Fenglong(SZ:002931) Di Yi Cai Jing·2025-12-25 03:04Group 1 - The core challenge for humanoid robots in the long term lies in their ability to consistently meet expectations regarding delivery pace, cost control, and stability [1][4] - UBTECH (9880.HK) announced a combination of "agreement transfer + tender offer" to acquire 93,957,518 shares of Shenzhen-listed Fenglong Co., accounting for 43% of its total shares [1] - The share transfer and tender offer price is set at 17.72 CNY per share, representing a 10% discount compared to the last trading price of 19.68 CNY before suspension, totaling approximately 1.665 billion CNY [1] Group 2 - Following the acquisition, the controlling shareholder of Fenglong Co. will change from Chengfeng Investment to UBTECH, with the actual controller shifting to UBTECH's founder and chairman, Zhou Jian [1] - Fenglong Co.'s core business includes the R&D, production, and sales of components for garden machinery, automotive parts, and hydraulic components, covering critical components such as igniters and precision aluminum die-casting parts [1] - UBTECH has no immediate plans to change Fenglong Co.'s main business or make significant adjustments to its operations within the next 12 months [1] Group 3 - UBTECH has shown significant progress in industrial orders, with a strategic partnership established with Texas Instruments for the deployment of its Walker S2 industrial humanoid robot [3] - The company won a project in Huizhou, with a contract amounting to approximately 59.62 million CNY, all involving the Walker S2 robot [3] - Current monthly production capacity for the Walker S2 exceeds 300 units, with an expected annual delivery of over 500 units, and a projected capacity increase to 10,000 units by 2026 [3] Group 4 - The acquisition of a publicly listed company is seen as a significant step for humanoid robot enterprises exploring the "H+A" path, although the real challenge remains in aligning capital market narratives with actual engineering capabilities [4]