J P M O R G A N Asia Pacific Equity Research 11 September 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Zhejiang Sanhua Intelligent Controls - H/A Diversified growth drivers including robotics underpin above-industry expansion; initiate on H-shares wi ...