Sciences-B (01672) has selected the oral amylin receptor agonist peptide ASC36 for clinical development [1] - China Railway Construction (01186) recently won major projects totaling CNY 451.42 billion [1] - Shoucheng Holdings (00697) invested in Qimiao Labi through its subsidiary fund, focusing on expanding its product matrix around core intellectual property [1] - Minshi Group (00425) plans to establish a joint venture to produce aluminum body frame components [1] - Fubo Group (03738) has reached a strategic cooperation with Xinglu Technology [1] - Jin Xun Resources (03636) plans to increase capital by a total of USD 44 million for its overseas subsidiaries [1] - Changfei Optical Fiber and Cable (06869) experienced abnormal fluctuations in A-share trading, clarifying that it does not engage in CPO-related businesses [1] Operating Performance - SMIC (00981) reported Q4 revenue of USD 2.489 billion, a quarter-on-quarter increase of 4.5%, with a gross margin of 19.2% [1] - PCCW (00008) reported a loss attributable to shareholders of HKD 253 million for the fiscal year 2025, narrowing by 16% year-on-year [1] - WuXi Biologics (02269) issued a positive profit alert, expecting a year-on-year profit increase of approximately 46.3% to CNY 4.908 billion for the fiscal year 2025 [1] - Dongyue Group (00189) issued a positive profit alert, anticipating over 100% year-on-year growth in profit attributable to owners for 2025 [1] - Elephant Future Group (02309) issued a positive profit alert, expecting a mid-term profit attributable to owners of approximately HKD 178 million, reversing from a loss [1] - Sihuan Pharmaceutical (00460) issued a positive profit alert, expecting revenue of no less than CNY 2.5 billion for 2025, with a growth rate exceeding 30% compared to the previous year [1] - Beijing Automotive (01958) expects a net profit attributable to the parent company of approximately CNY 110 million to CNY 130 million for 2025, a year-on-year decrease of about 86.4% to 88.5% [1] - COFCO Joycome (01610) issued a profit warning, expecting a loss attributable to shareholders of approximately CNY 230 million to CNY 350 million, reversing from profit year-on-year [1] - New Town Development (01030) achieved a contract sales amount of approximately CNY 714 million in January, a year-on-year decrease of 29.79% [1] - Yue Yuen Industrial (00551) reported a net operating income of approximately USD 705 million in January, a year-on-year decrease of 12.5% [1] - Baoshan International (03813) reported a cumulative net operating income of CNY 1.748 billion in January, a year-on-year decline of 32.5% [1]

Investment Rating - The report maintains a "Buy" rating for the company [6][5]. Core Views - The company is establishing a joint venture in the U.S. with Harmonic Drive to develop humanoid robot joint modules, marking a significant step in its global robotics business expansion [1][2]. - The traditional business is expected to maintain steady growth, with the battery box business accelerating globally, and new strategic initiatives in robotics, AI, liquid cooling, and low-altitude economy potentially enhancing long-term growth prospects [1][3]. - The battery box business is entering a harvest phase, with revenue of 3.582 billion RMB in the first half of 2025, reflecting a year-on-year increase of 49.8% and a gross margin of 23.0% [4]. Summary by Sections Joint Venture and Global Expansion - On February 9, 2026, the company signed a framework agreement with Harmonic Drive to establish a joint venture in the U.S., with a 60% stake for the company and a 40% stake for Harmonic Drive, involving an investment of 10 million USD [2]. - The company has previously signed a strategic cooperation agreement with a leading robotics company for the European market, focusing on the production and distribution of general embodied intelligent robots [2]. New Business Developments - The company is diversifying into liquid cooling and low-altitude economy sectors, with significant orders from a global semiconductor company for liquid cooling cabinets and systems [3]. - A strategic partnership with EHang for eVTOL aircraft and rotor systems has been established, with intentions for mass production orders [3]. - The company has issued 2.4 million shares as part of a zero-cost equity incentive plan, targeting core R&D personnel in new strategic areas [3]. Financial Performance and Projections - The company expects revenues of 27.774 billion RMB in 2025, 32.033 billion RMB in 2026, and 36.851 billion RMB in 2027, with net profits projected at 2.847 billion RMB, 3.430 billion RMB, and 4.070 billion RMB respectively [9][5]. - The target price is set at 49.71 HKD for 2026, corresponding to a PE ratio of 15.2 times, and a target price of 127.13 USD for the U.S. market [5][6].

Core Viewpoint - Minth Group (00425) has announced the establishment of a joint venture with Aisin Seiki Co., Ltd. and Toyota Tsusho Corporation to produce aluminum body frame components for vehicles, aimed at strengthening the supply chain in the North American market [1] Group 1: Joint Venture Details - The joint venture is expected to be named ATM Automotive, with ownership stakes of 40% held by Minth Group, 40% by Aisin Seiki, and 20% by Toyota Tsusho [1] - The board of directors for ATM Automotive will consist of five members, with Minth Group and Aisin Seiki each nominating two directors and Toyota Tsusho nominating one [1] - The CEO, COO, and CFO of the joint venture will be nominated by Toyota Tsusho, Minth Group, and Aisin Seiki, respectively [1] Group 2: Market Context and Demand - The joint venture will focus on producing aluminum body frame components in North America, leveraging the partners' advancements in aluminum forming technology [1] - There is an anticipated steady growth in demand for aluminum body frame components due to the development of electrification and lightweight technologies [1] - Establishing the joint venture is significant for meeting market and customer expectations and ensuring the sustainability of product supply [1]

Core Viewpoint - The establishment of a joint venture, ATM Automotive, between Minth Group, Aisin Seiki, and Toyota Tsusho aims to enhance the supply chain for aluminum body frame components in the North American automotive market [1] Group 1: Joint Venture Details - The joint venture will be owned by Minth Group (40%), Aisin Seiki (40%), and Toyota Tsusho (20%) [1] - The board of directors for ATM Automotive will consist of five members, with Minth Group and Aisin Seiki each nominating two directors and Toyota Tsusho nominating one [1] - The CEO, COO, and CFO of the joint venture will be nominated by Toyota Tsusho, Minth Group, and Aisin Seiki, respectively [1] Group 2: Market Context and Demand - The joint venture will focus on producing aluminum body frame components in North America, leveraging the partners' advancements in aluminum forming technology [1] - The demand for aluminum body frame components is expected to grow steadily due to the development of electrification and lightweight technologies [1] - Establishing the joint venture is significant for meeting market and customer expectations and ensuring the sustainability of product supply [1]

公告表示，与株式会社爱信及丰田通商成立的合资公司将在北美生产铝制车身骨架部件。多年来，各方 持续精进各自的铝成型技术，并已在全球范围内供应相关产品。随着电动化及轻量化技术的发展，预计 市场对铝制车身骨架部件的需求将稳步增长。因此，与株式会社爱信及丰田通商成立合资公司对满足市 场与客户期望、保障产品供应的可持续性具有重要意义。 格隆汇2月10日丨敏实集团(00425.HK)发布公告，集团与株式会社爱信及丰田通商同意成立一间合资公 司以生产铝制车身骨架部件。预期合资公司将命名为ATM Automotive，其成立旨在加强北美市场汽车 铝制车身骨架部件的供应体系。 ATM Automotive计划将由加拿大敏实、株式会社爱信及丰田通商分别持有40%、40%及20%的股权。 ATM Automotive董事会预计将由五名董事组成，其中加拿大敏实与株式会社爱信将各提名两名董事， 丰田通商将提名一名董事。合资公司的首席执行官、首席运营官及首席财务官将分别由丰田通商、加拿 大敏实及株式会社爱信提名。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 MINTH GROUP LIMITED 本公告系本公司自願刊發，以使本公司股東及潛在投資者獲悉本集團的最新業務發 展。 董事會欣然宣佈，本集團與株式会社愛信及豐田通商同意成立一間合資公司以生產 鋁製車身骨架部件。預期合資公司將命名為ATM Automotive，其成立旨在加強北 美市場汽車鋁製車身骨架部件的供應體系。 ATM Automotive計劃將由加拿大敏實、株式会社愛信及豐田通商分別持有40%、 40%及20%之股權。ATM Automotive董事會預計將由五名董事組成，其中加拿大 敏實與株式会社愛信將各提名兩名董事，豐田通商將提名一名董事。合資公司的首 席執行官、首席運營官及首席財務官將分別由豐田通商、加拿大敏實及株式会社愛 信提名。 有關合資夥伴的資料 株式会社愛信是一家全球性汽車供應商，總部位於日本愛知縣刈谷市，成立於1965 年8月，主要從事汽車零部件及能源相關產品的製造與銷售。 敏實 ...

Group 1: Market Environment - The Chinese automotive parts manufacturers are expected to face a challenging market environment in the coming year due to slowing production growth in domestic automobiles and electric vehicles, appreciation of the Renminbi, and rising commodity prices [1] Group 2: Company Ratings and Target Prices - Morgan Stanley downgraded Fuyao Glass (03606) to "Neutral" despite maintaining over 80% market share in China, citing increasing industry competition and lowering the target price from HKD 80 to HKD 70 [1] - Minth Group (00425) remains the only stock in the Chinese automotive parts sector with an "Overweight" rating, supported by its strong positioning in the EU electric vehicle market and attractive valuation (2026 forecast P/E of 11 times), with a target price of HKD 70 [1] Group 3: Battery Supply Chain Outlook - The battery supply chain is viewed positively due to its extensive coverage in the energy storage system sector, with growth expected to exceed 40%, maintaining "Overweight" ratings for CATL (03750) and Enjie (002812.SZ) [1]

Core Viewpoint - The article highlights the strong performance of Minth Group (00425.HK) in the automotive parts sector, driven by steady growth in its core business and active expansion into the robotics field, resulting in a stock price increase of over 160% in the past year [2][10]. Robotics Sector Expansion - Minth Group has made significant strides in the robotics sector, forming a joint venture with leading domestic harmonic reducer company, Lide Harmonic, to establish a company in the U.S. focused on humanoid robot joint module design and manufacturing [5]. - The joint venture will have an initial investment of $10 million, with Minth holding 60% and Lide Harmonic 40%, leveraging Minth's global production capabilities and Lide's technological leadership in harmonic reducers [5]. - The company's robotics collaborations extend globally, including a three-year strategic partnership with a European robotics integrator and cooperation with Zhiyuan Robotics in China [5]. - Minth has also made progress in AI server liquid cooling, securing orders from leading Taiwanese AI server manufacturers, with plans for mass production by the end of 2025 [6]. Challenges in Robotics - Despite the promising outlook, challenges remain, including high technical requirements for joint modules and pressure on profit margins due to the early-stage nature of the robotics industry [8]. - The commercialization of humanoid robots is slower than expected, with Morgan Stanley projecting global shipments to be below 20,000 units by 2025, which may limit short-term revenue contributions from the robotics business [8]. Core Business Performance - The automotive parts segment, particularly the battery box business, remains the main driver of Minth's revenue growth, with a reported revenue of 3.582 billion RMB in the first half of 2025, a 49.8% increase year-on-year [10][12]. - Minth's international business achieved revenue of 7.981 billion RMB in the first half of 2025, a 21.6% increase, accounting for 65% of total revenue, indicating successful global expansion [12]. Strategic Outlook - Minth's strategy involves balancing the growth of its core automotive parts business with the development of its robotics segment, which is seen as a future growth driver [12]. - The company faces the challenge of overcoming technical and commercialization hurdles in the robotics sector while maintaining the resilience of its core business [12].