Core Viewpoint - The acquisition of a controlling stake in Upwind New Materials by Zhiyuan Robotics marks a significant move towards establishing a humanoid robotics company on the STAR Market, potentially positioning it as the first humanoid robot stock in A-shares [3][4][15]. Group 1: Acquisition Details - On July 9, Upwind New Materials announced that Zhiyuan Robotics, through its controlled entity Zhiyuan Hengyue, will acquire at least 63.62% of its shares for no less than 1.996 billion yuan [1][2]. - Following the transaction, the controlling shareholder and actual controller of Upwind New Materials will change to Zhiyuan Hengyue and Deng Taihua [2]. - The market reacted positively, with Upwind New Materials hitting the daily limit up on the announcement day [6]. Group 2: Future Listing Potential - If the acquisition is successful, Upwind New Materials could become the first humanoid robotics company listed on the STAR Market [3]. - There is speculation about whether Upwind New Materials will serve as a future listing platform for Zhiyuan Robotics, enhancing its position in the A-share market [4][15]. - Zhiyuan Robotics has a valuation of 15 billion yuan, significantly higher than Upwind New Materials' 3.1 billion yuan market cap, creating substantial market expectations [13][14]. Group 3: Paths to Listing - Three potential paths for Zhiyuan Robotics to achieve a public listing through Upwind New Materials are identified: reverse merger, restructuring after a 36-month waiting period, and gradual asset injection [11][28]. - The reverse merger path faces challenges, including stringent financial requirements and a lack of precedents in the STAR Market [19][21]. - The restructuring option would require a waiting period of 36 months, raising concerns about the future market conditions for the robotics industry [23][27]. - Gradual asset injection could avoid the classification of a reverse merger, but it also presents challenges regarding the timing and industry synergy [28][38]. Group 4: Financial Implications - The acquisition involves a total consideration of approximately 1.1 billion yuan, funded through Zhiyuan Robotics' own capital and acquisition loans [50]. - Although leveraging is involved, the transaction is expected to enhance Zhiyuan Robotics' financing capabilities post-acquisition [52]. - The potential for stock pledge financing could arise as Upwind New Materials' value increases, providing low-cost financing options for Zhiyuan Robotics [53]. Group 5: Market Context - The current stringent IPO review process in the A-share market may lead early-stage tech companies to consider similar acquisition strategies as a viable path to public listing [54]. - Recent cases of innovative acquisitions in the market suggest a growing trend towards such strategies, although the success of these operations remains uncertain [55].

每经记者｜章光日 张宛 每经编辑｜吴永久 7月8日晚间，科创板上市公司上纬新材发布了多则控制权拟变更的相关公告，在资本市场"一石激起千层浪"，也瞬间点燃了市场人士的讨论热情。 因为本次交易的收购方背景不俗，涉及具身智能机器人领域的明星创业独角兽企业——上海智元新创技术有限公司（以下简称：智元机器人），其核心团队 及一致行动人拟拿下上纬新材的控制权。那么，智元机器人核心团队计划如何完成本次收购？这一事件几大争议焦点到底如何？这一交易方案之中，智元机 器人投资方又是如何布局"投退双赢"的？每经资本眼专栏记者将详细剖析其中奥秘。 股权协议转让是第一步。 三步走完成控制权变更，收购主体架构具有三大特点 智元恒岳，拟受让上纬投控的全资子公司SWANCOR萨摩亚所持有的上市公司1.01亿股无限售条件流通股份，及其所对应的所有股东权利和权益，占上纬新 材总股本的24.99%。 根据公司公告，本次收购主体为智元恒岳及其一致行动人致远新创合伙，智元恒岳是智元机器人核心持股平台，由管理层及核心员工控股；致远新创合伙为 产业投资方持股平台。两大收购主体将合计斥资约21亿元，分三步收购上纬新材约69.99%的股权。 同时，致远新创合 ...

智元机器人的资本首秀来了。 7月9日，上纬新材（688585.SH）宣布上海智元新创技术有限公司（下称"智元机器人"）控制的主体上海智元恒岳科技合伙企业（有限合伙）（下 称"智元恒岳"）、及关联方上海致远新创科技设备合伙企业（有限合伙）（下称"致远新创"）将至少收购其63.62%股份，交易作价不低于19.96亿 元。 交易完成后，上纬新材的控股股东、实控人将双双变更为智元恒岳、邓泰华。 若该交易达成，上纬新材将成为科创板首家人形机器人企业旗下公司。 市场的期待显然不仅于此，更受关注的，莫过于改朝换代的上纬新材能否成为智元机器人未来的上市平台，进而跻身A股市场"人形机器人第一 股"。 虽然智元机器人强调最近12个月内并未有向上纬新材注入资产的计划。 但市场依旧反应激烈，当日上纬新材开盘一字涨停。 从实操来看，智元机器人若想以上纬新材为主体上市确实不是易事。 目前智元机器人的估值是上纬新材的数倍，短期内注入资产大概率构成借壳上市，这在科创板中未有先例； 但这并不意味着智元机器人会就此罢手。 在现行规则下，其仍然可通过36个月后重组或将资产"分步走"等方式来规避"借壳上市"认定审查，但届时机器人行业是否依旧保持高景 ...

以下文章来源于数星星的星哥 ，作者singsing2020 科创板上市公司上纬新材（688585.SH）发布公告称，智元恒岳拟以协议转让方式受让上纬投控全 资子公司SWANCOR萨摩亚所持的公司1.01亿股股份，占公司总股本的24.99%；致远新创合伙拟以 协议转让的方式受让SWANCOR萨摩亚所持有的公司240.09万股股份，占公司总股本的0.6%；致远 新创合伙拟以协议转让的方式受让金风投控所持有的公司1776.73万股，占上市公司股份总数的 4.40%。 同时，智元恒岳拟通过部分要约收购方式进一步增持公司股份，要约收购数量为1.49亿股，占公司 总股本的37.00%。 本次权益变动后，智元恒岳和致远新创合伙合计将拥有上市公司29.99%的股份及该等股份对应的表 决权，公司控股股东将由SWANCOR萨摩亚变更为智元恒岳，邓泰华先生将成为上市公司实际控制 人。 要说这个智元恒岳，来头可不小。 数星星的星哥 . 前医药投资人，曾经的新能源投资人，现在看AI的小王 作者 | 星哥 来源 | 数星星的星哥 导语：智元机器人要通过借壳实现上市，还需要经历六个以上步骤，耗时至少一年半。 昨夜，手机响了，一条新闻掀起了 ...

Core Viewpoint - The company is undergoing a significant matter that may lead to a change in control, resulting in a temporary suspension of its stock trading for up to two trading days starting July 2, 2025 [2] Group 1: Business Overview - The company specializes in environmentally friendly high-performance corrosion-resistant materials, materials for wind turbine blades, new composite materials, and circular economy materials, primarily applied in energy conservation and environmental protection, as well as new energy sectors [2] - Products are widely used in pollution prevention projects across various industries, including electronics, new energy, semiconductors, rail transportation safety materials, electricity, petrochemicals, metallurgy, and construction [2] Group 2: Stock Performance - The company's stock price surged over 5.5 times on its debut on the Sci-Tech Innovation Board in September 2020, reaching a peak of 20.49 yuan per share, but has since seen a significant decline, with a current price of 7.78 yuan per share, representing a 61.48% drop from its historical high [3] - The stock has experienced low trading volume, with an average turnover rate of 0.59% year-to-date, ranking last in the plastics industry [3] Group 3: R&D Investment - The company’s investment in technological innovation is not prominent, with R&D expenditure of 30 million yuan in 2024, showing a slight decline over three consecutive years [6] - The R&D intensity, measured as the ratio of R&D expenditure to revenue, stands at 2.03% in 2024, placing the company in the bottom fifth of the plastics industry, indicating insufficient investment in technological innovation [6] Group 4: Shareholder Returns - The company has shown a lack of emphasis on shareholder returns, with a cash dividend rate of 19.56% since its listing, ranking ninth from the bottom in the plastics industry [7] - There have been no announcements for share buybacks or increases in holdings by major shareholders, contrasting with 12 announcements for share reductions, primarily by the major shareholder, Jin Feng Investment Holdings [7]