Zhejiang Sanhua Intelligent Controls Co., Ltd. (002050)

Equity Research Report | Industry: Thermal Management Components | Report Date: September 13, 2026 | Data as of the September 11, 2026 close; certain data in the technical indicators section are as of September 5, September 10, 2026, or earlier, and therefore differ in timing and methodology.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Sanhua Intelligent Controls generated revenue of RMB 16.900 billion in 1H2026, up 3.9% year on year; net profit attributable to shareholders declined 3.1% year on year to RMB 2.044 billion, while recurring net profit attributable to shareholders rose 6.8% to RMB 2.147 billion, indicating resilience in core-business profitability. The decline in reported profit was mainly attributable to a 508% year-on-year increase in finance expenses and fair-value gains turning negative. These two non-operating factors together reduced profit by approximately RMB 440 million more year on year.

The company’s business is centered on thermal-management components. In 2025, refrigeration and air-conditioning electrical components and automotive components contributed 59.93% and 40.07% of revenue, respectively, with both businesses recording gross margins of approximately 28.8%. Segment performance diverged somewhat in 1H2026: refrigeration revenue was approximately RMB 10.5 billion and broadly flat year on year; automotive-components revenue was approximately RMB 6.5 billion, up approximately 10%; and data-center liquid-cooling revenue was approximately RMB 1.0 billion, up more than 50%, making it one of the fastest-growing incremental businesses at present.

Long-term growth drivers mainly include automotive thermal management, data-center liquid cooling, and overseas expansion. The company has also positioned electromechanical actuators for bionic robots as its third growth curve and continues to expand its patent portfolio. However, the robotics business had not generated material revenue in 2025. The company also issued a clarification announcement in response to market rumors that it had secured large robotics orders. The commercialization progress of this business still needs to be verified through actual orders, revenue, and profit realization.

As of September 11, 2026, the company’s share price closed at RMB 34.87, with a dynamic P/E of approximately 35.89x and a P/E (TTM) of approximately 36.71x. The stock was trading below multiple short-term moving averages and below the average chip cost of RMB 42.19. Technically, the stock showed a low-volume pullback after encountering resistance during a rebound, with declines on both September 10 and 11. RSI, CCI, and ADX were relatively weak, although a golden cross below the zero axis, bullish divergence, and oversold readings in certain indicators suggest the possibility of a short-term technical rebound.

2. Company Overview

2.1 Basic Information

2.2 Core Businesses and Product Portfolio

• Refrigeration and air-conditioning electrical components: products include valves (electronic expansion valves, four-way reversing valves, stop valves, solenoid valves, and ball valves), heat exchangers (microchannel and plate heat exchangers), pumps (Omega pumps), controllers (variable-frequency controllers), and sensors (temperature, pressure, and gas); applications include residential air conditioners, commercial air conditioners, commercial/industrial refrigeration, refrigerators, cold-chain logistics, heat-pump heating, washing machines/dishwashers, and data-center liquid cooling; 2025 revenue was RMB 18.585 billion, up 12.22% year on year, accounting for 59.93% of total revenue, with a gross margin of 28.77% (up 1.42 percentage points year on year); historical business units included residential refrigeration, commercial refrigeration, AWECO, microchannels, and variable-frequency controllers
• Automotive components: products include automotive thermal/electronic expansion valves, electronic water pumps, electronic oil pumps, electronic water valves, battery chillers, plate heat exchangers, integrated thermal-management components for new-energy vehicles, and integrated thermal-management valve-island assemblies; products cover cabin thermal management, battery thermal management, and motor/electronic-control-system thermal management, serving both new-energy and internal-combustion vehicles; customers are domestic and overseas automakers and Tier-1 component suppliers, with direct sales as the primary channel (direct sales accounted for 98.64% of revenue in 2025 and distributors for 1.36%); 2025 revenue was RMB 12.427 billion, up 9.14% year on year, accounting for 40.07% of total revenue, with a gross margin of 28.79% (up approximately 1.15 percentage points year on year)
• Strategic emerging business—electromechanical actuators for bionic robots: positioned by the company as its third growth curve; in 2025, the company focused on technical improvements for multiple key product models and cooperated with customers on full-range product R&D, trial production, iteration, and sample delivery, but had not yet generated material revenue; at a May 2026 earnings briefing, Chairman Zhang Yabo stated that the business was expected to gradually become an important third growth curve
• Geographic mix (2025): domestic revenue of RMB 17.688 billion (57.04%), with a gross margin of 26.96%; overseas revenue of RMB 13.323 billion (42.96%), with a gross margin of 31.19%

2.3 Position in the Upstream and Downstream Value Chain and Cost/Profit Structure

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Data timing note: The latest research materials available were concentrated in August–September 2026. “Current” is therefore interpreted as approximately early to mid-September 2026. The latest financial report is the 1H2026 report (period ended June 30, 2026, disclosed at the end of August). 1H2026 data are sourced from Guotai Haitong Securities’ “1H2026 Review” (September 6, 2026) and the Sohu Securities company overview page (June 30, 2026 data block), with the two sources showing consistent figures. 1Q2026 revenue was confirmed by a CICC research report dated May 9, 2026; quarterly net profit attributable to shareholders was not directly reported in the materials retrieved and was derived as approximately RMB 928 million by subtracting 2Q2026 net profit of RMB 1.116 billion from 1H2026 net profit of RMB 2.044 billion. This is a derived figure, not an official figure. The FY2025 annual report was disclosed late on March 23, 2026, with consistent figures across multiple sources. 1H2026 recurring net profit attributable to shareholders was RMB 2.147 billion, up 6.8% year on year. 1H2026 net margin was 12.32%, down 0.83 percentage points year on year. Profit was affected by non-operating items: finance expenses were RMB 228 million, up 508% year on year, due to foreign-exchange losses caused by RMB appreciation; fair-value gains were negative RMB 185 million, versus positive RMB 69 million in the prior-year period. Together, these items reduced profit by approximately RMB 440 million more year on year. The 1H2026 interim dividend was RMB 1.20 per 10 shares, including tax, totaling approximately RMB 503 million, or 24.6% of 1H2026 net profit attributable to shareholders. FY2025 consolidated gross margin was 28.78%, up 1.31 percentage points year on year; fully diluted EPS was RMB 0.9655; recurring net profit was RMB 3.958 billion, up 26.95%; net operating cash flow was RMB 5.091 billion, up 16.6%; domestic revenue was RMB 17.688 billion, up 14.51%; and the proposed dividend was RMB 2.80 per 10 shares. FY2024 recurring net profit was RMB 3.118 billion, up 6.89%; gross margin was 27.47%; ROE was 16.06%; diluted EPS was RMB 0.84; and R&D spending was RMB 1.352 billion, representing 4.84% of revenue. On a TTM basis, ROE was 11.8%, gross margin was 28.1%, and recurring net profit was RMB 4.095 billion, up 13.7%. The 1H2026 segment data, based on J.P. Morgan’s brokerage estimates rather than company disclosures, were as follows: air-conditioning appliances/refrigeration revenue of approximately RMB 10.5 billion, up 0.5% year on year, with a gross margin of approximately 28%; automotive-components revenue of approximately RMB 6.5 billion, up 10%, with a segment net margin of approximately 14% and coverage of approximately 70% of new-energy vehicle models; and data-center liquid-cooling revenue of approximately RMB 1.0 billion, up more than 50%, accounting for approximately 10% of refrigeration-segment revenue. The prices and market capitalization cited above are cached page values rather than real-time quotes; actual trading-time data should be used.

1H2026 revenue grew steadily by 3.9%, but net profit attributable to shareholders turned negative year on year, declining 3.1%. The main causes were finance expenses, including foreign-exchange losses, which rose 508% year on year, and fair-value gains, which fell to negative RMB 185 million from positive RMB 69 million in the prior-year period. Together, these non-operating items reduced profit by approximately RMB 440 million more year on year. Recurring net profit attributable to shareholders nevertheless rose 6.8%, demonstrating resilience in core-business profitability. 2Q2026 revenue growth accelerated to 6.2% from 1.36% in 1Q2026, but quarterly net profit attributable to shareholders fell 7.5%, a larger decline than for 1H2026 as a whole. FY2025 performance was strong: revenue reached RMB 31.012 billion, up 10.97%, and net profit attributable to shareholders was RMB 4.063 billion, up 31.10%, within the company’s earnings-guidance range of RMB 3.874–4.649 billion, with a midpoint of RMB 4.26 billion. Consolidated gross margin rose 1.31 percentage points year on year to 28.78%, while net operating cash flow increased 16.6% to RMB 5.091 billion. FY2024 provided a relatively stable base, with revenue of RMB 27.947 billion, up 13.80%, and net profit attributable to shareholders of RMB 3.099 billion, up 6.10%. On a TTM basis as of June 30, 2026, revenue was RMB 31.649 billion, up 3.7%; net profit was RMB 3.997 billion, up 8.2%; recurring net profit was RMB 4.095 billion, up 13.7%; ROE was 11.8%; and gross margin was 28.1%. By segment, refrigeration was broadly stable, up 0.5%; automotive components maintained double-digit growth of 10%; and data-center liquid cooling was the high-growth new curve, rising more than 50%.

3.2 Earnings Forecasts

Earnings forecasts are sourced from Tonghuashun iFinD (f10.10jqka.com.cn/002050/worth, as of August 27, 2026; consensus estimates from 20 institutions); Eastmoney F10 earnings forecasts (emweb.securities.eastmoney.com, approximately September 2026; 19 or 18 institutions); ET Net H-share consensus forecasts (stocks.etnet.com.hk); and individual brokerage forecasts (Orient Securities, Buy, May 5, 2026; Guolian Minsheng, Recommended, May 7, 2026; Huaan Securities, Buy, May 6, 2026; Guosheng Securities, Buy, May 1, 2026; Guotai Haitong, Outperform, September 6, 2026; China Galaxy, Buy, August 28, 2026; CICC, Outperform/Outperform Industry, August 27, 2026; J.P. Morgan, Overweight, September 8, 2026; and Aijian Securities, Initiation with Buy, December 23, 2025). Note that Tonghuashun and Eastmoney are multi-broker consensus estimates rather than single-broker forecasts. Eastmoney shows 2026E EPS revised down from RMB 1.1315 last month, based on 17 institutions, to RMB 1.1039, based on 19 institutions, indicating a slight downward revision in consensus estimates corresponding to the year-on-year decline in 1H2026 profit. The number of institutions shown on different pages ranges from 17 to 20, and sample definitions differ, resulting in small differences in averages. ET Net’s H-share consensus forecast for 2026E net profit of RMB 4.460 billion is slightly below the A-share consensus, possibly due to different share-capital or exchange-rate assumptions. The FY2025 earnings guidance disclosed on December 25, 2025, and reviewed by KGI Securities, projected net profit attributable to shareholders of RMB 3.874–4.649 billion, up 25%–50% year on year, with a midpoint of RMB 4.26 billion, up 37.5%. Rating distribution, based on Tonghuashun iNews’ six-month summary as of May 6, 2026, comprised 10 Buy, 3 Outperform, 1 Outperform Industry, and 1 Recommended rating among 15 institutions; the average 2026 net-profit forecast was RMB 4.808 billion, up 18.35%.

3.3 Valuation and Institutional Ratings

Total market capitalization was approximately RMB 146.733 billion (Sohu Securities page, corresponding to a share price of RMB 34.87; page includes June 30, 2026 financial-report data and was cached around August–September 2026). Total shares outstanding were 4.208 billion, with 3.691 billion freely tradable shares and a free-float market capitalization of approximately RMB 128.707 billion. Another Sohu page, based on September 30, 2025 financials and a share price of RMB 52.33, showed total market capitalization of RMB 220.205 billion, indicating that the share price had declined from approximately RMB 52 in September 2025 to around RMB 35 in mid-2026. Valuation multiples were as follows: P/E (TTM), calculated as market capitalization of approximately RMB 146.7 billion divided by TTM net profit attributable to shareholders of RMB 3.997 billion, was approximately 36.7x; 2026E P/E was approximately 30.9x based on consensus net profit of RMB 4.744 billion, or approximately 31.6x based on Eastmoney’s RMB 4.645 billion estimate; 2027E P/E was approximately 26.4x based on net profit of RMB 5.549 billion; and P/B was approximately 4.5x, calculated as RMB 34.87 divided by 1H2026 net assets per share of RMB 7.72. Target prices vary substantially and differ in timing. For A-shares, targets include RMB 59.5 from CICC (May 2026, subsequently lowered following results), RMB 57.0 from CITIC Securities, RMB 52.65 from Orient Securities, RMB 54.72 from Huatai Securities, RMB 51 from J.P. Morgan (September 8, 2026, reduced from RMB 60), and RMB 41.07 from Guotai Haitong (September 6, 2026). For H-shares, targets are HKD 38 from J.P. Morgan (reduced from HKD 42), HKD 40 from CICC, HKD 40 from CCB International, HKD 61 from HSBC, HKD 37.4 from Jefferies, HKD 31 from Citi (Neutral), and HKD 30 from BofA (Underperform). Observation: most A-share target prices issued around May were RMB 52–59, while newly issued reports in September after 1H2026 profit turned negative lowered targets materially, including RMB 41 from Guotai Haitong and RMB 51 from J.P. Morgan. Sell-side analysts therefore revised targets downward following results. Uncertainty notes: 1) real-time price and market capitalization were not verified through a real-time quote source; the share price of RMB 34.87 and market capitalization of RMB 146.7 billion are static cached-page values and broadly consistent with the price range implied by September 2026 research reports. September target prices of RMB 41–51 imply approximately 17%–46% upside, but this was not cross-checked against a real-time quote page and actual prices should be used; 2) most A-share target prices of RMB 52–59 were issued in May 2026, before the interim report, and may therefore be overly optimistic for current valuation assessment. Post-interim-report target prices of RMB 41–51 should receive greater weight; 3) most data sources are static webpages or search snippets, and JavaScript-rendered quote components on Eastmoney and Tonghuashun were not individually opened and verified. Certain figures are based on page-text snapshots.

4. Recent News and Announcements

4.1 Sanhua Intelligent Controls Issues Clarification: Rumors of Large Robotics Orders Are Untrue

Sanhua Intelligent Controls (002050.SZ) issued a clarification announcement regarding false market rumors, stating that rumors that the company had secured large robotics orders were untrue and that the company had not granted interviews to any media. The clarification was reported by multiple financial media outlets between October 15 and October 16, 2025.

4.2 Resolution Announcement of the Ninth Interim Meeting of the Eighth Board of Directors

Sanhua Intelligent Controls issued a resolution announcement for the ninth interim meeting of the eighth Board of Directors, dated October 18, 2025. The specific matters reviewed at the meeting were not detailed in the materials provided.

4.3 Progress Announcement on the Share Repurchase

Sanhua Intelligent Controls issued a progress announcement regarding its share repurchase. The relevant announcements were disclosed between November 3 and November 4, 2025. The specific repurchase amount and number of shares were not detailed in the materials provided.

4.4 Sanhua Intelligent Controls Issues FY2025 Earnings Guidance: Net Profit Expected to Increase 25%–50% Year on Year

Sanhua Intelligent Controls issued FY2025 earnings guidance, forecasting a 25%–50% year-on-year increase in full-year net profit. The guidance was reported by multiple media outlets around December 22, 2025.

4.5 Sanhua Intelligent Controls H-Share Announcement—Next-Day Disclosure Return

Sanhua Intelligent Controls issued an H-share announcement and next-day disclosure return. The relevant announcements were disclosed between December 24 and December 29, 2025. The specific data contained in the return were not detailed in the materials provided.

4.6 Announcement on Completion of Deregistration of a Wholly Owned Grandchild Company

Sanhua Intelligent Controls issued an announcement on the completion of deregistration of a wholly owned grandchild company, dated approximately December 26, 2025. The specific name of the deregistered grandchild company was not detailed in the materials provided.

4.7 Resolution Announcement of the 13th Interim Meeting of the Eighth Board of Directors

Sanhua Intelligent Controls issued a resolution announcement for the 13th interim meeting of the eighth Board of Directors. The specific matters reviewed at the meeting were not detailed in the materials provided.

4.8 Controlling Shareholder, Directors, Supervisors, and Senior Executives Plan to Reduce Holdings by No More Than 0.24% of the Company’s Shares in Aggregate

Sanhua Intelligent Controls announced that its controlling shareholder, directors, supervisors, and senior executives planned to reduce their aggregate holdings by no more than 0.24% of the company’s shares. According to related reports, controlling shareholder Zhang Yabo intended to realize approximately RMB 500 million, while six individuals, including the controlling shareholder and executives, planned to reduce their holdings by a combined 0.2425%. The reports were published between January 22 and January 23, 2026.

4.9 Sanhua Intelligent Controls Approves Interim Dividend Distribution Plan

Sanhua Intelligent Controls approved an interim dividend distribution plan for the six months ended June 30, 2025, proposing a cash dividend of RMB 1.2 per 10 shares. The relevant report was published on February 10, 2026.

4.10 Fundraising from Sanhua Intelligent Controls’ H-Share Listing

According to related reports, Sanhua Intelligent Controls completed its H-share listing last year and raised approximately HKD 9.3 billion. The specific listing date and fundraising details were not detailed in the materials provided.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Sanhua Intelligent Controls closed at RMB 34.87, down from the intraday high of RMB 37.10 on September 4. The stock posted declines on both September 10 and 11 and was below the RMB 35.37 support level identified by Jiufang Zhitou and multiple moving averages provided by Investing.com as of September 5. After trading value expanded to RMB 2.038 billion on September 7, it fell to RMB 871 million–1.417 billion from September 8 onward, indicating a low-volume pullback after resistance during the rebound. RSI, MACD, and multiple trend indicators were weak, but some indicators were oversold. Jiufang Zhitou also identified a golden cross below the zero axis and bullish divergence, meaning that both further weakness and a technical rebound remain possible in the short term. The 52-week high and low figures are subject to conflicting sources, and the approximately RMB 29 and RMB 34.05 low figures cannot both be confirmed.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following content is a subjective scenario analysis based on historical prices, technical indicators, and trading data listed in the research notes. It does not constitute investment advice. Certain indicators differ in source, timing, and methodology, and should not be used to make definitive price forecasts.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher subjective weight; approximately 60%, not a statistical probability): the price fluctuates within RMB 34.60–37.10. Trigger conditions include support near RMB 34.60 without a decisive break above RMB 37.10. If trading value remains mainly within the recent RMB 871 million–1.417 billion range, the pattern would be viewed as weak consolidation rather than a trend reversal
• Further weakness (medium subjective weight; not a statistical probability): the price moves below RMB 34.60, with the approximately RMB 29 area becoming the next area to monitor. Triggers include failure to reclaim RMB 35.37, a decisive break below RMB 34.60, and continuation of the low-volume pullback structure. If trading value expands materially during the decline, increasing selling pressure should be monitored
• Stronger rebound (relatively low subjective weight; not a statistical probability): the price returns to RMB 35.37–37.10 and tests the reference moving-average area near RMB 37.54. Triggers include reclaiming RMB 35.37 and breaking above RMB 37.10, while trading value remains above the recent high-volume reference of RMB 2.038 billion, or the emergence of clear catalysts and synchronized sector strength. RMB 37.54 is the MA200 reference value provided by Investing.com as of September 5, and is subject to timing differences

③ Funding and Liquidity Background

Turnover was 1.10% and trading value was RMB 1.417 billion on September 11, 2026. Trading value over the past eight trading days ranged from RMB 871 million to RMB 2.038 billion, with RMB 2.038 billion on September 7 and RMB 871 million on September 9. The research notes do not provide the ownership concentration of the top ten shareholders or verified data on whether public funds, social-security funds, or QFII investors were among the top ten shareholders. It is therefore not possible to assess institutional holdings or concentration. The above trading data indicate significant variation in activity across recent sessions, but the available notes do not support further inferences regarding order-book depth or slippage.

From an observation perspective, sustained daily trading value above RMB 2.038 billion, together with a reclaim of RMB 35.37 and a subsequent break above RMB 37.10, could serve as a testable signal of improving price-volume conditions. This threshold is based on the highest trading value over the past eight trading days and does not constitute a trading instruction.

④ Items to Monitor (Observation Framework Only, Not Trading Instructions)

• Monitor whether RMB 35.37 can be reclaimed and whether buying support emerges near RMB 34.60. This is the first short-term support and resistance-conversion area.
• Monitor whether the previous high at RMB 37.10 and the reference moving-average area near RMB 37.54 can be broken amid higher trading value.
• Monitor whether trading value remains above RMB 2.038 billion, as a confirmation signal for volume relative to recent normal levels.
• Monitor the historical low area around RMB 29. However, this range is based on conflicting 52-week-low data and is for risk monitoring only. All of the above are observation frameworks, not trading instructions.

The above scenario analysis is based on the September 11, 2026 closing data and historical prices and technical indicators listed in the research notes. Short-term share prices may also be affected by news, fund flows, broader market conditions, and other factors. Technical indicators have inherent lag and limitations. This analysis does not guarantee actual future performance and does not constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear investment risks themselves.

6. Industry Landscape and Competitor Analysis

7. Risk Factors

• Net profit attributable to shareholders declined 3.1% year on year in 1H2026, finance expenses rose 508% year on year, and fair-value gains turned from positive RMB 69 million in the prior-year period to a loss of RMB 185 million. If RMB exchange-rate movements or fluctuations in related financial assets persist, reported net profit may continue to be pressured.
• Refrigeration and air-conditioning electrical components accounted for 59.93% of 2025 revenue, but revenue from the related business was approximately flat year on year in 1H2026. If traditional businesses such as residential air conditioning and commercial refrigeration fail to grow sufficiently, automotive thermal management and new businesses will need to provide greater growth support.
• Although automotive-components revenue grew approximately 10% year on year in 1H2026, the company depends substantially on domestic and overseas automakers and Tier-1 suppliers, with direct sales as the primary channel. If customer vehicle sales, project nominations, or order releases fall short of expectations, revenue growth and capacity utilization in this segment may be affected.
• Data-center liquid-cooling revenue was approximately RMB 1.0 billion in 1H2026, up more than 50% year on year, but the scale remains relatively limited. If subsequent customer adoption, delivery schedules, or liquid-cooling demand growth fall short of expectations, the business may temporarily be unable to fully offset slower growth in traditional refrigeration.
• The electromechanical-actuator business for bionic robots had not generated material revenue as of 2025, and the company previously clarified that rumors of large robotics orders were untrue. If R&D, trial production, sample delivery, or customer onboarding progresses more slowly than expected, the third growth curve may underperform market expectations and create uncertainty regarding returns on upfront investment.
• At the current share price of approximately RMB 34.87, the company trades at approximately 36.71x P/E (TTM) and approximately 4.5x P/B. After 1H2026 profit turned negative year on year, some institutions lowered their earnings forecasts or target prices. If subsequent earnings growth, gross margins, or new-business realization are weaker than expected, valuation-absorption pressure may increase.
• As of September 11, 2026, the share price was below multiple reference moving averages, and the closing price had broken below the RMB 35.37 support level identified by Jiufang Zhitou. A low-volume pullback followed the high-volume rebound on September 7. If the stock cannot reclaim RMB 35.37 and subsequently break above RMB 37.10, the short-term weak structure may persist.
• The controlling shareholder, directors, supervisors, and senior executives plan to reduce their aggregate holdings by no more than 0.2425% of the shares. Although the percentage is limited, the reduction may still affect investor sentiment and short-term supply-demand expectations while the stock is weak and market attention is high.

8. Conclusion and Outlook

Sanhua Intelligent Controls’ core business remains stable. In 2025, revenue was RMB 31.012 billion and net profit attributable to shareholders was RMB 4.063 billion, up 10.97% and 31.10% year on year, respectively. Consolidated gross margin rose to 28.78%, while net operating cash flow increased 16.6% to RMB 5.091 billion. Looking ahead, relatively rapid growth in automotive thermal management, continued volume expansion in data-center liquid cooling, and the global expansion of refrigeration-control components are the primary supports for core-business growth. Institutions continue to forecast overall earnings growth for 2026–2028, although estimates differ materially and 2026 consensus forecasts have recently been revised down slightly.

The key to the company’s future performance is whether incremental businesses can transition from high-growth or R&D phases into sustainable profit generation. Automotive components need to maintain double-digit growth and improve economies of scale; liquid cooling needs to demonstrate the sustainability of its currently high growth rate; and the bionic-robotics business requires further observation of sample delivery, project nomination, orders, and revenue realization. At the same time, the impact of exchange rates and fair-value fluctuations on attributable profit, relatively high current valuation, and the weak technical structure of the share price could all cause deviations between actual performance and market expectations.

Data Sources

• Sanhua Intelligent Controls (sz002050)
• <table><tr><td>No.</td><td>Company Name</td><td>Brief Description</td></tr><tr><td>1</td><td>Sanhua Intelligent Controls<br>(002050.SZ)</td><td>Founded in September 1994 and listed on the Shenzhen Main Board (formerly the SME Board) in June 2005...
• Sanhua Intelligent Controls (002050.SZ) - Quick Quote
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• Sanhua Intelligent Controls: 34.87 -1.66% -0.59 002050 Sohu Securities
• 002050 Stock Price | Zhejiang Sanhua Intelligent Controls Co. Ltd. A Stock Quote (China: Shenzhen) | MarketWatch
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• Sanhua Intelligent Controls’ FY2025 net profit attributable to shareholders rose 31.1% to RMB 4.063 billion
• Sanhua Intelligent Controls: 2025 net profit RMB 4.063 billion, up 31.1% year on year; proposed dividend RMB 2.8 per 10 shares
• Revenue and net profit reached record highs; Sanhua Intelligent Controls bets heavily on robotics
• Sanhua Intelligent Controls: 2025 net profit RMB 4.063 billion, up 31.1% year on year; proposed dividend of RMB 0.28 per share
• Sanhua Intelligent Controls Annual-Report Review: New-Energy Vehicle Thermal-Management Business Declines for the First Time; Robotics Business Makes “No Progress”
• Sanhua Intelligent Controls (002050): Performance in Line with Expectations; Profitability Continues to Improve
• Sanhua Intelligent Controls (002050): 4Q2025 Gross Margin Improved Significantly; Active Expansion into Robotics, Energy Storage, and Other Emerging Businesses
• Sanhua Intelligent Controls Annual-Report Review: New-Energy Vehicle Thermal-Management Business Declines for the First Time; Robotics Business Makes “No Progress”
• Sanhua Intelligent Controls (002050.SZ): 2025 net profit rose 31.1%; proposed dividend RMB 2.8 per 10 shares
• Sanhua Intelligent Controls: 2025 net profit RMB 4.063 billion, up 31.1% year on year; proposed dividend RMB 2.8 per 10 shares
• Sanhua Intelligent Controls: 2022 net profit rose 52.81% year on year; proposed dividend RMB 2 per 10 shares
• Sanhua Intelligent Controls: 2022 net profit rose 52.81% year on year; proposed dividend RMB 2 per 10 shares
• Sanhua Intelligent Controls: 2025 Annual Audit Report
• Sanhua Intelligent Controls’ revenue rose 13.8%, but net profit rose only 6.1%
• Sanhua Intelligent Controls: 2025 Annual Report—Jiufang Zhitou
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• Sanhua Intelligent Controls: 2025 Annual Report—Eastmoney Investor Forum
• Sanhua Intelligent Controls (002050) Core Business Analysis
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• Automotive-component imports and exports in China have remained resilient
• Sanhua Intelligent Controls: CITIC Securities’ listing sponsor letter regarding newly listed domestic A-shares underlying overseas global depositary receipts
• Sanhua Intelligent Controls’ gross-margin pressure still reflects product competitiveness
• Sanhua Intelligent Controls’ gross-margin pressure still reflects product competitiveness
• Sanhua Intelligent Controls’ gross-margin pressure still reflects product competitiveness
• Financial Report Review | Operating resilience under cost pressures and realization of new businesses—Sanhua Intelligent Controls
• Sanhua Intelligent Controls: 2025 Annual Report—Automotive Components
• BofA cuts Sanhua Intelligent Controls to “Underperform”
• BofA cuts Sanhua Intelligent Controls to “Underperform”
• Sanhua Intelligent Controls (002050) Company Activities
• Zhejiang Sanhua Intelligent Controls Co.,Ltd: Management and Company Profile
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• Sanhua Intelligent Controls (002050.SZ): FY2024 net profit RMB 3.099 billion
• Sanhua Intelligent Controls (002050.SZ): FY2024 net profit RMB 3.099 billion
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• Sanhua Intelligent Controls (002050) Financial Summary—Investing.com
• Zhejiang Sanhua Intelligent Controls Co.,Ltd Reports Earnings Results for FY2024
• Sanhua Intelligent Controls Announces Annual Report
• Sanhua Intelligent Controls: 2024 Annual Report
• Sanhua Intelligent Controls (002050) Income Statement
• Sanhua Intelligent Controls’ 2025 net profit rose 31.1%; actively expanding into electromechanical actuators for bionic robots
• Sanhua Intelligent Controls’ FY2025 revenue reached RMB 31.012 billion, up 10.97%
• Sanhua Intelligent Controls: Revenue exceeds RMB 30 billion; data centers and robotics open new growth curves
• Sanhua Intelligent Controls: FY2025 net profit attributable to shareholders rose 31.1% to RMB 4.06 billion
• Sanhua Intelligent Controls: FY2025 net profit RMB 4.063 billion, up 31.10%
• Sanhua Intelligent Controls: FY2025 net profit RMB 4.063 billion, up 31.1%; proposed dividend RMB 2.8 per 10 shares
• Sanhua Intelligent Controls (002050) FY2025 Review: Data-center liquid-cooling revenue doubled; expanding into bionic-robot components
• Yuanta Securities (Hong Kong)
• J.P. Morgan cuts Sanhua Intelligent Controls (02050.HK) target price to HKD 38 and reiterates “Overweight”)/mobile/news.aspx?newsid=NOW.1543607&newstype=61&newssource=HK6)
• J.P. Morgan cuts Sanhua Intelligent Controls (02050.HK) target price to HKD 38 and reiterates “Overweight”
• J.P. Morgan reiterates “Overweight” on Sanhua Intelligent Controls and cuts target price to HKD 38
• J.P. Morgan cuts AH-share targets for Sanhua Intelligent Controls and reiterates “Overweight”
• Yuanta Securities (Hong Kong)
• CICC: Sanhua Intelligent Controls’ 1Q results were in line with expectations
• Institutional Rating: Orient Securities gives Sanhua Intelligent Controls a “Buy” rating
• CICC: Sanhua Intelligent Controls’ 1Q results were in line with expectations)/stocks/news/aafn-con/GLH2441031L/popular-news/GLH#1)
• Sanhua Intelligent Controls (002050): Stable earnings growth; actively expanding into robotics and other emerging businesses
• Newly Covered Institutions—Research Reports
• Research Metrics—Research Reports
• Sanhua Intelligent Controls (002050) 1H2026 Review: Steady revenue growth; robotics and liquid cooling open new space
• Sanhua Intelligent Controls (002050) Valuation Analysis
• Sanhua Intelligent Controls (002050.SZ) Earnings Forecast—PC_HSF10 Information
• Sanhua Intelligent Controls (002050): Initiation—Global thermal-management platform leader; robotics expands growth boundaries
• Sanhua Intelligent Controls (002050): 4Q revenue exceeded expectations; automotive-components growth is sustainable
• 02050 Sanhua Intelligent Controls SANHUA—Earnings Forecast
• FY2025 net profit expected to grow 25%–50%; steady growth, Buy recommendation
• 02050 Sanhua Intelligent Controls SANHUA—Free Real-Time Quote—Earnings Forecast
• Zhejiang Sanhua Intelligent Controls Co., Ltd. Progress Announcement on Share Repurchase
• Sanhua Intelligent Controls: Progress Announcement on Share Repurchase
• Stock Channel—China Financial Information
• Sanhua Intelligent Controls: Significant Events Memorandum
• 002050 Shenzhen Market Sanhua Intelligent Controls
• Resolution Announcement of the Ninth Interim Meeting of the Eighth Board of Directors
• Zhejiang Sanhua Intelligent Controls approves interim dividend
• Sanhua Intelligent Controls: Progress Announcement on Share Repurchase
• Zhejiang Sanhua Intelligent Controls proposes interim profit distribution plan for 2025
• Zhejiang Sanhua Intelligent Controls to distribute interim dividend of RMB 1.2 per 10 shares
• Controlling shareholder, directors, supervisors, and senior executives plan to reduce holdings by no more than 0.24%
• Controlling shareholder Zhang Yabo plans to realize RMB 500 million; H-share listing raised HKD 9.3 billion last year
• Controlling shareholder and executives plan to reduce holdings by no more than 0.2425%
• Controlling shareholder, directors, supervisors, and senior executives plan to reduce holdings by no more than 0.24%
• Controlling shareholder, directors, supervisors, and senior executives plan to reduce holdings by no more than 0.24%
• Six individuals including controlling shareholder and executives plan to reduce holdings by 0.2425%
• Controlling shareholder Zhang Yabo plans to realize RMB 500 million; H-share listing raised HKD 9.3 billion last year
• Sanhua Intelligent Controls (002050.SZ): Controlling shareholder, directors, and senior executives plan to reduce holdings
• Controlling shareholder and executives plan to reduce holdings by no more than 0.2425%
• Controlling shareholder and executives plan to reduce holdings by no more than 0.2425%
• Sanhua Intelligent Controls: H-share announcement—next-day disclosure return
• Sanhua Intelligent Controls Company Announcements
• Announcement on completion of deregistration of a wholly owned grandchild company
• Listed-company developments: Sanhua Intelligent Controls expects FY2025 net profit to rise 25%–50%
• Sanhua Intelligent Controls: Resolution Announcement of the 13th Interim Meeting of the Eighth Board of Directors
• Announcement highlights: Sanhua Intelligent Controls expects FY2025 net profit to rise 25%–50%
• Sanhua Intelligent Controls: H-share announcement—next-day disclosure return
• Sanhua Intelligent Controls: H-share announcement—next-day disclosure return—Jiufang Zhitou
• Sanhua Intelligent Controls: H-share announcement—next-day disclosure return
• Sanhua Intelligent Controls: FY2025 net profit expected to rise 25%–50%
• Sanhua Intelligent Controls: Rumors of large robotics orders are untrue
• Zhejiang Sanhua Intelligent Controls Co., Ltd. Clarification Announcement Regarding False Market Rumors
• Sanhua Intelligent Controls (002050.SZ): Rumors of large robotics orders are untrue
• Sanhua Intelligent Controls: Rumors of large robotics orders are untrue
• Sanhua Intelligent Controls: Rumors of large robotics orders are untrue
• Sanhua Intelligent Controls: Reports of large robotics orders are false
• Sanhua Intelligent Controls clarifies false rumors
• Tesla “huge order” rumors drive share price; Sanhua Intelligent Controls promptly clarifies: untrue
• Sanhua Intelligent Controls: Rumors of large robotics orders are untrue
• How should Sanhua Intelligent Controls’ clarification be viewed objectively?
• SZ.002050 Sanhua Intelligent Controls—A-share real-time quote—Company Information
• 002050 Sanhua Intelligent Controls
• 002050 Sanhua Intelligent Controls—Core Business
• Zhejiang Sanhua Intelligent Controls Co., Ltd.
• Sanhua Intelligent Controls’ trillion-yuan growth path
• Sanhua Intelligent Controls 34.87 -0.59 (-1.66%) Latest Price
• e Company—The leading listed-company information platform
• Sanhua Intelligent Controls (sz002050) Price Trend
• Sanhua Intelligent Controls (002050)—Overview, Price, Real-Time Quotes, Charts, News, Research, and Financials
• Sanhua Intelligent Controls 36.30 0.68 (+1.91%) Latest Price
• Quotes
• Sanhua Intelligent Controls (002050.SZ)
• Sanhua Intelligent Controls (002050)
• Sanhua Intelligent Controls (02050)—Overview
• Stock Market Flash: Sanhua Intelligent Controls (002050) main funds sold RMB 77.5752 million on September 10
• Peer Stocks (CSRC industry: General Equipment Manufacturing)
• Sanhua Intelligent Controls (002050) Fund Flows
• Sanhua Intelligent Controls 34.87 -1.66%—Stock Quote—Jiufang Zhitou
• Sanhua Intelligent Controls 36.19 -0.08%—Stock Quote—Jiufang Zhitou
• Sanhua Intelligent Controls rose 2.02%, trading value RMB 268 million
• Sanhua Intelligent Controls fell 2.01%, trading value RMB 1.455 billion
• Sanhua Intelligent Controls (002050)
• Sanhua Intelligent Controls (002050.SZ)—Quick Quote
• Sanhua Intelligent Controls: Current Position Analysis
• Sanhua Intelligent Controls (002050) Technical Analysis and Forecast
• Zhejiang Sanhua Co Ltd Technical Analysis (002050)
• Sanhua Intelligent Controls (002050)—Overview
• Technical Analysis of Zhejiang Sanhua Co Ltd (002050)—Investing.com Portugal
• Sanhua Intelligent Controls (SZ:002050)
• Sanhua Intelligent Controls (002050)—Stock Quote
• Anue Juheng
• Sanhua Intelligent Controls Real-Time Quote
• Sanhua Intelligent Controls (SZ:002050)
• Zhejiang Sanhua Co Ltd Chart (002050)—Investing.com
• 002050 | Zhejiang Sanhua Co Ltd—Investing.com
• Zhejiang Sanhua Co Ltd (002050) Discussion Forum
• Sanhua Intelligent Controls Real-Time Quote
• Related Asset Data: Intraday Underlying Quote
• Sanhua Intelligent Controls (002050)
• Sanhua Intelligent Controls (002050)—Historical Quotes

This report was automatically retrieved, compiled, and generated by AI based on publicly available information. Information is as of the September 11, 2026 close; certain data in the technical indicators section are as of September 5, September 10, 2026, or earlier, and therefore differ in timing and methodology. The information may differ in timeliness. Specific data should be based on the company’s official announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.