J P M O R G A N Asia Pacific Equity Research 30 April 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Sanhua Intelligent A/H 1Q26 lands better than feared and keeps guidance intact despite FX and commodity headwinds, with AIDC and robotics progressing s ...