Swancor Advanced Materials (SH:688585) 21世纪经济报道·2025-07-28 09:58Core Viewpoint - The article discusses the remarkable rise of Shangwei New Materials (688585.SH), which has seen its stock price increase over tenfold in 2023, making it the first stock in A-shares to achieve this milestone since 2025. The surge is attributed to strategic acquisitions and the involvement of Zhiyuan Robotics, a company founded by a notable figure from Huawei [1][2][3]. Group 1: Company Background - Five years ago, Shangwei New Materials faced a potential failure in its IPO due to low market capitalization, issuing shares at 2.49 yuan each, with a total market value of only 1.004 billion yuan [3]. - After its listing, the company's stock performance was mediocre, maintaining a net profit of around 80 million yuan over three years, with a market cap hovering around 3 billion yuan [3]. Group 2: Acquisition and Investment - On July 8, 2023, Shangwei New Materials announced that Zhiyuan Robotics intended to acquire at least 63.62% of its shares, which could mark a significant acquisition case in the A-share market since the implementation of new policies [4]. - Zhiyuan Robotics, established in February 2023, has completed 13 rounds of financing and boasts a prestigious investor lineup, including Hillhouse Capital, Sequoia China, and Tencent [7]. - The founder of Zhiyuan Robotics, Peng Zhihui, is recognized as a prominent figure in the tech industry, previously working at Huawei on AI chip and algorithm research [10][8]. Group 3: Financial Metrics and Risks - As of July 22, 2025, Shangwei New Materials' price-to-earnings (P/E) ratio was reported at 219.19, significantly higher than the industry average of 24.06 [15]. - The acquisition involves high leverage, with Zhiyuan Robotics planning to use its own and self-raised funds, including bank loans, to finance the deal. This raises concerns about the financial sustainability of the acquisition given Zhiyuan's lack of profitability [14][15]. - The acquisition agreement includes performance commitments, requiring Shangwei New Materials to achieve a minimum net profit of 60 million yuan from 2025 to 2027, with penalties for non-compliance [15]. Group 4: Governance and Market Implications - A recent announcement from Shangwei New Materials indicated the lifting of share transfer restrictions for several executives, which may lead to a misalignment of interests between the management and the company [16]. - There are concerns that the transaction could devolve into a "shell game," prioritizing financial maneuvering over technological advancement, potentially distorting capital flows in the market [17].