一家来自重庆的机器人公司，正在进行跨省并购。 2025年12月11日晚间，位于山东省烟台市的胜通能源（001331.SZ）公告称，七腾机器人公司及重庆智行创机器人合伙企业（有限合伙）等多位一致行动 人，拟通过协议转让和部分要约的方式出资16.86亿元收购胜通能源最多44.99%的股份。 其中，协议转让方面，七腾机器人公司及其一致行动人拟以13.28元/股的价格收购胜通能源各转让方合计持有的8464.38万股股份，占胜通能源总股本的 29.99%，转让价款为11.24亿元。协议转让完成后，七腾机器人公司将向胜通能源全体股东发起部分要约收购，要约价格为13.28元/股，最大收购4233.6万 股，占胜通能源总股本的15%，收购所需最高资金总额为5.62亿元。 本次交易完成后，七腾机器人公司及其一致行动人最多合计持有胜通能源1.27亿股股份，占胜通能源总股本的44.99%。胜通能源的控股股东将变更为七腾 机器人公司，实际控制人变更为七腾机器人公司法定代表人朱冬。 2025年12月12日、12月15日，胜通能源连续两个交易日都是一字涨停，股价报收于17.85元/股。 黄桷树财经认为，智元机器人入主上纬新材（68858 ...

Core Viewpoint - The recent acquisition activities in the robotics sector, including the transfer of control of Shangwei New Materials to Zhiyuan Robotics, indicate a potential trend towards mergers and acquisitions (M&A) in the industry, despite the commercialization challenges that remain [1][5][12]. Group 1: Acquisition Details - Shangwei New Materials has completed the transfer of shares to Zhiyuan Robotics, led by founder Deng Taihua, for a total investment of 2.1 billion yuan [1]. - Zhiyuan Robotics has made significant investments in the robotics sector, including a 2.13 billion yuan acquisition by Jiuding Investment of a robotics parts company with annual revenue of 2.09 million yuan, reflecting a 29-fold premium [1][9]. - Cheetah Mobile acquired a 60.8% stake in Shenzhen Zhongwei Chuangke Technology for approximately 99.46 million yuan, indicating a strategic move to strengthen its position in the robotics industry [9]. Group 2: Market Dynamics - The robotics industry is experiencing a shift towards M&A as companies seek to capitalize on emerging technologies and market opportunities, with some firms betting on future cash flows rather than current profitability [9][10]. - The Chinese government has issued policies to support M&A activities aimed at upgrading production capabilities and enhancing strategic emerging industries [6][13]. - The market is witnessing a growing interest from various enterprises in adopting Zhiyuan's approach to M&A, which is seen as a model for integrating new technologies and optimizing production efficiency [7][13]. Group 3: Future Outlook - Despite the recent M&A activities, experts caution that the robotics industry is not yet ready for a full-scale acquisition wave, as many companies are still in the exploratory phase of their business models [12][14]. - The integration of acquired companies into existing operations is crucial for realizing the potential benefits of M&A, emphasizing the need for effective post-merger management [13][15]. - The future of the robotics sector may hinge on the successful commercialization of humanoid robots and the development of a cohesive ecosystem that supports innovation and collaboration [12][14].