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]

Group 1 - The core viewpoint is that the robotics sector is experiencing significant growth, with several stocks rising sharply due to recent developments and announcements in the industry [1] - Notable stock performances include Sanhua Intelligent Control rising by 7.3% to HKD 38.52, Delta Electronics increasing by 6.74% to HKD 36.42, Lens Technology up by 6.56% to HKD 26.96, and MicroPort Robotics-B gaining 2.76% to HKD 26.08 [1] - Recent catalysts in the robotics field include the launch of a new humanoid robot by XPeng and large orders signed by UBTECH and Yujian [1] Group 2 - The Ministry of Industry and Information Technology's Deputy Director, Yao Jia, stated that humanoid robots are considered the best form of embodied intelligence, which will profoundly change human production and lifestyle, reshaping the global industrial landscape [1] - According to Shenwan Hongyuan, domestic robotics technology is globally leading, with more new energy vehicle companies rapidly advancing, enhancing market confidence in domestic products [2] - According to Open Source Securities, the mass production of humanoid robots is imminent, with production lines from Tesla, Yuzhu, and Zhiyuan expected to enter large-scale manufacturing by 2026, marking a significant milestone for the industry [2]

Summary of Sanhua Intelligent Controls (002050.SZ) Conference Call Company Overview - **Company**: Sanhua Intelligent Controls (002050.SZ) - **Market Cap**: Rmb210.2 billion / $29.5 billion - **Enterprise Value**: Rmb201.5 billion / $28.3 billion - **Industry**: China Industrial Tech & Machinery Key Points and Arguments 1. **Rating Downgrade**: Sanhua A has been downgraded from Buy to Neutral due to recent stock performance and overly optimistic market expectations regarding humanoid robots [1][2][16] 2. **Stock Performance**: Since the announcement of Tesla's Masterplan IV on September 2, 2025, Sanhua A and H shares have increased by 51% and 31% respectively, reflecting market optimism about long-term revenue opportunities from humanoid robot actuators [1][16] 3. **Revenue Expectations**: Current valuation implies that Sanhua A would need to achieve 0.9 million to 2.0 million units of Tesla Optimus sales, which is deemed unlikely within the next 12 months [1][16][19] 4. **Earnings Growth Moderation**: Anticipated moderation in earnings growth over the next 2-3 quarters due to high base effects in HVAC and EV component segments, compounded by tighter trade-in subsidies [1][20] 5. **3Q25 Financial Performance**: Sanhua reported a strong 3Q25 performance, primarily driven by effective SG&A expense control, leading to a revision of 2025-30E EPS estimates upward by 4-8% [2][25] 6. **Target Price Adjustments**: New 12-month target prices are set at Rmb40.90 for Sanhua A and HK$43.10 for Sanhua H, indicating an 18% downside for A and a 5% upside for H [1][2] 7. **Future Product Launch Delays**: The launch of Tesla's Optimus Gen 3 has been postponed to early 2026, which may impact Sanhua's revenue projections from humanoid robots [19] 8. **Segment Performance Forecast**: Expected revenue growth for HVAC components to slow down to -2% to 5% year-over-year in upcoming quarters, while EV thermal management revenue is projected to grow modestly at 12% [20][21][23] Additional Important Insights 1. **Valuation Multiples**: The target multiple for Sanhua has been raised from a 2030E P/E of 21x to 25x based on a sum-of-the-parts (SOTP) analysis, reflecting a more favorable outlook for the core business and humanoid robot segment [2][27] 2. **Market Share Sensitivity**: The valuation sensitivity analysis indicates that achieving the implied humanoid robot shipment expectations will be challenging, especially given Tesla's shipment target of 1 million units by 2030 [16][17] 3. **Cash Flow and Financial Ratios**: Sanhua's financial metrics indicate a healthy cash flow situation, with free cash flow projected to increase significantly over the next few years [13][25] This summary encapsulates the critical insights from the conference call regarding Sanhua Intelligent Controls, highlighting the company's current standing, future outlook, and potential challenges in the market.

Group 1 - Company shares of Sanhua Intelligent Control (02050.HK) have declined over 3%, currently trading at 34.9 HKD [1] - The trading volume reached 293 million HKD [1]

Group 1 - The Hang Seng Index fell by 0.28%, down 73 points, closing at 25,878 points, while the Hang Seng Tech Index decreased by 0.80%. The early trading volume in Hong Kong stocks was HKD 138.2 billion [1] - AI concept stocks experienced a decline, with concerns over high valuations. Institutions suggest that the long-term outlook for Hong Kong tech stocks remains attractive [1] - Hui Liang Technology (01860) dropped over 6%, and Kingsoft (03888) fell by 2.81% [1] Group 2 - Longpan Technology (603906) saw an increase of over 9% as lithium battery midstream prices continue to rise, with institutions expecting further price momentum [2] - Yimai Sunshine (02522) rose by 3.27% following several directors' share purchases, and the "AI + healthcare" sector is expected to benefit from new policies [3] - China Duty Free Group (601888) (01880) increased by over 4%, marking its first interim dividend, with recent policies likely to boost the duty-free industry [3] Group 3 - Yihua Tong (02402) surged by 7.7%, with significant cash flow improvement in the first three quarters, and fuel cell vehicle production is expected to accelerate [4] - Tianli International Holdings (01773) rose by 4.9%, with its AI learning companion already implemented in over 100 schools nationwide [5] - Mixue Group (02097) increased by 2.89%, planning to collaborate with Anjun Express for cold chain operations in Brazil [6] Group 4 - Huishang Bank (03698) rose by 4%, reporting a net profit of CNY 14.149 billion in the first three quarters, with institutions indicating potential for future growth [7] - Sanhua Intelligent Control (002050) (02050) fell by 1.94%, as Goldman Sachs pointed out overly optimistic robot expectations, while the market is focused on Tesla's trillion-dollar compensation plan [7] - Home Control (01747) dropped by 13%, facing scrutiny from the Hong Kong Securities and Futures Commission due to high stock ownership concentration [7] - Long Fiber Optic (601869) (06869) declined by 2.81%, with Q3 net profit down nearly 11%, and UBS stated that the impact of hollow-core fiber on profitability is limited in the short term [7]