上纬新材再“预警”：股价严重脱离基本面，具身智能业务尚未形成营收

Core Viewpoint - The company, Shangwei New Materials, is undergoing significant changes due to a planned acquisition by Zhiyuan Robotics, which is expected to impact its market position and stock performance significantly [2][3][4]. Company Overview - Shangwei New Materials, established in 2000 and headquartered in Shanghai, specializes in the research, production, and sales of environmentally friendly high-performance corrosion-resistant materials, wind turbine blade materials, and new composite materials [2]. - The company's main products include vinyl ester resins, specialty unsaturated polyester resins, infusion resins for wind turbine blades, and safety materials for rail transportation [2]. Financial Performance - As of January 27, 2026, Shangwei New Materials has a price-to-earnings (P/E) ratio of 680.31, with a rolling P/E ratio of 716.67, significantly higher than the industry average rolling P/E of 32.48 [2]. - The company went public on the Sci-Tech Innovation Board in September 2020 with a market capitalization threshold of 1 billion CNY, raising only 108 million CNY, marking the lowest IPO record on the board [2]. Acquisition Details - Zhiyuan Robotics plans to acquire a total of 63.62% of Shangwei New Materials' shares through agreement transfers and a tender offer, which will change the controlling shareholder to Shanghai Zhiyuan Hengyue Technology Partnership [3]. - The actual controller will be Zhiyuan Robotics' Chairman and CEO, Deng Taihua, along with key team members including co-founder and CTO, "Zhihui Jun" Peng Zhihui [3]. Market Reaction - The announcement of the acquisition led to a strong market response, with expectations that if the transaction is completed, Zhiyuan Robotics could become the first company in the Sci-Tech Innovation Board focused on embodied intelligence [4]. - Following the announcement, Shangwei New Materials' stock price surged, reaching a peak increase of 519.41% from 7.78 CNY to 48.19 CNY between July 9 and July 22, 2025, and a cumulative increase of 1537.15% by December 31, 2025 [4]. Management and R&D Focus - Peng Zhihui, in his dual role as the new chairman of Shangwei New Materials and co-founder of Zhiyuan Robotics, has been under scrutiny for his involvement in product promotion, but the company clarified that he is not involved in R&D activities [6]. - The company maintains that its core business remains stable and unchanged, focusing on the research, production, and sales of new materials while establishing a team for the development of embodied intelligent robots [6].