March 23, 2026 07:27 PM GMT Zhejiang Sanhua Intelligent Controls | Asia Pacific 4Q25 Growth Decelerated Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways 4Q25 – slight miss: Sanhua's 4Q25 earnings rose 3% YoY but fell 28% QoQ, to Rmb821mn, below the midpoint of the wide preliminary earnings range (Rmb632- 1406mn). The earnings growth ...