Fenglong Co., Ltd. (002931.SZ) Limit-Up Reasons and Market Analysis

The core catalyst for Fenglong Co.'s limit-up is the

. On December 24, 2025, UBTECH announced its intention to acquire approximately 43% of Fenglong Co.'s shares via “agreement transfer + tender offer”; upon completion, it will become the controlling shareholder [1][2][3]. As a leading global humanoid robot enterprise, UBTECH accelerated its commercialization in 2025, accumulating nearly 1.4 billion yuan in humanoid robot orders, rolling off the 1000th Walker S2 unit, and expecting to reach a production capacity of 10,000 units in 2026 [1][2]. The market has strong expectations for industrial synergy between UBTECH’s technical advantages and Fenglong Co.'s manufacturing/supply chain capabilities, driving consecutive limit-ups.

On December 17, Fenglong Co.'s stock price rose 9.15% to 19.68 yuan, then suspended trading due to planning a control change [0]. Since resuming trading on December 25, the stock has been limit-up and locked for three consecutive days: closing at 21.65 yuan (10.01% gain) on the 25th, 23.82 yuan (10.02% gain) on the 26th, and 26.20 yuan (limit-up price) on the 29th [0]. In terms of volume, after resuming trading, volumes were 793,500 lots, 136,100 lots, and 203,300 lots respectively—significantly lower than the 12.42 million lots before suspension [0], reflecting weak selling意愿 under locked limit-up.

The market reacted strongly and optimistically to this acquisition. The humanoid robot industry is in its first year of commercialization, and UBTECH’s acquisition has become a sentiment catalyst for the sector [1][2]. Investors focus on the synergy between UBTECH’s technical advantages and Fenglong Co.'s manufacturing capabilities, with high expectations for the company’s future business transformation and growth. Although the company issued an unusual price movement announcement clarifying that “UBTECH will not backdoor list within 3 years”, the market still remains bullish on the long-term development of the humanoid robot track [1][3].

1. Significant Event-Driven Effect
   : UBTECH’s acquisition is a typical major asset restructuring event, with a strong short-term impact on the stock price—reflecting high market attention to the humanoid robot track.
2. Valuation-Fundamental Deviation
   : The current static P/E ratio is 238.18, far higher than the industry average of 39.53—indicating the stock price is more driven by sentiment and expectations rather than fundamental support [0][3].
3. Overly High Synergy Expectations
   : While UBTECH leads in humanoid robot technology, it remains unprofitable (net loss of 1.124 billion yuan in 2024, 414 million yuan in H1 2025), and Fenglong Co. announced it will still focus on original businesses after the transaction—creating uncertainty in synergy realization [1][3].

1. Business Transformation Uncertainty
   : The company clearly stated “it will still focus on original businesses after the transaction; UBTECH will not restructure and list via the listed company within 3 years”, with unclear transformation plans [1][3].
2. High Valuation Risk
   : Static P/E ratio far exceeds industry average—risk of valuation bubble bursting exists [0][3].
3. UBTECH’s Own Risks
   : Sustained loss may affect its support for Fenglong Co. and synergy effects [1].

1. Humanoid Robot Track Dividends
   : If UBTECH’s commercialization progresses smoothly, Fenglong Co. is expected to share the growth dividends of the humanoid robot industry.
2. Industrial Synergy Potential
   : Fenglong Co.'s manufacturing/supply chain capabilities and UBTECH’s technical advantages have potential synergy—may bring business increments in the long run.

Fenglong Co.'s limit-up is driven by UBTECH’s control acquisition, with the market full of expectations for humanoid robot industrial synergy, pushing consecutive locked limit-ups. Investors should pay attention to:

• Whether it can continue to lock limit-up and volume changes in the future (current 26.20 yuan is an all-time high with obvious resistance).
• Support level can refer to the pre-suspension closing price of 19.68 yuan.
• Continuously track risks like business transformation, valuation, and UBTECH’s profitability.

This report provides market background and risk identification—does not constitute investment advice.