CMSC has issued a research report stating that MINTH GROUP is entering the semiconductor robotics field, with potential new breakthroughs in the AIDC (AI Data Center) sector. It maintains an "Add" rating and has raised the target price from HK$42 to HK$56. The report notes that MINTH is a core supplier to the leading domestic robotics company, Zhiyuan. In February of this year, it collaborated with Leader Harmonious Drive on robot joint modules, positioning itself in the North American core components market with opportunities to supply key clients such as Tesla and Figure AI. The firm highlights potential breakthroughs in MINTH's AIDC industry chain: AIDC is driving a sharp increase in demand for highly efficient fuel cell systems. MINTH has already deployed high-value core components such as interconnects, supports, and bipolar plates in fuel cell systems including SOFC and PEMFC, with over three years of technical expertise, and has secured initial domestic orders. Concurrently, the company is actively engaging with overseas clients, including Bloom Energy. Regarding new business targets, CMSC indicates that MINTH expects its emerging businesses—including humanoid robots, AI liquid cooling, and eVTOL—to grow rapidly from approximately RMB 800 million in 2026 to RMB 10 billion by 2030. The revenue target for the humanoid robot business by 2030 is RMB 5 billion.