The Roller-Coaster Behind Sanhua Intelligent Controls' Stock Price: What Are the Advantages of Automotive Thermal Management Companies Crossing Into Humanoid Robots?

Zhuansu Vision has discovered.On the night of October 15, Sanhua Intelligent Control issued a "Clarification Announcement on Untrue Market Rumors," clearly stating that the rumors widespread on online media regarding "Sanhua Intelligent Control receiving a large order for robots" are not true. This clarification provided a clearer perspective for evaluating the market performance, which had previously surged and then plummeted due to these rumors.

Source: Sanhua Intelligent Controls

Stock prices influenced by rumors"Roller coaster"

On October 15, market rumors suggested that Tesla had placed an order worth $685 million (approximately 5 billion yuan) for humanoid robot Optimus linear actuators with Chinese supplier Shanhai Zhikong, claiming it to be "the largest order in the history of the humanoid robot industry." That afternoon, this unverified news quickly spread, causing Shanhai Zhikong's stock price to soar, hitting the daily limit within five minutes of opening and remaining capped until the market closed. However, just one night later, the release of a clarification announcement caused the stock price to plummet. On October 16, both A-shares and H-shares of Shanhai Zhikong opened nearly 5% lower, and although the stock price rebounded after opening, it was still down about 1% as of the time of writing. Such dramatic fluctuations in stock price highlight the market's sensitivity to news and the significant impact of rumors.

According to reports from Specialized Plastics World, Sanhua Intelligent Controls is also actively engaged in the field of bionic robots. The company focuses on technical improvements for several key product models, collaborates with clients on the development, prototyping, iteration, and sampling of a full range of products, and has received high praise from clients, achieving a series of innovative results around existing products.In January 2024, the company signed the "Investment Agreement for the Sanhua Intelligent Control Future Industrial Center Project," with a planned total investment of no less than 5 billion yuan. The project includes the robotic servo electromechanical actuator project and the thermal management domain controller project, continuously strengthening the business layout in the field of bionic robotics, which is expected to become a potential growth point.

From Automotive Thermal Management to Cross-Border Robotics: What Are the Advantages?

Sanhua Intelligent Controls primarily focuses on automotive components, with robotic components being a strategic new growth area. So, what advantages does Sanhua Intelligent Controls have in transitioning from automotive thermal management to the robotics field?

From a material perspective, high-temperature resistance and wear resistance are significant advantages. In automotive thermal management systems, Sanhua Intelligent Controls has accumulated extensive experience and technology for dealing with high-temperature environments. When a car engine is operating, it generates a large amount of heat. Its thermal management system needs to ensure that the engine operates within an appropriate temperature range, which requires relevant components to have excellent high-temperature resistance performance. Similarly, when humanoid robots are in operation, especially when performing high-intensity tasks, some critical components may also face high-temperature challenges. The material technology and processes mastered by Sanhua Intelligent Controls in the field of automotive thermal management can be directly applied to the manufacturing of robot components. This ensures that the robot components they produce maintain stable performance in high-temperature environments, reducing wear and failure due to high temperatures, thereby enhancing the reliability and lifespan of the robots.

In addition, the precision manufacturing and quality control experience accumulated by Sanhua Intelligent Controls in the field of automotive thermal management also provides strong support for its crossover into the robotics field. Automotive components require extremely high precision and quality, as any slight deviation can affect the performance and safety of the vehicle. Through long-term production practice, Sanhua Intelligent Controls has established a stringent quality control system and precision manufacturing processes. In the production of robotic components, these experiences and systems ensure the high-precision manufacturing of parts, meeting the strict requirements for motion precision and stability in robotics. For example, components for the joints of robots need to have extremely high motion precision and repeatability. Sanhua Intelligent Controls, leveraging its precision machining technology from automotive component manufacturing, can produce components that meet the requirements of robotics.

Performance and Business Layout: A Coexistence of Growth Drivers and Challenges

In the first half of 2025, Sanhua Intelligent Control achieved a revenue of 16.26 billion yuan, a year-on-year increase of 18.9%, and a net profit attributable to shareholders of 2.11 billion yuan, a year-on-year increase of 39.3%. The growth figures are impressive. A report from Guosen Securities commented that the company's performance growth is attributed to the continuous increase in orders from the new energy vehicle business, as well as proactive adjustments in market strategies within the refrigeration and air conditioning appliance sector to stabilize major clients and seize high-growth opportunities, while promoting cost reduction and efficiency improvement, leading to a steady increase in market share. The company holds the global market share lead in several thermal management products such as air conditioning electronic expansion valves and four-way reversing valves, which fully demonstrates its strong competitiveness in traditional business areas.

However, Sanhua Intelligent Controls is also facing numerous challenges. In its refrigeration business, it has encountered growth bottlenecks in recent years. The global home appliance market is gradually reaching saturation, and the demand for traditional home appliances such as air conditioners and refrigerators is showing sluggish growth.In 2024, the growth rate of global home appliance industry retail sales has significantly slowed down, with Sanhua Intelligent Controls' refrigeration business revenue growing by only 13.09%, which is below the industry average. Meanwhile, market competition is becoming increasingly intense, as emerging domestic refrigeration component manufacturers, leveraging cost advantages and quick market response capabilities, have captured a certain share in the mid-to-low-end market.

In the field of automotive thermal management, competition is equally intense. With the rapid development of the new energy vehicle market, competitors such as DunAn Environment and Yinlun Co., Ltd. are continuously making efforts in technology research and development as well as market expansion, exerting considerable competitive pressure on Sanhua Intelligent Controls. Through innovations in liquid cooling technology, Yinlun Co., Ltd. has successfully made advancements in energy storage and...In the field of AI computing power, a breakthrough has been achieved, with the revenue from its digital energy business soaring by 47.4% year-on-year in 2024, and a gross margin of 35%. In contrast, the gross margin of Sanhua Intelligent Control's automotive components business is only 27.64%.

Epilogue:

Despite Sanhua Intelligent Control's certain advantages in the cross-border robotics field and its active layout of related businesses, there are still many uncertainties in the development of the humanoid robot industry. From a technical perspective, the research and development of humanoid robots face numerous challenges, such as the optimization of artificial intelligence algorithms, the improvement of robot motion control technology, and breakthroughs in sensor technology. Currently, humanoid robots still need to improve in areas such as autonomous decision-making capabilities, motion flexibility, and stability in complex environments, and there is still a long way to go before achieving large-scale commercial applications.

From the market perspective, the demand for humanoid robots has not yet been fully unleashed. Although there is a certain demand for humanoid robots in specific fields such as research, education, and entertainment, a large-scale consumer and industrial application market has not yet formed. Factors such as consumer acceptance of humanoid robots and price sensitivity will affect the promotion and sales of humanoid robots.

Therefore, for investors, it is necessary to view Sanhua Intelligent Controls and the entire humanoid robot industry rationally. They should not blindly chase high prices due to momentary rumors or short-term stock price fluctuations. When making investment decisions, they should fully consider the long-term development prospects of the industry, the fundamentals of the company, and its business layout.