Core Viewpoint - The acquisition of a controlling stake in Shangwei New Materials (688585.SH) by Zhiyuan Robot marks a significant move in the embodied intelligence robotics industry, potentially setting a precedent for future transactions in the sector [1][5][12]. Group 1: Acquisition Details - Zhiyuan Robot plans to acquire at least 63.62% of Shangwei New Materials through a two-step process, with the first step involving the purchase of 29.99% of shares [1][7][10]. - The transaction will result in a change of controlling shareholder to Zhiyuan Robot and its management team, with Deng Taihua becoming the actual controller [1][8][12]. - The share transfer agreements involve SWANCOR IND.CO.,LTD. and other major shareholders selling their stakes at a price of 7.78 CNY per share, totaling approximately 9.41 billion CNY [8][10]. Group 2: Market Reaction - Following the announcement, the stock price of Shangwei New Materials surged by 20%, reaching 9.34 CNY per share, with a total market capitalization of 38 billion CNY [1][2][7]. - The acquisition has generated significant interest in the market, particularly as it represents the first acquisition case for an embodied intelligence company on the Sci-Tech Innovation Board [5][12]. Group 3: Industry Context - The embodied intelligence robotics sector is experiencing rapid growth, with investment activity increasing significantly in 2023, including 114 investment events and over 23 billion CNY in financing within the first five months [17][18]. - Zhiyuan Robot, established in 2023, is recognized as a leading company in the sector, focusing on the integration of robotics and AI technologies [12][13].

Group 1: Investment Trends in Embodied Intelligence - The investment frenzy in the embodied intelligence sector has reached a boiling point, with four companies announcing new funding rounds totaling nearly 2.6 billion RMB, with individual amounts exceeding 1 billion RMB [1] - In the first five months of 2025, there were 114 investment events in China's embodied intelligence sector, with total financing exceeding 23 billion RMB, surpassing the total for the entire previous year [1] Group 2: Strategic Acquisition by Zhiyuan Robotics - Zhiyuan Robotics announced a strategic acquisition of over 63% controlling stake in Upwind New Materials for approximately 2.1 billion RMB, causing a significant market reaction [2][4] - The acquisition was structured in two steps: an agreement to acquire 29.99% of shares and a partial tender offer to increase ownership to 66.99% [5][6] Group 3: Implications of the Acquisition - The acquisition allows Zhiyuan Robotics to bypass traditional IPO routes, simplifying the approval process and providing a direct channel to public capital markets [6][15] - This move offers early investors an exit strategy, enhancing their confidence in Zhiyuan's future prospects [16] - The acquisition paves the way for future industry integration and operational flexibility, allowing Zhiyuan to leverage its position for further growth [17] Group 4: Company Background and Leadership - Zhiyuan Robotics is led by co-founder and CTO Peng Zhihui, known for his innovative projects, while Deng Taihua, a former Huawei executive, plays a crucial role in the company's strategic direction [8][12] - The company has rapidly developed a range of robotic products and platforms, showcasing its ambition to become a foundational technology provider in the robotics sector [12][14] Group 5: Market Dynamics and Future Outlook - The robotics industry is transitioning from a focus on physical capabilities to the integration of advanced AI models, with Zhiyuan's GO-1 model positioned as a key player in this shift [14] - The current market demands practical applications of robotics in real-world environments, making Zhiyuan's acquisition a strategic move to accelerate its maturity and commercial viability [14][19]

具身智能投融资热情持续发酵。 据每日经济新闻报道，截至6月23日，年内我国具身智能行业的投资事件共计91起，已经超过2024年全年的 77起，总投资金额达到110.37亿元。 其中，宇树科技完成了近7亿元C轮融资，银河通用机器人公司在6月23日完成了由宁德时代领投的11亿元新 一轮融资，创下具身大模型机器人领域的单笔最大融资纪录，并同时刷新该领域累计融资额最高纪录。显 然，资方的积极情绪极高。 继这之后，进入7月，近日又有星海图、它石智航、星动纪元和云深处科技等多家具身智能创企先后完成新 一轮融资，且投资方知名分别包括今日资本、美团龙珠、米哈游、鼎晖VGC和海尔资本等。 据悉，不到半个月时间（即截至2025年7月3日止），业内年内投资事件已进一步增至114起。 宁王们、腾讯们的新战场：具身智能早已成"香饽饽" 具身智能作为集未来科技之大成的新兴科技赛道，产业前景之高无疑是非常确定的，理论上未来会超越智 能汽车；而更重要的是，其具备极高的国家战略意义。 今年3月5日，具身智能首次出现在政府工作报告中，将具身智能与6G、量子科技、生物制造共同列入未来 产业。 据Statista最新预估，2024年全球AI机器人市 ...

Core Viewpoint - The article discusses the recent strategic financing rounds of the embodied intelligence company "Xinghaitu," highlighting its significant growth and investment in the field of embodied intelligence, particularly in the context of the ongoing industrial revolution driven by AI [4][5]. Financing Overview - Xinghaitu has successfully completed A4 and A5 rounds of financing, raising over $100 million in total [4]. - The A4 round was led by Today Capital and Meituan Longzhu, with participation from various funds and existing shareholders, while the A5 round saw Meituan Longzhu and Meituan Investment leading the investment [5]. - The company has opted to label all financing in 2023 as part of the "A round series" due to the current stage of industry development, which is still focused on infrastructure building rather than large-scale application [5]. Investment Strategy - Meituan has been actively investing in the embodied intelligence sector, with previous investments in companies like Yushu Technology and Galaxy General [6]. - Xinghaitu's total financing scale for the A round series has reached nearly 1.5 billion RMB, with the latest round's valuation increasing by over three times since the beginning of the year [5]. Product Development - Xinghaitu is focusing on enhancing its "whole machine + intelligence" self-research capabilities, aiming to improve both software and hardware aspects, including the development of joint modules and production scale [5]. - The company has introduced the EFM-1 (Embodied Foundation Model-1), which integrates a large-scale visual language model with an action model to create a closed-loop decision-making process [8]. Technological Infrastructure - Xinghaitu has established a data platform (EDP) and is utilizing two different configurations of wheeled dual-arm robots for data collection in various environments [8][9]. - The company aims to provide a standardized infrastructure for global developers, facilitating the construction of a closed-loop system encompassing "body-data-model-application" [9]. Team Composition - The core team of Xinghaitu includes several AI and embodied intelligence algorithm scientists, as well as experienced professionals from the autonomous driving sector [11]. - The CEO, Gao Jiyang, has a strong academic background and extensive experience in computer vision, having previously worked at Waymo [11].

Core Viewpoint - The acquisition of control over Shanghai ZhiYuan New Creation Technology Co., Ltd. (ZhiYuan Robot) by Shangwei New Materials (688585.SH) marks a significant milestone in the embodied intelligence sector, potentially becoming a landmark case for new productivity enterprises in the A-share market and the first acquisition case for embodied intelligence companies on the Sci-Tech Innovation Board [1][9]. Company Summary - Shangwei New Materials announced on July 8 that ZhiYuan Robot and related parties will acquire at least 63.62% of its shares in a two-step process, changing the controlling shareholder to ZhiYuan Robot and its management team, with Deng Taihua as the actual controller [1][3]. - The first step involves ZhiYuan Robot acquiring 29.99% of Shangwei New Materials' shares, with the major shareholders SWANCOR IND.CO.,LTD., Strategic Capital Holding Limited, and Jinfeng Investment Holding Co., Ltd. signing share transfer agreements [3][4]. - Following the share transfer, the combined shareholding of SWANCOR, STRATEGIC, and Jinfeng will decrease from 84.61% to 54.62%, while ZhiYuan and its partners will hold 29.99% [4][6]. Industry Summary - The embodied intelligence sector is experiencing significant investment activity, with 114 investment events recorded in the first five months of 2025, surpassing the total of 77 events in the previous year, and total financing exceeding 230 billion yuan [12][13]. - ZhiYuan Robot, established in February 2023, is recognized as a leading company in the embodied intelligence field, developing a full-stack technology for robots and aiming for substantial production volumes by 2025 [8][12]. - The acquisition has generated considerable market interest, particularly regarding the potential for ZhiYuan Robot to become the first publicly listed company in the embodied intelligence sector [9][11].

责任编辑 周颖 ☎：010-80927635 2025年7月9日 银河观点集萃 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 噢闻 乘联会:中国 6 月乘用车零售 208.4 辆,新能 源零售同比增 29.7% 每日晨报 www.chinastock.com.cn ● 荣泰健康(603579):拥抱新技术周期,进军家庭智能健康市场。拥抱未来, 加快探索智能健康领域:1)2024年公司与佛吉亚合作开发智能驾舱舒适系统, 汽车按摩椅机芯已经进入车型适配阶段,预计六月份完成车规生产线的验收认 证。2）2025年4月,荣泰与神经科技领域创新先锋傲意科技共建"脑机交互 联合实验室",共同推进脑机融合技术和仿生机械手在智能健康领域的应用。 未来按摩椅将集成机器人机械臂与灵巧手技术,突破传统按摩椅的限制,实现 人体全身穴位的精准触达。3）2025年5月,荣泰与智元新创达成合作,合作 聚焦人工智能与健康电器的深度融合,涵盖智能导购、康养陪护、按摩机器人 等多个创新应用场景。 妙可蓝多（600882.SH）：进入 BC 双轮驱动发展新阶段。我们看好国内奶 ● 酪行 ...

继续向构建可信赖的超级具身智能系统目标迈进。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 它石智航（ TARS） 日前 完成 1.22亿美元天使+轮融资。本轮融资由美团战 投领投，钧山投资、碧鸿投资、国汽投资、临港科创投、赛富投资基金、建发新兴投资共同跟投。老 股东线性资本、襄禾资本等持续加码。 值得注意的是，今年 3月 26日， 它石智航 刚刚 宣布完成天使轮 1.2亿美元融资 ，彼时 创下 了 中国具身智能行业天使轮最大融资额纪录。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 换言之， 它石智航 的天使轮（包括天使 +轮）累计总规模为2.42亿美元。 成立于 2025年2月5日 的 它石智航 是 一家由 AI 驱动的具身智能技术公司。成立5个月时间里，团 队以行业首创的 Human-Centric 具身数据引擎为技术核心，全力研发全球领先的物理世界AI和通 用机器人全栈技术体系，继续向构建可信赖的超级具身智能系统目标迈进。 在团队方面， CEO 陈亦伦博士是中国具身智能、自动驾驶领域技术 ...

采写：南都记者 杨柳 今年3月26日，成立于2月5日的它石智航完成天使轮1.2亿美元融资，一举创下中国具身智能行业天使轮 最大融资额纪录，引起市场热议。该轮融资由蓝驰创投、启明创投共同领投，线性资本、恒旭资本、洪 泰基金、联想创投、襄禾资本、高瓴创投跟投。 不少业内人士提到，在具身智能前景不够明晰的情况下，投资机构尤为看重创始人的身份背景。 公开信息显示，它石智航的创业团队出身智驾领域，属于资本青睐的类型。它石智航创始人兼 CEO陈 亦伦曾任华为自动驾驶CTO；作为联合创始人和首席科学家的丁文超，曾从0到1主导华为智驾端到端决 策网络；首席架构师陈同庆，此前担任华为ADS（高级驾驶系统）智能导航部部长；董事长李震宇曾任 百度智能驾驶事业群总裁，是中国无人驾驶领军人物。 它石智航目前并未公开成型的产品。丁文超曾介绍，公司从一开始就做机器人算法和本体的全栈布局， 目的是构建可信赖的AI机器人解决方案。其中的技术核心是"AI世界引擎"（AI World Engine），丁文超 将其称为具身版的GPT模型。他介绍，"AI世界引擎"主要预测两个关键因素：第一是看到某个场景后采 取什么样的行动；第二是建立一个模型，模拟行 ...

以下文章来源于晚点LatePost ，作者晚点团队 晚点LatePost . 晚一点，好一点 今年 3 月，它石智航已完成 1.2 亿美元天使轮融资。 编辑 丨 宋玮 我们独家获悉，具身智能初创公司它石智航近期完成 1.22 亿美元天使 + 轮融资。本轮融资由 美团战投领投，钧山投资、碧鸿投资、国汽投资、临港科创投、赛富投资基金、建发新兴投资 共同跟投。老股东线性资本、 襄禾资本等也在本轮追加投资。 针对以上信息，我们向它石智航求证。它石智航投融资负责人、首席战略官 Vincent 告诉我 们："消息属实。" 据介绍，完成新一轮融资，有助于公司打造包括具身数字引擎 Human- Centric 在内的全栈技术体系。它石智航还将进一步拓展生态与场景资源，并已启动全球顶尖人 才招募计划。 去年 11 月，我们曾介绍，华为车 BU 前首席科学家 陈亦伦投身具身智能创业 。 陈亦伦本硕均毕业于清华大学，2011 年获美国密西根大学博士学位。在华为期间，他曾主导设计智能 辅助驾驶系统 ADS 1.0 算法全栈、组建核心技术团队，并推动这款产品商业化应用于极狐阿尔法 S 等 车型。2022 年中离开华为后，陈亦伦加入清华 ...

今年 3 月，它石智航已完成 1.2 亿美元天使轮融资。 文 丨 赵宇 编辑 丨 宋玮 我们独家获悉，具身智能初创公司它石智航近期完成 1.22 亿美元天使 + 轮融资。本轮融资由 美团战投领投，钧山投资、碧鸿投资、国汽投资、临港科创投、赛富投资基金、建发新兴投资 共同跟投。老股东线性资本、 襄禾资本等也在本轮追加投资。 针对以上信息，我们向它石智航求证。它石智航投融资负责人、首席战略官 Vincent 告诉我 们："消息属实。" 据介绍，完成新一轮融资，有助于公司打造包括具身数字引擎 Human- Centric 在内的全栈技术体系。它石智航还将进一步拓展生态与场景资源，并已启动全球顶尖人 才招募计划。 去年 11 月，我们曾介绍，华为车 BU 前首席科学家 陈亦伦投身具身智能创业 。 陈亦伦本硕均毕业于清华大学，2011 年获美国密西根大学博士学位。在华为期间，他曾主导设计智能 辅助驾驶系统 ADS 1.0 算法全栈、组建核心技术团队，并推动这款产品商业化应用于极狐阿尔法 S 等 车型。2022 年中离开华为后，陈亦伦加入清华大学智能产业研究院（以下简称 "清华 AIR"），任智 能机器人首席专家、创新中 ...