SANHUA (02050) fell more than 5%, marking a retreat of over 20% from its yearly peak. At the time of writing, the stock was down 5.05% to HKD 33.82, with a trading volume of HKD 533 million.

The decline follows a recent Goldman Sachs report on China's humanoid robot supply chain. The investment bank conducted on-site research from November 3 to 6, covering nine Chinese robotics industry companies, including SANHUA and other market favorites.

The report noted that these robotics component manufacturers are actively expanding production capacity both domestically and overseas, with annualized capacity plans ranging from 100,000 to 1 million robot equivalents. Compared to Goldman Sachs' 2035 global shipment forecast of 1.38 million units, these plans reflect the supply chain's optimistic outlook on industry growth.

However, the report also highlighted that none of the nine surveyed companies have confirmed substantial firm orders or provided clear mass production timelines.

SANHUA, which denied rumors in October about securing a RMB 5 billion robot order from Tesla, is developing its robotics business based on its core "thermal management" technology. According to Goldman Sachs, SANHUA has acquired approximately 200,000 square meters of land in Thailand specifically for humanoid robot actuator assembly, with production capacity already initiated at its Thai base.