Chang Jiang Shang Bao·2025-07-27 23:46Core Viewpoint - The recent focus in the A-share market is on embodied intelligence, with Yushu Technology announcing its IPO and Zhiyuan Robotics planning to enter the Sci-Tech Innovation Board through acquisition [1] Company Developments - Zhiyuan Robotics is set to become the controlling shareholder of Shanghai Wavetech (688585.SH) through a three-step acquisition process, with Deng Taihua potentially becoming the actual controller [1] - Deng Taihua, a former Huawei executive with over 20 years of experience, aims to transition from startup leader to controlling a listed company within a short period [1][2] - Following the announcement, Wavetech's stock price surged, achieving a cumulative increase of 749% over 13 trading days [1][9] Financial Performance - Wavetech has experienced a decline in revenue from 1.946 billion yuan in 2020 to an estimated 1.494 billion yuan in 2024, with fluctuating net profits [1] Leadership Background - Deng Taihua's career at Huawei included significant achievements in telecommunications, such as optimizing core algorithms for 3G and leading the development of 5G technologies [2][3][4] - He left Huawei in late 2022 and co-founded Zhiyuan Robotics in February 2023, bringing along a team from Huawei's computing product line [5][6] Strategic Moves - Zhiyuan Robotics has secured over 1 billion yuan in funding within a month of its establishment, attracting investments from major firms [6] - The company has formed strategic partnerships for smart manufacturing and developed a robot operating system to enhance its product offerings [7] Product Development - In August 2023, Zhiyuan Robotics launched its first general-purpose embodied robot prototype, laying the groundwork for future technological advancements [7] - By August 2024, the company plans to initiate mass production of five commercial humanoid robot models [7] Market Positioning - Zhiyuan Robotics is on track to complete a B+ round of financing in March 2025, with a valuation reaching 15 billion yuan, making it the highest-valued startup in the humanoid robotics sector [8] Future Prospects - The company is pursuing a strategic move to gain control of Wavetech, with plans to invest approximately 2.1 billion yuan to secure at least 66.99% of the shares [9] - The potential for Zhiyuan Robotics to achieve public listing remains to be seen [10]