Core Viewpoint - Zhejiang Sanhua Intelligent Control Co., Ltd. (Sanhua Intelligent) is set to launch an IPO on the Hong Kong Stock Exchange, with a target fundraising amount of approximately HKD 76.43 billion to HKD 81.18 billion, and the expected listing date is June 23, 2025 [1][3]. Company Overview - Sanhua Intelligent was established in September 1994 and is located in Shaoxing, Zhejiang Province. The company has a registered capital of approximately RMB 3.7 billion and is primarily owned by Sanhua Holdings Group and Zhejiang Sanhua Green Energy Industrial Group [3]. - The company is listed on the Shenzhen Stock Exchange under the code "002050" since June 2005, with a market capitalization of approximately RMB 943 billion as of June 13, 2025 [3]. IPO Details - The IPO price range is set between HKD 21.21 and HKD 22.53 per share, with a total of 360.33 million shares to be issued. The median price of HKD 21.87 suggests a total fundraising of approximately HKD 78.74 billion [1]. - Sanhua Intelligent has secured 18 cornerstone investors who have collectively subscribed to approximately USD 562 million (around HKD 44.09 billion) of the offering [3]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was RMB 213.48 billion, RMB 245.58 billion, and RMB 279.47 billion, respectively. The gross profit for the same years was approximately RMB 54.62 billion, RMB 67.35 billion, and RMB 76.21 billion [5][6]. - Net profit figures for the same years were approximately RMB 26.08 billion, RMB 29.34 billion, and RMB 31.12 billion [5]. Product and Market Reach - Sanhua Intelligent specializes in manufacturing components for refrigeration and air conditioning control, as well as automotive thermal management systems. The company is also expanding into emerging fields such as bionic robot electromechanical actuators [4]. - The company's products are distributed across over 80 countries and regions globally, with 48 production facilities, including 13 overseas factories located in the Americas, Europe, and Asia [5]. Production Capacity - The total production capacity for refrigeration and air conditioning components was approximately 539 million, 534 million, and 576 million units for the years 2022, 2023, and 2024, respectively. The production output for these years was approximately 452 million, 495 million, and 537 million units [7]. - For automotive components, the total production capacity was approximately 203 million, 255 million, and 282 million units, with production outputs of approximately 170 million, 232 million, and 245 million units for the same years [7].

Core Viewpoint - Zhejiang Sanhua Intelligent Control Co., Ltd. is preparing for its listing on the Hong Kong Stock Exchange, with CICC and Huatai International as joint sponsors [1] Company Overview - Sanhua Intelligent is the largest manufacturer of refrigeration and air conditioning control components globally and a leading supplier of automotive thermal management system components [3] - The company operates in two main segments: refrigeration and air conditioning components, and automotive components, while also expanding into emerging fields such as bionic robotics and electromechanical actuators [3] Market Position - According to Frost & Sullivan, Sanhua holds approximately 45.5% market share in the global refrigeration and air conditioning control components market and ranks fifth in the automotive thermal management system components market with a 4.1% share [3] - In the refrigeration and air conditioning components sector, Sanhua is a key supplier for various applications, including HVAC systems and household appliances, with a product range that includes valves, heat exchangers, pumps, and controllers [3] Product Rankings - For 2024, Sanhua ranks first in the global refrigeration and air conditioning valves, heat exchangers, and pumps market, and second in the control components market [4] - Specific product rankings include: - Four-way reversing valve: 55.4% market share - Electronic expansion valve: 51.4% market share - Microchannel heat exchanger: 43.4% market share - Other valves and pumps also hold significant market shares [4] Financial Performance - Revenue figures for Sanhua are projected to be approximately 21.35 billion RMB in 2022, 24.56 billion RMB in 2023, and 27.95 billion RMB in 2024, with corresponding profits of about 2.61 billion RMB, 2.93 billion RMB, and 3.11 billion RMB respectively [5] - The company has maintained a gross profit margin of around 25.6% in 2022, increasing to 27.4% in 2023, and slightly decreasing to 27.3% in 2024 [6]

Core Viewpoint - Zhejiang Sanhua Intelligent Control Co., Ltd. is preparing for a listing on the Hong Kong Stock Exchange, with CICC and Huatai International as joint sponsors [1] Company Overview - Sanhua Intelligent is the largest manufacturer of refrigeration and air conditioning control components globally and a leading manufacturer of automotive thermal management system components [3] - The company operates in two main segments: refrigeration and air conditioning components, and automotive components, with ongoing expansion into emerging fields such as bionic robot electromechanical actuators [3] Market Position - According to Frost & Sullivan, Sanhua holds approximately 45.5% market share in the global refrigeration and air conditioning control components market and ranks fifth in the global automotive thermal management system components market with a 4.1% share [3] - In the refrigeration and air conditioning components sector, Sanhua is a key supplier for various markets, including household and commercial air conditioning, commercial refrigeration, industrial refrigeration, and small appliances [3] Product Portfolio - The company’s key products include various types of valves (electronic expansion valves, four-way reversing valves, shut-off valves, solenoid valves, and ball valves), heat exchangers (especially microchannel heat exchangers), pumps (like Omega pumps), and controllers (including variable frequency controllers and pressure sensors) [3] - In the automotive parts sector, Sanhua provides essential thermal management control solutions for both new energy vehicles and traditional fuel vehicles [4] Financial Performance - Revenue figures for Sanhua are projected to be approximately 21.35 billion RMB in 2022, 24.56 billion RMB in 2023, and 27.95 billion RMB in 2024, with corresponding profits of about 2.61 billion RMB, 2.93 billion RMB, and 3.11 billion RMB respectively [5][6] - The company’s gross profit margin is expected to remain stable, with gross profits of 5.46 billion RMB (25.6%), 6.74 billion RMB (27.4%), and 7.62 billion RMB (27.3%) for the years 2022, 2023, and 2024 [6]