人形机器人或将迎来“H+A第一股”

Core Viewpoint - The acquisition of a controlling stake in Fenglong Co., Ltd. by UBTECH Robotics is seen as a significant step towards the company's exploration of the "H+A" path, which may enhance its global presence and resource support in the humanoid robot industry [2][4]. Group 1: Acquisition Details - UBTECH announced a combination of "agreement transfer + tender offer" to acquire 93,957,518 shares of Fenglong Co., representing 43% of the total shares [2]. - The share transfer and tender offer price is set at 17.72 CNY per share, reflecting a 10% discount from the last trading price of 19.68 CNY before the suspension [2]. - The total consideration for the acquisition amounts to 1.665 billion CNY [2]. Group 2: Market Reaction and Company Valuation - Following the announcement, Fenglong Co. opened with a limit-up at 21.65 CNY per share, giving it a market capitalization of 4.7 billion CNY [2][3]. - As of the last trading day, UBTECH's share price was 109.5 HKD [2]. Group 3: Business Operations and Future Plans - Fenglong Co. specializes in the R&D, production, and sales of components for garden machinery, automotive parts, and hydraulic components [2]. - UBTECH has no immediate plans to change Fenglong's main business operations within the next 12 months [2]. - The company has accelerated its order progress in the second half of the year, including a strategic partnership with Texas Instruments and a project worth 59.62 million CNY for the deployment of its Walker S2 industrial humanoid robots [4]. Group 4: Production Capacity and Future Outlook - UBTECH's current monthly production capacity for the Walker S2 exceeds 300 units, with an expected annual delivery of over 500 units [4]. - By 2026, the production capacity for industrial humanoid robots is projected to increase to 10,000 units [4]. - The market views UBTECH's acquisition as a crucial move in the humanoid robot sector, but challenges remain in maintaining delivery schedules, cost control, and stability [4].