Fenglong(SZ:002931) Zhong Guo Jing Ying Bao·2025-12-25 16:09Group 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]