Company Info
Minth Group Limited Business Report FY ended Dec. 2022
Financial overview |
(CNY millions) |
| FY ended Dec. 31, 2022 | FY ended Dec. 31, 2021 | Rate of Change (%) | |
| Sales | 17,306.39 | 13,919.27 | 24.3 |
| Gross income | 4,784.15 | 4,083.77 | 17.15 |
| Income before taxes | 1,779.07 | 1,845.81 | (3.62) |
| Net income | 1,530.36 | 1,579.45 | (3.11) |
Factors
-In 2022, the Company's domestic sales were approximately CNY 9.502 billion, reflecting an increase of approximately 15.9% over the previous year, mainly due to the production of battery boxes for multiple customers and the improvement of its own brand business. Overseas sales amounted to approximately CNY 7.805 billion, an increase of approximately 36.5% y/y due to the business promotion of customers such as BMW, Mercedes-Benz, Volkswagen, and GM, as well as production at the group's new overseas plants.
Sale of subsidiaries
-In March 2021, the Company's wholly owned subsidiary Minth Investment Limited transferred all of its shares in Huzhou Minth Automobile Co., Ltd. and all of the shares in Huzhou Enchi Automobile Co., Ltd. to Huzhou Huanqiao Construction and Development Co., Ltd. (From 2021 Annual Report)
Joint venture
-The company signed a memorandum of understanding with Renault and will establish a joint venture in France in the future to supply battery boxes for Renault's various electric models. (From the 2022 Annual Report)
-The company signed an agreement with Magna to establish a joint venture company. (From the 2022 Annual Report)
-On April 6, 2022, Minth Automotive Technology Research & Development Co., Ltd. (MATRD) and Zhejiang Sanhua Intelligent Controls Co., Ltd. (SIC) entered into a strategic alliance. They have agreed to establish a joint venture company, Zhejiang Minth Sanhua Auto Parts Co., Ltd. The new company will develop, produce, and sell water-cooled panels (battery cooling panels for New Energy Vehicles that are integrated with the battery housing) in Europe. It will be capitalized at CNY 100 million, with SIC and MATRD each holding 51% and 49% of the capital, respectively. (From various media sources)
Orders
| Orders | OEM |
|---|---|
| Aluminum trim | Mercedes-Benz |
| Illuminated signboards and illuminated grills | Geely、VW、GM、Nissan |
| Battery case | Mercedes-Benz、BMW、Stellantis、Lucid、Li Auto、XPeng |
| Battery case composite cover | EVE Energy、GAC |
| Intelligent gate | XPeng |
| Body and chassis parts | VW、Changan Automobile, Chrysler North America |
| Luggage rack | ホンダHonda |
| Interior | Beijing Hyundai |
Research and development activities
| Project | Details |
|---|---|
| Integrated intelligent front fascia solution | -Developing an intelligent front face solution that integrates light emission, heating, wavelength transmission, and automatic cleaning functions that can be applied to level 4 or higher autonomous driving. |
| Intelligent doors | -In application fields such as intelligent entrances and automatic opening/closing, the company provides solutions such as facial recognition intelligent pillar panels, electric opening/closing drive mechanisms, and ultra-light doors. |
| Aluminum alloy and materials | -Developed Minal-S632 crushed aluminum alloy with yield strength and crushing performance of 320Mpa. -Developed the green collision aluminum material "Eco-Aluminum S Series", which uses recycled aluminum as raw material, the recycling rate of waste reaches up to 80%, and the carbon dioxide emission is less than 2.5KG CO2e. -Focusing on the research and development and innovation of polymer materials, completed the research and development of Eco OleCom and Eco LonitBlend series of eco-friendly recycled materials. |
| Metal processing processes | -Expanding from battery case related parts to the development of various products, expansion to peripheral products such as front/rear collision modules, subframes, and die-cast structural parts. |
Overseas investment
| Details | |
|---|---|
| Europe |
-Mass production of various battery box projects at the Czech factory and the start of infrastructure work for the Polish battery box factory. -The Minth Group held the opening ceremony of its plant in Loznica, Serbia. The factory covers an area of 280,000 square meters, and its main products are aluminum alloy battery boxes and accessories, which will be supplied to major customers such as Renault, Volkswagen, BMW and Mercedes-Benz. The Minth Group plans to invest EUR 300 million and create more than 1,000 local jobs by 2025. The Minth Group opened its first plant in Serbia in 2018 and currently has five plants. Two of them are located in Loznica, Serbia, and three in Servišabac. When all the plants are operational, nearly 3,000 jobs will be created. (From a press release dated on March 13, 2022) |
| North America | -Received orders for various battery boxes and established an organizational structure for the battery box business. Supply chain planning at the U.S. plant was optimized to strengthen profitability, and the capacity of the Mexican aluminum factory was expanded to meet the growing demand for order delivery. |
Plant construction
-Hella Minth Jiaxing Automotive Parts Co., Ltd., a joint venture between Hella and the Minth Group, has opened its second production plant in Jiaxing, Zhejiang Province. The new plant covers an area of approximately 20,000 square meters and has an initial production capacity of approximately 3 million units per year. In the subsequent expansion phase, the production capacity will be increased to a maximum of 5 million pieces. The new plant will also house an R&D center with a total investment of approximately several million euros. The new company was established in January 2021 and will mainly produce radar covers, luminous signage and LiDAR covers. (From a press release dated on April 28, 2022)
-Minth Group's new business line, Zhejiang Limin Aluminum Co., Ltd. has started operations in Anji, Zhejiang Province. The company will focus primarily on the production of green high-end aluminum for automotive applications. The energy required to produce green high-end aluminum is equivalent to 5% of the energy consumption required to produce primary aluminum, and can reduce carbon dioxide and sulfide emissions by over 90%. (From a press release dated on April 19, 2022)
Award
-Winner of GM's 2021 Overdrive - Accelerating Innovation Award for its intelligent light-emitting grille. (From a press release dated April 2, 2022)
Patents
-In the fiscal year ending December 2022, 635 patents have been applied for, of which 12 are overseas related patents, and 592 patents have been obtained. He holds more than 50 patents related to aluminum alloy material formulation and process technology. Widely used in battery cases and body chassis structural parts for BMW, Mercedes-Benz, Audi, Volkswagen and other OEMs.
R&D Expenditure |
(CNY millions) |
| FY ended Dec. 31, 2022 | FY ended Dec. 31, 2021 | FY ended Dec. 31, 2020 | |
| R&D Expenditure | 1,172.39 | 940.70 | 764.19 |
| Ratio of R&D expenses to Sales (%) | 6.80 | 6.80 | 6.10 |
R&D facilities
| Company name | R&D activities | Location |
| Ningbo Minth Automotive Parts Research & Development Co., Ltd. | Engaged in mold manufacturing and metal product development | Ningbo, Zhejiang |
| Minth Automotive Technology Research & Development Co., Ltd. | R&D and production of auto parts related equipment, auto molds, fixtures, auto stamping parts, etc. | Ningbo, Zhejiang |
| Minxiang Technology (Shanghai) Co., Ltd. | Development and design of body parts | Shanghai |
Japan
+81-3-4241-3907
USA
Mexico
Germany
China
Thailand
India