Sanhua Intelligence Control: Ganancias netas del año pasado aumentaron más del 30% interanual, pero las ventas y producción de productos de gestión térmica para vehículos de nueva energía cayeron por primera vez | Interpretación de resultados financieros

Financial Associated Press, March 24th (Reporter Wang Bin) The leading company in the thermal management field, Sanhua Intelligent Controls (002050.SZ), achieved ten consecutive years of growth in last year’s performance, with revenue and net profit reaching new heights. However, its new energy vehicle thermal management products experienced a first decline in production and sales, and the bionic robot electromechanical actuator business has seen no significant progress for more than half a year.

Yesterday evening, the company announced that last year it achieved operating revenue of 31.012 billion yuan, a year-on-year increase of 10.97%; net profit attributable to shareholders of the listed company was 4.063 billion yuan, up 31.10% year-on-year; net cash flow from operating activities increased by 16.58% year-on-year to 5.091 billion yuan.

Notably, due to significant exchange losses, the company’s financial expenses last year reached 101 million yuan, a year-on-year increase of 331.19%. Additionally, the company’s asset impairment losses amounted to -1.23 billion yuan, mainly due to inventory write-downs and fixed asset impairments.

The company stated that the performance growth was mainly due to the simultaneous improvement in gross profit margins of two core business segments. Among them, last year, the company’s refrigeration and air conditioning electrical components business revenue was 18.585 billion yuan, a 12.22% increase; gross profit margin was 28.77%, an increase of 1.42 percentage points year-on-year. The automotive parts business revenue was 12.427 billion yuan, up 9.14%; gross profit margin was 28.79%, an increase of 1.15 percentage points year-on-year.

Financial Associated Press reporters noted that after experiencing double-digit growth from 2021 to 2024, last year Sanhua Intelligent Controls’ new energy vehicle thermal management products and domestic automotive parts saw their first decline in production and sales. However, traditional fuel vehicle thermal management products continued to grow in both production and sales.

Specifically, last year, the company’s new energy vehicle thermal management products had production and sales of 63.889 million and 63.752 million units, respectively, decreasing by 8.74% and 8.30% year-on-year. Domestic automotive parts’ production and sales were 152 million units each, with slight decreases of 0.66% and 1.39%. Traditional fuel vehicle thermal management products’ production and sales were 19,400 units and 184 million units, respectively, increasing by 7.64% and 5.33%.

Public information shows that domestic new energy vehicle sales are expected to grow by 28.2% year-on-year in 2025. This indicates that the company’s market share in the domestic new energy vehicle thermal management market may face certain challenges.

Meanwhile, strategic emerging businesses, including the bionic robot electromechanical actuator business, seem to have made little progress. In its 2025 annual report, Sanhua Intelligent Controls stated, “The company focuses on multiple key model products for technological improvements, collaborating with customers on key product R&D, prototyping, iteration, and sample delivery, receiving high praise from customers, and achieving a series of innovative results around existing products, thereby overall enhancing product strength.” This is highly consistent with the statement in the company’s mid-2025 interim report.

In 2026, regarding the bionic robot business, Sanhua Intelligent Controls plans to “focus on electromechanical actuators, continue collaborating with customers on key product R&D, prototyping, iteration, and sample delivery, and increase development efforts on key components of electromechanical actuators. Meanwhile, actively expanding overseas production of electromechanical actuators, continuously enlarging the R&D team to consolidate its first-mover advantage in the emerging market of bionic robot electromechanical actuators.”