After Half a Year, Robot Business Statements "Copy-Pasted," Sanhua Intelligent Controls' Double Growth Cannot Stop Institutional Reduction

On March 23, Sanhua Intelligent Controls (002050.SZ) released its annual performance report, stating that the company is expected to achieve approximately 31.012 billion yuan in operating revenue in 2025, an increase of 10.97% year-on-year; net profit attributable to shareholders of the listed company is about 4.063 billion yuan, up 31.1% year-on-year; basic earnings per share are 1.03 yuan, an increase of 22.62% year-on-year. The company’s stock price experienced intense fluctuations in the second half of 2025, with a maximum increase of 112.92%.

It is worth noting that regarding the market’s focus on strategic emerging businesses (including the bionic robot electromechanical actuator industry), comparing Sanhua Intelligent Controls’ 2025 semi-annual report and annual report, the company’s statements are both “focusing on multiple key model products for technological improvements, collaborating with customers on key product R&D, trial production, iteration, and sample delivery, receiving high praise from customers, and achieving a series of innovative results around existing products, thereby overall enhancing product strength.”

In other words, the company’s stock price doubled in half a year, but the description of the bionic robot electromechanical actuator business remains “copy and paste.”

Sanhua Intelligent Controls 2025 Semi-Annual Report

Sanhua Intelligent Controls 2025 Annual Report

Additionally, the ownership structure of the company’s top ten circulating shareholders changed significantly in the second half of 2025. Data shows that northbound funds, represented by Shenzhen-Hong Kong Stock Connect, withdrew heavily, while Hong Kong Stock Connect nominal holders increased their holdings against the trend. Coupled with collective reductions by domestic public funds, this led to a decrease in the company’s shareholding concentration, and the number of shareholders increased compared to the end of June 2025.

Compared to the top ten circulating shareholders on June 30 and December 31, 2025, two major foreign investment accounts showed completely different strategies:

Hong Kong Central Clearing and Settlement Co., Ltd. (Shenzhen-Hong Kong Stock Connect) experienced a significant outflow: as a representative of northbound funds, this account’s holdings sharply decreased from 176 million shares at mid-year to 130 million shares at year-end, with a reduction of 35.3633 million shares in the fourth quarter alone, a decline of 21.32%.

HKSCC NOMINEES LIMITED (nominee holder for Hong Kong Stock Connect) continued to increase holdings: contrary to Shenzhen-Hong Kong Stock Connect, this account held 477 million shares at the end of the period, an increase of nearly 63 million shares from mid-year, with the shareholding ratio rising from 10.14% to 11.45%. This increase indicates that southbound funds or international long-term investors still actively allocate to Sanhua Intelligent Controls through the Hong Kong Stock Connect channel.

In terms of domestic institutional investors, mainstream index funds and thematic funds also adopted a cautious approach:

CSI 300 series ETFs shifted from increasing to decreasing: Huatai-PineBridge, E Fund, and China Asset Management’s three CSI 300 ETFs significantly increased holdings in the first half of 2025, but reversed direction in the second half. In the fourth quarter, these three funds reduced holdings by 1.2269 million, 1.1875 million, and 439,700 shares respectively.

Profit-taking in thematic funds: The “GF CSI New Energy Vehicle Battery ETF,” which entered the top ten shareholders in Q3 2025, quickly reduced holdings by 3.1616 million shares in Q4.

Furthermore, data shows that as of December 31, 2025, the top ten circulating shareholders held a total of 2.36 billion A and H shares, accounting for 56.73% of circulating shares. Compared to June 30, 2025, when they held 2.357 billion shares (57.68%), the total holdings slightly increased, but the proportion of circulating shares decreased by nearly 1 percentage point. As of December 31, 2025, the total number of shareholders reached 647,400, a surge of 154.03% from 258,000 at the end of June 2025. This structural change clearly signals that chips are rapidly shifting from institutions to retail investors, with a significant decline in shareholding concentration.