Sanhu (2050.HK): 2Q26E NP at Rmb1,250mn (+4% YoY)

Research evidence excerpt

Sanhu (2050.HK): 2Q26E NP at Rmb1,250mn (+4% YoY)

Sanhua (2050.HK)

20 July 2026 Citi Research

Citigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of Zhejiang

Sanhua Intelligent Controls. This position reflects information available as of the prior business day.

Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking

services from Zhejiang Sanhua Intelligent Controls in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: Zhejiang Sanhua Intelligent Controls.

services provided were non-investment-banking, non-securities-related: Zhejiang Sanhua Intelligent Controls.

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Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

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institutional clients and the management teams of covered companies. Typically, company management is more likely to

participate when the analyst has a positive view of the company.

For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity provider