Accessible version Zhejiang Sanhua (H/A) 4Q25 miss; new engines insufficient to offset slowdown in core earnings growth PO: 30.00 HKD | Price: 28.86 HKD 4Q25 results miss on lower sales, higher OPEX Sanhua's 4Q25 revenue fell 5% YoY / 10% QoQ, reflecting front-loaded home appliance demand in 9M25 and slower overseas auto sales. GPM reached 31.2%, up 4.3ppt YoY / 3.1ppt QoQ, while OPM was up 1.2ppt YoY but down 1.4ppt QoQ to 13.9% due to higher expenses incurred during year-end. Net income fell 28% QoQ to RM ...