三花智控“分羹”人形机器人资本盛宴，张道才家族坐收“渔利”

Core Viewpoint - The surge in the stock price of Sanhua Intelligent Control is attributed to the booming humanoid robot sector, with the company becoming a "star stock" in the capital market, reaching a market capitalization of 191.7 billion yuan [1][2]. Stock Performance - On September 18, Sanhua Intelligent Control's stock hit a record high of 46.09 yuan per share, closing at 45.55 yuan, marking an 8.71% increase [1][2]. - The stock has seen a cumulative increase of 72.21% since August and 95.83% since the beginning of 2025 [2]. - The Hong Kong stock also experienced a significant rise, with a peak increase of over 13%, closing at 40.92 HKD, and a market cap of 172.2 billion HKD [2]. Industry Context - The recent surge in the humanoid robot industry is linked to multiple positive developments, including Elon Musk's significant investment in Tesla and the company's ambitious goal of delivering 1 million humanoid robots within ten years [3]. - Tesla's "Master Plan 4" emphasizes AI and robotics, indicating a strong commitment to the humanoid robot sector, which has sparked investor enthusiasm across the market [3]. Company Background - Sanhua Intelligent Control has a history of diversification, initially starting with air conditioning and automotive components, and has recently ventured into humanoid robotics [4][9]. - The company has established a joint venture focused on harmonic reducers and plans to invest at least 5 billion yuan in a new robotics research and production facility [4]. Financial Performance - For the first half of 2025, Sanhua Intelligent Control reported revenues of 16.263 billion yuan, a year-on-year increase of 18.91%, with a net profit of 2.11 billion yuan, up 39.31% [12]. - The company's revenue from its refrigeration business accounted for 63.88% of total revenue, while the automotive parts segment contributed 36.12% [9][12]. Shareholder Composition - A significant number of funds hold shares in Sanhua Intelligent Control, with 838 funds collectively owning 460 million shares valued at 12.155 billion yuan [5][4]. Leadership Transition - The management of Sanhua Intelligent Control has transitioned from Zhang Daocai to his son Zhang Yabo, who has been involved in the company for many years and has taken on leadership roles since 2012 [10][11].