Sanhua

Profits were wiped out by opex. Yet in H-shares, the robotics business is priced only at the floor (minimum guarantee).

Reaffirmed full-year profit growth guidance of approx. 15% YoY. The outlook remains intact.

Liquid-cooling revenue rose over 50% in H1 to approx. RMB 0.8–1.0bn and has been designated a key strategic focus for the next five years. However, a RMB 179 mn mark-to-market loss on investments, plus an additional RMB 290 mn YoY increase in FX losses, dragged attributable NP down 3.12% YoY. Management reaffirmed the full-year targets set at the start of the year and required NP growth to outpace revenue growth.

Data center-related new products are advancing on track. This year is expected to grow 50%-100% YoY.

Q1 revenue returned to positive growth. Back in positive territory.

On the afternoon of Mar 23 (Beijing time), 2050.HK released its FY25 annual report.

Below is Dolphin Research's Trans of Sanhua Intelligent Controls' FY25 annual report earnings call.

In the previous report, we reviewed Sanhua Intelligent Controls’ growth trajectory and core product lines.

Any deep dive into the humanoid robot supply chain has to cover Sanhua Intelligent Controls.

In the humanoid robot supply chain, Sanhua Intelligent Controls is impossible to ignore. With Tesla's Optimus nearing mass production, Sanhua, as a core Tier-1 supplier to Tesla, is becoming increasingly tied to its humanoid robot program.