证券代码：002050 证券简称：三花智控 公告编号：2025-036 浙江三花智能控制股份有限公司 第八届董事会第二次临时会议决议公告 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"）第八届董事会第二次临 时会议于 2025 年 4 月 25 日以书面形式或电子邮件形式通知全体董事，于 2025 年 4 月 29 日（星期二）以通讯方式召开。会议应出席董事（含独立董事）9 人， 实际出席 9 人。本次会议出席人数、召开程序、议事内容均符合《公司法》和《公 司章程》的规定。本次会议审议通过了以下议案： 一、会议以 9 票同意，0 票反对，0 票弃权的结果审议通过了《公司 2025 年第一季度报告》。该议案已经董事会审计委员会审议通过。 《公司 2025 年第一季度报告》详见公司于 2025 年 4 月 30 日在巨潮资讯网 （http://www.cninfo.com.cn）和《证券时报》《上海证券报》上刊登的公告（公 告编号：2025-038）。 二、会议以 9 票同意，0 票反对，0 票弃权的结果审议通过了《 ...

三花智控（002050）公告，2025年第一季度营收为76.69亿元，同比增长19.10%；净利润为9.03亿元， 同比增长39.47%。 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥7,669,450,484.82, representing a 19.10% increase compared to ¥6,439,558,590.31 in the same period last year[5] - Net profit attributable to shareholders was ¥903,416,215.84, a 39.47% increase from ¥647,742,424.05 year-on-year[5] - Basic and diluted earnings per share increased by 41.18% to ¥0.24, compared to ¥0.17 in the same period last year[5] - Net profit for the current period was ¥923,470,482.08, representing a 43% increase from ¥646,153,478.31 in the previous period[20] - Total comprehensive income of ¥909,931,515.12, compared to ¥639,307,380.83 in the prior period, an increase of 42.3%[21] Cash Flow - The net cash flow from operating activities surged by 333.66% to ¥467,558,178.15, up from ¥107,817,235.95 in the previous year[5] - Cash inflow from operating activities totaled ¥7,521,471,196.27, compared to ¥6,342,047,877.17 in the previous period, marking an increase of 18.6%[22] - The net cash flow from operating activities was 467,558,178.15, an increase from 107,817,235.95 in the previous period, indicating a significant improvement in operational efficiency[23] - The net increase in cash and cash equivalents was -340,174,629.37, compared to -708,524,367.37 in the previous period, indicating a reduced cash outflow overall[23] - Cash received from investment activities was 623,818,431.26, significantly higher than 234,065,242.48, showing improved returns on investments[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥37,160,724,315.25, a 2.22% increase from ¥36,354,748,426.21 at the end of the previous year[5] - Current assets amounted to CNY 22.68 billion, up from CNY 22.30 billion at the start of the period, indicating a growth of approximately 1.66%[16] - The total liabilities decreased to ¥16,687,249,119.42 from ¥16,835,104,902.78, a reduction of approximately 0.9%[17] - The company's cash and cash equivalents decreased to CNY 4.74 billion from CNY 5.25 billion, reflecting a decline of about 9.61%[15] - The company reported a significant increase in accounts payable, which stood at CNY 5.81 billion, down from CNY 5.99 billion, indicating a decrease of about 3.02%[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 247,672[11] - The shareholder structure indicates that Sanhua Holdings Group and Zhejiang Sanhua Green Energy Industrial Group are acting in concert, holding significant stakes in the company[13] Operating Costs and Expenses - Total operating costs amounted to ¥6,617,395,338.45, up 18.7% from ¥5,575,318,510.80 in the prior period[19] - Research and development expenses rose to ¥359,854,644.32, up 13.5% from ¥317,015,044.35 in the previous period[20] - The company paid 1,408,020,401.97 in cash to employees, which is an increase from 1,123,561,612.83, reflecting higher employee compensation costs[23] - Tax payments amounted to 330,932,306.73, a decrease from 378,126,222.32, indicating a potential reduction in tax liabilities[23] Investment Activities - The net cash flow from investing activities decreased by ¥17,050.92 million, primarily due to increased purchases of financial products[9] - The total cash outflow from investing activities was 1,466,571,938.92, compared to 906,309,547.64 previously, resulting in a net cash flow from investing activities of -842,753,507.66, which reflects increased investment expenditures[23] Government Subsidies - The company reported a government subsidy of ¥27,008,526.47, which is closely related to its regular business operations[6] - The company experienced a significant increase in other income, which rose by ¥2,455.29 million due to increased government subsidies received[8] Market Strategy - The company is focusing on expanding its market presence and developing new technologies, although specific figures were not provided in the documents[14] Audit Status - The company has not yet audited the first quarter report, which may affect the reliability of the financial data presented[25]

Group 1: Core Insights - The construction of the "A+H" dual capital market platform is aiding companies in achieving global breakthrough strategies amid changing international geopolitical landscapes [1][2] - Major home appliance and consumer electronics companies are accelerating their overseas base layouts, with fundraising in Hong Kong being a key factor [1][2] - Midea Group successfully raised over HKD 31 billion in its H-share issuance, marking the highest fundraising amount in the Hong Kong market in nearly three years [2] Group 2: Company Strategies - Midea Group's internationalization and global operations are long-term strategic goals, with joint manufacturing bases established in multiple countries [2] - Sanhua Intelligent Controls is applying for H-share issuance to enhance its international image and competitiveness, with funds aimed at global R&D and expanding product offerings [2][3] - Haier Smart Home emphasizes the importance of China's advanced infrastructure in facilitating communication between consumers and enterprises, enhancing product iteration speed [3] Group 3: Industry Trends - The consumer electronics industry is increasingly focusing on global diversification to mitigate risks associated with geopolitical uncertainties [4][5] - Lens Technology is seeking to expand its global business layout through its Hong Kong listing, enhancing its delivery capabilities and customer diversity [4][5] - GoerTek is planning to spin off its subsidiary for a Hong Kong listing to solidify its leadership in smart sensing solutions and capitalize on market transformation opportunities [5]

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating a "Buy" recommendation for specific companies within the sector [1]. Core Insights - Consumer demand is expected to rebound quickly post-auto show, with an increase in orders anticipated as consumer hesitation regarding pricing and product offerings diminishes [4]. - The report highlights the significant role of technology, particularly in high-level autonomous driving and robotics, as key attractions at the auto show, which could stimulate demand for mid-to-large SUVs [4]. - The report suggests that the automotive market is supported by improving export expectations and a favorable pricing policy, which will benefit strong brands and leading component manufacturers [4]. Industry Updates - Retail sales of passenger vehicles reached 386,000 units in the 16th week of 2025, reflecting a month-on-month increase of 11.88%. Traditional energy vehicles accounted for 183,000 units, up 13.66%, while new energy vehicles reached 203,000 units, up 10.33%, with a penetration rate of 52.59% [4]. - The automotive industry recorded a total transaction value of 385.447 billion yuan this week, with an industry index increase of 4.87%, outperforming the Shanghai Composite Index [16]. - The report notes that 234 automotive stocks rose while 56 fell, with the largest gainers being Hai Lian Jin Hui, Heng Bo Shares, and Zhejiang Rong Tai, which saw increases of 46.6%, 31.8%, and 30.5% respectively [22]. Market Conditions - The report indicates that the automotive industry index has risen significantly, ranking first among all sectors in the Shenwan Hongyuan classification, with a notable increase in stock performance compared to the previous week [16]. - The report also mentions that the automotive sector's price-to-earnings ratio stands at 25.34, placing it in the middle range among Shenwan's primary sectors [19]. Key Events - The Shanghai Auto Show attracted nearly 1,000 companies from 26 countries, showcasing over 1,300 vehicles, with new energy vehicles comprising approximately 70% of the exhibition [5]. - Tesla's Q1 2025 performance was below expectations, with revenues of $19.3 billion, a year-on-year decline of 9.2%, and a net profit drop of 70.6% [12][13]. Investment Recommendations - The report recommends focusing on companies leading in automotive intelligence and robotics, such as XPeng, Geely, BYD, and others, as well as state-owned enterprises undergoing reforms like Dongfeng Motor Group and SAIC Motor [4]. - It emphasizes the importance of technological advancements and state-owned enterprise integration as key investment themes [4].

Core Insights - The automotive electronic expansion valve is becoming increasingly critical in automotive air conditioning and thermal management systems, leveraging advanced electronic control technology for precise refrigerant flow regulation [3][5][7] - In 2023, the market size for automotive electronic expansion valves in China reached approximately 1.4 billion yuan, with sales of about 25.6 million units [7][8] - The global market for automotive electronic expansion valves was valued at around 2 billion yuan, with sales of approximately 34.4 million units in 2023 [7] Industry Overview - The automotive electronic expansion valve consists of three main components: controller, actuator, and sensor, which work together to ensure efficient and stable system operation [5][6] - The automotive thermal management system market in 2023 reached approximately 265.5 billion yuan globally and 109.9 billion yuan in China, indicating significant market potential [5][6] Market Dynamics - The industry chain for automotive electronic expansion valves includes upstream raw materials and components supply, midstream manufacturing, and downstream application in vehicle manufacturing and aftermarket [5][6] - The demand for automotive electronic expansion valves is expected to grow significantly due to the increasing production and sales of new energy vehicles in China, which reached 11.3 million units in 2024, a year-on-year increase of 34.6% [6][8] Competitive Landscape - Zhejiang Sanhua Intelligent Control Co., Ltd. is a leading player in the automotive electronic expansion valve market, with a revenue of 13.676 billion yuan in the first half of 2024, showcasing strong market competitiveness [8] - Domestic brands are expected to rise and compete vigorously with international brands, focusing on product performance, quality, pricing, service, brand, and innovation capabilities [9] Future Trends - The automotive electronic expansion valve industry is anticipated to move towards miniaturization and lightweight designs, utilizing new materials and processes to meet the automotive industry's evolving demands [8] - Continuous investment in R&D by domestic companies will enhance the precision of flow control and response speed of electronic expansion valves, contributing to energy efficiency in automotive thermal management systems [8]

随着4月24日又一家A股公司——和辉光电递表港交所，2025年以来已有17家A股公司正式递表，开启赴港上市 之旅。 证券时报记者通过梳理这些赴港上市的A股公司招股书以及各家公司情况，发现它们目前呈现出三大特征：行 业集中度高，消费与科技企业主导；"国际大行+国内大行"成标配；国际化需求迫在眉睫。 行业集中度高：消费与科技企业主导 2024年以来，随着内地和香港两地监管部门不断推出利好"A+H"新政策，尤其是在2024年4月，中国证监会发布 五项资本市场对港合作措施，其中一项便是"支持内地行业龙头企业赴香港上市"。当年10月，香港证监会和港 交所发布联合声明，其中一条即是针对A股公司赴港上市——针对符合资格的A股公司推出快速审批时间表。 在这一背景下，A股公司赴港上市的热情被彻底点燃，2025年更是迎来"井喷"。Wind数据显示，2022年至2024 年，赴港上市的A股公司分别仅有4家、1家和3家，但在2025年，已正式递表港交所的A股公司就已达到17家， 同时还有超过10家A股公司已宣布正在筹划赴港上市。 而从2025年已递表的17家公司来看，一个明显的特征是，消费品公司以及科技企业是主导。如海天味业、东鹏 ...

赛事的热度引爆了人形机器人赛道，昨日，A股人形机器人概念股午后显著拉升。截至下午收盘，相关 概念股涨多跌少，其中，震裕科技（300953）、万达轴承、奥比中光、利亚德涨幅皆超10%；福莱新材 （605488）涨停；强瑞技术（301128）、鸣志电器（603728）、伟创电气、斯菱股份（301550）、日盈 电子（603286）、风语筑、汉威科技（300007）、翔楼新材（301160）、绿的谐波、天奇股份 （002009）、超捷股份（301005）等均涨超7%。 港股方面，昨日港股休市，此前一个交易日优必选和小米集团均收涨。前者4月17日收盘涨0.36%报 70.450港元/股，换手率0.76%，振幅2.35%，成交额2亿港元；后者当日收盘涨1.70%报41.95港元/股，换 手率0.89%，振幅4.24%，成交额79.1亿港元。 AI+机器人投资机会涌现 商报讯(记者叶晓珺)周末的人形机器人马拉松比赛，掀起了行业热潮，也引爆了二级市场。昨日早间， 人形机器人指数上涨0.84%，报9440.57，成交额212.36亿元，东方锆业（002167）、奥比中光领涨。港 股方面，虽说昨日休市，但概念股小米和优必选此前 ...

Core Viewpoint - The China Securities New Energy Vehicle Theme Index has shown a decline of 8.57% over the past month and 1.59% over the past three months, reflecting the overall performance of listed companies in the new energy vehicle sector [1][2] Group 1: Index Performance - The China Securities New Energy Vehicle Theme Index reported a value of 2503.75 points [1] - The index was established on December 31, 2014, with a base value of 1000.0 points [1] Group 2: Index Composition - The top ten weighted companies in the index are BYD (13.24%), CATL (9.19%), Huichuan Technology (7.42%), Seres (5.78%), Salt Lake Potash (3.38%), Sanhua Intelligent Control (3.12%), Yiwei Lithium Energy (2.71%), Huayou Cobalt (2.49%), Yutong Bus (1.94%), and Ganfeng Lithium (1.89%) [1] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (74.68%), followed by the Shanghai Stock Exchange (24.94%) and the Beijing Stock Exchange (0.38%) [1] Group 3: Industry Breakdown - The industry composition of the index includes 50.74% in industrials, 28.41% in consumer discretionary, 18.04% in materials, 2.70% in information technology, and 0.11% in healthcare [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

核心观点 市场表现： 本周（4.14-4.18）我们构建的国信人形机器人指数下跌0.07%，弱于沪深300指数0.65pct，弱于上证综合指数1.26pct，年初至今上涨6.5%。拓普集团下跌5.23%，三 花智控下跌3.87%，中鼎股份下跌1.04%，银轮股份下跌4.97%，北特科技上涨2.82%，双林股份上涨1.38%，贝斯特上涨0.5%，浙江荣泰上涨2.72%，祥鑫科技下跌4.18%，双环 传动下跌4.25%，斯菱股份下跌5.13%，豪能股份下跌0.99%，精锻科技下跌1.65%，蓝黛科技上涨2.8%，凌云股份下跌2.98%，旭升集团下跌0.17%，肇民科技上涨4.29%，爱柯 迪下跌2.97%。均胜电子下跌2.86%。征和工业下跌5.1%，美力科技下跌7.69%。 行业动态 ： 1）特斯拉发布新一代人形机器人概念图Mr.Roboto；2）北京亦庄半程马拉松暨人形机器人半程马拉松举行；3）众擎机器人正式量产上市；4）视触觉传感器厂商 戴盟机器人发布产品；5）小鹏宣布其人形机器人将于2026年实现量产；6）腾讯增持智元机器人；7）乐聚夸父人形机器人进一汽红旗打工；政府新闻：1）工信部：将全力推 进人工智能 ...