浙江三花智能控制股份有限公司 证券代码：002050 证券简称：三花智控 公告编号：2025-049 关于境外上市股份（H 股）公开发行价格的公告 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"）正在进行发行境外上市 股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌 上市（以下简称"本次发行上市"）的相关工作。 因本次拟发行的股份为 H 股，本次发行股份的认购对象仅限于符合相应条 件的境外投资者及依据中国相关法律法规有权进行境外证券投资管理的境内证 券经营机构和合格境内机构投资者及其他符合监管规定的投资者。因此，本公告 仅为 A 股投资者及时了解公司本次发行上市的相关信息而作出，并不构成亦不 得被视为是对任何境内个人或实体收购、购买或认购公司任何证券的要约或要约 邀请。 公司已确定本次 H 股发行的最终价格为每股 22.53 港元（不包括 1%经纪佣 金、0.0027%香港证券及期货事务监察委员会交易征费、0.00565%香港联交所交 易费及 0.00015%香港会计及财务汇报局交易征费 ...

Group 1 - The Hong Kong IPO market is experiencing a surge, with 40 new stocks raising HKD 102.1 billion in the first half of 2025, marking a 33% increase in the number of new listings and a 673% increase in total funds raised compared to the same period last year [1][2] - Major contributions to the fundraising total come from four large A+H stocks and one H-share, including CATL (HKD 41 billion), Hengrui Medicine (HKD 9.9 billion), and others [2] - The overall sentiment in the IPO market is positive, with expectations for continued recovery in the second half of 2025, supported by over 170 pending listing applications [2][3] Group 2 - The enthusiasm for IPOs is reflected in the high oversubscription rates, with 97% of IPOs receiving oversubscription this year, and 76% of those oversubscribed by more than 20 times [3][5] - Notable IPOs this year include a record oversubscription for companies like Mijia Ice City and CATL, with Mijia Ice City seeing a subscription amount of HKD 1.83 trillion [3][4] - The decline in the first-day listing failure rate to around 29% is the lowest in five years, indicating improved market conditions [5] Group 3 - The current IPO boom is supported by three main factors: policy incentives for A+H listings, capital inflow from international markets, and a recovery in market sentiment driven by advancements in technology [6][8] - High-performing IPOs share characteristics such as being industry leaders, having scarcity value, receiving cornerstone investor backing, being dual-listed A+H companies, and having high public subscription enthusiasm [8][9] - Despite the positive trends, there are concerns about the sustainability of returns as more participants enter the market, potentially leading to increased valuations and lower quality IPOs [9][10]

Group 1 - The company, Sanhua Intelligent Control, has set the issue price for its H-shares at HKD 22.53 per share, excluding various fees [1] - The company will issue and allocate an additional 54.0495 million shares, which represents approximately 15.0% of the total shares available for subscription in the global offering [1] - The company expects to announce the level of interest in the international offering and the allocation results for the Hong Kong public offering on June 20, 2025 [1] Group 2 - If the global offering becomes unconditional by June 23, 2025, the H-shares are expected to commence trading on the Hong Kong Stock Exchange at 9:00 AM on the same day [1] - H-shares will be traded in lots of 100 shares [1]

Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) rose by 1.07% as of June 19, 2025, with notable increases in constituent stocks such as Shengxin Lithium Energy (002240) up 9.98% and Tianhua New Energy (300390) up 5.02% [1] - The New Energy Vehicle ETF (515700) also saw a rise of 1.06%, marking its third consecutive increase, with a latest price of 1.61 yuan [1] - Year-to-date, the New Energy Vehicle ETF has accumulated a rise of 1.01%, ranking in the top half among comparable funds [1] - The Chinese Ministry of Foreign Affairs emphasized that China's industrial subsidy policy adheres to open, fair, and compliant principles, contributing significantly to global climate change response and energy transition [1] Group 2: Automotive Market Performance - Under the ongoing "Two New" policy, the automotive market in China is experiencing accelerated vitality, with both domestic demand and exports showing good performance [2] - In May 2025, China's automotive production and sales reached 2.649 million and 2.686 million units respectively, with year-on-year growth exceeding 10% [2] - The passenger vehicle market remains active, while the commercial vehicle market is still in recovery, with the new energy vehicle market continuing to maintain high growth [2] Group 3: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) experienced a slight decline of 0.12% as of June 19, 2025, with mixed performances among constituent stocks [5] - The Photovoltaic ETF (516180) is currently in a state of market indecision, with a latest price of 0.53 yuan and a 0.56% increase over the past two weeks [5] Group 4: Automotive Parts Industry - The China Securities Automotive Parts Theme Index (931230) increased by 0.45% as of June 19, 2025, with significant gains in stocks such as Ruikeda (688800) up 7.75% [6] - The Automotive Parts ETF (159306) rose by 0.28%, with a latest price of 1.09 yuan, and has shown a notable increase in scale and shares over the past two weeks [6][12] Group 5: New Materials Industry - The China Securities New Materials Theme Index (H30597) rose by 0.85% as of June 19, 2025, with leading stocks like China National Materials (002080) up 8.43% [9] - The New Materials ETF Index Fund (516890) increased by 0.62%, with a latest price of 0.49 yuan [9]

Group 1 - The company Sanhua Intelligent Control will set the Hong Kong issuance price at the upper limit of the range [1]

Core Viewpoint - The article discusses the upcoming IPO of a biotech company, highlighting its strong investor backing, product pipeline, and financial performance, while also addressing potential risks associated with its reliance on a single core product [1][16][21]. Summary by Sections Basic Information - IPO subscription period is from June 13 to June 18, 2025, with listing on June 23, 2025 - Total shares offered globally are 15.281 million, with 10% for public offering in Hong Kong and 90% for international placement - The issue price is set at HKD 13.15 per share, with a minimum investment of approximately HKD 6,641.31 [1]. Financial Performance - The company is in the clinical stage with no commercialized products, resulting in ongoing losses - Revenue for 2023 was RMB 1.181 million, an 8-fold increase year-on-year, primarily due to milestone payments from a licensing agreement, which is no longer sustainable due to the termination of the agreement [6][7]. - Revenue for 2024 is projected to be zero, as there are no other commercialized products or ongoing licensing agreements [8]. Profitability Outlook - Net loss for 2023 expanded to RMB 343.94 million, a 36.3% increase year-on-year, driven by high R&D costs associated with clinical trials [10]. - Losses are expected to narrow to RMB 275 million in 2024 due to reduced R&D expenses, indicating a transition from high R&D spending to potential commercialization [10][11]. Product Pipeline - The core product, Tinengotinib, is positioned to treat drug-resistant cholangiocarcinoma, with promising clinical data showing a 40% objective response rate [13][15]. - The company is ahead in global clinical trials, with plans for commercialization as early as 2026-2027 [15][20]. Market Potential - The global cholangiocarcinoma drug market is projected to grow from USD 2 billion in 2024 to USD 4.6 billion by 2030, with Tinengotinib targeting a specific patient population [18]. - The company aims to capitalize on the high unmet medical need in challenging cancer types, potentially establishing itself as a market leader [17]. Investor Sentiment - The IPO has attracted significant interest from top-tier investors, indicating strong market confidence in the company's prospects [16]. - The founder has substantial experience in the industry, enhancing investor trust [16]. Risks - The company is heavily reliant on Tinengotinib, with no backup products in the pipeline, posing a significant risk if clinical trials fail [21]. - The market for cholangiocarcinoma is relatively small compared to other cancers, which may limit revenue potential [21]. - High costs associated with international clinical trials and the need for a sales team for overseas markets could impact profitability [22].

Core Viewpoint - Sanhua Intelligent Control is approaching its Hong Kong IPO, with a global offering of 360.33 million H-shares and expected net proceeds of approximately HKD 7.741 billion for global R&D and capacity expansion [1][2]. Group 1: IPO Details - The IPO subscription period is from June 13 to June 18, with 25.22 million shares available for public offering in Hong Kong, accounting for 7% of the total offering [2]. - The price range for the H-shares is set between HKD 21.21 and HKD 22.53, with the final price expected to be announced by June 19 [2]. - The company has attracted 17 cornerstone investors, including Schroders and Singapore's sovereign fund, with total subscriptions amounting to approximately USD 562 million (around HKD 4.409 billion) [3]. Group 2: Business Overview - Sanhua Intelligent Control operates primarily in two sectors: refrigeration and air conditioning components, and automotive thermal management system components [1][4]. - The company has a significant market share, holding approximately 45.5% of the global refrigeration control components market and ranking fifth in the automotive thermal management system components market with a 4.1% share [4]. Group 3: Financial Performance - The company has seen continuous growth in net profit over the past decade, increasing from CNY 605 million in 2015 to an estimated CNY 3.099 billion in 2024 [4]. - In Q1 of this year, Sanhua Intelligent Control reported revenue of CNY 7.669 billion, a year-on-year increase of 19.1%, and a net profit of CNY 903 million, up 39.47% [5]. Group 4: Future Growth Strategies - The company is exploring a third growth area in the bionic robotics sector, with plans to develop bionic robot electromechanical actuators [5]. - Sanhua Intelligent Control aims to integrate customer product development and iteration processes to achieve mass production in the bionic robotics field [5].

Market Overview - A-shares experienced a low opening followed by a high closing, with all three major indices in the green, but trading volume decreased by 250 billion [1] - The Shanghai Composite Index recovered the 10-day and 20-day moving averages around 3388 points, but faced resistance at the 5-day moving average [3] - The market's short-term direction will depend on trading volume, with a potential breakthrough at 3400 points if early trading volume exceeds 80 billion [3] Economic and Policy Signals - The Middle East situation has eased, leading to a temporary relief in A-shares, while the People's Bank of China injected 1.4 trillion yuan in liquidity over the past 10 days [3] - The Lujiazui Forum is expected to announce significant financial reforms and support for high-growth enterprises, particularly in Guangdong's nuclear medical industry [3] Investment Strategies - Investors are advised to maintain exposure to safe-haven assets like gold and oil, with specific stocks such as Shandong Gold and Zhongman Petroleum being highlighted [4] - Policy-driven opportunities are emerging, particularly in the brokerage and real estate sectors, with stocks like Haitong Securities and Poly Development recommended [4] - Long-term investments in new productivity sectors such as AI computing, humanoid robots, and low-altitude economy are encouraged, with companies like Zhongke Zhuguang and Sanhua Intelligent Control suggested as potential targets [4] Market Sentiment and External Influences - Northbound capital has seen a net outflow for three consecutive days, but there was a late-session accumulation in technology stocks [3] - The U.S. stock market showed positive performance, with all three major indices closing higher, which may influence foreign capital flows [3] - The upcoming Federal Reserve meeting is anticipated to impact market volatility, with a focus on interest rate decisions [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the automotive industry in China, specifically focusing on Original Equipment Manufacturers (OEMs) and auto parts companies [1][2]. Core Insights and Arguments - **Payment Cycle Commitment**: Chinese OEMs, including BYD, Geely, GWM, GAC, and Chery, have pledged to shorten supplier payment terms to within 60 days. This initiative aims to stabilize the supply chain and follows government directives against harmful price competition [1][2]. - **Positive Impact on Auto Parts Companies**: The commitment to a shorter payment cycle is expected to improve cash flow for auto parts suppliers and reduce financing costs. Companies with longer accounts receivable (AR) days, such as Wuhu BTL, are likely to benefit the most [1][5]. - **Current Payment Terms**: The average payment term for suppliers currently ranges from 100 to 120 days. Reducing this to 60 days could enhance profit margins by approximately 0.3%, assuming a short-term loan cost of 2-3% [5]. - **Implementation Uncertainty**: The actual impact of the policy will depend on how it is implemented and the specific arrangements between OEMs and suppliers. Some OEMs currently use supply chain finance platforms that may not be adjusted under the new terms [5]. Important but Overlooked Content - **Accounts Receivable Days**: The report includes a comparison of AR days for various auto parts companies, indicating that most companies are experiencing lengthening AR days in 2024 compared to 2023 [4][5]. - **Potential Risks**: There is a possibility that OEMs may offset the costs associated with shortened payment terms by imposing greater annual price cuts on auto parts suppliers, which could negate some of the benefits of the new payment cycle [5]. Companies Mentioned - **Auto Parts Companies**: Wuhu BTL, Shanghai Baolong, Sanhua, Jiangsu Xinquan, Tuopu, Joyson Electronic [4][5]. - **OEMs**: BYD, Geely, GWM, GAC, Chery, SAIC [1][2]. This summary encapsulates the key points discussed in the conference call, highlighting the implications for the automotive industry and the potential benefits and risks for auto parts companies.

Group 1 - Several A-share companies have made progress in their plans to list in Hong Kong since June, including Haitai Flavor Industry and Sanhua Intelligent Control, which have initiated their IPO processes [1] - As of June 15, 2023, five A-share companies have successfully listed in Hong Kong this year, raising a total of 56 billion HKD [1] - Over 50 A-share companies have officially announced their intentions to list in Hong Kong, indicating a growing trend [1] Group 2 - The "A+H" dual listing model is gaining popularity among leading A-share companies, driven by the need for overseas expansion and efficient foreign currency financing [2] - The China Securities Regulatory Commission has expedited the approval process for companies seeking to list in Hong Kong, particularly for those with a market capitalization exceeding 10 billion HKD [2] - Listing in Hong Kong not only meets the overseas business expansion needs of A-share companies but also increases the proportion of international investors [2] Group 3 - Foreign institutional ownership in some A-share companies is already significant, with Midea Group and CATL having over 24% and 22% of their free-floating shares held by foreign investors, respectively [3] - The total foreign ownership of A-shares is capped at 30% for any single company, which encourages companies to seek additional international investment through Hong Kong listings [4] Group 4 - The return of international long-term capital is a major driver for A-share companies to list in Hong Kong, with many international institutions participating in the H-share international placement lists of companies like CATL and Heng Rui Pharmaceutical [4] - International long-term investors prefer industry leaders and companies with clear profit paths and lower risks, which aligns with the profiles of many A-share companies seeking Hong Kong listings [4] Group 5 - The liquidity of the Hong Kong market has significantly improved, with the Hang Seng Index and Hang Seng Tech Index both showing over 15% gains year-to-date [5] - The average daily trading volume in the Hong Kong market has increased by 120% year-on-year, indicating heightened investor interest [5] - The Hong Kong Securities and Futures Commission is implementing strategies to enhance market attractiveness and competitiveness [5] Group 6 - There has been a notable return of international capital to both A-share and Hong Kong markets, suggesting a potential restructuring of global asset allocation [6] - Hong Kong is positioned as a key financing platform for mainland companies looking to expand internationally, especially in response to global supply chain challenges [6]