Gasgoo Munich-Minth Group has released its interim results for the first half of 2026. Revenue reached 13.408 billion yuan, a 9.1% year-on-year increase, while net profit climbed 12.3% to 1.434 billion yuan. Operating profit rose 11.5% to 1.595 billion yuan. Growth rates for both net and operating profit outpaced revenue gains.
Image source: Minth Group (similarly hereinafter)
Profitability metrics improved in tandem. Gross margin for the first half stood at 28.6%, up 30 basis points from 28.3% a year earlier. Operating margin rose to 11.9% from 11.6%, while net margin advanced to 10.7% from 10.4% — both gaining 30 basis points.
The company attributed the sustained improvement in earnings quality to a combination of strategic procurement, coordinated mechanisms, cost-reduction initiatives, and economies of scale.
On the capital expenditure and cash flow front, Minth Group reported capital spending of 1.621 billion yuan for the first half, compared with 902 million yuan in the same period of 2025. Free cash flow was 28 million yuan, down from 1.335 billion yuan a year earlier.
The company noted that free cash flow faced short-term pressure due to the launch of new capacity and expansion into new business segments, though the long-term trajectory remains positive.
In terms of balance sheet structure, Minth Group’s debt-to-asset ratio stood at 20.4% as of June 30, 2026, down 80 basis points from 21.2% at the end of 2025.
Public records show Minth Group is a leading global supplier of automotive exterior trim and body structural parts. With over 20,000 employees worldwide, the company operates four major product lines and 80 factories and offices across 15 countries on four continents, serving more than 80 automotive brands. In recent years, Minth has prioritized investment in vehicle electrification and has established itself as the world’s largest supplier of battery boxes and body structural parts.
