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。 ...

Group 1 - The core point of the article is that UBTECH (9880.HK) has acquired control of a listed company, Fenglong Co., Ltd. (002931.SZ), for a total consideration of 1.665 billion yuan, aiming to extend its industrial chain downstream [2][3] - The acquisition involves a share transfer agreement where UBTECH will acquire 43% of Fenglong's shares, with a share price of 17.72 yuan, representing a discount of approximately 10% from the last trading price before suspension [2][3] - Following the acquisition, UBTECH will issue a partial tender offer to acquire an additional 13.01% of Fenglong's shares at the same price [2][3] Group 2 - UBTECH's recent fundraising of over 3.1 billion HKD is primarily aimed at investments and acquisitions, indicating a strategic move to enhance its market position [4] - The company has been experiencing continuous losses since its listing, with revenues projected to grow from 1.008 billion yuan in 2022 to 1.295 billion yuan in 2024, while cumulative net losses exceed 3.3 billion yuan [4][7] - The acquisition of Fenglong is seen as a strategic move to leverage its manufacturing capabilities, as Fenglong specializes in precision manufacturing and has a solid supply chain [6][7] Group 3 - The robotics industry is witnessing accelerated capital operations, with several companies, including UBTECH, actively pursuing acquisitions to strengthen their market presence [8] - Other companies in the sector, such as Zhiyuan Robotics and Qiteng Robotics, have also engaged in similar acquisition strategies to gain control of listed companies [9] - The overall trend in the robotics industry indicates a growing focus on capital investment and mergers, reflecting the sector's increasing importance and potential for growth [8][9]

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].

Core Viewpoint - The acquisition of Fenglong Co., Ltd. by UBTECH Robotics is a strategic move aimed at accelerating the development and commercialization of humanoid robots, creating synergies between the two companies [4][12]. Group 1: Acquisition Details - UBTECH plans to acquire a total of 93.96 million shares of Fenglong, representing 43% of its total share capital, through a combination of agreement transfer and tender offer [2][6]. - The share transfer involves UBTECH purchasing 65.53 million unrestricted shares at a price of 17.72 yuan per share, totaling approximately 1.16 billion yuan, which is about 10% lower than the last closing price before the suspension [5][9]. - Following the share transfer, UBTECH will issue a tender offer for an additional 28.45 million shares at the same price, amounting to 504 million yuan [5][6]. Group 2: Financial Performance of Fenglong - Fenglong reported a peak revenue of 720 million yuan and a net profit of 79.21 million yuan in 2021, but faced declines in both revenue and profit in 2022 and 2023, including a net loss of 7.04 million yuan in 2023 [10]. - In the first three quarters of 2024, Fenglong's revenue reached 373 million yuan, a year-on-year increase of 9.47%, with a net profit of 21.52 million yuan, up 1714.99% [10]. - Fenglong has set performance commitments for the next three years, ensuring net profits of at least 10 million yuan, 15 million yuan, and 20 million yuan for 2026, 2027, and 2028, respectively [11]. Group 3: UBTECH's Business Strategy - UBTECH has secured nearly 1.4 billion yuan in orders for humanoid robots this year and is set to begin mass production of its industrial humanoid robot, Walker S2, in November 2025 [12]. - The company aims to increase its production capacity to 10,000 units by 2026, establishing a solid foundation for large-scale commercial deployment [12]. - Despite significant revenue growth, UBTECH reported net losses of 1.27 billion yuan and 1.16 billion yuan for 2023 and 2024, respectively, with a continued loss of 440 million yuan in the first half of 2025, although the losses are narrowing [12].

又一家具身智能企业将入主A股公司！12月24日晚间，锋龙股份(002931)发布筹划控制权变更的相关公告，有"人形机器人第一股"之称的优必选将入主。 今日该股复牌后一字涨停，开盘涨停板封单量达459.89万手，两倍于流通盘。 那么锋龙股份这家公司为何会被优必选选中？市场上还有哪些公司有被收购传闻？不妨交给AI小二~ 通过学习公司公告、公司基本面及卖方观点，AI小二总结了优必选收购锋龙股份的核心原因： 获取成熟的制造与供应链能力 优必选作为人形机器人公司，其战略主线是推动技术的商业化落地。而锋龙股份长期深耕园林机械、液压控制系统及汽车零部件领域，拥有扎实的精密制 造能力、成熟的供应链体系与广泛的客户基础。此次收购能使优必选快速获得这些关键的产业化能力，提升产品量产水平。 实现业务协同与产业升级 锋龙股份是"专精特新"及高新技术企业，其技术积累与优必选的人形机器人技术存在协同潜力。优必选计划在交易后优化上市公司资源配置，提升其持续 经营能力，并借助这一平台深化产业协同。原控股股东方面也做出了未来三年的业绩承诺，为整合过渡提供保障。 获得A股上市平台价值 本次交易是典型的"H控A"案例。对于港股上市的优必选而言，控 ...

从封单力度来看，锋龙股份、南矿集团、嘉美包装力度较大，分别为76.45%、6.17%、5.11%。 | | | | 12月25日涨停封单资金居前的个股 | | | --- | --- | --- | --- | --- | | 代码 | 名称 | 涨停封单额 (亿元) | 涨停板 情況 | 涨停原因 | | 002931 | 锋龙股份 | 33.31 | 2连板 | 优必选拟入主+机器人+复牌 | | 002969 | 嘉美包装 | 4.31 | 7连板 | 拉尼婆男十曲的之罪名 | | 600179 | 安通控股 | 3.86 | 4连板 | 海南昌四区+海峡两岸 | | 600118 | 中国 P星 | 3.49 | 2连板 | 商业航天+卫星研制+央企 | | 001331 | 胜通能源 | 3.30 | 10连板 | 控制权变更+七腾机器人 | | 002361 | 神剑股份 | 3.21 | 6连板 | 商业航天+无人机+地方国企 | | 002202 | 全风科技 | 3.06 | 首板 | 商业航天+风电龙头+三季报增长 | | 603601 | 再升科技 | 2.68 | 2连板 | 商业航天 ...

Core Viewpoint - The acquisition of approximately 43% of shares in Fenglong Co., Ltd. by UBTECH Robotics, known as the "first humanoid robot stock," marks a significant transaction in the A-share control acquisition wave led by technology companies. The total consideration for this acquisition amounts to 1.665 billion yuan, with a share price of 17.72 yuan, reflecting a 10% discount from the pre-suspension price of 19.68 yuan [1][5][6]. Group 1 - The acquisition strategy involves a combination of "agreement transfer + partial tender offer," which cleverly avoids the requirement for a full tender offer, making it a less costly and more feasible approach for gaining control [3][5]. - The first step of the acquisition includes an agreement to transfer 65.53 million shares (29.99% of total shares) from the controlling shareholder to UBTECH at a price of 17.72 yuan per share, totaling 1.161 billion yuan [5][6]. - Following the agreement transfer, UBTECH will issue a partial tender offer for an additional 28.45 million shares (13.02% of total shares) at the same price, further solidifying its control over Fenglong [5][6]. Group 2 - There is speculation about whether UBTECH could leverage this acquisition to return to the A-share market; however, current regulatory policies suggest that this is unlikely due to the company's financial status and the requirements for a successful backdoor listing [3][8][9]. - UBTECH's financial situation shows that it has not yet turned a profit, which complicates the possibility of a backdoor listing through Fenglong, making an independent IPO on the Shenzhen Stock Exchange a more viable option [8][9]. - The acquisition is not merely a shell transaction; it aims to create synergy between UBTECH's humanoid robotics business and Fenglong's established manufacturing capabilities, potentially enhancing operational efficiency and market competitiveness [13][14]. Group 3 - The acquisition is funded entirely by UBTECH's own capital, including cash reserves and proceeds from a recent placement of 3.056 billion HKD, with plans to use a significant portion for mergers and acquisitions in the robotics industry [15]. - The strategic rationale behind this acquisition is to utilize Fenglong as a financing platform and to facilitate the integration of UBTECH's technology with Fenglong's manufacturing capabilities, thereby enhancing both companies' growth prospects [12][14].

Core Viewpoint - The news highlights the positive performance of various indices related to robotics, smart electric vehicles, consumer electronics, and the Internet of Things, alongside a significant acquisition by UBTECH Robotics to strengthen its manufacturing capabilities and commercialize humanoid robots [1]. Group 1: Index Performance - The National Robotics Industry Index rose by 4% [1] - The CSI Smart Electric Vehicle Index increased by 0.3% [1] - The CSI Consumer Electronics Theme Index saw a rise of 0.2% [1] - The CSI Internet of Things Theme Index grew by 0.6% [1] - UBTECH's ETF, E Fund (159530), experienced a net subscription of over 150 million units throughout the day [1] Group 2: Company Acquisition - UBTECH announced the acquisition of a 43% stake in listed company Fenglong Co., through a combination of "agreement transfer + tender offer" [1] - Fenglong Co. possesses precision manufacturing capabilities, a mature supply chain system, and a broad customer base, focusing on the R&D and manufacturing of engines, hydraulic control systems, and automotive components [1] - Analysts suggest that UBTECH's acquisition of a component manufacturer may further solidify the manufacturing foundation for the commercialization of domestic humanoid robots [1] - The acquisition is expected to enable deep integration between technology and manufacturing, marking a critical transition from technology validation to commercialization, thereby enhancing market confidence in future profitability within the industry chain [1]