Summary of the Conference Call on Asia Emerging Robotics Industry Overview - **Industry**: Humanoid Robotics - **Growth Forecast**: The humanoid robot industry is expected to grow significantly, with annual shipments projected to reach approximately 1 million units by 2031 (Total Addressable Market: ~USD 20 billion) and around 50 million units by 2050 (Total Addressable Market: ~USD 800 billion) [2][34] Key Companies Covered - **Shuanghuan**: Rated Outperform, recognized as a global leader in gears and reducers, well-prepared for the humanoid era [8][20] - **Hesai**: Rated Outperform, a frontrunner in "laser eyes" technology, expected to benefit from intelligent vehicles and robotics [11][20] - **Tuopu**: Rated Outperform, a leading auto parts supplier with strong capabilities in robotics [11][20] - **Sanhua**: Rated Market-Perform, has a high-quality core business but limited robotics experience [11][20] - **Leader Drive**: Rated Underperform, concerns over long-term market share and margins [11][20] Core Insights - **Investment Strategy**: Emphasizes investing in companies with broad robotics exposure, proven expertise expansion, and high-quality core businesses. The overarching theme is to "Make No Bet" on specific humanoid robots due to the industry's early-stage nature [4][7][64] - **China's Advantage**: China is positioned as a leader in the humanoid robot industry, benefiting from rapid product iteration, a broad user base, and a well-established supply chain. The approach contrasts with Western companies, which often pursue idealistic solutions [3][34][48] Market Dynamics - **Technological Maturity**: The humanoid robot industry is still evolving, with significant technological barriers remaining, particularly in robotic intelligence and cost [33][34] - **Competition**: The industry faces challenges from non-humanoid robots, which are already deployed in various applications. This competition may impact the adoption and market share of humanoid robots [64][78] Investment Recommendations - **Characteristics of Target Companies**: 1. **Upstream Winners**: Focus on key component suppliers rather than downstream players, as the latter are still too early to identify [9][66] 2. **Broad Robotics Exposure**: Companies should have capabilities beyond humanoid robots to mitigate risks from competition [9][66] 3. **Expertise Expansion**: Companies with a strong ability to adapt to technological changes are preferred [9][66] 4. **High-Quality Core Businesses**: Essential for sustainable cash flows and reasonable valuations [9][66] Conclusion - The humanoid robot industry presents substantial long-term potential, with significant growth expected in the coming decades. Investment strategies should focus on established companies with diversified capabilities and a strong market presence to navigate the evolving landscape effectively [7][64][66]

Market Overview - The Hang Seng Index rose by 0.61%, gaining 161 points to close at 26,406 points, while the Hang Seng Tech Index increased by 0.12%. The morning trading volume in Hong Kong reached 114.1 billion HKD [1]. Company Highlights - China Duty Free Group (601888) (01880) saw a surge of over 13% as the new duty-free policy in Hainan shows positive effects, with institutions suggesting a potential industry turning point [1]. - Pop Mart (09992) increased by over 6% due to gradual capacity expansion, with management expecting stronger sales performance in Q4 [1]. - Dongyang Sunshine Pharmaceutical (600673) (06887) rose by over 4% as flu activity is on the rise, and institutions are optimistic about the company's innovative pipeline development [1]. - China Liansu (02128) gained over 5% as the company is expected to benefit significantly from urban pipeline upgrades under the 14th Five-Year Plan [1]. - Hou Shang Ayi (02589) increased by over 8% after the company proposed adopting an H-share incentive plan, successfully entering the "10,000-store club" [1]. - Education stocks performed well, with institutions noting overall good performance in the education sector and the potential for AI+ education to enhance valuation. China Education Holdings (00839) rose by 8%, Thinking Academy (01769) by 3.3%, and New Oriental-S (09901) by 3.25% [1]. - Ruipu Lanjun (00666) increased by over 6% as global demand for energy storage remains strong, with the company reporting over 50 GWh of energy storage battery shipments in the first three quarters [1]. - Gilead Sciences-B (01672) rose by over 6% after being included in the MSCI Global Small Cap Index, with significant weight loss effects from ASC30 [1]. - Goldwind Technology (002202) (02208) fell by over 5% as a major shareholder, Harmony Health, plans to further reduce its stake by up to 1%, following a previous reduction at the end of last month [1]. - Robotics concept stocks declined, with DCH Holdings (00179) dropping over 4% and Sanhua Intelligent Controls (002050) (02050) falling over 3% [1].

Group 1 - The core viewpoint is that Hong Kong's robotics concept stocks are experiencing a decline, with specific companies showing significant drops in their stock prices [1][2] Group 2 - DCH Holdings (00179.HK) has seen a decrease of 6.06%, trading at 33.16 HKD [1] - Sanhua Intelligent Control (02050.HK) has dropped by 3.56%, with a current price of 36.34 HKD [1]

Core Viewpoint - The report highlights a significant decline in robotics concept stocks, with notable drops in companies such as 德昌电机控股 (Dechang Motor Holdings) and 三花智控 (Sanhua Intelligent Control) amid optimistic capacity planning for humanoid robot production by Chinese suppliers [1] Group 1: Stock Performance - 德昌电机控股 (00179) fell by 6.06%, trading at 33.16 HKD [1] - 三花智控 (02050) decreased by 3.56%, trading at 36.34 HKD [1] Group 2: Industry Insights - Goldman Sachs conducted research on nine Chinese supply chain companies, including 三花智控, to assess their capacity planning for humanoid robots [1] - Most suppliers are actively planning production capacity in China and overseas, primarily in Thailand and Mexico, with annual production capacity ranging from 100,000 to 1,000,000 robot-equivalent units [1] - This aggressive planning contrasts with Goldman Sachs' forecast of only 1.38 million humanoid robots to be shipped globally by 2035, indicating a highly optimistic outlook from supply chain companies [1] Group 3: Production Strategy - The report notes that no company has confirmed large-scale orders or a clear production timeline [1] - Suppliers are adopting a "gradual ramp-up" strategy, expanding production based on actual order fulfillment, which mitigates the risk of immediate overcapacity but represents a gamble based on expectations [1]

Core Viewpoint - Sanhua Intelligent Control (02050) announced an interim dividend of 1.2 yuan per 10 shares for the six months ending June 30, 2025 [1] Company Summary - The company will distribute an interim dividend, reflecting its financial performance and commitment to returning value to shareholders [1]

EF001 免責聲明 | 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，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 浙江三花智能控制股份有限公司 | | 股份代號 | 02050 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | (更新)截至2025年6月30日止六個月的中期股息 | | 公告日期 | 2025年11月7日 | | 公告狀態 | 更新公告 | | 更新以下資料： | 1. 股東批准日期； 2. 除淨日； | | 更新/撤回理由 | 3. 為符合獲取股息分派而遞交股份過戶文件之最後時限； | | 4. 暫停辦理股份過戶登記手續之日期； 及 | | | 5. 記錄日期。 | | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的 ...

ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. 浙江三花智能控制股份有限公司 地址為 為浙江三花智能控制股份有限公司（「本公司」）股本中每股面值人民幣1.00元股份 股 3 H股登記持有人， 茲委任大會主席 或 4 地址為 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2050） 2025年11月27日（星期四）舉行的臨時股東大會 H股股東代表委任表格 與本代表委任表格有關的 H股數目 1 本人╱吾等 2 1. 請填上以 閣下名稱登記與本代表委任表格有關的H股 數 目。如 填 上 數 目，則 本 代 表 委 任 表 格 將 被 視 為 僅 與 該 等H股 有 關。如 未 有填上數目，則本代表委任表格將被視為與以 閣下名稱登記的所有公司H股有關。 2. 請用正楷填上在公司股東名冊所登記的全名及地址（須與公司股東名冊所載地址相同）。 3. 請填上以 閣下名稱登記的H股股份數目。 4. 如 欲 委 派 大 會 主 席 以 外 的 人 士 為 代 表，請 將「大 會 主 席 或」的 字 樣 刪 去，並 在 空 格 內 填 上 閣下所擬委派的代表姓名及地址。股東 ...

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. 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） 臨時股東大會通告 茲通告 浙江三花智能控制股份有限公司（「公 司」）謹訂於2025年11月27日（星 期 四）下午二時正假座中華人民共和國浙江省紹興市新昌縣澄潭街道沃西大道 219號三花工業園辦公大樓會議室舉行2025年第二次臨時股東大會（「臨時股東 大 會」），以 處 理 下 列 事 項： 特 別 決 議 案： 1. 審議及批准關於修訂《公 司 章 程》及 其 附 件 的 議 案。 普 通 決 議 案： 2. 審 議 及 批 准 關 於 修 訂 公 司 部 分 治 理 制 度 的 議 案。 3. 審議及批准2025年 ...

此乃要件 請即處理 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通函的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 通 函 全 部 或 任 何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 閣 下 對本通函的任何內容或將採取的行動 如有任何疑問，應諮詢 閣下的股票經紀 或其他註冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 公司謹訂於2025年11月27日（星期四）下午二時正假座浙江省紹興市新昌縣澄潭街道 沃西大道219號三花工業園辦公大樓會議室舉行臨時股東大會，大會通告載於本通函 第8至10頁。 臨時股東大會適用的代表委任表格於2025年11月7日（星期五）派發予已表示希望收到 印刷本的股東，並登載於香港交易及結算所有限公司的披露易網站(www.hkexnews.hk) 及公司網站(www.zjshc.com)。倘若 閣 下 未 能 出 席 臨 時 股 東 大 會，務 請 將 代 表 委 任 表 格 按 其 上 列 印 的 指 示 填 妥，並 於 實 際 可 行 情 況 下 盡 快，惟 無 論 如 ...

Core Viewpoint - The Hong Kong stock market is experiencing a positive trend in robotics-related stocks, with several companies showing significant gains in their share prices [1] Company Performance - Sangfor Technologies (三花智控) saw an increase of 7.3%, reaching HKD 38.52 [1] - DCH Holdings (德昌电机控股) rose by 6.74%, with shares priced at HKD 36.42 [1] - Lens Technology (蓝思科技) experienced a 6.56% increase, trading at HKD 26.96 [1] - MicroPort Scientific Corporation (微创机器人-B) gained 2.76%, with shares at HKD 26.08 [1]