公司本次发行尚需取得中国证监会、香港证券及期货事务监察委员会和香港 联交所等相关政府机关、监管机构、证券交易所的批准、核准或备案，该事项仍 存在不确定性。公司将根据该事项的进展情况依法及时履行信息披露义务，敬请 广大投资者注意投资风险。 特此公告。 浙江三花智能控制股份有限公司 关于发行境外上市股份（H 股）备案申请材料 获中国证监会接收的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江三花智能控制股份有限公司（以下简称"公司"）已于 2025 年 1 月 15 日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了首次公开发行 H 股股票并在香港联交所主板上市（以下简称"本次发行"）的申请，并于同日在 香港联交所网站刊登了本次发行的申请材料。具体内容详见公司于 2025 年 1 月 16 日在巨潮资讯网（http://www.cninfo.com.cn）及指定媒体披露的《浙江三花智 能控制股份有限公司关于向香港联交所递交 H 股发行并上市申请并刊发申请资 料的公告》（公告编号：2025-005）。 公司根据相关规定已向中国证券监督管理委员会（ ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is a global leader in thermal management with significant growth potential, particularly in the humanoid robotics sector, which is expected to provide substantial profit elasticity [4]. Summary by Sections 1. Company Overview - The company has a strong foundation in thermal management, having developed a comprehensive product range including electronic expansion valves and electromagnetic valves, and has expanded into automotive components [18][24]. - The company has established a global production footprint with facilities in the US, Mexico, Vietnam, and Thailand, enhancing its ability to serve international clients [32]. 2. Financial Performance - The company reported total revenue of 21,348 million yuan in 2022, with a projected increase to 38,828 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.28% [1]. - The net profit attributable to shareholders is expected to grow from 2,573 million yuan in 2022 to 4,623 million yuan in 2026, indicating a strong growth trajectory [1]. 3. Automotive Sector - The automotive segment is expected to recover with a growth rate of around 20% in 2025, driven by new model launches and strong sales from domestic electric vehicle manufacturers [3]. - The company holds a significant market share in key automotive components, with over 50% in electronic expansion valves and over 60% in integrated systems [3]. 4. Home Appliance Sector - The home appliance business is projected to grow steadily at 5-10% annually, benefiting from government incentives and consumer replacement programs [3]. - The company maintains a leading position in the global market for air conditioning components, with a market share of approximately 43% [26]. 5. Robotics Business - The humanoid robotics sector is anticipated to experience rapid growth, with the company positioned to capture a significant share due to its expertise in electromechanical actuators [39]. - The report estimates that the company could generate substantial profits from its robotics business, potentially matching its traditional business in scale within the next few years [36]. 6. Valuation - The target price for the company's stock is set at 51.0 yuan, based on a price-to-earnings (P/E) ratio of 50x for 2025, reflecting confidence in its growth prospects [4].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company is positioned as a global leader in thermal management, with significant growth potential driven by its traditional business and emerging robotics sector [7][8]. - The company is expected to achieve substantial revenue and profit growth, with a projected net profit of 31.6 billion, 38.1 billion, and 46.2 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 8%, 21%, and 21% [1][7]. Summary by Sections 1. Company Overview - The company has a strong foundation in thermal management, having expanded its product offerings from valves to include electronic expansion valves, electromagnetic valves, and more [15][21]. - The company has established a global presence with production bases in the US, Mexico, Vietnam, and Thailand, enhancing its competitive edge [15][29]. 2. Robotics Sector - The company is deeply integrated with Tesla, focusing on electromechanical actuators, which are expected to significantly contribute to profits as Tesla ramps up production of humanoid robots [7][35]. - The humanoid robot market is anticipated to grow rapidly, with projections indicating substantial sales increases from 2025 to 2035 [39]. 3. Automotive Components - The automotive sector is expected to recover with a growth rate of around 20% in 2025, driven by Tesla's sales recovery and new model launches in Europe [7][35]. - The company holds a strong market share in various automotive thermal management components, with a projected revenue growth of 20% in this segment [7][35]. 4. Home Appliance Components - The home appliance business is expected to maintain stable growth, with revenue growth projected at 5-10% in 2024 and 2025, supported by government incentives and market demand [7][35]. - The company has a leading position in the global market for various appliance components, with significant market shares in key product categories [23][24]. 5. Financial Projections and Valuation - The company is projected to achieve a net profit of 31.6 billion yuan in 2024, with corresponding P/E ratios of 39, 32, and 26 for the years 2024, 2025, and 2026 respectively [1][7]. - The target price for the company's stock is set at 51.0 yuan, based on a 50x P/E ratio for 2025 [1][7].

简式权益变动报告书 一致行动人：张亚波 浙江三花智能控制股份有限公司 简式权益变动报告书 上市公司名称：浙江三花智能控制股份有限公司 股票上市地：深圳证券交易所 股票简称：三花智控 股票代码：002050 信息披露义务人：三花控股集团有限公司 住所：浙江省绍兴市新昌县澄潭街道沃西大道219号23幢9-11层 通讯地址：浙江省绍兴市新昌县澄潭街道沃西大道219号23幢9-11层 一致行动人：浙江三花绿能实业集团有限公司 住所：浙江省杭州市钱塘区21号大街60号 通讯地址：浙江省杭州市钱塘区21号大街60号 股份变动性质：减少 签署日期：2025年2月11日 1 简式权益变动报告书 信息披露义务人及其一致行动人声明 一、本报告书系信息披露义务人及其一致行动人依据《中华人民共和国证券 法》（以下简称《证券法》）、中国证监会颁布的《上市公司收购管理办法》（以 下简称《收购办法》）、《公开发行证券的公司信息披露内容与格式准则第15 号——权益变动报告书》等法律、法规和规范性文件编制。 二、信息披露义务人及其一致行动人签署本报告已获得必要的授权和批准。 三、依据《证券法》《上市公司收购管理办法》《公开发行证券的公司信息 ...

证券代码：002050 证券简称：三花智控 公告编号：2025-008 浙江三花智能控制股份有限公司 2、三花控股于 2020 年 7 月 24 日非公开发行了以所持本公司部分股票为标 的的可交换债券，发行规模人民币 30 亿元，发行期限为三年期，债券简称：20 三花 EB，债券代码：117168，换股期限自 2021 年 1 月 25 日起至 2023 年 7 月 21 日止。2023 年 7 月 18 日至 7 月 21 日，三花控股可交债持有人换股 668,807 股，三花控股持股数量被动减少。 3、经中国证券监督管理委员会证监许可〔2021〕168 号文核准，公司于 2021 关于控股股东及其一致行动人权益变动 暨披露简式权益变动报告书的提示性公告 公司控股股东及其一致行动人保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 本次权益变动不会导致公司控股股东、实际控制人发生变更，不会对公司治 理结构及持续性经营产生重大影响。 浙江三花智能控制股份有限公司（以下简称"公司"或"本公司"）于近日 ...

Summary of the Conference Call for Sanhua Intelligent Control Company Overview - Sanhua Intelligent Control started with intelligent components for air conditioning and has diversified into home appliances and automotive thermal management, achieving a leading position in these sectors [2][4]. Key Points and Arguments Industry Position and Future Development - Sanhua has a significant first-mover advantage in the robotics supply chain, particularly in thermal management, and expects continuous performance growth as robot mass production begins by 2025 [4][19]. - The company has established a diversified strategy, expanding through internal research and external acquisitions, including subsidiaries like Microchannel and Sanhua Qilin, and acquisitions in dental and automotive sectors [4][5]. Financial Performance and Growth - Revenue from automotive thermal management has surged from less than 1 billion yuan in 2003 to 10 billion yuan in 2023, reflecting a growth rate that matches or exceeds global electric vehicle production growth [5][8]. - The global market share for Sanhua's electronic expansion valves exceeds 50%, significantly higher than competitors, showcasing its competitive edge in technology, manufacturing, and cost control [5][7][12]. Robotics Sector - Human-shaped robots are identified as a core growth area for the company, with substantial R&D investments and team expansions already in place [5][9]. - The company has a long-term partnership with Tesla, which enhances its position in the robotics sector and provides a collaborative advantage in technology and customer relations [16][20]. Market Trends and Projections - The electric vehicle market is expected to experience fluctuations in 2024, but a significant acceleration in growth is anticipated by 2025, driven by leading companies [15][21]. - The robotics market is still in its early stages, but rapid advancements in hardware and software are expected to create substantial growth opportunities [15][21]. Competitive Advantages - Sanhua's core competencies include strong technical collaboration, manufacturing efficiency, and cost control, which are crucial for maintaining its market leadership [7][13]. - The company has a global manufacturing footprint, including major production bases in North America, Southeast Asia, and Europe, which supports its future growth in the robotics sector [16][19]. Additional Important Insights - The company’s traditional business remains stable, with expected acceleration in growth due to overseas electric vehicle demand starting in 2025 [16][21]. - The anticipated mass production of robots by 2025, particularly in collaboration with Tesla, is expected to significantly contribute to Sanhua's financial performance in the coming years [20][21]. Overall Evaluation - Sanhua is highly recommended as an investment target due to its stable growth in traditional sectors and significant advantages in the emerging robotics market, with a strong outlook for future performance driven by strategic partnerships and market positioning [21].

证券代码：002050 证券简称：三花智控 公告编号：2025-007 浙江三花智能控制股份有限公司 根据《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》相关规定， 公司应当在每个月的前三个交易日内披露截至上月末的回购进展情况，现将公司 回购股份的进展情况公告如下： 截至 2025 年 1 月 31 日，公司尚未开始回购股份。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 董 事 会 浙江三花智能控制股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日 召开的第七届董事会第三十次临时会议，审议通过了《关于回购公司股份方案的 议案》。具体关于回购股份的信息详见在巨潮资讯网（http://www.cninfo.com.cn） 和《证券时报》《上海证券报》披露的相关公告。 2025 年 2 月 7 日 公司使用自有资金及股票回购专项贷款资金以集中竞价交易方式回购公司 股份，回购的价格不超过人民币 36.00 元/股，回购的资金总额为不低于人民币 30,000 万元且不超过人民币 60,000 万元，具体回购股份的数量及占总股本的比 例以回 ...

Group 1 - Company stock price reached a historical high, with an increase of 8.83%, trading at 33.27 yuan, and a total trading volume of 118 million shares, amounting to 3.789 billion yuan [1] - The latest total market capitalization of the company in A-shares is 124.177 billion yuan, with a circulating market value of 122.116 billion yuan [1] - The company is part of the home appliance industry, which has an overall decline of 0.60%, with 62 stocks rising, including the company, which ranks among the top gainers [1] Group 2 - The company has a margin balance of 1.965 billion yuan as of January 27, with a financing balance of 1.956 billion yuan, showing a recent increase of 5.7647 million yuan, representing a 0.30% growth [1] - Among the stocks in the industry, the top gainers include Yangguang Lighting, the company, and Gaosibeier, with respective increases of 10.14%, 8.83%, and 7.10% [1] - Conversely, 40 stocks in the industry experienced declines, with the largest drops seen in *ST Tongzhou, Stone Technology, and Tongxing Technology, with declines of 5.01%, 4.54%, and 4.32% respectively [1]

证券代码：002050 证券简称：三花智控 公告编号：2025-006 浙江三花智能控制股份有限公司 关于控股股东及其一致行动人 权益变动触及 1%整数倍的公告 公司控股股东及其一致行动人保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 截至本公告披露日，公司总股本为 3,732,389,535 股，其中公司已回购股份 1,200,921 股。本公告中计算相关比例时，总股本均为剔除公司回购专用证券账 户中的股份后剩余股份数，即 3,731,188,614 股。 1、浙江三花智能控制股份有限公司（以下简称"公司"或"本公司"）的股东 浙江三花绿能实业集团有限公司（以下简称"三花绿能"）于 2023 年 4 月 27 日非 公开发行了以所持本公司部分股票为标的的可交换债券，发行规模人民币 20.50 亿元，发行期限为三年期，债券简称：23 绿能 EB，债券代码：117206，换股期 限自 2024 年 2 月 19 日起至 2026 年 4 月 24 日止。2025 年 1 月 10 日至 1 月 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The establishment of a joint venture between the company and Fengcai Technology aims to enhance the company's influence in the supply chain of humanoid robots, particularly in the development of hollow cup motors, which are essential for Tesla's humanoid robot [1]. - The company is strategically positioned in the growing robotics industry, with plans to invest at least 3.8 billion yuan in a new production base for electromechanical actuators and domain controllers [2]. - The automotive electronics and refrigeration segments are performing well, with the company holding the global market share leader position in several products, which is expected to drive future growth [2]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 3.25 billion yuan, 3.87 billion yuan, and 4.62 billion yuan, respectively, with corresponding P/E ratios of 35, 30, and 25 [3]. - Revenue is expected to grow from 28.18 billion yuan in 2024 to 39.57 billion yuan in 2026, reflecting a compound annual growth rate of approximately 18.8% [5][10]. - The company's earnings per share (EPS) are projected to increase from 0.87 yuan in 2024 to 1.24 yuan in 2026 [5][10].