公司公告汇总关于部分限制性股票回购注销完成的公告 浙江三花智能控制股份有限公司已完成对2022年和2024年限制性股票激励计划中不符合条件的激励对象 所持部分限制性股票的回购注销。其中，2022年计划涉及51名激励对象，回购注销19.80万股，回购价 格为9.05元/股；2024年计划涉及89名激励对象，回购注销71.40万股，回购价格为11.40元/股。本次合计 注销91.20万股，占注销前总股本的0.0217%，回购资金总额为9,931,500元，均为公司自有资金。注销后 公司总股本由4,208,925,935股减少至4,208,013,935股。相关股份已在中国证券登记结算有限责任公司深 圳分公司完成注销手续。 截至2025年11月14日收盘，三花智控(002050)报收于42.48元，下跌4.09%，换手率3.89%，成交量143.22 万手，成交额61.33亿元。 当日关注点 交易信息汇总资金流向 11月14日主力资金净流出6.86亿元；游资资金净流入1.12亿元；散户资金净流入5.74亿元。 大宗交易 11月14日三花智控发生1笔大宗交易，机构净买入254.88万元。 H股公告-翌日披露报表 浙江 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The consensus in the industry is converging, and the moment for mass production is approaching, indicating that investment opportunities are about to emerge [2][8] - Recent market confidence in the mass production of robots has declined slightly, leading to a minor pullback in the robotics sector. However, the report anticipates clearer mass production scenarios in the first half of 2026, with the V3 prototype expected to be a significant signal [3][8] - Key companies are showing signs of consensus in terms of product definition, commercialization, and models, which is crucial for the industry's advancement [8] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on supply chain mass production suppliers as the market is expected to pay close attention to them. Recommended stocks include: - Top Group (601689, Buy) - Sanhua Intelligent Control (002050, Buy) - Wuzhou New Spring (603667, Buy) - Hengli Hydraulic (601100, Not Rated) - Zhenyu Technology (300953, Buy) - UBTECH (09880, Not Rated) [3] Market Dynamics - The humanoid robot sector has recently experienced a pullback due to market concerns about the challenges of implementation. Factors influencing this include the recent showcase of the new generation IRON robot by Xiaopeng, which is set for mass production by the end of 2026, primarily in commercial scenarios rather than industrial or service applications [8] - The report highlights that the industry is likely to undergo a process of forming consensus before mass production begins, as various aspects such as usage scenarios, model selection, and training methods are still not fully aligned [8] Industry Developments - Several leading companies are achieving consensus in defining their products and commercializing them. For instance, Yushu Technology has launched its first wheeled humanoid robot G1-D and a comprehensive data collection and training solution [8] - UBTECH has received significant orders for its humanoid robots, with total orders for the Walker series exceeding 800 million yuan [8]

Core Insights - Sanhua Intelligent Control (002050) has recently increased its registered capital from approximately 3.73 billion RMB to about 4.21 billion RMB, representing a growth of around 13% [1] Company Overview - Established in September 1994, Sanhua Intelligent Control is led by legal representative Zhang Yabo [1] - The company's business scope includes manufacturing of general valves and cocks, research and development of household appliances, manufacturing of refrigeration and air conditioning equipment, household appliances, general components, motors, and fans [1] Shareholder Information - The company is jointly held by Sanhua Holdings Group Co., Ltd., Zhejiang Sanhua Green Energy Industrial Group Co., Ltd., and HKSCC NOMINEES LIMITED [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 浙江三花智能控制股份有限公司 呈交日期： 2025年11月14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | 002050 | 說明 | A股 (於深圳證券交易所上市) | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | ...

Core Viewpoint - Sanhua Intelligent Control (02050) announced a share buyback of 699,300 A-shares for a total expenditure of RMB 30.0075 million, with the buyback price ranging from RMB 42.73 to 43 per share [1] Group 1 - The company plans to repurchase shares to enhance shareholder value [1] - The total amount allocated for the buyback is RMB 30.0075 million [1] - The number of shares to be repurchased is 699,300 [1]

Core Viewpoint - Sanhua Intelligent Control (002050) announced a share buyback plan, investing RMB 30.075 million to repurchase 699,300 A-shares at a price range of RMB 42.73 to 43 per share [1] Summary by Category - **Company Actions** - The company plans to repurchase a total of 699,300 A-shares [1] - The total investment for the buyback is RMB 30.075 million [1] - The buyback price per share is set between RMB 42.73 and 43 [1]

Group 1 - The company, Sanhua Intelligent Control (02050.HK), announced a share buyback plan on November 14, 2025, involving an expenditure of RMB 30.075 million to repurchase 699,300 A-shares [1] - The buyback price is set between RMB 42.73 and RMB 43 per share [1]

Core Insights - As of November 14, a total of 632 stocks in the Shanghai and Shenzhen markets have experienced a net outflow of main funds for five consecutive days or more [1] - The stock with the longest continuous net outflow is Jianyan Institute, with 19 days, followed by Baoding Technology with 18 days [1] - The largest total net outflow amount is from Zhinan Zhen, totaling 5.913 billion yuan over 12 days, followed by Sanhua Intelligent Control with 4.755 billion yuan over 6 days [1] Summary by Categories Continuous Net Outflow Stocks - Jianyan Institute has the longest net outflow at 19 days [1] - Baoding Technology follows with 18 days of net outflow [1] Total Net Outflow Amount - Zhinan Zhen leads with a net outflow of 5.913 billion yuan over 12 days [1] - Sanhua Intelligent Control has a net outflow of 4.755 billion yuan over 6 days [1] - Shenghong Technology and Zhongke Shuguang have net outflows of 3.628 billion yuan and 2.374 billion yuan respectively over 6 days [1] Proportion of Net Outflow to Trading Volume - ST Jinhong has the highest proportion of net outflow to trading volume, with a 6-day decline of 8.77% [1] - Other notable stocks with significant net outflows include Guodun Quantum and China Shipbuilding, with respective net outflows of 2.249 billion yuan and 2.019 billion yuan [1]

Group 1 - The core transaction on November 14 involved a block trade of 60,000 shares of Sanhua Intelligent Control, with a transaction value of 2.5488 million yuan and a transaction price of 42.48 yuan [1] - In the last three months, there have been a total of 13 block trades for this stock, with a cumulative transaction value of 77.1558 million yuan [2] - The closing price of Sanhua Intelligent Control on the day of the transaction was 42.48 yuan, reflecting a decline of 4.09%, with a daily turnover rate of 3.89% and a total trading volume of 6.133 billion yuan [2] Group 2 - The latest margin financing balance for Sanhua Intelligent Control is 7.205 billion yuan, which has decreased by 38.0532 million yuan over the past five days, representing a decline of 0.53% [3] - In terms of institutional ratings, one institution has provided a rating in the last five days, with Huachuang Securities setting the highest target price at 60.00 yuan as of November 12 [3]

Core Viewpoint - Sanhua Intelligent Control (02050) has seen a decline of over 5%, retreating more than 20% from its year-to-date high, with a current trading price of 33.82 HKD and a transaction volume of 533 million HKD [1] Group 1: Company Performance - Sanhua Intelligent Control's stock dropped by 5.05% as of the latest report [1] - The company has recently been involved in rumors regarding a significant order from Tesla, which it denied, stating it has not secured any large orders [1] Group 2: Industry Insights - Goldman Sachs conducted a field research report on the Chinese humanoid robot supply chain from November 3 to 6, surveying nine companies, including Sanhua Intelligent Control [1] - The report indicates that these companies are actively planning production capacity both domestically and internationally, with annual capacity planning ranging from 100,000 to 1 million units of robot equivalents [1] - Goldman Sachs forecasts a global shipment of 1.38 million units by 2035, reflecting an optimistic outlook on the industry's growth potential [1] - None of the surveyed companies confirmed any substantial orders or provided a clear mass production timeline [1] Group 3: Strategic Developments - Sanhua Intelligent Control is focusing on its "thermal management" core technology to expand into the robotics business [1] - The company has acquired approximately 200,000 square meters of land in Thailand specifically for humanoid robot actuator assembly, and has initiated production capacity at this site [1]