Zhejiang Sanhua Intelligent Control Co., Ltd. (hereinafter referred to as &#34;Sanhua&#34;) recently officially released its annual report for 2025. The report shows that the company achieved operating revenue of 31.012 billion yuan in 2025, a year-on-year increase of 10.97%; the net profit attributable to shareholders of the listed company reached 4.063 billion yuan, a significant year-on-year increase of 31.10%, demonstrating strong profitability and operational resilience. The company plans to distribute a cash dividend of 2.80 yuan for every 10 shares, totaling 1.176 billion yuan.
However, behind this seemingly robust performance, subtle changes in the business structure and the slow advancement of strategic emerging businesses are quietly emerging. The bionic robot electromechanical actuator business, which the market has high hopes for, remains in the &#34;research and development, trial production, iteration, and sample delivery&#34; stage in the annual report, almost identical to six months ago.
Revenue and Profit Both Increase, Operational Quality Continues to Optimize
In 2025, Sanhua achieved operating revenue of 31.012 billion yuan, breaking the 30 billion yuan mark for the first time, with a year-on-year increase of 10.97%; the net profit attributable to shareholders of the listed company reached 4.063 billion yuan, a year-on-year increase of 31.10%, with growth far exceeding revenue growth. The growth rate of net profit attributable to the parent company is higher than that of revenue, mainly due to significant cost control effectiveness, with the overall gross profit margin increasing by 1.31 percentage points to 28.78% compared to the previous year.
In terms of cash flow, the company demonstrated a strong ability to generate cash. The net cash flow generated from operating activities for the year reached 5.091 billion yuan, a year-on-year increase of 16.58%; as of the end of the reporting period, the company had cash and cash equivalents of 14.912 billion yuan, a year-on-year increase of 184.12%. The total asset scale reached 49.406 billion yuan, an increase of 35.90% compared to the end of the previous year; the equity attributable to shareholders of the listed company increased to 31.749 billion yuan, with a growth rate of 64.52%, significantly optimizing the asset structure.
From the expense structure perspective, in 2025, the company's total expenses (sales + management + research and development + finance) amounted to approximately 4.136 billion yuan, a year-on-year increase of approximately 5.22%. Notably, financial expenses increased significantly by 331.19% year-on-year to 101 million yuan, mainly due to exchange losses of 210 million yuan during the period, while in 2024, there was an exchange gain of 83 million yuan. Research and development expenses were 1.374 billion yuan, a year-on-year increase of 1.65%, accounting for approximately 4.43% of operating revenue.
Dual-Engine Drive Differentiation, New Energy Vehicle Thermal Management First Decline
Sanhua's main business is divided into two major segments: refrigeration and air conditioning electrical components and automotive components, with business and production capacity highly globalized. In 2025, the refrigeration and air conditioning electrical components business achieved operating revenue of 18.585 billion yuan, a year-on-year increase of 12.22%, with gross profit margin rising to 28.77%. Thanks to the global market share of core products such as electronic expansion valves and four-way reversing valves exceeding 50%, the company firmly controls the core discourse power of the industrial chain
However, the performance of the automotive parts business reveals some concerns. This business generated annual revenue of 12.427 billion yuan, a year-on-year increase of 9.14%, which is lower than the overall revenue growth rate of the company and also lower than that of the refrigeration business segment.
It is noteworthy that in 2025, the production and sales of Sanhua's thermal management products for new energy vehicles both declined: sales were 63.7527 million units, down 8.30% year-on-year; production decreased by 8.74% year-on-year to 63.8889 million units. Based on the capacity situation of 91.2699 million units, the capacity utilization rate was only about 70%. This is the first time in recent years that this business segment has experienced a year-on-year decline in both production and sales.
The annual report explains that in 2025, the global new energy vehicle industry entered a phase of structural adjustment. Although China's new energy vehicle sales still grew by 28.2% year-on-year, the pace of electrification transformation varies across different markets, and intensified competition has brought short-term structural optimization challenges.
The strategic positioning of the robotics business is clear, but substantial progress is lacking
Leveraging its advantages in motor manufacturing expertise, scalability, and cost control, Sanhua has positioned bionic robot electromechanical actuators as a strategic emerging business. In 2025, the company focused on technical improvements for several key model products, collaborating with customers on key product research and development, trial production, iteration, and sample delivery, receiving high praise from customers.
The slower-than-expected mass production progress is the primary challenge facing the robotics business. The description of the robotics business in the 2025 annual report is &#34;focusing on technical improvements for several key model products, collaborating with customers on key product research and development, trial production, iteration, and sample delivery,&#34; which is almost identical to the statement made six months earlier in the interim report. In a recent collective research conducted by securities firms, the company's response remained the same.
This gap between expectations and reality has already been reflected in the capital markets. International investment banks have also expressed cautious views on Sanhua's valuation in the robotics business. In a research report released in November 2025, Goldman Sachs downgraded Sanhua's A-share rating from &#34;Buy&#34; to &#34;Neutral.&#34; Goldman Sachs analysts pointed out that although the market is enthusiastic about humanoid robot business, Tesla has further delayed the release and mass production timeline of the Optimus Gen3 robot, creating uncertainty regarding short-term revenue contributions.
However, in the latest research report, Guosheng Securities pointed out that the company is strategically positioning itself in humanoid robots, which is expected to open a third growth curve. The company is focusing on electromechanical actuators and has begun construction of production lines. It plans to invest in the Qiantang District to build a research and production base for robot electromechanical actuators and domain controllers, with a total investment of no less than 3.8 billion yuan, and has established a joint venture with Luyihuanbo in Mexico to mainly develop harmonic reducer-related products, while the holding group collaborates with Fengqian to develop hollow cup motor products. In 2025, the company focused on technical improvements for several key model products, collaborating with customers on key product research and development, trial production, iteration, and sample delivery, receiving high praise from customers, and achieved a series of innovative results around existing products, realizing an overall enhancement of product strength

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02050

Zhejiang Sanhua Intelligent Controls Co., Ltd. released its 2025 annual report, expecting operating revenue of 31.012 billion yuan, a year-on-year increase of 10.97%; net profit of 4.063 billion yuan, a year-on-year increase of 31.10%. The company plans to distribute a cash dividend of 2.80 yuan for every 10 shares, totaling 1.176 billion yuan. Despite stable performance, the bionic robotics business is progressing slowly and remains in the research and development stage. Overall operational quality continues to improve, cash flow is strong, and asset structure has significantly improved

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Guotai CSI All Share Household Appliances ETF

Sanhua

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E Fund CSI Household & Appliances Top ETF

Bosera CNI Top Household Appliances ETF

Fullgoal CSI All Share Appliance ETF

SANHUA

Sanhua's revenue will exceed 30 billion in 2025, with a net profit growth of 30%. The robotics business is "struggling," with insufficient substantial progress