浙江三花智能控制股份有限公司 章 程 二〇二五年八月 | 第一章 | 總 | | | | | | | 則 | | | | | | | 1 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第二章 | 經 | 宗 | 旨、範 | | | 營 | | | | 圍 | | | | | 2 | | | | | | | | | | | | | | | | 第三章 | 股 | | | | | | | 份 | | | | | | | 2 | | | | | | | | | | | | | | | | 第一節 | | | 股份發行 | | | | | | | | | | | | 2 | | | | | | | | | | | | | | | | 第二節 ...

ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. 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之內容概不 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 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 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） 於二零二五年八月二十一日（星 期 四）舉行的 臨時股東大會投票表決結果 茲提述浙江三花智能控制股份有限公司（「本公司」）日期為二零二五年七月三十 日之臨時股東大會（「臨時股東大會」）的通告及關於臨時股東大會的通函（「通 函」）。除 非 本 公 告 另 有 定 義，否 則 本 公 告 所 用 辭 彙 與 通 函 所 界 定 者 具 有 相 同 涵 義。 本公司董事會（「董事會」）欣 然 宣 佈，臨 時 股 東 大 會 已 於 二 零 二 五 年 八 月 二 十 一 日（星 期 四）下午二時正假座浙江省紹興市新昌縣澄潭街道 ...

Group 1: Hong Kong Stocks - Ascentage Pharma-B (06855) opened over 5% higher after receiving FDA and EMA approval for its drug, Lisenglitazone, for high-risk MDS in Phase III clinical trials [1] - Haijia Medical (06078) fell over 5% following a profit warning, expecting a mid-term net profit decline of approximately 34% to 39% due to factors like centralized procurement and increased depreciation from new hospitals [1] - Hua Hong Semiconductor (01347) dropped over 6% as it announced plans to acquire a controlling stake in Shanghai Huali Microelectronics to address industry competition [1] - Zhonghui Biotech-B (02627) rose over 8% after receiving IND approval for its recombinant respiratory syncytial virus vaccine in both the US and China [1] - NetDragon (00777) surged over 10% after forming a strategic alliance with Zhongke Wenge to promote AI technologies abroad [1] - Great Wall Motors (02333) increased over 12% following the completion of its factory in Brazil, with an initial production capacity of 30,000 vehicles per year [1] - Yuewen Group (00772) rose over 20% as its first-half performance exceeded expectations, benefiting from growth in licensing business and steady performance of short dramas [1] Group 2: Other Notable Stocks - Huirui Group (00806) increased over 8% after reporting first-half results that met market expectations and is applying for MRF mutual recognition for other products [2] - Soundon Technology (02495) surged nearly 30% after announcing a projected net profit exceeding 50 million yuan for the first half, marking a turnaround from losses [2] - Robotics concept stocks saw significant gains, with Jinshang Machine Tool (01651) up over 11% and Lijin Technology (00558) up over 3% [2] Group 3: US Stocks - Intel (INTC.US) rose 2.93% amid reports of negotiations with the Trump administration for government investment to support domestic manufacturing [3] - Hesai Technology (HSAI.US) increased 9.73% after reporting over 50% year-on-year revenue growth for Q2 2025 [3] - UnitedHealth (UNH.US) surged 11.98% following Berkshire Hathaway's new investments in the company [3] - NIO (NIO.N) rose 8.09% as it announced the upcoming launch of its new ES8 model [4] - Xunlei (XNET.US) continued to rise by 26.53% after reporting a 30.6% year-on-year revenue increase for Q2 2025 [5]

智通财经获悉，机器人概念股涨幅居前，截至发稿，津上机床中国(01651)涨11.66%，报28.16港元；力 劲科技(00558)涨5.45%，报7.16港元；首程控股(00697)涨3.47%，报2.09港元；三花智控(02050)涨 1.18%，报19.72港元。 消息面上，8月14日，全球首个以人形机器人为参赛主体的综合性赛事——2025世界人形机器人运动会 在北京国家速滑馆开幕。此外，世界人形机器人运动联合会于8月17日正式宣告成立。联合会成立当 日，2025年世界人形机器人运动会主办方同步宣布，第二届赛事将于2026年8月在北京举行。 长江证券指出，人形机器人产业或迈向规模化落地新阶段，关注机器人产业投资机遇。当前时点，我国 机器人产业正进入快速发展阶段，此次2025世界人形机器人运动会上展现了我国人形机器人在智能决 策、运动协作等领域的前沿成果，并在性能、技术等方面的持续提升，进而有望加速其商业化落地进 程。 本文源自：智通财经网 ...

Core Viewpoint - The humanoid robot industry is entering a new phase of large-scale implementation, with significant investment opportunities emerging in the sector [1] Group 1: Stock Performance - Robot concept stocks have shown notable gains, with津上机床中国 (01651) rising by 11.66% to HKD 28.16, 力劲科技 (00558) increasing by 5.45% to HKD 7.16, 首程控股 (00697) up by 3.47% to HKD 2.09, and 三花智控 (02050) gaining 1.18% to HKD 19.72 [1] Group 2: Event Highlights - The 2025 World Humanoid Robot Games, the first comprehensive competition featuring humanoid robots, opened on August 14 at the National Speed Skating Stadium in Beijing [1] - The World Humanoid Robot Sports Federation was officially established on August 17, coinciding with the announcement of the second event scheduled for August 2026 in Beijing [1] Group 3: Industry Insights - According to 长江证券, the humanoid robot industry is poised for rapid development, showcasing advancements in intelligent decision-making and collaborative movement at the 2025 World Humanoid Robot Games [1] - Continuous improvements in performance and technology are expected to accelerate the commercialization process of humanoid robots [1]

（股 份 代 號：2050） 董事會會議召開日期 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） 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8月14日 浙江三花智能控制股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）之 董 事（「董 事」）會（「董事會」）謹 此 宣 佈，本 公 司 將 於2025年8月28日（星 期 四）舉行董 事 會 會 議，藉 以（其 中 包 括）考慮及批准本集團截至2025年6月30日止六個月的中 期 業 績 及 其 發 佈，以 及 考 慮 派 發 中 期 股 息（如 有）之 建 議。 承董事會命 於 本 公 告 日 ...

Core Insights - Goldman Sachs participated in the 2025 World Robot Conference, engaging with nine humanoid robot companies, indicating a strong interest in the sector and potential investment opportunities [1] Industry Trends - The World Robot Conference attracted significantly higher consumer visitor traffic compared to the 2025 Shanghai World Artificial Intelligence Conference, suggesting strong short-term demand potential in education, companionship, and entertainment sectors [2] - The introduction of new products like R1 and SA02, priced at 39,900 yuan and 38,500 yuan respectively, reflects a trend towards more practical and affordable robotic solutions [2] - There is a growing emphasis on the efficiency of entire robotic systems rather than individual robot performance, with companies reporting success rates of 80-99.5% in specific manufacturing tasks [7] Technological Developments - The industry is expected to transition to end-to-end operational models within 1-2 years, contingent on acquiring sufficient high-quality training data [3] - Google's new AI video generation model, Veo3, has sparked discussions about its potential superiority over existing AI frameworks in robotics, highlighting the rapid evolution of software and hardware in the sector [4] - NVIDIA showcased advancements in Physical AI and general robotics, indicating a strong focus on cloud-scale model training and real-time edge AI deployment [5] Market Dynamics - Government subsidies for robot purchases during events like the "Yizhuang Robot Consumption Festival" are likely to stimulate consumer and enterprise demand [8] - The introduction of low-cost robotic products and sales subsidies may create short-term sales opportunities for uncovered humanoid robot component companies [9] Company Insights - Goldman Sachs maintains a "Buy" rating for Sanhua Intelligent Controls, projecting a 19% CAGR in revenue and net profit from 2025 to 2030, driven by its strong positioning in the actuator assembly sector [10] - Best is expected to capture a 10% share of the global high-spec humanoid robot PRS market by 2027, with a projected CAGR of 80% in global high-spec humanoid robot shipments from 2024 to 2035 [12][13] - Linyun Optical is anticipated to see a 73% CAGR in its humanoid robot motion capture business from 2025 to 2030, contributing significantly to overall revenue and profit [17]

Summary of Sanhua Intelligent Controls Conference Call Company Overview - **Company**: Sanhua Intelligent Controls (2050.HK/002050.SZ) - **Industry**: HVAC (Heating, Ventilation, and Air Conditioning) and EV (Electric Vehicle) thermal management components Key Investment Thesis - **Target Price**: Initiated H-share at Buy with a 12-month target price (TP) of HK$33.2, implying a 24% upside [1] - **Growth Forecast**: Expected revenue and net profit compound annual growth rate (CAGR) of 19% from 2025 to 2030 [1][3] - **Humanoid Robot Actuators**: Projected to contribute 25% of total revenue and 18% of net profit by 2030, leveraging existing mechanical and electrical expertise [1][23] Core Business Performance - **HVAC Segment Growth**: Forecasted to grow at an 11% CAGR from 2025E to 2030E, driven by: - 19% CAGR in commercial HVAC due to market share gains and sensor product ramp-up - 3% CAGR in residential HVAC, slightly above stable global AC production [2][46] - **EV Thermal Management**: Expected to grow at a 14% CAGR from 2025E to 2030E, supported by increased global EV penetration [2] Financial Metrics - **Valuation**: H-share trading at 29x 12-month forward P/E, below historical average of 31x since 2018 [19] - **Revenue Projections**: Total revenue expected to reach Rmb 73,045 million by 2030, with a 19% CAGR [21] - **Gross Margin**: Expected to stabilize around 27% through 2030 [21] Market Position and Competitive Advantages - **Market Share**: Dominant positions in HVAC components with significant shares in various product categories (e.g., 55% in 4-way reversing valves) [46] - **R&D and Manufacturing**: Agile R&D capabilities and scalable manufacturing processes, producing over 100 million motors annually [25][26] - **Global Footprint**: 20-30% of capacity outside China, enhancing supply chain resilience [27] Risks and Challenges - **Customer Concentration Risk**: High dependency on a limited number of customers [4] - **Market Growth Deceleration**: Potential slowdown in the domestic market for HVAC and automotive segments post-subsidy phase-out [4] - **Competition**: Increased competition in humanoid robot actuator assembly [4] Humanoid Robot Market Insights - **Market Potential**: Humanoid robots expected to become a widely adopted terminal device, with significant demand anticipated as costs decrease [37] - **Sanhua's Role**: Projected to hold a 70% market share in actuator assembly for humanoid robots by 2030, with revenue from this segment expected to reach Rmb 18 billion [23][34] - **Global Shipment Forecast**: Anticipated shipments of humanoid robots to reach 150,000 units by 2030 [30] Conclusion Sanhua Intelligent Controls is positioned for robust growth in both its core HVAC and EV thermal management businesses, while also capitalizing on emerging opportunities in the humanoid robot actuator market. The company's strong market position, combined with its innovative capabilities and global manufacturing footprint, supports a positive long-term outlook despite potential risks associated with market concentration and competition.

Market Overview - The A-share market showed strong performance with the Shanghai Composite Index steadily rising, while the Hong Kong stock market experienced a narrow fluctuation, closing up by 0.03% [1] - Concerns in the market are heightened due to the U.S. President Trump's shortened ultimatum for sanctions against Russia, now set at 10 days, with potential impacts on India and other countries [1] - The U.S. is also set to impose significant tariffs on semiconductor chips and pharmaceuticals, with drug tariffs reaching as high as 250% [1] Company Developments - Jingtai Technology announced a pipeline cooperation agreement with DoveTree worth approximately HKD 470 billion (USD 59.9 billion), leading to a stock surge of over 12% [2] - A-share company Weixin New Materials faced regulatory scrutiny after a stock price surge related to the "embodied intelligent robot" concept and control change expectations [2] - The Shanghai government released a plan for the development of the embodied intelligence industry, aiming for breakthroughs in core algorithms and technologies by 2027 [2] Industry Trends - The 2025 World Robot Conference is set to showcase over 100 new products, nearly double from last year, indicating a growing interest in robotics [3] - The U.S. student loan delinquency rate has reached 12.9%, the highest in 21 years, which may influence Federal Reserve decisions on interest rates [3] - The steel and paper industries are experiencing positive momentum, with companies like Maanshan Steel and Nine Dragons Paper seeing significant stock price increases [3] Defense Sector Insights - The military industry is gaining traction with significant contracts, such as the sale of the Hongqi-9 air defense system and the export of submarines to Pakistan [4] - China Shipbuilding Defense announced a profit increase of 213.25% to 267.73% for the first half of the year, leading to a stock rise of nearly 8% [4] Consumer Market Activity - The new consumption sector is becoming active, with companies like Pop Mart seeing increased attention at recent toy exhibitions [5] - The liquor industry is also responding to market trends, with new product launches and stock price increases [5] Aviation Sector Developments - Cathay Pacific announced an $8.1 billion order for 14 Boeing 777-9 aircraft, marking its first deal with Boeing in 12 years, despite concerns over the safety record of Boeing aircraft [7] - The long delivery timeline for the 777-9 model raises potential issues regarding aircraft aging and maintenance [7] Energy Sector Updates - The State Grid reported record electricity usage due to high temperatures, with peak load reaching 1.233 billion kilowatts, an increase of 53 million kilowatts from last year [8] - Coal prices have risen significantly, impacting the steel industry, which is maintaining high production levels [8] Automotive Sector Performance - XPeng Motors reported a record monthly delivery of 36,717 vehicles in July, a year-on-year increase of 229.4% [10] - The company is expanding its presence in Europe, with significant sales growth and new model launches [11][12]

Group 1 - The majority of robotics concept stocks have risen, with notable increases in companies such as MicroPort Robotics-B (up 5.21% to HKD 22.22), SUTENG (up 4.54% to HKD 33.6), and UBTECH (up 4% to HKD 101.3) [1] - Recent catalysts in the robotics sector include the launch of the new quadruped robot Unitree A2 by Yushu Technology, which weighs approximately 37KG, has a range of about 20KM, a maximum running speed of 5m/s, and a climbing height of 1m [1] - The Shanghai Municipal Government has issued a development plan for the embodied intelligence industry, aiming to establish a collaborative cultivation mechanism and accelerate the layout of the entire industry chain in the Pudong Zhangjiang area [1] Group 2 - The 2025 World Robot Conference is set to open on August 8 in Beijing, featuring over 100 new products, nearly double the number from last year [2] - Major technology companies like Tesla, Huawei, and Figure AI are expected to drive rapid advancements in the humanoid robot sector, with mass production and large-scale applications on the horizon [2]