Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 114 yuan [5][8]. Core Insights - The company has successfully transitioned from police equipment to military models, focusing on special robots and intelligent perception as its two main businesses. It has developed various special robots for reconnaissance, bomb disposal, and nuclear detection, winning multiple bids [2][3]. - The company is positioned as a core supplier for intelligent grouping of manned and unmanned equipment, enhancing situational awareness and operational effectiveness in military applications [3][4]. - The company has strategically entered the overseas market, benefiting from the rapid growth of the drone export market, with monthly export values increasing from 10-20 billion yuan to 30-40 billion yuan [4]. Financial Projections - The company is expected to achieve net profits of 0.21 billion yuan, 0.62 billion yuan, and 1.53 billion yuan for the years 2025, 2026, and 2027, with growth rates of turning profitable, 202%, and 146% respectively [5]. - The company's revenue is projected to grow from 0.225 billion yuan in 2023 to 0.980 billion yuan in 2027, with a significant recovery anticipated in 2025 [6][22]. Business Analysis - The company has been deeply engaged in the "intelligent perception + robotics" sector for over a decade, with a focus on military trade and technology reserves since 2016 [15][19]. - The company has developed a range of special robots and intelligent perception devices, with a strong market presence and competitive edge in the domestic and international markets [36][40]. - The company is actively expanding into simulation and intelligent manufacturing sectors, which are expected to contribute to balanced revenue streams [25][27]. Market Position - The global special robot market is projected to grow from 5.9 billion USD in 2020 to 13.3 billion USD in 2025, with the Chinese market expected to increase from 12.1 billion yuan to 29.9 billion yuan in the same period [40][41]. - The company is recognized as a key player in the intelligent perception equipment sector, with capabilities in developing complex optical reconnaissance devices and a comprehensive product range [42][43].

来源：36氪 七腾机器人，16亿买下一家上市公司。 文｜刘燕秋 封面来源｜企业官方 这世上本没有路，走的人多了，便就成了路——这个道理在资本市场上也说得通。继智元机器人入主上纬新材和中昊芯英买下天普股份后，又一笔"一级 买二级"的交易浮出水面。 近日，胜通能源发布核心股权变动公告：七腾机器人及其一致行动人拟合计斥资超16亿元，以协议转让+要约收购方式入主胜通能源。本次交易完成后， 胜通能源控股股东将正式变更为七腾机器人，实际控制人同步为朱冬。 本次交易的两个主角，胜通能源是一家主业稳定的传统业务公司，主要通过国内、国际市场开展LNG（液化天然气）业务，并投资经营LNG加气站等终 端业务。2025年前三季度，胜通能源实现营业收入45.13亿元，同比增长21.34%；归母净利润4439万元，同比增长83.58%。 七腾机器人，则是深耕高危场景的特种机器人领域的隐形冠军。2024年营收达9.54亿元，净利润1.23亿元，净利率12.9%。根据实朴检测此前公告，这家 公司间接持有七腾机器人1.5%的股权，交易金额不高于6300万元，由此推算七腾机器人估值约41.6亿元。 七腾与胜通能源在液化天然气场景、工业客户群体上 ...

值得关注的是，七腾机器人创始人、实控人朱冬是一名"85后"，毕业于重庆邮电大学，在校期间就创立了七腾团队，目前直接持有七腾机器人25.87%股权。 七腾机器人于2010年在重庆成立，专注于特种机器人的设计、研发、生产、销售与服务，核心定位是为高危场景提供无人化、智能化解决方案，在应急安全 领域处于头部地位。公司近年来还布局人形机器人领域，与宇树科技、优必选、云深处等并称为机器人行业"10小狼"。 七腾机器人的跨界并购并非偶然。今年5月在京举办的第29届世界燃气大会（WGC2025）上，七腾机器人就曾亮相国家管网公司展台，展示其在天然气管 线、场站的安全巡检能力。 七腾机器人与宇树科技、优必选等并称为机器人行业"10小狼"。 12月17日，液化天然气（LNG）物流龙头企业胜通能源（001331.SZ）开盘后涨停封板，连收4个涨停板。连续涨停期间，该股累计涨超46%，股价自16.23 元/股攀升至21.6元/股。 消息面上，重庆特种机器人企业七腾机器人有限公司（简称"七腾机器人"）拟通过"协议受让+部分要约收购"方式，合计斥资超16亿元持有胜通能源最多 44.99%股份，成为控股股东。 胜通能源成立于2012年， ...

根据实朴检测（301228.SZ）此前公告，朱冬为1989年出生。他毕业于重庆邮电大学，从大一开始创业，如今将七腾机器人打造成特种机器人龙头。若顺 利入主胜通能源，朱冬将成为重庆市最年轻的上市公司创始人。 胜通能源的注册地为山东省烟台市，主营业务为LNG的采购、运输、销售以及原油、普货的运输服务。对于公司未来发展规划，12月12日下午，胜通能 源董秘办人士告诉时代周报记者表示，未来几年不会将公司LNG等业务剥离，机器人资产什么时候注入也还没定，未来会是双主业发展，暂时也不会搬 到重庆。 时代周报记者通过多种方式联系七腾机器人，对方表示目前暂不接受采访。 重庆将迎来最年轻上市公司创始人。 12月11日晚间，在停牌六天后，胜通能源（001331.SZ）发布多则公告，披露其控股股东、实际控制人签署《股份转让协议》暨控制权拟发生变更和权益 变动。 胜通能源控股股东、实际控制人魏吉胜等拟将其持有的公司8464.38万股股份（占胜通能源总股本的29.99%）转让给七腾机器人有限公司（下称"七腾机器 人"）及其一致行动人。同时，七腾机器人拟以标的股份转让完成为前提，向上市公司的全体股东发出部分要约收购，要约收购股份数量为4 ...

12月11日晚间，胜通能源（001331）披露公告称，公司控股股东拟变更为七腾机器人有限公司（以下简称"七腾机器人"），实际控制人拟变更为朱冬。 七腾机器人专注于特种机器人领域，在应急安全领域处于头部地位，公司近年来还布局人形机器人领域，与宇树科技、优必选、云深处等并称为机器人行 业"10小狼"。 胜通能源主要产品是LNG销售业务、运输服务、成品油，公司于2022年9月登陆A股。针对此次股权转让事项，胜通能源自12月5日开市起停牌，计划自12 月12日开市起复牌。截至12月4日收盘，公司股价为14.75元/股，总市值为41.63亿元。 今日复牌后，胜通能源股价"一字"涨停，截至午间收盘报16.23元/股。 公司官网显示，七腾机器人2010年在重庆成立，是一家集特种机器人设计、研发、生产、销售、服务为一体的高新技术企业，产品在应急安全领域市占率 领先，公司与宇树科技、优必选、云深处等十家企业并称为机器人行业"10小狼"。 其核心产品防爆四足机器人X3 Stable为全球首款量产机型，可替代人工进入易燃易爆等危险环境作业。目前公司产品已服务中石油、巴斯夫等海内外企 业，并开拓欧洲、非洲、东南亚、西北亚等海外市场。 ...

Core Viewpoint - The article highlights the transformation of CITIC Heavy Industries from a traditional mining machinery factory to a leading advanced equipment manufacturing enterprise with extreme manufacturing capabilities, empowered by the capital market and innovation [1][4]. Group 1: Capital Empowerment and Technological Breakthroughs - Since its listing on the Shanghai Stock Exchange in 2012, CITIC Heavy Industries has utilized the capital market as a strategic platform for high-quality development, focusing on core technology breakthroughs and industrial upgrades [4]. - The 2015 targeted issuance was a pivotal move, allowing the company to acquire 80% of Tangshan Kaicheng, entering the special robot field and establishing a core platform for high-end intelligent equipment [4]. - The company's robot industry has reached the first tier in the industry, with a "4+6+N" layout that includes four core bases and six robot platforms, achieving large-scale applications in various fields [4][5]. Group 2: Industry Chain and Collaborative Upgrades - As a core enterprise in the advanced manufacturing cluster in Luoyang, CITIC Heavy Industries drives collaborative upgrades in the industrial chain, enhancing the resilience of the regional equipment manufacturing industry [10]. - The company has established a collaborative ecosystem integrating production, education, research, and application, significantly improving the heavy equipment industry chain in Henan [9]. - CITIC Heavy Industries has successfully developed key technologies in collaboration with local research institutions, breaking through "bottleneck" technologies and enhancing the competitiveness of the regional manufacturing sector [9][10]. Group 3: Future Development and Strategic Goals - Looking ahead to the "14th Five-Year Plan," CITIC Heavy Industries aims to align its capital layout with Henan's high-quality development goals, transitioning from an equipment manufacturer to a system service provider [12]. - The company plans to focus on high-end technology breakthroughs in hydraulic systems, intelligent control units, and new materials, enhancing product value [12]. - CITIC Heavy Industries is committed to accelerating the implementation of intelligent manufacturing and green transformation, responding to the "dual carbon" goals through innovative processes and equipment upgrades [13].

Core Viewpoint - Allianz Ruishi (301042.SZ) reported a revenue of 334 million yuan for the first three quarters of 2025, with a quarterly revenue of 116 million yuan in Q3, indicating initial success in its core business transformation focused on AIoT and special robots [1][2] Group 1: AI Technology and Business Transformation - The company has focused on the practical application of AI algorithms in Q3, leveraging over ten years of technological accumulation to develop integrated capabilities in hardware, software, and platforms [1] - Allianz Ruishi has completed the technical preparation for AI edge intelligent cameras, which can connect with major models like Alibaba Tongyi Qianwen and DeepSeek, establishing commercial partnerships with several leading domestic model manufacturers [1] - The company has outlined a phased plan for product application, initially targeting commercial scenarios such as dining and retail with AI store patrol services, and plans to expand into home, elderly care, and pet companionship sectors [1] Group 2: Special Robots and Market Opportunities - The special robot industry is experiencing explosive growth, with policies supporting an average annual revenue growth rate of over 20% by 2025 as per the "14th Five-Year" plan [2] - Allianz Ruishi is accelerating the research and commercialization of special robots for confined spaces through its 38% stake in the joint venture Zhejiang Anxing Yulian Robot, with significant progress reported in Q3 [2] - At a product introduction event, the joint venture showcased core products including a guided robot with AI capabilities for real-time retrieval and multilingual explanations, and various tools for electric operations that have received national grid certification [2]

Group 1 - The core point of the news is that Jingye Intelligent experienced a 5.5% increase in stock price, reaching 65.77 CNY per share, with a total market capitalization of 6.721 billion CNY as of the report date [1] - Jingye Intelligent, established on May 20, 2015, specializes in the research, production, and sales of special robots and intelligent equipment, with its main business revenue composition being 57.26% from nuclear industrial intelligent equipment systems, 25.94% from non-nuclear specialized intelligent equipment systems, 8.93% from special robots, and 7.87% from other sources [1] Group 2 - Among the top ten circulating shareholders of Jingye Intelligent, Huaxia Fund's Huaxia Zhongzheng Robot ETF (562500) entered the list in the second quarter, holding 1.1859 million shares, which accounts for 1.16% of the circulating shares, with an estimated floating profit of approximately 4.0677 million CNY as of the report date [2] - The Huaxia Zhongzheng Robot ETF (562500) was established on December 17, 2021, with a latest scale of 14.471 billion CNY, achieving a year-to-date return of 32.93% and a one-year return of 51.53% [2] Group 3 - The fund manager of Huaxia Zhongzheng Robot ETF (562500) is Hualong, who has been in the position for 3 years and 57 days, managing a total fund asset size of 21.877 billion CNY, with the best fund return during the tenure being 125.94% and the worst being -15.08% [3]

Core Points - The development of police robots, including a silver robotic dog and the "Tian Kui 1" bomb disposal humanoid robot, showcases advancements in public safety technology [1][2] - Both robots are designed to enhance safety and efficiency in dangerous environments, with capabilities such as remote operation and high precision in task execution [1][2] Group 1: Robotic Dog - The robotic dog stands at 72 cm tall and features a mechanical arm that can extend up to 1.5 meters, enhancing its operational capabilities [1] - It is equipped with laser radar and wide-angle cameras for 3D environmental scanning, allowing it to perform tasks such as locating and transferring explosives [1] - The robotic dog can navigate steep slopes of up to 40 degrees and stairs of 20 cm, demonstrating its adaptability in complex environments [1] Group 2: Humanoid Robot - The "Tian Kui 1" humanoid robot is the first in the world to receive IIC T6-level explosion-proof certification, indicating its suitability for hazardous environments [2] - It features a "half-man, half-vehicle" design with a high-performance tracked chassis, allowing it to traverse various terrains effectively [2] - The robot can carry loads exceeding 25 kg and is equipped with 14 interchangeable tools for tasks such as valve operation and cutting, making it versatile in emergency situations [2] Group 3: Local Development - Both the robotic dog and the humanoid robot are developed in Nanjing, with the police dog project led by the Nanjing Public Security Bureau in collaboration with local high-tech companies [2] - The "Tian Kui 1" robot is developed by Nanjing Tianchuang Intelligent Technology Co., a national-level specialized enterprise in the field of special robots [2]

Core Viewpoint - The report highlights the rapid growth of the special robot industry, with a projected global market size of $14 billion in 2024 and a compound annual growth rate (CAGR) of 20.68% over the past five years, expected to reach $15.4 billion by 2025 [1][3]. Industry Overview - Special robots are designed to replace or assist humans in dangerous, heavy, or complex tasks, significantly improving efficiency and safety [2]. - These robots are highly specialized and intelligent, equipped with advanced sensors, processors, communication technologies, and algorithms for efficient autonomous or remote operations [2]. - The special robot market in China is projected to reach 24.6 billion yuan in 2024, with a CAGR of 27.17% over the past five years, expected to grow to 27.1 billion yuan by 2025 [3]. Investment Trends - The special robot sector is attracting increasing attention from investment institutions, with a rise in the number of related companies being registered annually [4]. - In 2024, there were 30 investment events in China's special robot sector, amounting to 2.752 billion yuan, with 14 events and 681 million yuan in the first quarter of 2025 [5]. - The number of registered special robot companies peaked in 2023 at 24,600, indicating a transition from rapid growth to high-quality development [5]. Company Developments - **Jingye Intelligent**: Launched the "Wolf 2" product, a quadruped robot designed for high-risk nuclear industry applications, successfully completing test flights and inspections [6]. - **Construction Industry**: Focused on integrating mechanization, information technology, and intelligence in product development, while also transitioning towards the new energy vehicle sector [7]. - **Yijiahe**: Developed a product system combining high-value special robots and intelligent operation tools, expanding collaborations across various industries [8]. - **New Equipment**: Engaged in high-end equipment manufacturing, focusing on military and civilian applications of intelligent special equipment [8]. - **Zhaowei Electromechanical**: Introduced an industrial-grade product featuring unique single-joint drive technology, suitable for various complex operational environments [9]. - **CITIC Heavy Industries**: Developed an intelligent explosion-proof robot, recognized as a "national manufacturing single champion," with some firefighting robots already exported [9]. - **Robots**: Successfully applied a mud retrieval robot in nuclear decommissioning, reducing environmental safety risks [9].