Core Viewpoint - The acquisition of Fenglong Co., Ltd. by UBTECH Robotics, the first humanoid robot company listed in Hong Kong, aims to enhance UBTECH's competitive position in the intelligent service robot industry through synergistic integration of technologies and manufacturing capabilities [2]. Group 1: Acquisition Details - UBTECH plans to acquire a controlling stake in Fenglong Co., Ltd. (002931.SZ) through a combination of agreement transfer and tender offer, initially acquiring 29.99% of shares and subsequently aiming for an additional 13.02%, potentially holding up to 43.01% post-transaction [2]. - The share transfer and tender offer price is set at 17.72 CNY per share, with a total estimated expenditure of 1.665 billion CNY for the acquisition [2]. Group 2: Financial Background - Fenglong Co., Ltd. reported approximately 479 million CNY in revenue for 2024, with a net profit attributable to shareholders of about 4.59 million CNY [4]. - For the first three quarters of 2025, Fenglong's revenue was approximately 373 million CNY, with a net profit of about 21.52 million CNY [4]. Group 3: Strategic Intent - UBTECH's management believes the acquisition will leverage Fenglong's established manufacturing strength, supply chain relationships, and customer base to enhance UBTECH's product competitiveness, cost structure, market coverage, and mass production capabilities [2]. - Following the acquisition, Fenglong will become UBTECH's first subsidiary listed on the A-share market, positioning UBTECH favorably within the intelligent service robot sector [2].

Group 1 - The company plans to acquire approximately 65.53 million A-shares of Fenglong Co., representing 29.99% of its total issued share capital, at a price of RMB 17.72 per share, with a total consideration of RMB 1.665 billion [1] - After the completion of the share transfer, the company intends to make a partial tender offer for 28.45 million A-shares, representing 13.02% of the target company's issued share capital, at the same price of RMB 17.72 per share [1] - Upon completion of the acquisition, the company is expected to hold at least 93.96 million A-shares, representing 43.00% of the target company's total issued share capital, and the target company will become a non-wholly-owned subsidiary of the company [1] Group 2 - The target group is primarily engaged in the research, production, and sales of gardening machinery engines, electric machinery, hydraulic control systems, and automotive components, with applications in various gardening and industrial machinery [2] - The acquisition is strategically aligned with both parties' long-term goals and is expected to create synergies that accelerate the development and commercialization of humanoid robots [2] - The integration of the target group's advanced humanoid robot technology with the company's manufacturing capabilities and supply chain is anticipated to enhance overall product competitiveness, cost structure, market coverage, and mass production capabilities [2]

Core Viewpoint - The humanoid and intelligent service robot sector is recognized as a potential $10 trillion market, with Chery Automobile positioning itself as a leader by achieving mass production and delivery of robots, marking a significant technological and strategic advancement in the industry [1][18]. Group 1: Chery's Strategic Positioning - Chery has successfully completed the mass production of 220 Mornine humanoid robots by April 2025, becoming the first automotive company globally to achieve this milestone [1]. - The company has also delivered over 1,000 units of its Argos robotic dog, indicating a new phase of large-scale application [1]. - Chery's strategic focus on technology-driven growth has allowed it to ignite a second growth engine beyond its core automotive business [1][6]. Group 2: Technological Advancements - The Mornine robot has transitioned from a promotional virtual image to a functional intelligent assistant capable of executing tasks in real environments, achieving a technological leap from L2 to L3 capabilities [3]. - Chery's "Intelligent Construction of the Whole Domain" technology system supports the Mornine robot's advanced features, including multi-modal perception and independent task execution [3][9]. - The integration of automotive and robotic technologies allows for significant cost reductions in research and manufacturing, leveraging shared resources and expertise [8][9]. Group 3: Market Expansion Strategy - Chery has outlined a three-step strategy for expanding the Mornine robot's application: deepening automotive scenarios, expanding into public services, and ultimately entering household services [4]. - The company aims to sell over 40,000 robots and 90,000 robotic dogs by 2030, targeting a significant scale-up in production and market presence [4]. - Chery's robots have already been deployed in over 30 countries, including Malaysia, Indonesia, and the UAE, showcasing their global reach [13]. Group 4: Globalization and Market Penetration - Chery's established global channels and strong export performance, with 136,700 vehicles exported in November 2025 alone, provide a solid foundation for its robot business [12]. - The company has built a robust global operational system, with over 18.28 million users worldwide, facilitating the rapid entry of its robots into international markets [12]. - Chery's robots have received essential certifications for entry into the European market, further enhancing their global competitiveness [13]. Group 5: Financial Performance and Market Recognition - Chery's automotive sales reached 2.5615 million units in the first eleven months of 2025, with a notable 69.4% increase in electric vehicle sales [14]. - The company's diverse brand matrix supports its financial strength, providing resources for the development and market expansion of its robotic business [17]. - Analysts have recognized Chery's strategic positioning and growth potential, with positive ratings reflecting confidence in its long-term value [14].

Group 1: Company Overview and Operations - The company specializes in household appliance connectors with a development cycle of approximately 45 days and a customer certification period ranging from 1 to 6 months [2] - The automotive product development cycle is about 40 to 50 days, with a typical certification period of six months [2] - The company is enhancing strategic cooperation with core customers to meet their demands for product intelligence and customization [3] Group 2: Robotics and New Ventures - The company has established a subsidiary, Foshan Zhucheng Intelligent Technology Co., Ltd., focusing on connectors for industrial robots [3] - A strategic joint venture agreement has been signed with UBTECH to develop components for intelligent service robots and humanoid robots [3] - The company has received sample orders from UBTECH for humanoid robots and has obtained supplier codes from KUKA Robotics (Guangdong) Co., Ltd. for small batch supply [3] Group 3: Revenue Streams and Capacity Utilization - Other main revenue sources include connectors for new energy photovoltaic storage, smart terminals, and robotics [3] - The company is continuously updating production equipment and expanding production lines to enhance capacity and support business growth [3] Group 4: Expansion and Construction Progress - The company has acquired land in Leqing, Foshan, Qingdao, and Wuhan for new production bases, with all projects progressing as planned [3] - The company will disclose specific progress in accordance with regulations and advises stakeholders to be aware of related risks [3] Group 5: Investor Relations Activity - The investor relations activity included a management exchange and a tour of the company’s exhibition hall and factory [2] - The event did not involve any undisclosed significant information [3]

Group 1 - The company has established Foshan Zhucheng Intelligent Technology Co., Ltd. in Foshan, focusing on the development and expansion of connector business related to industrial robots [1] - A strategic joint venture agreement has been signed with UBTECH, emphasizing strategic research and collaboration in the field of wiring harnesses and connectors for intelligent service robots and humanoid robots [1] - The company has obtained a supplier code from KUKA Robotics (Guangdong) Co., Ltd. and has begun small-scale supply [1]