优必选0借款入主锋龙股份人形机器人“一哥”巨亏下的资本暗战

张孙明烁 2025-12-27 08:45

张孙明烁 2025/12/27 08:45

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优必选收购锋龙股份的资本操作细节。

1. 并购分两步进行：先以17.72元/股价格收购29.99%股份（避开30%全面要约门槛），再通过部分要约收购13.02%股份，总持股升至43.01%，总代价约16.65亿元。

2. 资金全部为自有资金，0借款；主要来源是今年11月配售募资31亿（为上市以来最大规模），其中75%即22.91亿用于并购，月初已到账。

3. 优必选作出严格承诺：未来12个月内无重大资产重组计划，同时追加36个月内无重组上市安排，以避免监管风险。

4. 锋龙股份原控股股东在交易完成后无偿捐赠8300万元，用于支持公司发展。

5. 并购协同性高：锋龙股份主营园林机械、汽车零部件制造，优必选专注机器人整机研发；锋龙股份已切入割草机器人赛道，与优必选产品布局契合。

优必选业务结构和消费趋势分析。

1. 品牌产品线：核心产品包括教育智能机器人、物流智能机器人、其他行业定制智能机器人和消费级机器人四大类；前两类产品近两年贡献超5成收入，但消费级机器人增长迅猛。

2. 消费趋势：2024年消费级机器人收入同比大增88%，主要由智能猫砂盆等新品驱动，成为营收增长引擎；人形机器人收入归入定制类，占比仅10.8%。

3. 产品研发挑战：公司高研发投入导致持续亏损；人形机器人Walker系列虽在开发中，但商业化落地有限，目前与车企合作，收入贡献低。

4. 并购后品牌协同：锋龙股份的零部件制造能力与优必选整机研发互补；锋龙股份切入割草机器人，与优必选产品形成协同潜力，可能提升品牌渠道整合。

并购中的机会、风险与应对策略。

1. 增长市场机会：优必选通过入主锋龙股份，可降低股权稀释压力（实控人持股已降至23.5%），拓宽融资渠道，助力人形机器人商业化落地。

2. 消费需求变化：锋龙股份业绩受市场需求萎缩和电动化浪潮影响，2023年首亏；优必选收入增长依赖消费级机器人（如智能猫砂盆），反映新兴需求机会。

3. 风险提示：优必选持续亏损，高研发和销售费用导致失血；锋龙股份业绩波动大，前次易主失败（2022年陈向宏入主未成），此次收购价较两年前高出38.23%，多支付5.79亿。

4. 事件应对措施：优必选承诺12个月内无重大调整，36个月内无重组上市，规避监管风险；并购操作精准（如避开要约收购），可学习其策略智慧。

生产协同与商业机会启示。

1. 产品生产需求：锋龙股份专注于园林机械零部件、汽车零部件和液压零部件的研发生产；优必选需要整机研发能力，双方在零部件与整机整合上高度互补。

2. 商业机会：并购后，锋龙股份的制造能力可支持优必选机器人生产；锋龙股份2023年切入割草机器人赛道，与优必选产品布局契合，带来新市场拓展机会。

3. 推进数字化启示：优必选通过并购整合供应链，降低对配售募资的依赖（上市不到两年已6次配售），展示电商化资本运作模式；原控股股东捐赠8300万，用于改善资产状况，提供资金支持。

行业趋势、痛点与解决方案。

1. 行业发展趋势：人形机器人赛道资本角逐激烈，如宇树科技冲刺IPO、智元机器人入主上纬新材；优必选作为“一哥”加入并购战，反映产业加速商业化突围趋势。

2. 客户痛点：优必选持续亏损，高研发、销售和管理费用导致失血；人形机器人商业化落地难，收入占比低（仅10.8%），依赖消费级产品支撑增长。

3. 新技术动态：公司投入工业版本人形机器人Walker系列，但技术落地有限；锋龙股份的零部件制造技术提供互补支持。

4. 解决方案：优必选通过并购锋龙股份拓宽融资渠道，降低股权稀释；承诺无重组计划，确保合规稳定，为行业提供应对高成本痛点的参考。

平台需求、风险规避与运营管理。

1. 商业对平台的需求：并购涉及港股和A股跨境监管，优必选需应对双重合规挑战；平台招商中强调协同价值（如零部件与整机互补），以吸引投资者。

2. 平台最新做法：优必选采用精准收购策略（分两步，仅0.01%计划外股份），避免全面要约收购义务；承诺未来12个月和36个月无重组上市计划，展示运营诚意。

3. 风险规避：原控股股东捐赠8300万改善资产，降低平台风险；优必选资金全部自有（0借款），减少融资依赖，确保交易稳定。

4. 运营管理启示：优必选频繁配售（上市不到两年6次，总募资83亿）导致股权稀释，并购可缓解此压力；平台需学习其操作智慧，如利用配售资金（75%用于并购）支持扩张。

产业动向、问题与政策启示。

1. 产业新动向：人形机器人领域资本暗战升级，优必选跨界并购传统制造企业锋龙股份，反映科技公司加速商业化整合趋势；锋龙股份业绩波动（2023年首亏）促发易主。

2. 新问题：优必选持续亏损，高研发投入占收入比重大，人形机器人商业化落地缓慢（收入占比10.8%）；频繁配售导致实控人持股稀释至23.5%，暴露融资模式脆弱性。

3. 政策法规建议：优必选承诺12个月和36个月无重组计划，应对跨境监管，提供合规启示；无偿捐赠承诺（8300万）可作为资产改善政策参考。

4. 商业模式启示：并购策略（自有资金0借款）降低风险；协同整合（如割草机器人契合）展示新路径，为产业提供亏损企业转型案例。

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Quick Summary

Details of UBTech's capital operation to acquire Fenglong Co., Ltd.

1. The acquisition was conducted in two steps: first acquiring a 29.99% stake at ¥17.72/share (avoiding the 30% mandatory general offer threshold), followed by a partial tender offer for an additional 13.02% stake, raising the total holding to 43.01% at a total cost of approximately ¥1.665 billion.

2. The funding was entirely from internal sources with zero borrowing; the primary source was a ¥3.1 billion share placement in November (the largest since listing), of which 75% (¥2.291 billion) was allocated for acquisitions and was received at the beginning of the month.

3. UBTech made strict commitments: no major asset restructuring plans within the next 12 months, and an additional commitment of no restructuring for listing purposes within 36 months, to mitigate regulatory risks.

4. Fenglong's original controlling shareholder made a non-reciprocal donation of ¥83 million post-transaction to support the company's development.

5. High synergy potential: Fenglong specializes in garden machinery and automotive parts manufacturing, complementing UBTech's focus on whole-unit robot R&D; Fenglong's recent entry into robotic lawn mowers aligns with UBTech's product portfolio.

Analysis of UBTech's business structure and consumer trends.

1. Product lines: Core offerings include educational intelligent robots, logistics intelligent robots, other industry-specific custom robots, and consumer robots; the first two categories contributed over 50% of revenue in recent years, but consumer robots are experiencing rapid growth.

2. Consumer trends: Consumer robot revenue surged 88% year-on-year in 2024, primarily driven by new products like smart litter boxes, becoming a key growth engine; humanoid robot revenue is categorized under custom solutions, accounting for only 10.8%.

3. R&D challenges: High R&D investment has led to sustained losses; the Walker series humanoid robots are under development but have limited commercial deployment, currently generating low revenue through collaborations with automakers.

4. Post-acquisition brand synergy: Fenglong's component manufacturing capabilities complement UBTech's whole-unit R&D; Fenglong's entry into robotic lawn mowers creates synergistic potential with UBTech's products, potentially enhancing brand and channel integration.

Opportunities, risks, and response strategies in the acquisition.

1. Growth market opportunity: By taking control of Fenglong, UBTech can reduce equity dilution pressure (the actual controller's stake has fallen to 23.5%), broaden financing channels, and accelerate the commercialization of humanoid robots.

2. Shifting consumer demand: Fenglong's performance was impacted by market demand contraction and electrification trends, recording its first loss in 2023; UBTech's revenue growth relies on consumer robots (e.g., smart litter boxes), reflecting emerging demand opportunities.

3. Risk alerts: UBTech continues to report losses due to high R&D and sales expenses; Fenglong's performance is volatile, and a previous ownership change attempt failed in 2022; the current acquisition price is 38.23% higher than two years ago, resulting in an additional payment of ¥579 million.

4. Response measures: UBTech committed to no major adjustments within 12 months and no restructuring for listing within 36 months to avoid regulatory risks; the precise acquisition strategy (e.g., avoiding a general offer) offers lessons in tactical execution.

Production synergy and business opportunity insights.

1. Production needs: Fenglong focuses on R&D and production of garden machinery parts, automotive parts, and hydraulic components; UBTech requires whole-unit R&D capabilities, creating high complementarity in component and system integration.

2. Business opportunities: Post-acquisition, Fenglong's manufacturing capacity can support UBTech's robot production; Fenglong's 2023 entry into robotic lawn mowers aligns with UBTech's product strategy, opening new market expansion opportunities.

3. Digitalization insights: UBTech's supply chain integration through M&A reduces reliance on share placements (6 placements in under two years since listing), demonstrating an e-commerce-like capital operation model; the former controlling shareholder's ¥83 million donation improves asset conditions and provides financial support.

Industry trends, pain points, and solutions.

1. Industry trends: Intense competition in the humanoid robot sector, with companies like Unitree pursuing IPOs and Zhiyuan Robotics acquiring stakes; UBTech, as a leader, joining the M&A wave reflects an industry trend accelerating commercialization.

2. Client pain points: UBTech's sustained losses stem from high R&D, sales, and administrative expenses; slow commercialization of humanoid robots (only 10.8% revenue share) creates reliance on consumer products for growth.

3. Technology dynamics: Development of industrial-grade humanoid Walker series faces limited deployment; Fenglong's component manufacturing technology offers complementary support.

4. Solutions: UBTech's acquisition of Fenglong broadens financing channels and reduces equity dilution; commitments to no restructuring ensure compliance and stability, providing a reference for addressing high-cost challenges in the industry.

Platform requirements, risk mitigation, and operational management.

1. Platform demands: The cross-border acquisition involving HK and A-shares requires UBTech to navigate dual regulatory compliance; platform investment promotion emphasizes synergistic value (e.g., component-system complementarity) to attract investors.

2. Platform practices: UBTech employed a precise acquisition strategy (two-step process, only 0.01% unplanned shares) to avoid general offer obligations; commitments to no restructuring for 12/36 months demonstrate operational sincerity.

3. Risk mitigation: The former controlling shareholder's ¥83 million donation improves assets and reduces platform risk; full internal funding (zero borrowing) minimizes financing dependency and ensures transaction stability.

4. Operational insights: UBTech's frequent share placements (6 times in <2 years, raising ¥8.3B total) caused equity dilution, which M&A can alleviate; platforms should learn from its operational wisdom, such as using placement funds (75% for M&A) to support expansion.

Industry movements, issues, and policy implications.

1. Industry dynamics: Escalating capital competition in humanoid robotics, with UBTech's cross-sector acquisition of traditional manufacturer Fenglong reflecting tech firms' accelerated commercial integration; Fenglong's volatile performance (first loss in 2023) triggered the ownership change.

2. Emerging issues: UBTech's persistent losses with high R&D-to-revenue ratio, slow commercialization of humanoid robots (10.8% revenue share); frequent share placements diluted the actual controller's stake to 23.5%, exposing financing model vulnerabilities.

3. Policy recommendations: UBTech's 12/36-month no-restructuring commitments address cross-border regulation, offering compliance insights; the non-reciprocal donation (¥83M) could inform asset improvement policies.

4. Business model insights: Acquisition strategy (fully self-funded, zero debt) reduces risk; synergistic integration (e.g., robotic lawn mower alignment) demonstrates new pathways, providing a case study for loss-making firms' transformation.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

2025年，人形机器人赛道的资本角逐硝烟四起：宇树科技冲刺IPO、智元机器人入主上纬新材（688585.SH），身为“人形机器人第一股”的优必选（9880.HK）也加入战局。

公告显示，优必选将以近16.5亿的总代价拿下锋龙股份（002931.SZ）43%股权，创始人周剑将上位锋龙股份实控人。

锋龙股份主要从事园林机械零部件、汽车零部件和液压零部件的研发、生产和销售。这宗H股硬科技跨界“吞A”交易看点突出：尽管上市以来持续“失血”，优必选在资金上展现十足底气，100%资金均为自有资金，全程0借款。资金核心来源是今年11月公司发起的上市以来最大规模配售（募资31亿），当时就明确将拿出75%用于并购，月初，这笔巨款刚到账。

此外，在收购预期上，公司反复强调协同性，在常规的“12个月内不进行重大资产重组或重组上市”承诺之外，还追加明确未来36个月内亦无相关计划。

这笔考虑周详、有备而来的收购，折射优必选在人形机器人赛道加速商业化突围的决心。

港股硬科技“吞A”的三大看点

相较于A股市场中多例科技新贵入主案，优必选此次入主锋龙股份贡献了三大看点。

看点一，作为港股上市公司，在资金上，优必选比背负融资对赌压力的科技新贵“弹药”明显充足，是为数不多无需任何贷款的接盘方。

这次收购分为两步，先收购锋龙股份控股股东及其一致行动人（共5位股东）29.99%股份，精准避开触及全面要约收购义务红线（30%）；过户完成后，即启动部分要约收购（13.02%股份），定向属性显著，仅前述5位转让方就预受登记合计13.01%股份，并随即放弃这13.01%股份对应的表决权。这意味着，计划之外的股份收购比例仅0.01%。

待29.99%股份过户完成，凭借最高的持股比例和表决权比例，优必选就可正式上位控股股东，锋龙股份实控人由董剑刚变更为周剑。

经此两步，优必选的持股比例将上升至43.01%，合计总代价约16.65亿元（两步的收购价格均为17.72元/股）。据披露，优必选将全部以自有资金支付，来源包括账面货币资金和配售募资。

这次并购，优必选有备而来。就在今年12月2日，公司刚拿到上市以来第六笔配售资金，配售时公司就明确要将其中75%（22.91亿）用于投资或并购。

看点二，相较于其他科技新贵入主时仅限定在“未来12个月内无资产重组或重组上市等计划”承诺，或在监管追问下追加明确未来36个月内无重组上市安排或计划。优必选在交易方案中拿出堪称“无死角”式的诚意。

不仅表示“暂无未来12个月内改变上市公司主营业务或者对上市公司主营业务做出重大调整的明确计划”，以及“未来12个月内不存在资产重组计划”，还同时承诺“未来36个月内，不存在通过上市公司重组上市的计划或安排”。

此外，与同类收购案例相比，优必选在公告中还反复强调这笔交易的产业协同价值，这背后或许是应对港股+A股跨境收购双重监管的合规考量。

看点三，该笔交易中还出现了罕见的无偿捐赠承诺，即锋龙股份的原控股股东要在要交易完成后向上市公司无偿捐赠8300万元，用于支持公司发展、改善资产状况。

值得一提的是，近年来，受市场需求萎缩、电动化浪潮冲击影响，锋龙股份业绩呈现大幅波动，自2023年首亏后，实控人便萌生退意。这已是锋龙股份第二次筹划易主，去年2月，乌镇操盘手陈向宏曾有意通过股份受让+要约收购+置入文旅资产的方式入主，但最终未能成行。从入主价格来看，时隔不足两年，优必选的收购价格较12.82元/股高出38.23%，相当于多支付5.79亿元。

人形“一哥”的失血困局

这笔并购是优必选上市以来的最大手笔，豪掷的另一面，是“人形机器人第一股”长期失血、频繁配售、实控人股份不断被稀释的光景。

优必选核心产品包含教育智能机器人、物流智能机器人、其他行业定制智能机器人、消费级机器人四大类，前两种产品近两年贡献超过5成收入。2023年12月上市以来，公司持续亏损。

从成本结构来看，高额的研发投入、销售费用与管理费用高企，是导致公司持续失血的核心原因。

虽然将人形机器人和人工智能作为公司的核心战略，但当前公司仍处于寻求商业化落地的阶段。据公开信息，优必选持续投入工业版本人形机器人Walker系列产品，商业化落地方面，目前主要与车企合作，相关收入对公司贡献尚有限。来自人形机器人销售的收入被公司归入“其他行业定制智能机器人”一类，2024年，该类产品收入合计约1.4亿，占总收入比重约10.8%。

值得一提的是，2024年拉动公司营收增长的核心引擎并非外界聚焦的人形机器人，而是消费级机器人产品——该板块当年收入同比大增88%，其中，新推出的智能猫砂盆是该板块业绩增长主力。

持续失血背景下，上市不到两年，优必选已发起6次配售，募资金额不断走高，连同IPO募资，公司合计募资金额约83亿元，实控人周剑的持股比例降低至23.5%。

从业务协同性来看，锋龙股份的零部件制造能力与优必选的机器人整机研发存在明显的互补性；此外，锋龙股份2023年切入割草机器人赛道，与优必选的产品布局亦具备一定的契合度。

而更具现实意义的是，通过入主锋龙股份，有望降低优必选股权稀释压力和对配售募资的依赖，为其人形机器人商业化落地拓宽融资渠道。

注：文/张孙明烁，文章来源：钛媒体(公众号ID：taimeiti)，本文为作者独立观点，不代表亿邦动力立场。

文章来源：钛媒体