Core Insights - GIC Private Limited has reduced its stake in Sanhua Intelligent Control (02050.HK) by selling 449,600 shares at an average price of HKD 32.4554 per share, amounting to approximately HKD 14.592 million [1] - Following the sale, GIC's total shareholding decreased to 33.064 million shares, resulting in a reduction of its ownership percentage from 7.03% to 6.94% [1] Summary by Categories Shareholding Changes - GIC Private Limited sold 449,600 shares of Sanhua Intelligent Control [1] - The average selling price was HKD 32.4554 per share [1] - GIC's total shareholding is now 33.064 million shares, representing 6.94% of the company [1] Financial Impact - The total amount involved in the share reduction was approximately HKD 14.592 million [1]

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） 2.02. 審議及批准修訂《關 聯 交 易 管 理 辦 法》 – 1 – 2.03. 審議及批准修訂《募 集 資 金 管 理 制 度》 臨時股東大會經修訂通告 茲經修訂通告 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 ...

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） 臨時股東大會通告及代表委任表格之內容修訂 茲提述浙江三花智能控制股份有限公司（「本公司」）日期為二零二五年十一月 七日之通函（「通 函」）、臨 時 股 東 大 會 通 告（「原通告」）及代表委任表格（「原代表 委任表格」），其 中 載 有 本 公 司 臨 時 股 東 大 會（「臨時股東大會」）召 開 的 時 間、地 點 及 擬 於 會 上 提 請 股 東 審 議 的 決 議 案。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 通 函 所 界 定 的 具 有 相 同 涵 義。 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。 董事長兼執行董事 張亞波 香 ...

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） ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. 為本人╱吾等的受委代表，代表本人╱吾等出席本公司謹訂於2025年11月27日（星期四）下午二時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的臨時股東大會（「臨時股東大會」）及其任何續會，以考慮及 酌情通過載於臨時股東大會通告（於2025年11月24日經修訂）的決議案，並於臨時股東大會及其任何續會代表本人╱吾等 並以本人╱吾等名義就下述決議案按以下方式投票。 | | 特別決議案 | 5 贊成 | 5 反 對 | 5 棄 權 | | --- | --- | --- | --- | --- | | 1 | 審議及批准關於修訂《公司章程》及其附件的議案 | | | | | 1.01 | 審議及批准修訂《公司章程》 | | | | | 1.02 | 審議及批准修訂《股東會議事規則》 | | | | | 1.03 | 審議及批准修訂《董事會議事規則》 | | | | | | 普通決議案 | 5 贊成 ...

Summary of Sanhua Intelligent Controls Conference Call Company Overview - **Company**: Zhejiang Sanhua Intelligent Controls - **Industry**: Auto Parts, Humanoid Robots, AIDC Liquid Cooling Key Points and Arguments Financial Performance and Forecasts - FY25-27E forecasts for Sanhua raised by an average of 20% due to a strong 3Q25 performance and positive management guidance [2][11][35] - Management expects profit growth of approximately 20% year-over-year (Y/Y) for 2026, excluding emerging growth drivers [13][39] - 4Q25 profit growth anticipated to be mid-single-digit, outperforming earlier forecasts despite a high base [18] Growth Drivers - **Humanoid Robots**: Significant growth potential identified in the humanoid robot sector, with management reaffirming commitment to key clients and expanding overseas capacity, including a new factory in Thailand [5][11][22] - **AIDC Liquid Cooling**: Strong demand for cooling solutions, with specific product segments like micro-channel heat exchangers showing over 90% Y/Y growth [17][39] - **Auto Parts**: Expected 20% Y/Y growth in the auto parts segment for 4Q25, driven by inventory restocking and positive order trends [19][39] Market Positioning and Strategic Flexibility - Sanhua's global supply chain is well-structured, mitigating risks from Tesla's strategy to localize its supply chain [12][6] - Direct exports from China to the U.S. accounted for only 1% of total revenue in 2024, indicating limited exposure to geopolitical risks [12] - Management's confidence in sustaining growth and margin expansion is supported by a proven ability to navigate macro volatility [6][13] Investment Thesis - The investment case is based on: 1. Benefits from China's policy stimulus for large-scale equipment renewal in home appliances and passenger autos [39][43] 2. Growth in the auto parts business with a diversified customer base [39][43] 3. Strategic positioning in the humanoid robot development landscape [39][43] Valuation and Price Target - Price target raised to Rmb49 for A shares and HK$42 for H shares, reflecting increased earnings forecasts [11][35] - Valuation based on discounted cash flow (DCF) methodology with a WACC of 8.1% and terminal growth rate of 3.5% [40][44] Risks - Potential risks include lower-than-expected global EV demand, increased competition in the auto segment, challenging macro conditions, and slower development in the humanoid robot sector [45] Additional Important Insights - Management highlighted the importance of strategic partnerships and AI integration in accelerating sector evolution [24] - The company is positioned to capture opportunities in both robotics and data center cooling markets [17][39] - Recent capital inflows, such as Figure AI's US$1B Series C round, indicate growing investor confidence in the sector [24] This summary encapsulates the key insights from the conference call, focusing on Sanhua's financial outlook, growth drivers, market positioning, investment thesis, valuation, and associated risks.

Core Insights - The top three companies with the highest short positions as of November 14 are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and ZTE Corporation (00763) with short ratios of 17.68%, 16.49%, and 16.03% respectively [1][2] - The companies with the largest absolute increase in short positions include GCL-Poly Energy (03800), Dongfang Electric (01072), and Hansoh Pharmaceutical (01276), with increases of 1.99%, 1.54%, and 1.35% respectively [1][2] - The companies with the largest absolute decrease in short positions are Ganfeng Lithium (01772), ZTE Corporation (00763), and Samsonite (01910), with decreases of -2.53%, -1.02%, and -0.95% respectively [1][2] Top 10 Short Positions - The top 10 companies with the highest short ratios include Vanke Enterprises (02202) at 17.68%, COSCO Shipping Holdings (01919) at 16.49%, and ZTE Corporation (00763) at 16.03% [2] - Other notable companies in the top 10 include Heng Rui Pharmaceutical (01276) at 15.64% and Ping An Insurance (02318) at 13.66% [2] Changes in Short Positions - The companies with the largest increases in short ratios include GCL-Poly Energy (03800) from 6.87% to 8.86%, Dongfang Electric (01072) from 8.67% to 10.21%, and Heng Rui Pharmaceutical (01276) from 14.30% to 15.64% [2] - Conversely, the companies with the largest decreases in short ratios include Ganfeng Lithium (01772) from 11.32% to 8.79%, ZTE Corporation (00763) from 17.05% to 16.03%, and Samsonite (01910) from 6.67% to 5.72% [2][3]

Core Viewpoint - The stock of Sanhua Intelligent Control (02050) has risen over 3% despite market conditions, reflecting positive investor sentiment following upgraded financial forecasts from Morgan Stanley for the years 2025 to 2027 [1] Group 1: Financial Performance - Morgan Stanley raised its average financial forecasts for Sanhua Intelligent Control by 20% for the years 2025 to 2027, based on better-than-expected Q3 performance and management's upgraded guidance [1] - The company's Q4 and next year's earnings outlook indicates continued profit growth and margin expansion, even in the face of high comparatives [1] Group 2: Market Trends and Insights - Key trends supporting Sanhua's growth include strong momentum in emerging fields such as humanoid robots and AIDC liquid cooling, resilience in the automotive parts business, and a well-structured global supply chain [1] - Despite a recent pullback in H and A shares since October due to profit-taking by investors, the solid fundamentals and strategic positioning in key areas suggest a buying opportunity [1] Group 3: Target Price and Rating - Morgan Stanley has increased the target price for Sanhua Intelligent Control's H shares from HKD 41 to HKD 42, maintaining an "Overweight" rating [1]

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2][3] Group 1: Companies with Increased Holdings - Guofu Hydrogen (02582) saw the largest increase in holdings, up by 5.52%, bringing its total to 14.45% [2] - Longpan Technology (02465) experienced a 2.85% increase, with a new holding percentage of 39.00% [2] - Yingfu Fund (02800) increased by 2.53%, now holding 3.54% [2] - Over the last five trading days, Guofu Hydrogen (02582) had the highest increase at 7.02%, with a total holding of 14.45% [3] - Other notable increases include Juxing Legend (06683) at 4.80% and Yihua Tong (02402) at 4.15% [3] Group 2: Companies with Decreased Holdings - Sanhua Intelligent Control (02050) had the largest decrease, down by 0.83% to 19.79% [2] - ZTE Corporation (00763) saw a reduction of 0.66%, now at 49.46% [2] - Goldwind Technology (02208) decreased by 0.60%, with a holding of 46.93% [2] - In the last five trading days, Heng Seng China Enterprises (02828) experienced the largest drop at 3.11%, now at 2.87% [3] - Other significant decreases include Chongqing Steel (01053) at -2.84% and Goldwind Technology (02208) at -1.59% [3] Group 3: Long-term Trends - Over a 20-day period, Haotian International Construction Investment (01341) had the highest increase at 18.08%, reaching 68.79% [4] - Qingdao Bank (03866) increased by 11.25%, now holding 18.52% [4] - Anji Food (02648) saw a 10.18% increase, with a total holding of 36.77% [4] - Conversely, New Tian Green Energy (00956) had the largest decrease at -8.28%, now at 57.05% [4] - Longpan Technology (02465) also saw a significant drop of -5.78%, maintaining a holding of 39.00% [4]

Core Viewpoint - Sanhua Intelligent Control (02050) announced a share buyback of 699,300 A-shares for a total expenditure of RMB 30.0075 million, with the buyback price ranging from RMB 42.73 to 43 per share [1] Group 1 - The company plans to repurchase shares to enhance shareholder value [1] - The total amount allocated for the buyback is RMB 30.0075 million [1] - The number of shares to be repurchased is 699,300 [1]

Group 1 - The company, Sanhua Intelligent Control (02050.HK), announced a share buyback plan on November 14, 2025, involving an expenditure of RMB 30.075 million to repurchase 699,300 A-shares [1] - The buyback price is set between RMB 42.73 and RMB 43 per share [1]