CXPC(SH:600078) 商业洞察·2025-10-24 09:31Core Viewpoint - The article discusses the interconnected events of a fire at a chemical plant owned by Chengxing Co. and the sudden dissolution of a robotics startup, OneStar, both linked to the same individual, Li Xingxing, highlighting the complexities of corporate control and investment strategies in emerging industries [4][6][17]. Group 1: Chengxing Co. Incident - On October 20, a fire occurred at Chengxing Co. in Jiangyin, which did not result in any casualties, and the company is the largest producer of thermal phosphoric acid in China [9][12]. - Chengxing Co. faced severe financial difficulties in 2020, leading to a risk warning and a near delisting situation, but was rescued by Li Xingxing's acquisition of a significant stake in 2022 [12][13]. - Under Li's leadership, Chengxing Co. achieved revenues of 4.538 billion yuan in 2022, but faced losses in 2023 and projected further losses in 2024 due to high raw material costs and weak demand [14][15]. Group 2: OneStar Robotics Company - OneStar, a robotics startup, has entered a dissolution phase despite recent funding rounds, raising questions about its abrupt exit from the market [17][19]. - The company was founded in May 2025 and had notable backing and leadership, including a partnership with Fudan University for a robotics lab [20][22]. - Speculation suggests that OneStar's dissolution may be part of a strategic consolidation within Geely's portfolio, as its focus overlaps with another Geely subsidiary, Qianli Technology, which is pursuing similar technological advancements [23][24]. Group 3: Li Xingxing's Business Network - Li Xingxing, a low-profile heir, has built a vast business network across various sectors, including new energy, intelligent robotics, and satellite communications [7][28]. - He has played a pivotal role in the development of Geely's electric vehicle technologies and has initiated projects in the phosphoric acid market to support battery materials [31][33]. - Li's investment strategy includes a diverse portfolio with a focus on new energy and semiconductor sectors, creating a significant commercial landscape [34].