Minth Group (0425) H2 2024 earnings summary

Executive summary

• Revenue grew 12.8% year-over-year to RMB23,147.1 million, driven by strong international sales and rapid expansion in battery housing and traditional product lines.

• Profit attributable to owners rose 21.9% to RMB2,319.3 million, with gross profit up 19.1% and gross margin improving to 28.9%.

• International revenue surged 22.1%, now comprising 59.7% of total sales, reflecting successful global expansion.

• Proposed final dividend of HK$0.435 per share, resuming payouts after no dividend in the prior year.

Financial highlights

• Gross profit reached RMB6,698.1 million, up from RMB5,622.0 million year-over-year.

• Basic EPS increased to RMB2.019 from RMB1.654.

• Capital expenditure decreased 40.9% to RMB1,911.7 million, reflecting tighter investment control.

• Net asset value rose 11.1% to RMB21,258.9 million.

• Operating cash flow was RMB3,274.4 million; cash and equivalents at year-end were RMB5,275.0 million.

Outlook and guidance

• China's auto market expected to grow 4.7% in 2025, with NEV sales up 24.4%.

• International markets forecast continued growth, but global trade and tariff uncertainties remain.

• Focus remains on global expansion, R&D in new technologies, and operational excellence to drive future growth.