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 就 因 本 公 告 全 部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. 茲載列浙江三花智能控制股份有限公司於深圳證券交易所網站(www.szse.cn)刊 登 的 公 告 如 下，僅 供 參 閱。 承董事會命 浙江三花智能控制股份有限公司 董事長兼執行董事 張亞波 香 港，2025 年12月28日 浙江三花智能控制股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2050） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 做 出。 浙江三花智能控制股份有限公司 关于全资孙公司完成注销登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、注销事项概述 浙江三花智能控制股份有限 ...

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric (00042), Zhejiang Shibao (01057), and Junda Co. (02865) leading in premium rates, while CATL (03750), China Merchants Bank (03968), and Hansoh Pharmaceutical (01276) are at the bottom of the list [1]. Premium Rate Summary - Northeast Electric (00042) has a premium rate of 900.00% with an H-share price of 0.270 HKD and an A-share price of 2.25 CNY [1]. - Zhejiang Shibao (01057) shows a premium rate of 472.95% with H-share at 4.880 HKD and A-share at 23.34 CNY [1]. - Junda Co. (02865) has a premium rate of 286.59% with H-share priced at 17.000 HKD and A-share at 54.87 CNY [1]. - CATL (03750) has a negative premium rate of -11.39% with H-share at 508.500 HKD and A-share at 376.18 CNY [1]. - China Merchants Bank (03968) has a premium rate of -3.20% with H-share at 51.600 HKD and A-share at 41.7 CNY [1]. Deviation Value Summary - Zhejiang Shibao (01057) leads in deviation value at 187.01% [1]. - Junda Co. (02865) follows with a deviation value of 94.84% [1]. - Nanjing Panda Electronics (00553) has a deviation value of 36.09% [1]. - GAC Group (02238) has the lowest deviation value at -22.30% [1]. - Changfei Optical Fiber (06869) has a deviation value of -19.89% [1]. Additional Insights - The report includes a detailed table of the top ten and bottom ten AH shares based on premium rates and deviation values, providing a comprehensive overview of the current market situation [2][3].

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 900.00%, Zhejiang Shibao (01057) at 420.90%, and Hongye Futures (03678) at 283.78% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -11.39%, China Merchants Bank (03968) at -3.02%, and Heng Rui Medicine (01276) at 3.29% [1] - The article provides a detailed table of the top ten AH stocks by premium rate, showing significant variations in premium rates and deviation values among the listed companies [1] Group 2 - The highest deviation values are recorded for Zhejiang Shibao (01057) at 140.12%, Junda Co. (02865) at 62.43%, and Nanjing Panda Electronics (00553) at 31.93% [1] - The lowest deviation values are for GAC Group (02238) at -23.39%, Changfei Optical Fiber (06869) at -13.75%, and CIMC (02039) at -8.60% [1] - The article includes a second table listing the top ten AH stocks by deviation value, indicating the disparity between current and historical premium rates [2]

Core Viewpoint - The report from Yuanta Securities indicates that Sanhua Intelligent Control (02050) is expected to maintain a growth rate of 20-30% in the coming years due to its active expansion into new fields and steady capacity growth [1] Group 1: Financial Performance - The company has announced a profit forecast for 2025, estimating net profit attributable to shareholders to be between 3.874 billion and 4.649 billion yuan, representing a year-on-year growth of 25%-50%, with a median forecast of 4.26 billion yuan, reflecting a 37.5% increase [2][3] - The expected net profit growth for 2025 is projected at 25-50%, with a median EPS of 1.08 yuan, indicating a year-on-year increase of 28.6% [3] - For Q4, the company anticipates a net profit of 632 million to 1.407 billion yuan, with a year-on-year change ranging from -20.7% to +76.5%, and a median of 1.02 billion yuan, showing a year-on-year increase of 27.9% [3] Group 2: Business Growth Drivers - The company's rapid growth is attributed to several factors: 1) The commercial air conditioning business is expected to grow over 20%, outperforming industry growth [4] 2) The company is actively expanding its client base in the automotive sector, reducing reliance on single large clients while maintaining steady growth [4] 3) Cost reduction and efficiency improvement measures are enhancing profitability [4] 4) New business directions, including energy storage and liquid cooling components, are expected to contribute to revenue as downstream demand surges [4] Group 3: Robotics Business Development - The company is optimistic about the robotics sector and has established a robotics division, increasing R&D investment in related products [5] - It plans to allocate 10% of its fundraising (700 million yuan) to the robotics business and aims to hire 200 additional R&D personnel over the next three years [5] - Market expectations suggest that the company's robotics products will achieve mass production by 2026, marking a significant breakthrough in this area [5]

m 2025 年 12 月 25 日 | 产业别 | | 家用电器 | | | --- | --- | --- | --- | | H 股价(2025/12/24) | | | 33.46 | | 恒生指数(2025/12/24) | | | 25,818.9 | | 股价 12 个月高/低 | | | 45.48/0 | | 总发行股数(百万) | | | 4,208.01 | | H 股数(百万) | | | 476.54 | | H 市值(亿元) | | | 0.00 | | 主要股东 | | 三花控股集团有 限公司(22.54%) | | | 每股净值(元) | | | 7.52 | | 股价/账面净值 | | | 4.45 | | 一年 | | | 三个月 一个月 | | 股价涨跌(%) | N/A | -16.06% | 3.55% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | -- | -- | -- | | 产品组合 | | | | 空调冰箱元器件 | | 63.8% | | 汽车零部件 | | 36.2% | 股价相对大盘走势 C o m ...

Summary of Zhejiang Sanhua Intelligent Controls Conference Call Company Overview - **Company**: Zhejiang Sanhua Intelligent Controls - **Ticker**: 002050.SZ - **Industry**: China Autos & Shared Mobility Key Financial Results - **4Q25 Preliminary Results**: - Expected earnings growth of **25-50% YoY** to **Rmb3.9-4.6 billion** - 4Q25 earnings range projected at **Rmb632-1406 million**, reflecting a **21% decline to 76% increase YoY** - Recurring earnings anticipated to rise **18-48% YoY** to **Rmb3.7-4.6 billion** - Results are largely in line with market expectations of **Rmb4.2-4.4 billion** [1][2] Market Outlook - **2026 Downstream Demand**: - Anticipated slowdown in **US and China EV growth** - European EV demand remains uncertain - Residential AC growth expected to slow, but commercial AC and AI data centers may offset this with strong cooling demand - Potential for humanoid actuator assembly orders presents an additional opportunity for Sanhua [2] Shareholder Information - **H-share Lockup Expiration**: - The lockup period for cornerstone investors is set to expire on **December 22, 2025** [3] Valuation and Financial Metrics - **Current Stock Price**: **Rmb45.42** (as of December 22, 2025) - **Market Capitalization**: **Rmb169,462 million** - **Projected EPS**: - 2025: **Rmb1.11** - 2026: **Rmb1.21** - 2027: **Rmb1.47** - **Revenue Projections**: - 2025: **Rmb33,144 million** - 2026: **Rmb36,807 million** - 2027: **Rmb42,498 million** - **P/E Ratio**: - 2025: **41.0** - 2026: **37.4** - 2027: **31.0** - **ROE**: - 2025: **22.6%** - 2026: **16.3%** - 2027: **17.7%** [5] Risks and Opportunities - **Upside Risks**: - Stronger-than-expected sales from Tesla, particularly in China - Higher growth in air conditioner sales - New EV customer orders - Success in robotic business ventures [10] - **Downside Risks**: - Sales slump in China's property market affecting residential HVAC - Global EV demand slowdown - Increased competition in the NEV sector - Foreign exchange and export risks amid macroeconomic uncertainty [10] Conclusion - The financial results for 4Q25 are in line with expectations, with a positive outlook for 2026 despite anticipated slowdowns in certain markets. The expiration of the H-share lockup may influence stock performance, and various risks and opportunities exist that could impact future growth.

Group 1 - The article highlights that several companies, including Tencent Holdings, Xiaomi Group, and Geely Automobile, conducted share buybacks on December 24, 2025, with Tencent leading in both the number of shares repurchased and the total amount spent [1][3] - Tencent Holdings repurchased 1.056 million shares for a total of HKD 636 million, representing 1.075% of its total share capital [2] - Other notable companies that participated in the buyback include Xiaomi Group, which repurchased 3.8 million shares for HKD 149 million, and Geely Automobile, which repurchased 1.956 million shares for HKD 33.14 million [2] Group 2 - The total number of shares repurchased by various companies includes 3.8 million by Xiaomi Group, 1.1 million by Sanhua Intelligent Control, and 195.6 thousand by Kuaishou Technology [2] - The buyback amounts varied significantly, with Tencent's buyback being the largest at HKD 636 million, followed by Xiaomi's HKD 149 million and Sanhua's HKD 50.05 million [2] - The data indicates a trend of companies engaging in share buybacks as a strategy to enhance shareholder value and potentially stabilize stock prices [1][2]

智通财经APP讯，三花智控(02050)发布公告，该公司于2025年12月24日斥资5005.39万元人民币回购 110.94万股A股，每股回购价格为44.96-45.27元人民币。 该信息由智通财经网提供 ...

Core Viewpoint - Sanhua Intelligent Control (02050.HK) announced a share buyback plan, indicating confidence in its future growth potential and commitment to shareholder value [1] Group 1: Share Buyback Details - On December 24, 2025, Sanhua Intelligent Control spent RMB 50.54 million to repurchase 1.1094 million A-shares [1] - The buyback price ranged from RMB 44.96 to RMB 45.27 per share [1] Group 2: Analyst Ratings - Aijian Securities initiated a "Buy" rating for Sanhua Intelligent Control, highlighting the growth potential of its robotics business [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 浙江三花智能控制股份有限公司 呈交日期： 2025年12月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 002050 | 說明 | A股 (於深圳證券交易所上市) | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份 ...