A股市场正在出现一种并不新鲜、却愈发频繁的资本路径：尚未上市的创业公司，通过协议转让与要约 收购方式，直接取得上市公司控制权，从而实现"曲线上市"。 市场反应迅速。12月12日复牌后，胜通能源股价连续涨停，截至12月15日收盘，公司市值已超50亿元。 继智元机器人入主上纬新材后，这一模式再次被复制。近日，胜通能源公告称，特种机器人企业七腾机 器人及其一致行动人，拟合计出资超16亿元，通过"协议转让+部分要约收购"的方式，取得公司控制 权。交易完成后，胜通能源控股股东及实际控制人将发生变更，七腾机器人创始人朱冬将成为新的实际 控制人。 两步完成控制权切换 从交易结构看，这是一套资本市场已较为成熟的打法。 第一步为协议转让。胜通能源原控股股东及其一致行动人，将所持公司29.99%的股份转让给七腾机器 人及相关主体，转让价格为每股13.28元，交易对价约11.24亿元。该比例恰好低于30%的要约触发线， 使得交易在程序层面相对简化。 第二步是部分要约收购。在前述股份过户完成后，七腾机器人将向全体股东发起要约，拟再收购不超过 15%的股份。值得注意的是，胜通能源的四个员工持股平台已提前承诺，将其合计持有的14.85% ...

Core Viewpoint - Hangcha Group's subsidiary, Zhejiang Hangcha Intelligent Technology Co., Ltd., plans to increase capital and acquire 99.23% of the shares of Zhejiang Guozi Robot Technology Co., Ltd., despite the latter's recent financial losses and high asset-liability ratio [2][3][12]. Financial Performance - The audited net profit of Guozi Robot for 2023 was -260.19 million yuan, while it is projected to turn a profit of 66.36 million yuan in 2024, indicating a successful adjustment in business strategy [2][3][10]. - As of March 31, 2025, Guozi Robot's net assets were -50.04 million yuan, with a high asset-liability ratio of 108.08% [3][16]. Business Strategy and Market Position - Guozi Robot, established in 2011, specializes in intelligent inspection and logistics AGV products, holding a significant market share in these sectors [4][5]. - The company has a strong focus on technological innovation, with 288 authorized patents, including 119 invention patents, and has received numerous awards for its advancements [5][20]. Industry Context - The logistics robot and intelligent systems industry has high barriers to entry, requiring specialized talent and extensive technical capabilities [6]. - Guozi Robot's competitive advantages include a robust product system and extensive industry application experience, serving over 1,000 clients across various sectors [7][8]. Profitability and Cost Management - Guozi Robot's gross profit margin improved significantly from -6.45% in 2023 to 49.96% in early 2025, driven by strategic shifts towards high-margin projects [9][10]. - The company has optimized its cost structure, reducing sales, management, and R&D expenses significantly in 2024, contributing to its profitability [10][11]. Future Outlook - The acquisition is expected to enhance Hangcha Group's operational quality and market position in the intelligent logistics sector, leveraging Guozi Robot's technological capabilities and customer resources [19][21][22].