Summary of Sanhua Intelligent Control Conference Call Company Overview - **Company**: Sanhua Intelligent Control - **Industry**: Refrigeration and Automotive Components Key Points Financial Performance - In the first half of 2025, Sanhua achieved revenue of **16.26 billion** yuan, a year-on-year increase of **18.9%** [4] - Net profit reached **2.11 billion** yuan, marking a **39%** increase [4] - Refrigeration components revenue was **10.39 billion** yuan, up **25.49%**, with net profit of **1.29 billion** yuan, up **59.15%** [4][5] - The automotive sector generated **5.87 billion** yuan, with a growth of **8.83%** and net profit of **823 million** yuan, up **16.61%** [4] Growth Drivers - Growth in refrigeration business driven by global climate change, increased air conditioning penetration, and temporary policy factors [2][5] - The company expects at least **30%** growth in the refrigeration segment for the full year [2][7] - The smart segment's growth forecast has been raised to over **20%**, potentially reaching **30%** [2][10] Market Dynamics - The Indian and Pakistani markets are active, with heat pump technology widely applied in data center liquid cooling and energy storage management [2][8] - Sanhua has become a key supplier for major clients like Nvidia in the liquid cooling sector [8][9] Client Structure - The reliance on major clients has decreased, with the top five clients' share dropping from **35%** to **29%** [11][15] - New clients such as Xiaomi and General Motors have entered the top ten client list, indicating a more diversified client base [11][15] Future Outlook - The company is optimistic about the refrigeration segment's performance, with domestic sales accounting for **56%** and international exports **44%** [7] - The automotive parts business is expected to recover in the second half of the year, with a target growth of around **20%** [14] Innovations and Developments - Sanhua has established a dedicated division for humanoid robots, with production expected to ramp up in Q3 2025 [3][16] - The company is focusing on optimizing its operations to sustain net profit margin improvements [6][19] Market Potential - The liquid cooling market for data centers is significant, with Sanhua holding a competitive edge due to its comprehensive hardware offerings [20][21] - New growth points in the refrigeration industry include liquid cooling and energy storage management, which could surpass traditional refrigeration markets [18] Challenges and Risks - Tariff issues have been monitored, but the company has not seen significant impacts on its operations due to its global production footprint [23][31] - The company remains cautious about potential future tariff adjustments and their implications [31] Summary of Business Segments - Refrigeration segment shows strong growth, with a projected annual increase of at least **30%** [12][24] - Liquid cooling products are integrated across various business units, with significant sales expected to continue [27][28] This summary encapsulates the key insights from the conference call, highlighting Sanhua Intelligent Control's robust performance, strategic initiatives, and market positioning within the refrigeration and automotive components industry.

行业层面，根据产业在线数据2025 年上半年国内家用空调行业实现总销量1.23 亿台，同比增长8%，其 中内销量6654 万台，同比增长9%，外销量5656 万台，同比增长8%；内销市场上半年在以旧换新政策 强力拉动下，家空出货量实现稳步增长，绝对值再创历史新高，近期第三批以旧换新资金已下达，第四 批也将于10 月发力，展望下半年内销市场整体仍有望在政策托底下保持平稳。外销市场则在Q1 抢出口 行情拉动下高开低走，家空2025Q1、Q2 单季度出口销量分别增长25%及下滑8%。除了需求透支等因 素，产能转移亦是二季度出口走弱的核心原因，短期来看出口仍面临较大下行风险，但中长期来看，依 靠新兴市场的需求增长和海外低税率地区的生产基地覆盖美国订单敞口后，中国家电行业的海外收入仍 有望企稳回升。根据产业在线数据，制冷三大阀件截止阀、四通阀、电子膨胀阀上半年内销量分别同比 增长1.8%、4.7%及21.6%。公司上半年制冷零部件业务营收为103.89 亿元，同比上升25.49%，显著跑赢 行业，领先企业气质凸显，主要得益于微通道/商用制冷业务上半年35.55%/33.89%高速增长拉动，毛利 率提升0.66pct 至 ...

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