动辄数十亿的资本联姻，参与者身份不尽相同。有的已是港股上市公司，有的没上市企业并未注入资产 和重组计划。有的是人形机器人，有的是四足机器人、特种机器人，并购对象更是涉及环保材料、园林 机械、能源运输、物流仓储等千行百业。 12月24日，优必选宣布收购A股上市公司园林机械制造商锋龙股份的43%股权，豪掷16.65亿元拿下后者 控股权。在此之前数月时间，进行了类似操作的还有智元机器人收购上纬新材、七腾机器人收购胜通能 源…… 算上反向操作的东杰智能收购遨博智能，以及明确IPO进展的宇树科技、云深处科技、乐聚机器人等， 机器人在资本市场的火爆持续到岁末年初。 从内测产品找风投，到秀舞蹈打比赛，再逐渐成为公开市场的香饽饽，以人形机器人破圈为标志的机器 人全链条迎来订单和财富的爆发期。 虽说上市只是又一个阶段的新起点，但能接受大众层级的检验，意味着机器人竞争告别了草根、草莽时 代。市场上有头部领跑者，有当红炸子鸡，有资本领域的长袖善舞，也有大厂明争暗斗和合纵连横—— 新进入者并非没有机会，竞争压力却远超过往。 近期还有市场传闻称，多家人形机器人企业正展开竞逐，不惜重金要拿下总台马年春晚亮相机会。一年 前略显笨拙的"春晚 ...

Group 1 - The core point of the news is that UBTECH Robotics (9880.HK) is acquiring a controlling stake in Fenglong Co., Ltd. (002931.SZ) through a combination of agreement transfer and tender offer, which will enhance its position in the humanoid robot market [1][2] - UBTECH will acquire a total of 93,957,518 shares, representing 43% of Fenglong's total shares, at a price of 17.72 CNY per share, totaling approximately 1.665 billion CNY [1][2] - After the acquisition, UBTECH's CEO, Zhou Jian, will become the actual controller of Fenglong, further consolidating UBTECH's influence in the industry [1][2] Group 2 - The acquisition is seen as a strategic move to align with both companies' long-term goals and create synergies to accelerate the development and commercialization of humanoid robots [1][2] - Prior to this acquisition, the robotics and AI sector has seen several mergers and acquisitions, indicating a trend of consolidation within the industry [1][4] - UBTECH's recent financial performance shows a revenue of 621 million CNY for the first half of 2025, a year-on-year increase of 27.5%, although it reported a loss of 439 million CNY [3][4] Group 3 - The acquisition may facilitate UBTECH's return to the A-share market, potentially allowing for a dual listing on both Hong Kong and A-share platforms [2][4] - The move is part of a broader trend in the industry where companies are exploring various pathways to access capital markets, including mergers, direct IPOs, and simultaneous listings [4][5] - The industry is witnessing a diversification in listing strategies, with multiple companies pursuing different routes to enhance their market presence [5]

12月25日，因人形机器人龙头优必选披露的收购消息，锋龙股份开盘"一"字涨停。在此之前，还有七腾 机器人拟入主胜通能源、追觅科技创始人拟入主嘉美包装、东杰智能寻求收购遨博智能等逻辑相仿的案 例。虽然相关企业均已声明"36个月内不借壳"，为何还要在此时争相收购上市平台？产业爆发前夜，时 间就是生命线。在受访人士看来，通过收购锁定现成的上市平台，是一条相较于独立IPO更为快捷、确 定性更高的路径。而是否拥有上市平台，是外部资本判断企业实力与前景的重要标尺。通过提前"备 壳"，既为企业的后续资本运作提供了空间，也为投资机构的进一步融资与退出方面提供了托底选择。 （上证报） ...

优必选突然出手A股买壳，让人多少有点意外。 长江商报消息 A股市场上或将迎来人形机器人"H+A第一股"。 12月24日晚，A股公司锋龙股份（002931.SZ）、港股公司优必选（09880.HK）均发布公告，优必选将 入主锋龙股份。 跟2025年A股市场人形机器人公司入主上市公司的模式一样，优必选入主锋龙股份，采取协议转让+要 约收购方式进行，优必选将合计取得锋龙股份约43%的股权，交易价款合计约为16.65亿元。 本次交易完成后，锋龙股份控股股东将由诚锋投资变更为优必选，实际控制人由董剑刚变更为优必选创 始人、董事会主席周剑。 在市场人士看来，优必选入主锋龙股份，剑指借壳上市回归A股市场。截至2025年9月末，锋龙股份总 资产11.30亿元，资产负债率仅为15.92%。公司盈利能力不强，2025年前三季度归母净利润暴增17倍， 也仅2151.85万元。 作为人形机器人第一股，优必选尚未盈利，但其市值已达551亿港元。H股上市两年，公司累计募资约 86亿港元；截至12月，人形机器人业务累计订单总额接近14亿元。 宣告易主前，锋龙股份股票涨停，宣告易主后的12月25日，公司股票继续涨停。 16.65亿锁定锋龙股 ...

深圳商报首席记者袁静娴 2025年末，人形机器人再迎来一则重大消息。 12月24日，"人形机器人第一股"优必选（9880.HK）发布公告，以"协议转让+要约收购"的组合方式共 收购深交所上市公司锋龙股份（002931）（002931.SZ）93957518股（占锋龙股份公司股份总数 43%）。 根据公告，本次控制权变更方案中的股份转让价格、要约收购价格均为17.72元/股（相比12月17日锋龙 股份停牌前19.68元/股折让10%），以此计算，合计总对价达16.65亿元。 交易完成后，优必选将成为锋龙股份的控股股东，其董事会主席、执行董事兼CEO周剑将成为锋龙股份 的实际控制人。周剑目前也是优必选单一第一大股东，直接持股比例达20.61%。 优必选表示，收购事项在战略上符合双方的长期目标，并能创造协同效应，加速公司人形机器人的开发 与商业化。 在优必选收购锋龙股份之前，今年的机器人与人工智能赛道，已出现数例并购案例。今年7月，智元机 器人入主上纬新材（688585.SH）；12月，分别传来中昊芯英拿下天普股份（605255） （605255.SH）、七腾机器人控股胜通能源（001331）（001331.SZ） ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月24日晚间，深圳市优必选科技股份有限公司披露公告称，拟以"协议转让+要约收购"的组合方式收 购浙江锋龙电气股份有限公司约43%股份。 从资本收购到舞台"出圈"，从政策加码到订单落地，人形机器人正以"火力全开"的姿态迈入发展快车 道。据IDC预测，2025年中国商用人形机器人出货量约5000台，到2030年将增长至近6万台，年复合增 长率超过95%。 萨摩耶云科技集团首席经济学家郑磊表示，当前，人形机器人已从"技术验证"进入到"小批量商用+场景 落地"的早期阶段，处于规模化前夜。 随着赛道热度攀升，产业链企业加速布局，上市公司接单动作频频。 例如，12月22日，维峰电子（广东）股份有限公司在投资者互动平台上表示，公司已有部分人形机器人 领域的相关订单。但人形机器人作为新兴赛道，当前行业整体处于技术突破与场景探索阶段，目前公司 相关业务正在逐步提升中。 江南模塑科技（维权）股份有限公司近日公告称，公司与国内某机器人公司签订了零部件采购框架协 议。本次订单的获得是双方战略合作的实质性落地举措，标志着该公司业务正式向人形机器人产业拓 展。 ...

配售募资31亿港元刚刚一个月，优必选（9880.HK）便出资收购了一家上市公司的控制权。 12月24日，优必选与锋龙股份（002931.SZ）实控人董剑刚及其一致行动人诚锋投资、锋驰投资、厉彩霞签署《股份转让协议》，计划以"协议转让+要约 收购"的形式，以16.65亿元的总对价，获得公司43%的股权，并取得公司的控制权。 具体而言，诚锋投资将所持的6552.99万股锋龙股份股份转让给优必选，总对价为11.61亿元。转让完成后，优必选的持股比例将达到29.99%。此次股份转 让的对价为17.72元/股，较12月17日停牌前19.68元/股的价格折让约10%。 转让完成后，优必选或其制定的主体将向上市公司除受让方之外的全体股东发出部分要约收购，以17.72元/股的对价收购2845万股，占公司总股本的 13.01%。 若要约收购完成，优必选合计持有锋龙股份43%的股权，成为公司新任控股股东。优必选实控人、董事会主席、CEO周剑将成为公司新任实控人。 12月25日，锋龙股份复牌后一字涨停，股价收于21.65元，总市值约47亿元。因港股休市，当日优必选停牌，停牌前其股价为109.5港元，总市值551亿港 元。 出品｜达 ...

Group 1 - The core point of the article is that UBTECH Robotics (9880.HK) is acquiring a controlling stake in Fenglong Co., Ltd. (002931.SZ) through a combination of agreement transfer and tender offer, marking a significant move in the humanoid robotics sector [2][3] - The acquisition involves UBTECH purchasing 65,529,900 shares (29.99% of total shares) from Fenglong's controlling shareholder at a price of 17.72 CNY per share, totaling approximately 1.16 billion CNY [3] - Following the share transfer, UBTECH will make a tender offer for an additional 28,450,000 shares (13.02% of total shares) at the same price, amounting to about 504 million CNY [3] Group 2 - UBTECH has committed to ensuring that Fenglong's net profit attributable to shareholders will not be less than 10 million CNY, 15 million CNY, and 20 million CNY for the years 2026, 2027, and 2028, respectively [4] - The acquisition aims to extend UBTECH's supply chain and enhance its core competitiveness by leveraging its technological advantages in humanoid robotics alongside Fenglong's manufacturing capabilities [2][4] - As of December 25, 2023, Fenglong's stock closed at 21.65 CNY per share, with a market capitalization of 4.73 billion CNY, while UBTECH's stock closed at 109.5 HKD per share, with a market capitalization of 55.1 billion HKD [4] Group 3 - Fenglong's revenue for the first three quarters of 2023, 2024, and 2025 was 433 million CNY, 479 million CNY, and 373 million CNY, respectively, with a net loss of 7.04 million CNY in 2023, turning to a profit of 4.59 million CNY in 2024 [5] - The revenue contribution from the landscaping machinery, hydraulic components, and automotive parts sectors was 37%, 29%, and 23%, respectively, with gross margins of 25%, 24%, and 16% [5] - The domestic and international market revenue shares were 64% and 36%, respectively [5] Group 4 - The trend of humanoid robotics companies pursuing capital operations has intensified, with UBTECH's acquisition being part of a broader strategy among AI companies to enter the A-share market through agreement transfers and tender offers [6] - Other companies in the humanoid robotics sector have also adopted similar strategies, such as ZhiYuan Robotics and Zhonghao Xinying, indicating a growing trend in the industry [6] - The year 2025 is anticipated to be a pivotal year for the commercialization of humanoid robots, with UBTECH already securing nearly 1.4 billion CNY in orders for humanoid robots this year [7] Group 5 - UBTECH's financial reports indicate projected revenues of 1.305 billion CNY and 621 million CNY for 2024 and the first half of 2025, with net losses of 1.124 billion CNY and 414 million CNY, respectively [8] - The R&D expenses for these periods were 478 million CNY and 218 million CNY, accounting for 36.6% and 35.1% of revenue [8] - Despite narrowing losses, UBTECH's humanoid robotics division is still in the order validation and capacity ramp-up phase, necessitating continued R&D investment [9]

Core Viewpoint - The A-share humanoid robot sector welcomes a strong new player, Fenglong Co., Ltd., which has seen a significant stock price surge following the announcement of a potential acquisition by UBTECH, a leading humanoid robot company [1][5][11]. Group 1: Company Developments - Fenglong Co., Ltd. resumed trading with a limit-up price of 21.65 yuan per share, with opening orders exceeding 4.6 million hands, amounting to nearly 10 billion yuan [1][2]. - UBTECH plans to acquire a controlling stake in Fenglong Co., Ltd. through a combination of agreement transfer and tender offer, with the total transaction amount estimated at approximately 1.665 billion yuan [5][7]. - After the acquisition, UBTECH is expected to hold at least 43% of Fenglong's shares, which aligns with its strategy to strengthen its position in the humanoid robot market [7][11]. Group 2: Market Context - The humanoid robot sector is experiencing heightened activity, with various companies, including UBTECH and others, racing towards A-share listings, reflecting a broader trend in the industry [12][18]. - The market is witnessing a shift towards capital market engagement, with 2025 anticipated to be a pivotal year for the humanoid robot industry in terms of capital securities [12][18]. - The current market sentiment is influenced by the performance of other companies in the sector, such as Shunwei Energy, which has set a precedent for stock price movements in response to strategic acquisitions [3][9]. Group 3: Industry Trends - The humanoid robot industry is expected to see significant growth, with UBTECH's order volume nearing 1.4 billion yuan and production capacity projected to exceed 1,000 units per month by 2026 [11][12]. - The industry is characterized by diverse financing paths, including independent IPOs, mergers and acquisitions, and primary market financing, indicating a robust capital landscape [12][18]. - The integration of advanced technologies, such as the VLA model, is crucial for the future of humanoid robots, enhancing their operational capabilities and market potential [16][18].

Core Viewpoint - A significant acquisition wave led by technology companies in the A-share market has commenced, highlighted by the acquisition of approximately 43% of shares in Fenglong Co., Ltd. by UBTECH Robotics through a combination of agreement transfer and tender offer [1][2]. Summary by Sections Acquisition Details - UBTECH plans to acquire 43% of Fenglong's shares at a price of 17.72 CNY per share, which represents a 10% discount from the pre-suspension price of 19.68 CNY, totaling approximately 1.665 billion CNY [2][8]. - Following the announcement, Fenglong's shares hit the daily limit up, closing at 21.65 CNY, with a total market capitalization of 4.731 billion CNY [2][4]. Control and Strategy - The acquisition strategy involves a two-step process, where UBTECH first acquires 29.99% of shares through an agreement transfer, avoiding the obligation for a full tender offer [7][8]. - The second step includes a partial tender offer for an additional 13.02% of shares, maintaining the same price of 17.72 CNY per share [7][8]. Future Listing Considerations - There are speculations about UBTECH potentially using Fenglong as a vehicle to return to the A-share market; however, current regulations and the company's financial status make this unlikely in the short term [10][12]. - UBTECH has not achieved profitability, which is a requirement for a reverse merger to qualify for A-share listing [12]. Industry Context - The acquisition reflects a trend where technology companies seek control of stable A-share companies to leverage their manufacturing capabilities and market presence [16][17]. - Fenglong's established manufacturing capabilities in garden machinery and automotive components may provide synergies with UBTECH's focus on humanoid robotics, enhancing the potential for industry integration [16][17]. Financial Strategy - The acquisition will be funded through UBTECH's own capital, including cash reserves and proceeds from a recent placement of 3.056 billion HKD, with plans to allocate a significant portion for mergers and investments in the robotics sector [17].