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三花智控(02050) - 截至2025年8月31日止之股份发行人的证券变动月报表
2025-09-03 08:04
股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02050 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 476,536,400 | RMB | | 1 RMB | | 476,536,400 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 476,536,400 | RMB | | 1 RMB | | 476,536,400 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | - ...
最新!香港上市规则及披露文件汇总
梧桐树下V· 2025-09-03 07:08
Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].
建银国际:升三花智控(02050)目标价至37.5港元 评级“跑赢大市”
智通财经网· 2025-09-02 08:59
Core Viewpoint - The report from Jianyin International highlights the strong mid-term performance of Sanhua Intelligent Control, with significant increases in revenue and profit metrics [1] Financial Performance - Sanhua Intelligent Control's revenue increased by 18.9% year-on-year in the first half of the year [1] - Net profit rose by 39.3% year-on-year [1] - Core profit saw a year-on-year increase of 31.7% [1] - The gross margin for the two main business segments improved by 0.7 percentage points, reaching approximately 28% [1] - The expense ratio improved by 1.5 percentage points, now at 11.8% [1] Business Outlook - The HVAC (Heating, Ventilation, and Air Conditioning) business is expected to accelerate growth with a compound annual growth rate (CAGR) of about 20% from fiscal years 2025 to 2027 [1] - Earnings forecasts for Sanhua Intelligent Control for the years 2025 to 2027 have been raised by 8% to 12% [1] Target Price and Rating - The target price for Sanhua Intelligent Control's H-shares has been increased from HKD 26.8 to HKD 37.5 [1] - The rating for the company is set at "outperform" [1]
三花智控_2025 年第二季度业绩超预期;人工智能数据中心液冷业务有上行潜力,且在机器人执行器领域地位稳固;上调目标价;买入
2025-08-31 16:21
Summary of Sanhua A/H (002050.SZ/2050.HK) Earnings Call Company Overview - **Company**: Sanhua Intelligent Controls - **Industry**: HVAC (Heating, Ventilation, and Air Conditioning) and thermal management components Key Financial Performance - **2Q25 Results**: - Revenue: Rmb8,593 million (+19% YoY) - Gross Profit: Rmb2,515 million (+25% YoY) - EBIT: Rmb1,459 million (+50% YoY) - Net Income: Rmb1,207 million (+39% YoY) - GPM: 29% (+1pp YoY) - OPM: 17% (+4pp YoY) - NPM: 14% (+1pp YoY) - **1H25 Performance**: - Revenue: Rmb10,389 million (+25% YoY) - GPM: 28.2% (+0.6pp YoY) - NPM: 12.4% (+2.2pp YoY) - **2025 Guidance**: Management raised revenue growth expectations to at least 15% YoY and net profit growth to 20-30% YoY, up from initial guidance of 10-15% YoY for both metrics [1][7][10]. Core Business Drivers - **HVAC Control Components**: - Revenue growth driven by commercial HVAC demand and low-AC penetration regions, with a 25% YoY increase in revenue and a 53% YoY increase in net profit for 1H25 [1][7]. - **AIDC Liquid Cooling**: - Revenue expected to exceed Rmb1 billion in 2024, representing approximately 10% global market share. The company has more exposure to data center room cooling than server cooling, which is beneficial amid expected moderation in China’s EV/HVAC growth [1][7][10]. - **EV Thermal Management**: - Despite Tesla's anticipated 15% YoY decline in 2025E, segment revenue grew 9% YoY, with net profit increasing 22% YoY in 1H25. Diversification from other customers like Xiaomi, Leapmotor, and GM is expected to offset Tesla's decline [1][7][10]. Humanoid Robot Components - Management believes humanoid robots represent a significant long-term AI application. The Thailand factory is set for volume production in 3Q25, with stable market leadership expected despite supply chain uncertainties [6][10]. Margin Improvement Factors - Significant GPM and NPM improvements attributed to economies of scale, effective cost control, and a favorable product mix shift towards higher-margin commercial HVAC components. SG&A as a percentage of revenue decreased to 11.1% in 2Q25 [8][10]. Investment Thesis - Sanhua is rated as a "Buy" due to its growth potential in humanoid robot actuators and solid market leadership in core HVAC business. Expected revenue and net profit CAGR of 19% from 2025-2030E. The company is well-positioned to outperform the residential HVAC industry and benefit from global EV penetration increases [10][11]. Target Price and Valuation - New 12-month target price set at Rmb32.7 and HK$34.4, based on a 2030E P/E of 21x, discounted back to 2026E with a cost of equity of 9.5% [11]. Risks and Upside Potential - Key upside risks include easing pricing competition, abating headwinds in new testing areas, better-than-expected margins, and faster development in low-altitude economies [11].
三花智控20250829
2025-08-31 16:21
Summary of Sanhua Intelligent Control Conference Call Company Overview - **Company**: Sanhua Intelligent Control - **Industry**: Refrigeration and Automotive Components Key Points Financial Performance - In the first half of 2025, Sanhua achieved revenue of **16.26 billion** yuan, a year-on-year increase of **18.9%** [4] - Net profit reached **2.11 billion** yuan, marking a **39%** increase [4] - Refrigeration components revenue was **10.39 billion** yuan, up **25.49%**, with net profit of **1.29 billion** yuan, up **59.15%** [4][5] - The automotive sector generated **5.87 billion** yuan, with a growth of **8.83%** and net profit of **823 million** yuan, up **16.61%** [4] Growth Drivers - Growth in refrigeration business driven by global climate change, increased air conditioning penetration, and temporary policy factors [2][5] - The company expects at least **30%** growth in the refrigeration segment for the full year [2][7] - The smart segment's growth forecast has been raised to over **20%**, potentially reaching **30%** [2][10] Market Dynamics - The Indian and Pakistani markets are active, with heat pump technology widely applied in data center liquid cooling and energy storage management [2][8] - Sanhua has become a key supplier for major clients like Nvidia in the liquid cooling sector [8][9] Client Structure - The reliance on major clients has decreased, with the top five clients' share dropping from **35%** to **29%** [11][15] - New clients such as Xiaomi and General Motors have entered the top ten client list, indicating a more diversified client base [11][15] Future Outlook - The company is optimistic about the refrigeration segment's performance, with domestic sales accounting for **56%** and international exports **44%** [7] - The automotive parts business is expected to recover in the second half of the year, with a target growth of around **20%** [14] Innovations and Developments - Sanhua has established a dedicated division for humanoid robots, with production expected to ramp up in Q3 2025 [3][16] - The company is focusing on optimizing its operations to sustain net profit margin improvements [6][19] Market Potential - The liquid cooling market for data centers is significant, with Sanhua holding a competitive edge due to its comprehensive hardware offerings [20][21] - New growth points in the refrigeration industry include liquid cooling and energy storage management, which could surpass traditional refrigeration markets [18] Challenges and Risks - Tariff issues have been monitored, but the company has not seen significant impacts on its operations due to its global production footprint [23][31] - The company remains cautious about potential future tariff adjustments and their implications [31] Summary of Business Segments - Refrigeration segment shows strong growth, with a projected annual increase of at least **30%** [12][24] - Liquid cooling products are integrated across various business units, with significant sales expected to continue [27][28] This summary encapsulates the key insights from the conference call, highlighting Sanhua Intelligent Control's robust performance, strategic initiatives, and market positioning within the refrigeration and automotive components industry.
三花智控(02050.HK)上半年营收增长18.9%至162.63亿元 归母净利润大增39.3%至21.1亿元
Ge Long Hui· 2025-08-29 01:15
Core Viewpoint - Sanhua Intelligent Control reported a significant increase in revenue and profit for the first half of 2025, driven by strong performance in both the refrigeration and automotive parts sectors [1][2]. Financial Performance - Revenue for the first half of 2025 was approximately RMB 16.263 billion, representing a year-on-year growth of about 18.9% [1] - Profit attributable to shareholders was approximately RMB 2.109 billion, showing a year-on-year increase of about 39.3% [1] - Basic and diluted earnings per share were approximately RMB 0.57, reflecting a year-on-year growth of about 42.5% [1] Business Segments - The refrigeration and air conditioning components business generated revenue of RMB 10.389 billion, up 25.5% year-on-year, primarily due to increased sales driven by energy-saving policies and appliance replacement incentives [1] - The automotive parts business reported revenue of RMB 5.874 billion, an increase of 8.8% year-on-year, attributed to strong demand in the new energy vehicle market [1] Market Presence - The company has recorded revenue growth from both domestic and international markets, benefiting from its continued penetration in China and expansion of its global footprint [1] - Sanhua is recognized as the largest manufacturer of refrigeration control components and a leading producer of automotive thermal management system parts globally [2] - The "Sanhua" brand has become well-known, with its refrigeration control components ranking first in their respective global markets [2]
三花智控(02050)发布中期业绩,股东应占利润21.1亿元 同比增加39.31%
智通财经网· 2025-08-28 16:01
Core Insights - The company reported a revenue of RMB 16.263 billion for the six months ending June 30, 2025, representing an 18.91% year-on-year increase [1] - Profit attributable to shareholders reached RMB 2.11 billion, a 39.31% increase compared to the same period last year [1] - Earnings per share were RMB 0.57, with a cash dividend of RMB 1.20 per 10 shares (including tax) [1] Revenue Growth Drivers - Revenue growth was primarily driven by sales of refrigeration and air conditioning components as well as automotive parts [1] - The increase in profit was attributed to sales growth and effective cost control measures [1] Strategic Initiatives - The company actively adjusted its market strategy in the first half of 2025 to solidify relationships with major clients and enhance its presence in overseas markets [1] - It focused on capturing high-growth opportunities and expanding the application scenarios of core products [1] - The company maintained a near-exclusive supply position for electronic expansion valves and solenoid valves in air conditioning, which helped increase market share and promote the commercialization of iterative products [1] Market Position and Efficiency - The company undertook significant market research and cost-reduction initiatives, leading to a steady increase in market share [1] - Sales strategies were continuously optimized, and a tariff-sharing negotiation plan for the U.S. was implemented to enhance global capacity layout [1] - Overall gross margin remained at a high level, reflecting strengthened product competitiveness [1]
三花智控(02050) - 截至2025年6月30日止六个月之中期股息
2025-08-28 14:57
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 | 截至2025年6月30日止六個月的中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 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 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 10 股 1.2 RMB | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD, 金額有待公佈 | | 匯率 | 有待公佈 | | ...
三花智控(02050) - 2025 - 中期业绩
2025-08-28 14:56
[2025 Interim Results Announcement](index=1&type=section&id=2025%20Interim%20Results%20Announcement) This report details Zhejiang Sanhua Intelligent Controls Co., Ltd.'s unaudited condensed consolidated interim results for H1 2025 [2025 Interim Results Highlights](index=1&type=section&id=2025%20Interim%20Results%20Highlights) The company reported unaudited interim results for H1 2025, with revenue up **18.9%**, profit attributable to owners up **39.3%**, and EPS up **42.5%** 2025 Interim Results Highlights | Indicator | Six Months Ended June 30, 2025 (RMB million) | Year-on-Year Growth Rate | | :--- | :--- | :--- | | Revenue | 16,262.8 | 18.9% | | Profit attributable to owners of the Company | 2,109.9 | 39.3% | | Basic and diluted earnings per share | 0.57 RMB | 42.5% | [Condensed Consolidated Interim Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides an overview of the company's unaudited condensed consolidated interim statements of profit or loss, comprehensive income, and financial position - The financial statements, including the statement of profit or loss, comprehensive income, and financial position, are all unaudited[5](index=5&type=chunk)[6](index=6&type=chunk)[8](index=8&type=chunk) [Condensed Consolidated Interim Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss) For H1 2025, the company reported revenue of **RMB 16.26 billion**, operating profit of **RMB 2.58 billion**, and profit attributable to owners of **RMB 2.11 billion** Condensed Consolidated Interim Statement of Profit or Loss | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 16,262,787 | 13,676,072 | | Cost of sales | (11,740,637) | (9,963,304) | | Gross profit | 4,522,150 | 3,712,768 | | Operating profit | 2,580,349 | 1,886,904 | | Profit for the period | 2,138,111 | 1,521,665 | | Profit attributable to owners of the Company | 2,109,940 | 1,514,515 | | Basic and diluted earnings per share | 0.57 | 0.40 | [Condensed Consolidated Interim Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) For H1 2025, total comprehensive income was **RMB 2.29 billion**, driven by profit for the period and foreign currency translation differences Condensed Consolidated Interim Statement of Comprehensive Income | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 2,138,111 | 1,521,665 | | Foreign currency translation differences for overseas operations | 153,225 | (170,920) | | Total comprehensive income for the period | 2,291,336 | 1,350,745 | | Attributable to owners of the Company | 2,263,165 | 1,343,595 | [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were **RMB 46.38 billion**, total liabilities **RMB 17.07 billion**, and total equity **RMB 29.31 billion**, driven by increased cash and receivables Condensed Consolidated Interim Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total assets | 46,382,832 | 36,354,749 | | Total non-current assets | 14,881,039 | 14,053,586 | | Total current assets | 31,501,793 | 22,301,163 | | Total liabilities | 17,071,175 | 16,835,105 | | Total equity | 29,311,657 | 19,519,644 | [Notes to the Unaudited Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed notes on general information, accounting policies, operating segments, income tax, dividends, EPS, PPE, receivables, payables, and borrowings - The Group primarily engages in the research, development, production, and sale of refrigeration and air conditioning components and automotive components, widely used in refrigeration, air conditioning, and automotive markets, including new energy vehicles[11](index=11&type=chunk) - The condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard 34 and Appendix D2 of the Listing Rules, and measured on a historical cost basis[12](index=12&type=chunk) [General Information](index=6&type=section&id=General%20Information) Zhejiang Sanhua Intelligent Controls Co., Ltd., incorporated in China, specializes in R&D, manufacturing, and sales of refrigeration and automotive components, listed on Shenzhen and Hong Kong stock exchanges - The company's predecessor was established in 1994, converted into a joint-stock company in 2001, and listed in Shenzhen in 2005 and Hong Kong in 2025[10](index=10&type=chunk) - Its main businesses cover the research, development, production, and sales of refrigeration and air conditioning components, and automotive components (including new energy vehicles and traditional fuel vehicles)[11](index=11&type=chunk) [Basis of Preparation and Presentation](index=6&type=section&id=Basis%20of%20Preparation%20and%20Presentation) Interim financial statements are prepared under IAS 34 and HKEX Listing Rules Appendix D2, using historical cost, with accounting policies consistent with the prospectus - The basis of preparation follows International Accounting Standard 34 issued by the International Accounting Standards Board and Appendix D2 of the Listing Rules[12](index=12&type=chunk) - The initial adoption of amendments to International Accounting Standard 21 "Lack of Exchangeability" has no significant impact on the consolidated financial position and performance for the current and prior periods[14](index=14&type=chunk) - International Financial Reporting Standard 18 "Presentation and Disclosure in Financial Statements" will replace International Accounting Standard 1, introducing new presentation and disclosure requirements for the statement of profit or loss and future financial statements[15](index=15&type=chunk) [Operating Segment Information](index=8&type=section&id=Operating%20Segment%20Information) The company's main operating segments are refrigeration and automotive components, with H1 2025 revenues of **RMB 10.38 billion** and **RMB 5.87 billion** respectively - The chief operating decision-maker assesses the performance of each operating segment based on segment revenue and gross profit[17](index=17&type=chunk) 2025 H1 Segment Revenue | Segment | Revenue (RMB thousand) | | :--- | :--- | | Refrigeration and Air Conditioning Components | 10,382,763 | | Automotive Components | 5,871,026 | 2025 H1 Contract Revenue by Region | Region | Revenue (RMB thousand) | | :--- | :--- | | Mainland China | 9,051,921 | | Other Countries or Regions | 7,210,866 | - The increase in contract liabilities is mainly due to cash received before satisfying performance obligations, while the decrease is mainly due to revenue recognized after satisfying performance obligations[24](index=24&type=chunk) - The unfulfilled performance obligations of **RMB 64,221 thousand** as of June 30, 2025, are expected to be recognized as revenue within the next 12 months[25](index=25&type=chunk) [Income Tax Expense](index=11&type=section&id=Income%20Tax%20Expense) Income tax expense for H1 2025 was **RMB 398.377 million**, primarily current income tax, with the company operating under various tax regimes globally Income Tax Expense Composition | Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax | 377,861 | 334,408 | | Deferred income tax | 20,516 | (2,112) | | Total | 398,377 | 332,296 | - Chinese high-tech enterprises enjoy a **15%** preferential tax rate, and R&D expenses are eligible for a **200%** super deduction[27](index=27&type=chunk) - US subsidiaries are subject to state tax rates ranging from **0% to 10%** and a federal tax rate of **21%**[28](index=28&type=chunk) - The Group expects to benefit from the transitional country-by-country reporting safe harbor in all Pillar Two jurisdictions enacted in 2024, incurring no additional tax[31](index=31&type=chunk) [Dividends](index=12&type=section&id=Dividends) The company declared and paid a final dividend of **RMB 932.42 million** for the previous year, and proposed an interim dividend of **RMB 1.20 per 10 ordinary shares** for H1 2025 Declared and Paid Dividends | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Final dividend declared and paid for the previous year during the period | 932,420 | 926,626 | - On August 28, 2025, the Board proposed an interim dividend of **RMB 1.20 per 10 ordinary shares** (tax inclusive) for the six months ended June 30, 2025, compared to **RMB 1.00** for the same period in 2024[32](index=32&type=chunk) [Earnings Per Share](index=13&type=section&id=Earnings%20Per%20Share) Basic and diluted earnings per share for H1 2025 were **RMB 0.57**, an increase from **RMB 0.40** in the prior period, driven by higher profit attributable to ordinary shareholders Basic Earnings Per Share | Indicator | 2025 (RMB thousand/share) | 2024 (RMB thousand/share) | | :--- | :--- | :--- | | Profit attributable to ordinary shareholders of the Company used to calculate basic earnings per share | 2,102,085 | 1,511,458 | | Weighted average number of ordinary shares issued (thousand shares) | 3,717,672 | 3,746,287 | | Basic earnings per share (RMB) | 0.57 | 0.40 | Diluted Earnings Per Share | Indicator | 2025 (RMB thousand/share) | 2024 (RMB thousand/share) | | :--- | :--- | :--- | | Adjusted profit attributable to owners of the Company used to calculate diluted earnings per share | 2,109,940 | 1,514,515 | | Weighted average number of ordinary shares used to calculate diluted earnings per share (thousand shares) | 3,733,170 | 3,746,287 | | Diluted earnings per share (RMB) | 0.57 | 0.40 | [Property, Plant and Equipment](index=14&type=section&id=Property%2C%20Plant%20and%20Equipment) Total property, plant and equipment increased to **RMB 13.08 billion** as of June 30, 2025, primarily due to additions in machinery and equipment and buildings Property, Plant and Equipment Composition | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Buildings | 4,151,397 | 4,086,238 | | Machinery and equipment | 6,198,759 | 5,540,560 | | Construction in progress | 2,044,147 | 2,171,985 | | Total | 13,081,817 | 12,274,558 | - For the six months ended June 30, 2025, additions to property, plant and equipment amounted to **RMB 1,290,134 thousand**[35](index=35&type=chunk) Depreciation and Amortization | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of sales | 398,297 | 262,024 | | General and administrative expenses | 80,207 | 75,464 | | Research and development expenses | 26,178 | 18,304 | | Total | 505,679 | 356,106 | [Trade and Bills Receivables](index=15&type=section&id=Trade%20and%20Bills%20Receivables) Total trade and bills receivables significantly increased to **RMB 12.21 billion** as of June 30, 2025, with most trade receivables due within one year Trade and Bills Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bills receivables | 2,999,421 | 2,685,890 | | Trade receivables | 9,723,003 | 7,317,720 | | Less: Provision for credit losses | (510,217) | (375,273) | | Total | 12,212,207 | 9,628,337 | Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 9,696,087 | 7,281,933 | | 1 to 2 years | 20,994 | 26,881 | | 2 to 3 years | 3,584 | 8,523 | | Over 3 years | 2,338 | 383 | - As of June 30, 2025, bills receivables of **RMB 1,187,899 thousand** were pledged for bank acceptance bills[37](index=37&type=chunk) [Borrowings](index=16&type=section&id=Borrowings) Total borrowings were **RMB 4.28 billion** as of June 30, 2025, with a significant portion being short-term, and interest rates ranging from **1.95% to 5.17%** Borrowings Composition | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Secured bank loans | 1,068,385 | 918,745 | | Unsecured bank loans | 3,205,000 | 3,174,000 | | Less: Current portion of long-term borrowings | (1,068,026) | (500,420) | | Less: Short-term borrowings | (1,704,685) | (1,553,346) | | Total long-term borrowings | 1,509,000 | 2,045,773 | Borrowings Repayment Schedule | Term | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within one year | 2,772,711 | 2,053,766 | | One to two years | 1,394,000 | 1,396,236 | | Two to five years | 115,000 | 649,537 | | Total | 4,281,711 | 4,099,539 | - Short-term borrowings carry annual interest rates ranging from **2.11% to 5.17%**, while long-term borrowings range from **1.95% to 2.80%**[38](index=38&type=chunk) [Trade and Bills Payables](index=17&type=section&id=Trade%20and%20Bills%20Payables) Total trade and bills payables amounted to **RMB 10.03 billion** as of June 30, 2025, with the majority of trade payables due within one year Trade and Bills Payables Composition | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 5,995,838 | 5,985,427 | | Bills payables | 4,034,843 | 3,791,835 | | Total | 10,030,681 | 9,777,262 | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within one year | 5,788,640 | 5,879,227 | | Over one year | 207,198 | 106,200 | [Principal Businesses During the Reporting Period](index=18&type=section&id=Principal%20Businesses%20During%20the%20Reporting%20Period) The company focuses on R&D and application of thermal management technology, covering refrigeration, automotive components, and emerging fields like bionic robot actuators, holding leading global market positions - The company's core strategy revolves around heat pump technology and thermal management systems, providing environmental thermal management solutions for efficient heat exchange and intelligent temperature control[43](index=43&type=chunk) - Its businesses span two major segments: refrigeration and air conditioning components, and automotive components, with expansion into emerging fields such as bionic robot electromechanical actuators[43](index=43&type=chunk) [Overview of Principal Businesses](index=18&type=section&id=Overview%20of%20Principal%20Businesses) The company's principal businesses include refrigeration and automotive components, and strategic emerging industries like bionic robot actuators, providing comprehensive thermal management solutions - The refrigeration and air conditioning components business is a key global supplier for household/commercial air conditioning, refrigeration, and small appliance markets, offering products like electronic expansion valves, four-way reversing valves, and micro-channel heat exchangers[43](index=43&type=chunk) - The automotive components business is a pioneer in the new energy vehicle thermal management market, providing integrated thermal management control solutions, including automotive valves, pumps, heat exchangers, and integrated assemblies[43](index=43&type=chunk)[44](index=44&type=chunk) - In strategic emerging industries, the company has successfully entered the bionic robot electromechanical actuator manufacturing field, leveraging its motor manufacturing expertise and cost control capabilities[44](index=44&type=chunk) [Key Performance Drivers](index=19&type=section&id=Key%20Performance%20Drivers) Performance is driven by global low-carbon policies, extreme weather, EV growth, and AI advancements, boosting demand for refrigeration, automotive thermal management, and bionic robot actuators - Drivers for the refrigeration and air conditioning components industry include global low-carbon energy-saving policies, expanding overseas market demand, surging air conditioning demand due to extreme weather, and rapid growth in cold chain logistics and data center industries[45](index=45&type=chunk)[46](index=46&type=chunk) - Drivers for the automotive components industry include global automotive decarbonization targets, advancements in new energy vehicle technology, high-voltage fast charging and battery technology driving demand for efficient thermal management systems, and the integrated and modular development of automotive thermal management technology[46](index=46&type=chunk) - Drivers for strategic emerging industries (bionic robot electromechanical actuators) include an aging population, rising labor costs, Chinese government policy support, and advancements in artificial intelligence and sensing technologies[46](index=46&type=chunk)[47](index=47&type=chunk) [Industry Position](index=21&type=section&id=Industry%20Position) The company is the world's largest manufacturer of refrigeration control components and a leading automotive thermal management system supplier, with many products ranking first globally - The company is the world's largest manufacturer of refrigeration control components and a global leader in automotive thermal management system components[48](index=48&type=chunk) - In refrigeration and air conditioning components, products such as four-way reversing valves, electronic expansion valves, and micro-channel heat exchangers rank first in the global market[48](index=48&type=chunk) - In automotive components, products like automotive electronic expansion valves and integrated assemblies rank first in the global market[48](index=48&type=chunk) [Core Competitiveness Analysis](index=21&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness stems from strong R&D, lean manufacturing, comprehensive quality management, global presence, long-term client partnerships, and an experienced management team - The company possesses six R&D centers and **4,387 domestic and international patents**, including **2,404 invention patents**, demonstrating strong R&D capabilities and rapid product iteration and upgrade abilities[50](index=50&type=chunk) - It has established **8 production bases globally**, achieving cost advantages and quick response to local customer needs through economies of scale and global layout[51](index=51&type=chunk) - The company has implemented comprehensive quality standards and control systems, obtaining international certifications such as ISO 9001 and IATF 16949, ensuring high product quality[53](index=53&type=chunk) - Its products are sold in over **80 countries and regions worldwide**, with strategic partnerships with international renowned companies like Daikin, Ford, and Volkswagen, and overseas production bases in Mexico, Poland, Vietnam, and Thailand[55](index=55&type=chunk) - Long-term cooperative relationships have been established with industry-leading clients such as Carrier, Gree, Midea, Mercedes-Benz, BMW, and BYD, becoming the exclusive supplier of thermal management products for multiple automotive platforms[56](index=56&type=chunk) - The management team is deeply knowledgeable in the thermal management industry, possessing rich industry expertise, clear market insights, and strong management capabilities[57](index=57&type=chunk) [Principal Business Analysis](index=24&type=section&id=Principal%20Business%20Analysis) In H1 2025, revenue grew **18.9%** to **RMB 16.26 billion** and net profit attributable to owners rose **39.3%** to **RMB 2.11 billion**, with both refrigeration and automotive segments contributing to growth - The company's operating revenue reached **RMB 16.26 billion**, a year-on-year increase of **18.9%**; net profit attributable to owners of the Company was **RMB 2.11 billion**, a year-on-year increase of **39.3%**[58](index=58&type=chunk) Principal Business Revenue Growth | Business Segment | 2025 H1 Revenue (RMB million) | Year-on-Year Growth Rate | | :--- | :--- | :--- | | Refrigeration and Air Conditioning Components | 10,388.7 | 25.5% | | Automotive Components | 5,874.1 | 8.8% | - The refrigeration and air conditioning components business steadily increased its market share by adjusting market strategies, strengthening overseas presence, enhancing market share of leading products, and implementing cost reduction and efficiency improvement measures[59](index=59&type=chunk) - The automotive components business focused on intensive cultivation, promoting internal cost reduction and efficiency improvement, organizational optimization, enhancing self-R&D capabilities, and actively applying digital intelligence and AI tools to boost efficiency[59](index=59&type=chunk) - The strategic emerging business (bionic robot electromechanical actuators) focused on technical improvements for key product models, collaborating with clients on full-series product R&D, trial production, iteration, and sampling, achieving overall product capability enhancement[59](index=59&type=chunk) [Outlook and Strategies](index=26&type=section&id=Outlook%20and%20Strategies) The company adheres to a 'focus on leadership, innovate beyond' strategy, centering on heat pump and thermal management systems, aiming to transition to 'technology leadership' and become a global leader in climate intelligent control systems - The company's development strategy is "focus on leadership, innovate beyond," with R&D and application of heat pump technology and thermal management system products at its core[60](index=60&type=chunk) - The strategic transformation aims to shift from "cost leadership" to "technology leadership" and upgrade from "mechanical component development" to "electronic control integrated system control technology solution development"[60](index=60&type=chunk) [2025 Operating Plan](index=26&type=section&id=2025%20Operating%20Plan) For 2025, the company plans to strengthen product capabilities, expand global capacity, and develop data center business in refrigeration, while focusing on technology and client collaboration in automotive, and R&D in bionic robotics - The refrigeration and air conditioning components business plans to strengthen product capabilities, expand business scale, seize the three elements of "cost, efficiency, and quality," and proactively deploy global manufacturing base capacity coordination plans[61](index=61&type=chunk) - The automotive components business plans to build product capabilities for integrated assemblies, valves, pumps, and heat exchangers based on general technology development, and strengthen cooperation with strategic clients[62](index=62&type=chunk) - The bionic robot business plans to focus on R&D, trial production, iteration, and sampling of electromechanical actuators, increase efforts in key component development, and actively expand overseas production and R&D teams[62](index=62&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) The group achieved significant revenue and profit growth, driven by increased sales in refrigeration and automotive components and effective cost control, maintaining a robust financial position and ample liquidity - The Group's revenue increased by **18.9%** compared to H1 2024, and profit attributable to owners of the Company increased by **39.3%**, primarily driven by sales growth and effective cost control[63](index=63&type=chunk) - Non-current assets increased mainly due to additions to property, plant, and equipment; current assets increased mainly due to higher cash and cash equivalents and trade and bills receivables, with the increase in cash attributable to H-share issuance proceeds[80](index=80&type=chunk) - The gearing ratio decreased from **21.0%** as of December 31, 2024, to **14.6%** as of June 30, 2025, primarily due to the inflow of funds from the H-share listing[85](index=85&type=chunk) [Revenue](index=27&type=section&id=Revenue) Total revenue increased by **18.9%** to **RMB 16.26 billion**, with refrigeration components growing **25.5%** and automotive components **8.8%**, driven by higher sales and market demand Revenue by Product Category | Product Category | June 30, 2025 (RMB thousand) | % of Total | June 30, 2024 (RMB thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Refrigeration and Air Conditioning Components | 10,388,693 | 63.9 | 8,278,700 | 60.5 | | Automotive Components | 5,874,094 | 36.1 | 5,397,372 | 39.5 | | Total | 16,262,787 | 100.0 | 13,676,072 | 100.0 | - Revenue from refrigeration and air conditioning components increased by **25.5%**, mainly due to low energy consumption policies, "trade-in" policies for home appliances, and product upgrades in air conditioning[66](index=66&type=chunk) - Revenue from automotive components increased by **8.8%**, mainly due to strong performance in the new energy vehicle market and increased demand for thermal management systems[67](index=67&type=chunk) Revenue by Sales Region | Sales Region | June 30, 2025 (RMB thousand) | % of Total | June 30, 2024 (RMB thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Mainland China | 9,051,921 | 55.7 | 7,826,338 | 57.2 | | Other Countries or Regions | 7,210,866 | 44.3 | 5,849,734 | 42.8 | | Total | 16,262,787 | 100.0 | 13,676,072 | 100.0 | [Cost of Sales](index=29&type=section&id=Cost%20of%20Sales) Cost of sales increased in line with revenue growth, with both refrigeration and automotive component segments experiencing higher costs - For the six months ended June 30, 2025, the Group's cost of sales increased in line with revenue growth[69](index=69&type=chunk) Cost of Sales by Product Category | Product Category | June 30, 2025 (RMB thousand) | % of Total | June 30, 2024 (RMB thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Refrigeration and Air Conditioning Components | 7,461,833 | 63.6 | 6,033,836 | 60.6 | | Automotive Components | 4,278,804 | 36.4 | 3,929,468 | 39.4 | | Total | 11,740,637 | 100.0 | 9,963,304 | 100.0 | [Gross Profit and Gross Margin](index=29&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross margin remained stable at **27.8%**, a **0.7%** increase from the prior period, with refrigeration components contributing the majority of gross profit - The Group's gross margin was **27.8%**, an increase of **0.7%** from **27.1%** in the prior period, indicating stable gross margin[71](index=71&type=chunk) Gross Profit by Product Category | Product Category | June 30, 2025 (RMB thousand) | % of Total | June 30, 2024 (RMB thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Refrigeration and Air Conditioning Components | 2,926,860 | 64.7 | 2,244,864 | 60.5 | | Automotive Components | 1,595,290 | 35.3 | 1,467,904 | 39.5 | | Total | 4,522,150 | 100.0 | 3,712,768 | 100.0 | [General and Administrative Expenses](index=29&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses increased by **2.8%** to **RMB 1.002 billion**, primarily due to higher staff costs from business expansion General and Administrative Expenses | Indicator | 2025 (RMB million) | 2024 (RMB million) | Growth Rate | | :--- | :--- | :--- | :--- | | General and administrative expenses | 1,002.2 | 975.2 | 2.8% | - The increase was primarily due to higher staff costs for administrative personnel as the company's business expanded during the reporting period[73](index=73&type=chunk) [Selling and Marketing Expenses](index=29&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses rose by **3.7%** to **RMB 308.1 million**, mainly attributable to increased share-based compensation for sales personnel Selling and Marketing Expenses | Indicator | 2025 (RMB million) | 2024 (RMB million) | Growth Rate | | :--- | :--- | :--- | :--- | | Selling and marketing expenses | 308.1 | 297.0 | 3.7% | - The increase was primarily due to higher share-based compensation for sales personnel during the reporting period[74](index=74&type=chunk) [Research and Development Expenses](index=30&type=section&id=Research%20and%20Development%20Expenses) R&D expenses increased by **11.4%** to **RMB 705.0 million**, representing **4.3%** of revenue, primarily due to higher staff costs for R&D personnel Research and Development Expenses | Indicator | 2025 (RMB million) | 2024 (RMB million) | Growth Rate | | :--- | :--- | :--- | :--- | | Research and development expenses | 705.0 | 632.6 | 11.4% | - R&D expenses accounted for **4.3%** of the Group's revenue for the six months ended June 30, 2025[75](index=75&type=chunk) - The increase was primarily due to higher staff costs for R&D personnel during the reporting period[75](index=75&type=chunk) [Net Impairment Loss on Financial Assets](index=30&type=section&id=Net%20Impairment%20Loss%20on%20Financial%20Assets) Net impairment loss on financial assets increased by **68.0%** to **RMB 129.0 million**, mainly due to a higher increase in trade receivables driven by sales growth Net Impairment Loss on Financial Assets | Indicator | 2025 (RMB million) | 2024 (RMB million) | Growth Rate | | :--- | :--- | :--- | :--- | | Net impairment loss on financial assets | 129.0 | 76.8 | 68.0% | - The increase was primarily due to sales revenue growth during the reporting period, leading to a higher increase in trade receivables at the end of the period compared to the prior period[76](index=76&type=chunk) [Other Income](index=30&type=section&id=Other%20Income) Other income increased by **RMB 12.8 million** to **RMB 178.5 million**, primarily due to higher VAT super deduction Other Income | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Other income | 178.5 | 165.7 | 12.8 | - The increase was primarily due to higher VAT super deduction during the reporting period[77](index=77&type=chunk) [Other Gains/(Losses) - Net](index=30&type=section&id=Other%20Gains%2F(Losses)%20-%20Net) The group recorded net other gains of **RMB 23.9 million**, a positive shift from a net loss of **RMB 10.0 million** in the prior period, mainly due to fair value changes in derivative financial instruments Other Gains/(Losses) - Net | Indicator | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Other gains/(losses) - net | 23.9 | (10.0) | - The year-on-year change was primarily due to fair value changes in derivative financial instruments during the reporting period[78](index=78&type=chunk) [Income Tax Expense (Financial Review)](index=30&type=section&id=Income%20Tax%20Expense%20(Financial%20Review)) Income tax expense increased by **RMB 66.1 million** to **RMB 398.4 million**, primarily driven by higher profit before tax Income Tax Expense | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Income tax expense | 398.4 | 332.3 | 66.1 | - The increase was primarily driven by higher profit before tax during the reporting period[79](index=79&type=chunk) [Financial Position](index=31&type=section&id=Financial%20Position) Both non-current and current assets increased, with current assets significantly boosted by H-share issuance proceeds, leading to substantial growth in net current assets and net assets - Non-current assets increased by **RMB 827.4 million** to **RMB 14.88 billion**, primarily due to an increase in property, plant, and equipment[80](index=80&type=chunk) - Current assets increased by **RMB 9.20 billion** to **RMB 31.50 billion**, mainly due to increases in cash and cash equivalents and trade and bills receivables, with the increase in cash attributable to H-share issuance proceeds[80](index=80&type=chunk) - Non-current liabilities decreased by **RMB 516.7 million** to **RMB 2.69 billion**, primarily due to the reclassification of some long-term borrowings to current liabilities[80](index=80&type=chunk) - Current liabilities increased by **RMB 752.7 million** to **RMB 14.39 billion**, mainly due to increases in trade and bills payables and borrowings due within one year[81](index=81&type=chunk) Net Current Assets and Cash and Cash Equivalents | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Net current assets | 17,115.7 | 8,667.9 | | Net assets | 29,311.7 | 19,519.6 | | Cash and cash equivalents | 11,329.5 | 3,443.5 | [Liquidity and Financial Resources](index=31&type=section&id=Liquidity%20and%20Financial%20Resources) Operating cash inflow increased by **RMB 161.6 million** to **RMB 1.20 billion**, driven by expanded revenue and improved sales collection, ensuring ample liquidity for daily operations Operating Cash Inflow | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Operating cash inflow | 1,202.5 | 1,040.9 | 161.6 | - Bank and cash balances (including pledged and restricted bank deposits) were approximately **RMB 13.20 billion**, a significant increase from **RMB 5.25 billion** at the end of 2024[82](index=82&type=chunk) - Total borrowings were approximately **RMB 4.28 billion**, of which approximately **RMB 2.77 billion** is repayable within one year[82](index=82&type=chunk) [Capital Structure](index=32&type=section&id=Capital%20Structure) Borrowings are primarily RMB-denominated, while cash is held in multiple currencies; the gearing ratio decreased to **14.6%** due to H-share IPO proceeds, enhancing financial stability - The Group's borrowings are primarily denominated in RMB, while cash and cash equivalents are mainly held in RMB, Euro, USD, and HKD[84](index=84&type=chunk) - Approximately **49.8%** of outstanding loans bear fixed interest rates, with the remainder bearing floating interest rates[84](index=84&type=chunk) Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio | 14.6% | 21.0% | - The decrease in the gearing ratio was primarily due to the inflow of funds from the company's H-share listing, maintaining financial stability[85](index=85&type=chunk) [Capital Expenditure](index=32&type=section&id=Capital%20Expenditure) Capital expenditure decreased by **RMB 120.1 million** to **RMB 1.48 billion**, primarily for property, land, equipment, and intangible assets, funded by operating cash flow, bank loans, and share issuance Capital Expenditure | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Capital expenditure | 1,475.9 | 1,596.0 | (120.1) | - Capital expenditure primarily includes expenses incurred for the purchase of property, land, and equipment (including right-of-use assets) and intangible assets[86](index=86&type=chunk) - Funding sources include cash flow from operating activities, bank borrowings, and proceeds from share issuance[86](index=86&type=chunk) [Capital Commitments](index=32&type=section&id=Capital%20Commitments) Contractual commitments decreased to **RMB 1.00 billion** for factory and R&D center construction, while authorized but uncontracted commitments increased to **RMB 5.62 billion** for automotive component factories Capital Commitments | Type | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Contractual commitments | 1,004.3 | 1,525.9 | | Authorized but uncontracted commitments | 5,622.4 | 5,458.0 | - The decrease in contractual commitments primarily reflects the company's ongoing construction of production factories and R&D centers in Zhongshan, Hangzhou, and overseas locations[87](index=87&type=chunk) - The increase in authorized but uncontracted commitments primarily reflects the company's planned construction of automotive component (especially new energy vehicle) production factories in Shaoxing, Zhongshan, and Mexico[87](index=87&type=chunk) [Pledge of Assets](index=32&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, assets with a carrying value of **RMB 1.18 billion**, mainly bills receivables, were pledged to secure bank loans and other credit facilities - As of June 30, 2025, the Group had assets with a total carrying value of **RMB 1,179.0 million** pledged to secure bank loans and other bank credit facilities[88](index=88&type=chunk) - These assets primarily include bills receivables of **RMB 1,179.0 million** pledged for daily payment of goods[88](index=88&type=chunk) [Foreign Exchange Risk](index=33&type=section&id=Foreign%20Exchange%20Risk) The company faces significant foreign exchange risk due to substantial Euro and USD denominated transactions and employs various hedging strategies, including timely settlement and forward contracts - The company's production bases and sales markets are distributed across major developed and developing countries and regions, with a significant proportion of business settled in Euro and USD, exposing it to considerable foreign exchange risk[89](index=89&type_chunk) - The company manages foreign exchange risk through measures such as timely or delayed settlement based on exchange rate trend forecasts, overseas financing via domestic guarantees to hedge foreign currency monetary assets, and engaging in forward foreign exchange and currency swap transactions[89](index=89&type_chunk) [Contingent Liabilities](index=33&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[90](index=90&type=chunk) [Material Investments Held](index=33&type=section&id=Material%20Investments%20Held) As of June 30, 2025, the group held no material investments, defined as **5%** or more of total assets in an investee company - As of June 30, 2025, the Group held no material investments (investment amount accounting for **5%** or more of the Group's total assets)[91](index=91&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=33&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures[92](index=92&type=chunk) [Future Plans for Material Investments or Acquisitions of Capital Assets and Expected Funding Sources](index=33&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Acquisitions%20of%20Capital%20Assets%20and%20Expected%20Funding%20Sources) As of June 30, 2025, the group had no other significant plans for material investments or acquisitions of capital assets - As of June 30, 2025, the Group had no other significant plans for material investments or acquisitions of capital assets[93](index=93&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) This section covers employment, corporate governance, securities trading, share repurchases, use of proceeds, interim dividends, audit committee review, and post-reporting period events - The Group accrued total staff remuneration and benefits of **RMB 2.16 billion** and is committed to building a multi-level, multi-series talent development system[94](index=94&type_chunk) - The company complies with the Corporate Governance Code, although the roles of Chairman and CEO are combined by Mr. Zhang Yabo, an arrangement the Board believes ensures consistent internal leadership and efficient decision-making[95](index=95&type_chunk)[96](index=96&type_chunk) - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules and confirms that directors and supervisors have fully complied with it[97](index=97&type_chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) The company approved an A-share repurchase plan in December 2024, with a maximum price of **RMB 35.75/share** and total funds between **RMB 30 million** and **RMB 60 million**, having repurchased **1,506,800 A-shares** by June 30, 2025 - The company approved an A-share repurchase plan on December 30, 2024, with the repurchase price cap adjusted to **RMB 35.75/share** and total repurchase funds not less than **RMB 30 million** and not exceeding **RMB 60 million**[99](index=99&type_chunk) - As of June 30, 2025, the company held a total of **2,707,721 treasury A-shares**[99](index=99&type_chunk) A-share Repurchase Status | Repurchase Month | Repurchased Quantity (shares) | Lowest Transaction Price per Share (RMB) | Highest Transaction Price per Share (RMB) | Total Funds (excluding transaction fees, RMB) | | :--- | :--- | :--- | :--- | :--- | | March 2025 | 191,300 | 30.13 | 31.00 | 5,811,903.86 | | April 2025 | 1,315,500 | 22.69 | 31.00 | 30,159,622.00 | | Total | 1,506,800 | - | - | 35,971,525.86 | [Use of Proceeds](index=36&type=section&id=Use%20of%20Proceeds) Net proceeds from H-share IPO (**HKD 10.58 billion**) are allocated to global R&D, factory expansion, overseas capacity, digital infrastructure, and working capital, while A-share convertible bond proceeds (**RMB 2.99 billion**) fund commercial refrigeration and energy-efficient component projects - The net proceeds from the H-share listing (after exercising the over-allotment option) are approximately **HKD 10.58 billion**[103](index=103&type_chunk) Planned Use of H-share IPO Net Proceeds (as of July 23, 2025, after exercising over-allotment option) | Project | Percentage of Net Proceeds | Planned Net Proceeds (HKD million) | | :--- | :--- | :--- | | Continuous global R&D and innovation of product portfolio | 30% | 3,174.6 | | Expansion and new construction of factories in China and enhancement of production automation | 30% | 3,174.6 | | Expansion of overseas production capacity and deepening of global layout | 25% | 2,645.5 | | Strengthening digital intelligent infrastructure | 5% | 529.1 | | Working capital and general corporate purposes | 10% | 1,058.2 | | Total | 100% | 10,582.0 | - The net proceeds from the A-share convertible bonds amounted to **RMB 2.99 billion**[104](index=104&type_chunk) Use of A-share Convertible Bond Proceeds (as of June 30, 2025) | Project | Total Planned Use (RMB million) | Amount Used as of June 30, 2025 (RMB million) | Balance as of June 30, 2025 (RMB million) | | :--- | :--- | :--- | :--- | | Annual production of 65 million sets of commercial refrigeration and air conditioning intelligent control components construction project | 1,487.0 | 1,247.0 | 309.4 | | Annual production of 50.5 million sets of high-efficiency and energy-saving refrigeration and air conditioning control components technical transformation project | 698.0 | 454.1 | 301.3 | | Replenishment of working capital | 815.0 | 812.7 | - | | Total | 3,000.0 | 2,513.8 | 610.7 | [Interim Dividend](index=38&type=section&id=Interim%20Dividend) The proposed 2025 interim dividend is **RMB 1.20 per 10 shares** (tax inclusive), totaling approximately **RMB 504.7 million**, representing **23.9%** of H1 2025 net profit attributable to owners, subject to shareholder approval - The company's 2025 interim profit distribution plan proposes a cash dividend of **RMB 1.20 per 10 shares** (tax inclusive)[105](index=105&type_chunk) - The total cash dividend is estimated to be approximately **RMB 504.7 million**, representing **23.9%** of the consolidated net profit attributable to owners of the parent company for H1 2025[105](index=105&type_chunk) - The proposed interim dividend will be denominated and declared in RMB, payable in RMB to A-share shareholders and in HKD to H-share shareholders[106](index=106&type_chunk) [Events After Reporting Period](index=39&type=section&id=Events%20After%20Reporting%20Period) Post-reporting period events include the full exercise of the over-allotment option for H-shares, repurchase and cancellation of restricted A-shares, and amendments to the company's articles of association - On July 18, 2025, the over-allotment option was fully exercised, resulting in the issuance of **62,156,900 H-shares** and net proceeds of approximately **HKD 1.39 billion**[108](index=108&type_chunk) - With shareholder approval, **912,000 A-shares** of restricted stock, granted but not yet vested, held by incentive recipients who no longer met eligibility criteria, were repurchased and cancelled[109](index=109&type_chunk) - The company's articles of association have been revised to reflect the total share capital increasing to **4,208,925,935 shares** after the H-share listing, subsequently decreasing to **4,208,013,935 shares** due to the repurchase and cancellation of restricted shares, along with changes in the business scope[110](index=110&type_chunk)
三花智控(02050) - 海外监管公告
2025-08-28 14:03
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) 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8 月28日 於 本 公告日 期,董事會包 括 (i)執行董事張亞波先 生、王大勇先 生、倪曉明先生 及陳雨忠先 生;(ii)非執行董事張少波先生及任金土先生 及(iii)獨立非執行董事 鮑恩斯先 生、石建輝先 生、潘亞嵐女士以及葛俊先 生。 证券代码:002050 证券简称:三花智控 公告编号:2025-0 ...