Evaluation of Industrial Chain Integration Effect of UBTECH's Acquisition of Fenglong Shares

December 24, 2024, the first stock of humanoid robots

issued an announcement, planning to acquire 43% equity of Shenzhen Stock Exchange-listed company through “Agreement Transfer + Tender Offer”, with a total transaction consideration of approximately [1][2]. Upon completion of the acquisition, UBTECH will become the controlling shareholder of Fenglong Shares, and Zhou Jian, founder of UBTECH, will become the actual controller of Fenglong Shares [3].

Transaction Element	Details
Transaction Method	Agreement Transfer + Tender Offer
Shareholding Ratio	43%
Transaction Price	17.72 yuan per share (10% discount from pre-suspension price)
Total Consideration	RMB 1.665 billion
Target Company	Fenglong Shares (002931.SZ)
Acquirer	UBTECH (9880.HK)

This acquisition is an important measure for UBTECH to improve its industrial chain layout and

[1]. From the industrial logic analysis:

• UBTECH’s Advantages
  : Possesses core technologies in the humanoid robot field and has mass production capabilities for industrial humanoid robots like Walker S2
• Fenglong Shares’ Advantages
  : Has been deeply engaged in precision manufacturing for over 20 years, holds
  more than 150 domestic and foreign patents
  , and masters hydraulic control, precision components, and a mature supply chain system [2]
• Integration Value
  : Unlocks manufacturing capabilities for core hardware such as motor components and actuators without building factories from scratch [2]

UBTECH plans to increase its humanoid robot capacity to by 2026, with current monthly capacity exceeding 300 units and annual delivery in 2025 exceeding 500 units [3]. Fenglong Shares’ manufacturing capabilities will provide key support for this capacity target.

The

[2]:

• Limitations of Hong Kong Stock Market
  : UBTECH’s current market value in Hong Kong is approximately HKD 55.12 billion, but the Hong Kong stock market has relatively low liquidity and valuation
• Advantages of A-share Market
  : The A-share market has an almost feverish willingness to pay a premium for new productive forces, and the humanoid robot track is highly sought after by capital
• Strategic Value
  : After the acquisition is completed, UBTECH can inject its mature logistics and educational robot businesses into the A-share platform to obtain high-valued financing

Synergy Dimension	Specific Content	Integration Effect
Technological Synergy	Humanoid robot technology + precision manufacturing capabilities	Fill key gaps in hardware manufacturing
Supply Chain Integration	Garden machinery supply chain → robot supply chain	Share mature supplier system
Cost Optimization	Self-produced core components	Reduce procurement costs by 20%-30%
Capacity Improvement	Current 300 units/month → 10,000 units/year by 2026	33x capacity expansion
Financing Improvement	Obtain high-valued A-share platform	Improve financing efficiency

According to the announcement, Fenglong Shares has given clear

[3]:

Fiscal Year	Net Profit Target	YoY Growth
2026	≥ RMB 10 million	-
2027	≥ RMB 15 million	+50%
2028	≥ RMB 20 million	+33%

This commitment indicates that management has strong confidence in business growth after integration.

Indicator	Value	Industry Positioning
Market Value	Approximately RMB 4.7 billion	Medium-sized precision manufacturing enterprise
Price-to-Earnings Ratio	252.64x	High (reflects market expectations)
Return on Equity	2.76%	Average level
Net Profit Margin	4.89%	Mid-tier in the industry
Current Ratio	3.49	Strong solvency

Indicator	Value	Remarks
Market Value	Approximately HKD 55.12 billion	Leader in the humanoid robot industry
Price-to-Sales Ratio	High	Reflects growth expectations
Return on Equity	-44.18%	Still in a loss state
2025 Revenue	USD 680 million	Continuous YoY growth

• Self-production of core components is expected to reduce raw material costs by 15%-25%
• Vertical integration of the supply chain reduces intermediate link costs

• Scale effect from the release of humanoid robot capacity
• Fenglong Shares’ traditional business benefits from robot technology empowerment

Based on multi-dimensional analysis, the strategic value evaluation of the acquisition is as follows:

Evaluation Dimension	Importance Score	Probability of Achievement	Comprehensive Rating
Technological Synergy	95%	90%	★★★★★
Capacity Support	90%	85%	★★★★★
Financing Platform	85%	80%	★★★★☆
Supply Chain Integration	80%	85%	★★★★☆
Market Expansion	75%	70%	★★★★☆

Capability Dimension	Before Acquisition	Improvement After Integration
R&D Capability	90 (maintained)	90
Manufacturing Capability	60	85 (+42%)
Supply Chain Integration	50	80 (+60%)
Financing Channels	70	95 (+36%)
Market Coverage	80	85 (+6%)
Capacity Scale	40	90 (+125%)

Risk Type	Specific Content	Risk Level
Integration Risk	Cross-industry cultural differences, difficulty in management synergy	Medium
Performance Commitment Risk	Net profit targets increase year by year, with uncertainty	Medium
Industry Competition Risk	Increased competition from Unitree Technology, DeepRobotics, etc.	High
Market Risk	Humanoid robot commercialization progress falls short of expectations	Medium
Valuation Risk	Current PE is as high as 252x, with excessive expectations	High

• The performance bet mechanism sets compensation clauses to effectively constrain management
• UBTECH clearly stated that it will not change Fenglong Shares’ main business, reducing integration shocks
• Policy support continues to increase, and embodied intelligence has been written into the national top-level design [2]

1. Significant Strategic Significance
   : The acquisition achieves a “technology + manufacturing + capital” trinity layout, filling key gaps in UBTECH’s industrial chain

2. Significant Synergy
   : Fenglong Shares’ precision manufacturing capabilities and UBTECH’s robot technology form strong complementarity, and it is expected to achieve a 1+1>2 synergy effect

3. Large Valuation Re-rating Space
   : As a scarce humanoid robot concept target in the A-share market, Fenglong Shares is expected to replicate the valuation expansion path of cases like Shangwei New Materials

4. Capacity Expansion Expected
   : Supports UBTECH’s 2026 10,000-unit capacity target, laying a leading position in the industry

Evaluation Dimension	Rating
Short-term Integration Effect	★★★★☆
Long-term Strategic Value	★★★★★
Risk-Reward Ratio	★★★★☆
Investment Recommendation	Actively Follow

Suggest investors focus on the following indicators:

• Quarterly performance completion of Fenglong Shares
• UBTECH’s humanoid robot orders and delivery data
• Industrial chain integration progress and synergy release status
• Capital operation dynamics of the A-share platform

---

[1] 荣格工业传媒 - “优必选拟以16.65亿收购锋龙股份” (https://www.industrysourcing.cn/article/472787)

[2] 新浪财经 - “优必选16亿买’A股户口’，人形机器人再现重大并购” (https://finance.sina.com.cn/roll/2025-12-25/doc-inhcywap3649946.shtml)

[3] 澎湃新闻 - “优必选拟16.65亿元入主锋龙股份：增强整体产品竞争力、成本结构等” (https://m.thepaper.cn/newsDetail_forward_32248855)

[4] 21财经 - “优必选16.65亿元入主锋龙股份，补全制造产业链版图” (https://www.21jingji.com/article/20251224/herald/aea0d2aa0df29df1bad7c9e28b132f79.html)

[5] 东方财富网 - “风口之上，锋芒尽显！锋龙股份（002931）：优必选入主+千亿赛道” (https://caifuhao.eastmoney.com/news/20251225201647088366450)