Revenue and Net Profit Reach All-Time Highs, Sanhua Intelligent Controls Bets Big on Robot New Track, Market Value Evaporates Over 50 Billion Yuan Within the Year

Source: Times Finance Author: Zhou Li

Image source: TuChong Creative

As a “hidden champion” in the global thermal management industry, Sanhua Intelligent Controls (002050.SZ; 02050.HK) once again confirms its market position with its performance. The latest disclosed 2025 annual report shows that last year, Sanhua Intelligent Controls achieved record-high revenue and net profit.

Specifically, the company achieved an annual revenue of 31.012 billion yuan in 2025, a year-on-year increase of 10.97%; net profit attributable to the parent was 4.063 billion yuan, up 31.10%, with profit growth significantly outpacing revenue growth. Notably, Wind data shows that Sanhua Intelligent Controls’ net profit margin has reached 13.24%, a 16-year high.

Regarding the reasons for performance growth, Sanhua Intelligent Controls mentioned in its previous earnings forecast that during the reporting period, the company continued to consolidate its leading position in the refrigeration and air conditioning component industry, fully grasped the market demand growth opportunities, and leveraged its core product deep technical accumulation and large-scale production advantages to drive sustained growth in this business.

“Meanwhile, relying on its leading market layout in the global new energy vehicle thermal management field, the company continues to expand high-quality orders through the demonstration effect of benchmark customers, further strengthening the growth momentum of its automotive parts business. The synergy of these two major business segments provides solid support for the company’s annual performance growth,” Sanhua Intelligent Controls stated.

According to periodic reports, Sanhua Intelligent Controls focuses on the research and application of heat pump technology and thermal management systems, dedicated to developing environmentally friendly thermal management solutions that enable efficient heat exchange and intelligent temperature control. Its business spans refrigeration and air conditioning components and automotive parts, and based on long-term technological accumulation and R&D innovation, it is expanding into emerging fields such as biomimetic robot electromechanical actuators.

By product category, the refrigeration and air conditioning components business is the “pillar” of Sanhua Intelligent Controls’ performance, with revenue of 18.585 billion yuan, up 12.22% year-on-year; the “second-in-command” automotive parts business generated revenue of 12.427 billion yuan, up 9.14%, accounting for about 40% of total revenue. Although there is a revenue gap, the gross profit margins of the two are similar, at 28.77% and 28.79%, respectively.

Regionally, domestic sales revenue reached 17.688 billion yuan, up 14.51%, with an increased proportion of total revenue, while overseas sales also grew by 6.58% to 13.323 billion yuan, with a gross profit margin of 31.19%, higher than the domestic margin of 26.96%.

It is noteworthy that Sanhua Intelligent Controls’ cash and cash equivalents increased from 5.249 billion yuan at the beginning of 2025 to 14.912 billion yuan at the end of the year, with the proportion of total assets rising from 14.44% to 30.18%. The company stated that this was mainly due to successfully completing a Hong Kong stock issuance and raising funds.

On June 23, last year, Sanhua Intelligent Controls successfully listed on the Hong Kong Stock Exchange. At that time, the company announced that its total fundraising amount was HKD 9.336 billion. About 10% of the funds raised will be used for biomimetic robots and related technology R&D. This is also part of the strategic emerging businesses mentioned in the company’s periodic reports since last year.

According to public information, Sanhua Intelligent Controls has been a Tier 1 supplier for Tesla since 2017, mainly providing core thermal management system components for models such as Model 3, Model X, and Model S. After 2020, the company further expanded its cooperation scope, providing Tesla with integrated thermal management components for new energy vehicles.

Elon Musk has publicly stated that Tesla’s future “about 80% of its long-term value” will come from the humanoid robot Optimus (Optimus Prime). Tesla’s board of directors proposed a trillion-dollar equity incentive plan for Musk, with one of the unlocking conditions being the delivery of 1 million humanoid robots within 10 years.

To seize new opportunities in the biomimetic robot industry, Sanhua Intelligent Controls plans to invest in R&D of electromechanical actuators, key components of biomimetic robots, and aims to recruit about 200 R&D personnel by 2028.

In this year’s business plan, Sanhua Intelligent Controls emphasizes its biomimetic robot business—focusing on electromechanical actuators, continuing to collaborate with clients on key product R&D, prototyping, iteration, and sample delivery, while increasing development efforts on key components. The company also plans to expand overseas production of electromechanical actuators and continuously grow its R&D team to consolidate its first-mover advantage in the emerging biomimetic robot electromechanical actuator market.

Whether the robot business can bring short-term performance growth to Sanhua Intelligent Controls remains to be seen, but the capital market has already reacted in advance.

In the hot robot concept year of 2025, Sanhua Intelligent Controls’ stock price has been impressive. Wind data shows that its A-shares rose from around 20 yuan per share at the beginning of 2025 to 55.19 yuan per share on December 31, a 137.27% increase for the year. The stock continued to rise into early 2026, reaching a historical high of 60.77 yuan per share on January 19 before pulling back, with a decline of over 20% within the year and a market value evaporation of over 50 billion yuan; meanwhile, its Hong Kong shares have increased by 28.33% since listing.

It is noteworthy that during the surge in stock price in 2025, some shareholders of Sanhua Intelligent Controls reduced their holdings. Among the top ten shareholders in A-shares, the actual controller Zhang Yabo’s concerted action Zhejiang Sanhua Green Energy Industrial Co., Ltd. reduced its holdings by 78.3828 million shares in 2025.