Core Viewpoint - Fenglong Co., Ltd. disclosed an announcement regarding abnormal stock trading fluctuations, emphasizing that UBTECH will not pursue a backdoor listing within the next three years [2][6]. Group 1: Stock Performance - In the last three trading days, Fenglong Co., Ltd. experienced a cumulative increase of 33.15% [4]. - As of December 26, 2025, the closing price of Fenglong Co., Ltd. was 23.82 yuan per share, with a static price-to-earnings ratio of 1133.22 and a price-to-book ratio of 5.48 [4]. Group 2: Acquisition Details - On December 24, UBTECH announced plans to invest 1.665 billion yuan to acquire 9.395 million shares of Fenglong Co., Ltd., representing 43% of the total share capital, thereby gaining control [7]. - Following the completion of this transaction, the controlling shareholder of Fenglong Co., Ltd. will change from Chengfeng Investment to UBTECH, with the actual controller changing to UBTECH's founder and chairman, Zhou Jian [7]. Group 3: Business Strategy and Future Plans - UBTECH stated that this strategic acquisition is a significant move to enhance its industrial chain layout and strengthen its core competitiveness [7]. - After the acquisition, Fenglong Co., Ltd. will remain focused on its original business, with no major changes expected in its fundamentals [6]. - UBTECH aims to leverage its technological advantages in humanoid robots and Fenglong Co., Ltd.'s manufacturing and supply chain capabilities to deepen industrial collaboration and promote the commercialization of humanoid robot technology [7]. Group 4: Recent Developments - On December 28, UBTECH announced winning bids for two projects: the Huizhou Huizhong District Humanoid Robot Data Collection Center project and the Hohhot Embodied Intelligence Technology Center equipment procurement project, with total bid amounts exceeding 130 million yuan [7]. - As of now, UBTECH's total order amount for humanoid robots in 2025 has approached 1.4 billion yuan, with the 1000th Walker S2 robot rolling off the production line in Liuzhou, achieving an annual production capacity of 1,000 units [9].

Group 1 - The core point of the news is that UBTECH Robotics plans to acquire approximately 43% of the shares of Fenglong Co., Ltd. for a total consideration of about 1.665 billion yuan, which will make UBTECH the controlling shareholder of Fenglong [1] - Following the announcement, Fenglong's stock price experienced a continuous increase, hitting the daily limit on December 25 and 26, with a cumulative increase exceeding 20% [1] - As of December 26, Fenglong's closing price was 23.82 yuan per share, with a static price-to-earnings ratio of 1133.22 and a price-to-book ratio of 5.48, compared to the industry averages of 39.53 and 3.68 respectively [1] Group 2 - UBTECH, a leading company in the humanoid robotics sector, went public on the Hong Kong Stock Exchange on December 29, 2023, and has secured nearly 1.4 billion yuan in orders for humanoid robots this year [2] - After the acquisition, Fenglong will maintain its original business focus, and UBTECH aims to enhance the management and resource allocation of the listed company, although there are uncertainties regarding business transformation and future collaborations [2] - UBTECH has no plans to change the main business of Fenglong or to undertake significant asset restructuring within the next 12 months, nor does it plan to pursue a backdoor listing through Fenglong within the next 36 months [2] Group 3 - The year 2025 is anticipated to be the "commercialization year" for humanoid robots, with companies striving to secure industry orders and achieve practical applications and mass production [3] - UBTECH's financial report indicates projected revenues of 1.305 billion yuan and 621 million yuan for 2024 and the first half of 2025, respectively, with net losses of 1.124 billion yuan and 414 million yuan [3] - Research and development expenses for UBTECH are expected to be 478 million yuan and 218 million yuan for 2024 and the first half of 2025, accounting for 36.6% and 35.1% of revenue, respectively [3]

该次交易完成之后，公司仍以原有业务为主，基本面不会发生重大变化；优必选将努力优化上市公司管 理及资源配置，提升上市公司持续经营能力和盈利能力，但公司转型升级存在不确定性，未来业务合作 亦存在不确定性。 锋龙股份在公告中表示，优必选暂无在未来12个月内改变上市公司主营业务或者对上市公司主营业务做 出重大调整的明确计划，以及在未来12个月内对上市公司及其子公司的重大资产和业务进行出售、合 并、与他人合资或合作的明确计划，或上市公司拟购买或置换重大资产的明确重组计划。未来36个月 内，优必选不存在通过上市公司重组上市的计划或安排；未来12个月内，优必选不存在资产重组计划。 北京商报讯（记者 马换换 王蔓蕾）受优必选拟入主消息影响而股价大涨的锋龙股份（002931），于12 月28日晚间披露股票交易异常波动公告显示，未来36个月内，优必选不存在通过上市公司重组上市的计 划或安排。 交易行情显示，在停牌前的12月17日，以及复牌后的12月25日、26日，锋龙股份接连斩获三个涨停板， 区间累计涨幅33.15%。截至12月26日收盘，公司股价收于涨停价23.82元/股，总市值52.05亿元。 ...

Core Viewpoint - Fenglong Co., Ltd. has disclosed an announcement regarding abnormal stock trading fluctuations, reiterating that UBTECH will not pursue a backdoor listing within three years [1] Group 1: Stock Performance - Fenglong Co., Ltd. has experienced a three-day consecutive limit-up, with a total increase of 33.15% prior to and following its suspension [2] Group 2: Business Operations and Future Plans - UBTECH has no clear plans to change the main business of the listed company or make significant adjustments within the next 12 months, nor does it plan to sell, merge, or collaborate on major assets or businesses [4] - After the completion of the transaction, Fenglong Co., Ltd. will continue to focus on its original business, and the fundamental situation will not undergo significant changes [4] - UBTECH aims to optimize the management and resource allocation of the listed company to enhance its operational and profitability capabilities, although there are uncertainties regarding business transformation and future collaborations [4] Group 3: Acquisition Details - On December 24, UBTECH announced plans to invest 1.665 billion yuan to acquire 9.395 million shares of Fenglong Co., Ltd., representing 43% of the total share capital, thereby gaining control [5] - Following the acquisition, the controlling shareholder of Fenglong Co., Ltd. will change from Chengfeng Investment to UBTECH, with the actual controller changing to UBTECH's founder and chairman, Zhou Jian [5] - This strategic acquisition is seen as a significant move for UBTECH to enhance its industry chain layout and strengthen its core competitiveness in the humanoid robot sector [5] Group 4: Market Context - Similar cases in the A-share market include Qiteng Robotics seeking to acquire Victory Energy and other companies pursuing similar acquisition strategies [6] - A market analyst noted that such target companies often possess "shell" attributes, characterized by moderate market capitalization, traditional main businesses, and concentrated shareholding, making control acquisition more certain [6] - Acquiring an existing listed platform is viewed as a quicker and more certain path compared to independent IPOs, providing space for future capital operations and a safety net for investment institutions [6]

每经AI快讯，12月28日，锋龙股份（002931）(002931.SZ)发布异动公告，控制权变更事项完成后，公 司仍以原有业务为主，基本面不会发生重大变化；优必选将努力优化上市公司管理及资源配置，提升上 市公司持续经营能力和盈利能力，但公司转型升级存在不确定性，未来业务合作亦存在不确定性。优必 选暂无在未来12个月内改变上市公司主营业务或者对上市公司主营业务做出重大调整的明确计划，以及 在未来12个月内对上市公司及其子公司的重大资产和业务进行出售、合并、与他人合资或合作的明确计 划，或上市公司拟购买或置换重大资产的明确重组计划。未来36个月内，优必选不存在通过上市公司重 组上市的计划或安排；未来12个月内，优必选不存在资产重组计划。 ...

智通财经APP讯，锋龙股份(002931.SZ)公告称，优必选暂无在未来12个月内改变上市公司主营业务或者 对上市公司主营业务做出重大调整的明确计划，以及在未来12个月内对上市公司及其子公司的重大资产 和业务进行出售、合并、与他人合资或合作的明确计划，或上市公司拟购买或置换重大资产的明确重组 计划。未来36个月内，优必选不存在通过上市公司重组上市的计划或安排;未来12个月内，优必选不存 在资产重组计划。该次交易完成之后，公司仍以原有业务为主，基本面不会发生重大变化;优必选将努 力优化上市公司管理及资源配置。 ...

锋龙股份（002931）(002931.SZ)公告称，优必选暂无在未来12个月内改变上市公司主营业务或者对上 市公司主营业务做出重大调整的明确计划，以及在未来12个月内对上市公司及其子公司的重大资产和业 务进行出售、合并、与他人合资或合作的明确计划，或上市公司拟购买或置换重大资产的明确重组计 划。未来36个月内，优必选不存在通过上市公司重组上市的计划或安排;未来12个月内，优必选不存在 资产重组计划。该次交易完成之后，公司仍以原有业务为主，基本面不会发生重大变化;优必选将努力 优化上市公司管理及资源配置。 ...

证券代码：002931 证券简称：锋龙股份 公告编号：2025-095 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、2025 年 12 月 24 日，浙江锋龙电气股份有限公司（以下简称"公司"、 "上市公司"、"锋龙股份"）控股股东浙江诚锋投资有限公司（以下简称"诚锋 投资"）、实际控制人董剑刚及其一致行动人宁波锋驰投资有限公司（以下简称 "锋驰投资"）、厉彩霞与深圳市优必选科技股份有限公司（以下简称"优必选"） 签署了《关于浙江锋龙电气股份有限公司之股份转让协议》。 2、优必选暂无在未来 12 个月内改变上市公司主营业务或者对上市公司主 营业务做出重大调整的明确计划，以及在未来 12 个月内对上市公司及其子公司 的重大资产和业务进行出售、合并、与他人合资或合作的明确计划，或上市公 司拟购买或置换重大资产的明确重组计划。未来 36 个月内，优必选不存在通过 上市公司重组上市的计划或安排；未来 12 个月内，优必选不存在资产重组计划。 3、该次交易完成之后，公司仍以原有业务为主，基本面不会发生重大变 化；优必选将努力优化上市公司管理及资源配置 ...

格隆汇12月28日｜锋龙股份公告称，公司股票2025年12月25日、26日连续2个交易日涨停，累计涨幅偏 离值超20%，属异常波动。2025年12月24日，公司控股股东诚锋投资、实际控制人董剑刚及其一致行动 人与优必选签署股份转让协议，交易完成后公司控制权将变更。但该交易尚需多项程序审批，完成存在 不确定性。优必选暂无短期内改变公司主营业务等明确计划，公司转型升级及业务合作也存在不确定 性。提醒投资者注意交易风险。 ...

Core Insights - The secondary market for embodied intelligent robots is currently more active than the primary market, particularly with Tesla's Optimus as a key focus [1][2] - The primary market is experiencing a mix of enthusiasm and challenges, with many startups entering with capital but facing technological bottlenecks [3][4] Primary Market Summary - Capital enthusiasm remains high, with various "non-consensus" views and a window of opportunity still open for new startups [3] - Major companies are shifting focus from technology development to commercialization, with large orders becoming more common [3] - There is a lack of proven value-based commercial scenarios, although wheeled robots are progressing faster [3] - Leading companies are increasingly pursuing IPOs, indicating a crowded and potentially inflated market [4] Secondary Market Summary - On December 24, 2023, UBTECH announced a significant acquisition of 93.96 million shares of Fenglong Co., amounting to 1.665 billion yuan, gaining control of the company [6] - The acquisition strategy is seen as a new approach for humanoid robot companies, with other companies like Qiteng Robotics also making notable acquisitions [6] - The humanoid robot sector is perceived to have a significant "bubble," as many companies rush to go public or acquire existing firms [6] Tesla Optimus and Industry Chain Summary - Recent articles have detailed the performance of Tesla's Optimus supply chain companies, highlighting new orders and developments [7][8] - Elon Musk's recent updates suggest that the progress of Optimus V3 is exceeding expectations, with more positive developments anticipated [9] - The market for Tesla's supply chain companies is expected to continue to perform well, with a focus on core, high-certainty targets [10] Technological Developments - New technologies such as GaN (gallium nitride) processes and integrated sensors in gloves/clothing are gaining attention and showing promising market performance [11] - Tesla is accelerating the mass production of Optimus, with more positive developments expected in the near future [11]