证券日报网讯三花智控（002050）9月30日在互动平台回答投资者提问时表示，公司坚定看好机器人作 为AI最大应用场景的发展前景，聚焦机电执行器，并已成立专门的机器人事业部，积极配合客户产品 研发、试制、迭代并最终实现量产落地。 ...

时间回到今年6月，三花智控正式在港交所上市。短短三个月过去，公司股价大涨。其中A股市值涨超 千亿，最新超1900亿元。 这是A股今年最火的公司之一。 身后是一对绍兴父子——张道才、张亚波。早年从空调制冷配件厂起家，后来切入新能源汽车领域，三 花智控成为特斯拉等车企的核心供应商。最新一幕，则是公司布局人形机器人，成为特斯拉人形机器人 的供应商。 乘上人形机器人东风，财富效应显现。根据《2025年新财富500创富榜》，张道才家族以193.7亿元位列 第165位，如今市值大涨，收获百亿财富。 始于一家小厂，浙江父子缔造1900亿 三花智控起源于浙江新昌县的一家农机修配厂。 1984年，张道才带领工厂转型为"新昌制冷配件厂"——彼时正值改革开放初期，他考虑到冰箱开始进入 百姓家庭，于是确立以精密制冷配件为核心的发展战略。 不过，这类产品加工部件精度高，对技术有着很高要求。1987年，工厂联合上海交通大学的科研力量， 研发出第一款"两位三通电磁阀"，不仅打破海外垄断，还为企业创造超千万的年利润，这为三花智控日 后发展攒下重要资金。 另一个重要转折点是1994年，一家名为三花不二工机有限公司的中日合资企业成立，这便是三花 ...

乘上人形机器人东风，财富效应显现。根据《20 2 5年新财富5 00创富榜》，张道才家族以 1 9 3 .7亿元位列第16 5位， 如今市值大涨，收获百亿财富 。 始于一家小厂 踩中风口。 作者 I 吴琼 报道 I 投资界PEdaily 时间回到今年6月，三花智控正式在港交所上市。 短短三个月过去，公司股价大涨。其中 A股市值涨超千亿，最新超19 00亿元。 这是A股今年最火的公司之一。 身后是一对绍兴父子——张道才、张亚波。早年从空调制冷配件厂起家，后来切入新能源 汽车领域，三花智控成为特斯拉等车企的核心供应商。最新一幕，则是公司布局人形机器 人，成为特斯拉人形机器人的供应商。 浙江父子缔造1900亿 三花智控起源于浙江新昌县的一家农机修配厂。 1 9 8 4年，张道才带领工厂转型为"新昌制冷配件厂"——彼时正值改革开放初期，他考虑 到冰箱开始进入百姓家庭，于是确立以精密制冷配件为核心的发展战略。 不过，这类产品加工部件精度高，对技术有着很高要求。1 9 8 7年，工厂联合上海交通大 学的科研力量，研发出第一款"两位三通电磁阀"，不仅打破海外垄断，还为企业创造超 千万的年利润，这为三花智控日后发展攒下重要资 ...

Group 1: Market Overview - On September 2, A-shares experienced a collective pullback, with the Shanghai Composite Index closing down 0.45%, while market trading remained active with a turnover exceeding 2.87 trillion yuan [1] - The robotics sector saw significant movement in the afternoon, with several stocks including Top Group, Zhejiang Rongtai, Qin Chuan Machine Tool, and Longxi Co. quickly hitting the daily limit, and Aowei New Materials achieving a 20% limit up [1] Group 2: Company Performance - According to Xinhua Finance, leading companies in the robotics sector by market capitalization include Huichuan Technology, Sanhua Intelligent Control, and Top Group, all with market values exceeding 100 billion yuan [1] - In the first half of 2025, Sanhua Intelligent Control reported revenue of 16.3 billion yuan, a year-on-year increase of 18.91%, and a net profit of 2.11 billion yuan, up 39.31% year-on-year [2] - Top Group achieved revenue of 12.9 billion yuan in the first half of 2025, reflecting a year-on-year growth of 5.83%, while net profit decreased by 11.08% [3] Group 3: Business Focus and Strategy - Sanhua Intelligent Control is leveraging its expertise in motor manufacturing to enter the robotics electromechanical actuator market, aiming for a new growth trajectory [2] - The company has established a dedicated robotics division and is optimistic about the development prospects of robotics as a major application of AI [2] - Top Group is focusing on the robotics actuator business, emphasizing its competitive advantages and rapid project progress in developing various robotic components [3] Group 4: Future Outlook - Sanhua Intelligent Control's humanoid robot business is expected to significantly enhance its performance, with plans to achieve a target of 1 million units in five years [2] - Top Group is developing a dual industry model combining smart automotive and robotics components, with plans for new production lines for electric drive systems [3]

Group 1 - The core viewpoint of the news is that Bopu Technology conducted a survey on a listed company, Sanhua Intelligent Control, revealing significant growth in revenue and net profit for the first half of 2025 [1] - Sanhua Intelligent Control achieved operating revenue of 16.263 billion yuan, an increase of 18.91% year-on-year, and a net profit of 2.110 billion yuan, up 39.31% year-on-year [1] - The revenue from the refrigeration and air conditioning components business reached 10.389 billion yuan, growing by 25.49% year-on-year, driven by rising global temperature control demand and the expansion of heat pump technology into data centers and energy storage [1] - The automotive components business generated revenue of 5.874 billion yuan, an increase of 8.83% year-on-year, with a customer base that includes major automakers such as Mercedes-Benz, BYD, Tesla, and Toyota [1] - The company is advancing its data center liquid cooling business by leveraging existing thermal management technology for component reuse [1] - A robotics division has been established, focusing on electromechanical actuators and promoting mass production [1] - The growth in net profit is primarily attributed to the "elite troops" initiative, which enhances operational quality [1] - The company is addressing tariff policies through overseas production base layouts and has reached cost-sharing agreements with clients to ensure supply chain stability [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. 浙江三花智能控制股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2050） 茲載列浙江三花智能控制股份有限公司於深圳證券交易所網站(www.szse.cn)刊 登 的 公 告 如 下，僅 供 參 閱。 承董事會命 浙江三花智能控制股份有限公司 董事長兼執行董事 張亞波 香 港，2025 年8 月28日 於 本 公告日 期，董事會包 括 (i)執行董事張亞波先 生、王大勇先 生、倪曉明先生 及陳雨忠先 生；(ii)非執行董事張少波先生及任金土先生 及(iii)獨立非執行董事 鮑恩斯先 生、石建輝先 生、潘亞嵐女士以及葛俊先 生。 证券代码：002050 证券简称：三花智控 公告编号：2025-0 ...

Core Viewpoint - The company, Sanhua Intelligent Control, successfully executed its IPO in Hong Kong, raising a total of HKD 107.36 billion, including an additional HKD 13.9 billion from the green shoe option, indicating strong market confidence and demand for its shares [1][2]. Financing and Market Performance - The IPO was significantly oversubscribed, with a public offering subscription rate of 747 times and an international offering subscription rate of 23.6 times, showcasing robust investor interest [1]. - Sanhua Intelligent Control's IPO financing places it among the top three Hong Kong IPOs of the year, following major companies like CATL and Hengrui Medicine [1]. - Despite an initial drop of 7% on the first trading day due to market concerns, the stock price rebounded, closing at HKD 28.10 per share, reflecting a nearly 25% increase from the IPO price as of July 18 [1]. Business Outlook and Risks - The company is positioned as a key supplier in the Tesla supply chain, particularly for the humanoid robot project, which has seen a 39.94% increase in its A-share price in 2023 due to the acceleration of Tesla's Optimus project [3]. - Sanhua Intelligent Control has established a joint venture in Mexico to enhance its capabilities in producing electromechanical actuators for humanoid robots, indicating a strategic move to capitalize on the North American market [3]. - However, there are concerns regarding Tesla's humanoid robot project, with reports of significant order reductions from 5,000 units to 1,000 units, which could impact Sanhua's future performance [5]. Financial Performance - The company has projected a revenue increase of 10% to 30% for the first half of 2025, with net profit expected to rise by 25% to 50%, driven by growth in its refrigeration and automotive parts businesses [6]. - This positive financial outlook has helped the company recover from initial post-IPO price drops, with stock prices reaching new highs [7]. Competitive Landscape - The company faces competition from emerging players in the humanoid robot sector, which may affect its market position and partnerships [8]. - Sanhua has not disclosed any collaborations with other humanoid robot companies, raising questions about its competitive strategy in this evolving market [9].

Core Viewpoint - Sanhua Intelligent Control officially listed on the Hong Kong Stock Exchange on June 23, with a share price of HKD 22.53, raising a net amount of HKD 9.177 billion through its IPO. The company experienced a subscription rate of 747.92 times during the public offering phase, indicating strong market interest [1]. Group 1: Company Overview - Sanhua Intelligent Control is the largest manufacturer of refrigeration and air conditioning control components globally, holding a market share of 45.5% as of last year [1]. - The company has become a core supplier for major automotive manufacturers such as Tesla and BYD, with a market share of approximately 4.1% in the global automotive thermal management system components sector, ranking fifth worldwide [1]. Group 2: Financial Performance - In 2024, Sanhua Intelligent Control achieved a revenue of CNY 27.95 billion, representing a year-on-year growth of 13.8%. Revenue from China accounted for 55.3%, while North America contributed 25.4% [2]. Group 3: Use of IPO Proceeds - Approximately 30% of the net proceeds from the IPO will be allocated to ongoing global research and development and innovation of product portfolios, another 30% for expanding and constructing new factories in China to enhance production automation, 25% for deepening global layout through expanding overseas capacity, 5% for strengthening digital intelligence infrastructure, and 10% for working capital and general corporate purposes [2]. - The company plans to invest 10% of the IPO proceeds in the research and development of bionic robots and related technologies, aiming to hire around 200 R&D talents by 2028 [3]. Group 4: Market Position and Future Plans - Sanhua Intelligent Control's global offering consisted of approximately 414 million shares, with 26.5% allocated for public offering in Hong Kong and 73.5% for international offering [4]. - The company aims to leverage its listing in Hong Kong as a platform for global expansion and to meet investor expectations by continuously creating customer value and adhering to innovation [4].

Core Viewpoint - Sanhua Intelligent Control successfully listed on the Hong Kong Stock Exchange, with an opening price of HKD 20.9, a decrease of 7.23% from the issue price of HKD 22.53, but closing at HKD 22.50, a slight decline of 0.13% [1] Company Overview - Sanhua Intelligent Control, originally established in 1984, transitioned to a joint venture in 1994 and completed its shareholding reform in 2001, listing on the Shenzhen Stock Exchange in 2005 [1] - The company has now formed an "A+H" share structure following its Hong Kong listing [1] Financial Performance - The company raised approximately HKD 9.2 billion through its IPO, with a total market capitalization exceeding RMB 100 billion post-listing [3] - Revenue is projected to grow from RMB 21.35 billion in 2022 to RMB 27.95 billion in 2024, with net profit increasing from RMB 2.57 billion to RMB 3.10 billion during the same period [3] - In Q1 2025, the company reported revenue of RMB 7.67 billion and a net profit of RMB 900 million, both showing double-digit growth [3] Market Position - Sanhua Intelligent Control holds a 45.5% market share in the global refrigeration and air conditioning control components market, ranking first globally, and is fifth in the automotive thermal management system components sector [3] - The company has positioned itself strategically within the humanoid robotics supply chain, focusing on electromechanical actuators, which are critical components of bionic robots [3][4] Future Plans - The company plans to invest at least RMB 3.8 billion in a research and production base for robotic electromechanical actuators and domain controllers in Qiantang District [4] - Sanhua has partnered with Green Harmonic to co-develop harmonic reducers in Mexico, enhancing its supply chain capabilities [4] - The company aims to expand its production capacity and enhance its digital infrastructure to improve operational efficiency and supply chain management [9] Industry Trends - There has been a notable trend of A-share companies, including Sanhua, listing in Hong Kong, with 27 companies planning or already listing in 2023 [6] - The Hong Kong market is expected to see around 40 companies go public in the first half of the year, with a total fundraising amount of approximately HKD 108.7 billion, reflecting a significant increase in IPO activity [7]

Core Viewpoint - Sanhua Intelligent Control has successfully completed its IPO filing and is preparing for listing on the Hong Kong Stock Exchange, establishing an "A+H" dual financing platform alongside its existing listing on the Shenzhen Stock Exchange [1] Financial Performance - The current stock price of Sanhua Intelligent Control is 27.7 yuan, with a market capitalization of 1,034 billion yuan [2] - In 2022, the company's revenue was 21.348 billion yuan, with operating profit of 3.226 billion yuan and net profit of 2.6 billion yuan. In 2023, revenue increased to 24.558 billion yuan, with operating profit and net profit reaching 3.719 billion yuan and 2.934 billion yuan, respectively. By 2024, revenue further rose to 27.947 billion yuan, a year-on-year increase of 13.8%, with net profit at 3.1 billion yuan, up 6.1% [2][3] - The company has consistently paid dividends, distributing 8.94 billion yuan in 2022, 9 billion yuan in 2023, and 13 billion yuan in the first nine months of 2024 [2] Asset and Equity Structure - As of the end of 2024, total assets reached approximately 36.355 billion yuan, a 14% increase from the previous year. The net assets attributable to shareholders were about 19.298 billion yuan, up 7.84% [3] - The shareholding structure indicates that Sanhua Holdings Group holds 45.31% of the voting rights, with the founder's family controlling 71.98% of the voting rights through agreements and entities [3][4] Market Position and Innovation - Sanhua Intelligent Control is recognized as a leading manufacturer in the refrigeration and air conditioning control components and automotive thermal management systems sectors. The company has also ventured into the bionic robotics industry, focusing on electromechanical actuators [2][5] - The company emphasizes continuous technological innovation and market expansion, leveraging its strong R&D capabilities and manufacturing strength to drive further growth in the global market [5]