Zhiyuan Robots stands as a pioneering enterprise in AI+robot fusion innovation, aiming to create world-leading general-purpose embodied robots and comprehensive application ecosystems. The company has pioneered large-scale mass production and commercialization of humanoid robots globally.

On July 8th evening, SWANCOR announced that Zhiyuan Robots-affiliated entities intend to acquire a 66.99% stake in the listed company. Upon completion, SWANCOR's controlling shareholder will shift to an entity jointly held by Zhiyuan Robots and its management team, with Deng Taihua, Zhiyuan's Chairman and CEO, becoming the actual controller.

Dissecting the Value of Each Link in the Zhiyuan Robots Industry Chain

Upstream Component Supply

Reducers: Zhongdalide, a leading planetary reducer supplier, provides products for 'Expedition A2' and 'Lingxi X1', valued at approximately RMB 5,000 per unit. By 2025, the order size is projected to exceed RMB 30 million. Green Harmonic exclusively supplies harmonic reducers for the Lingxi series, requiring 8-10 per Lingxi X1. With an estimated shipment of 2,000 units in 2025, the order size will reach RMB 160-200 million.

Sensors: Orbbec offers 3D vision sensors with 0.5mm accuracy, valued at approximately RMB 3,000 per unit. By 2025, the order size is expected to surpass RMB 15 million. Hanwei Technology's flexible tactile sensors are priced at RMB 120,000 each. The company plans to deliver 100 units in Q2 2025, totaling RMB 12 million.

Joint Modules: Fulin Precision Industry and Zhiyuan have jointly established Annu Intelligence, specializing in electric joint modules valued at approximately RMB 8,000 each. By 2025, the order size is anticipated to exceed RMB 40 million.

Battery Power: Jinyang supplies cylindrical batteries to Zhiyuan Robots, ensuring a reliable power supply. While the specific value is not disclosed, as a critical power source, it plays a vital role in robots.

Midstream Body Manufacturing and System Integration

Body Manufacturing: Bozhong Precision Industry handles over 70% of Zhiyuan's Expedition series assembly orders. JPT Smart Equipment expects to produce 4,000 units in 2025, with an order size of RMB 600 million. Lead Intelligent Manufacturing is responsible for outsourcing Lingxi X1, with a per-unit outsourcing fee of approximately RMB 50,000. By 2025, the order size is expected to exceed RMB 100 million.

Software and Intelligence: iSoftStone is tasked with developing operating systems and industry large models. The Qiyuan large model service is expected to contribute 15% of revenue, amounting to RMB 120 million in 2025. Dongguang focuses on industrial scenario model development, with an order size projected to reach RMB 30 million by 2025.

Downstream Applications and Service Ecosystem

Zhiyuan Robots find extensive applications in industrial manufacturing, logistics and warehousing, commercial services, and other fields. Leveraging its shareholder status, iSoftStone integrates the software ecosystem, offering customized system integration and after-sales technical support to facilitate robot implementation across industries. The specific value varies based on project scale and service content.

Growth Capabilities of Enterprises in the Zhiyuan Robots Industry Chain

Corporate growth capability reflects a company's ability to sustainably expand its asset size, profitability, and market share amidst changing market conditions, indicative of its future development prospects.

This article constitutes the 'Growth Capability' section of the Corporate Value Series. A total of 25 enterprises within the Zhiyuan Robots industry chain are selected for research, employing revenue compound growth, non-deductible net profit compound growth, operating net cash flow compound growth, among others, as evaluation metrics.

Note: The data is based on historical information and does not predict future trends; it serves for static analysis only and does not constitute investment advice.

10th: Longxi Co., Ltd.

Industry Segment: Metal Products

Growth Capability: Revenue Compound Growth -6.68%, Non-deductible Net Profit Compound Growth -46.08%, Operating Net Cash Flow Compound Growth 8522.64%

Performance Forecast: Latest forecast average net profit of RMB 216 million, with an average forecast growth rate of 72.18%

Main Products: Bearing products are the primary profit source, accounting for 92.75% of profits with a gross margin of 40.51%

Company Highlights: Longxi Co., Ltd. specializes in joint bearings, tapered roller bearings, gears/gearboxes, and serves as a key partner to Zhiyuan Robots.

9th: Henggong Precision

Industry Segment: Metal Products

Growth Capability: Revenue Compound Growth 16.91%, Non-deductible Net Profit Compound Growth -68.69%, Operating Net Cash Flow Compound Growth Negative

Performance Forecast: Latest forecast average net profit of RMB 147 million, with an average forecast growth rate of 111.31%

Main Products: Precision machined parts are the primary profit source, accounting for 66.04% of profits with a gross margin of 29.36%

Company Highlights: Henggong Precision's products include air compressor parts, hydraulic equipment parts, transmission equipment parts, ductile iron castings, and gray iron castings. The company indirectly holds shares in Shanghai Zhiyuan Xinchuang Technology Co., Ltd. through embodied funds.

8th: Dongguang

Industry Segment: Comprehensive

Growth Capability: Revenue Compound Growth 12.40%, Non-deductible Net Profit Compound Growth 174.35%, Operating Net Cash Flow Compound Growth 38.56%

Performance Forecast: Latest forecast average net profit of RMB 1.347 billion, with an average forecast growth rate of 259.32%

Main Products: Electronic components are the primary profit source, accounting for 40.65% of profits with a gross margin of 21.31%

Company Highlights: Dongguang's businesses encompass electronic components, high-end aluminum foil, new chemical materials, and energy materials. The company jointly established Hubei Optical Valley Dongzhi Embodied Intelligence Technology Co., Ltd., a holding subsidiary, with shareholders such as Zhiyuan Xinchuang.

7th: Longqi Technology

Industry Segment: Consumer Electronics Components and Assembly

Growth Capability: Revenue Compound Growth 70.62%, Non-deductible Net Profit Compound Growth -26.92%, Operating Net Cash Flow Compound Growth -29.99%

Performance Forecast: Latest forecast average net profit of RMB 624 million, with an average forecast growth rate of 24.43%

Main Products: Smartphones are the primary profit source, accounting for 62.96% of profits with a gross margin of 4.92%

Company Highlights: Longqi Technology participated in Zhiyuan Robots' Series B funding and became a shareholder of Shanghai Zhiyuan Xinchuang Technology Co., Ltd., Zhiyuan Robots' parent company.

6th: Lead Intelligent Manufacturing

Industry Segment: Consumer Electronics Components and Assembly

Growth Capability: Revenue Compound Growth 29.56%, Non-deductible Net Profit Compound Growth -3.95%, Operating Net Cash Flow Compound Growth -24.06%

Performance Forecast: Latest forecast average net profit of RMB 2.424 billion, with an average forecast growth rate of 38.22%

Main Products: AI terminals are the primary profit source, accounting for 101.68% of profits with a gross margin of 17.41%

Company Highlights: Lead Intelligent Manufacturing provides comprehensive smart manufacturing services and solutions globally. Its subsidiary, Dongguan Lingjie, signed a strategic cooperation framework agreement with Shanghai Zhiyuan Xinchuang Technology Co., Ltd.

5th: Sugon

Industry Segment: Other Computer Equipment

Growth Capability: Revenue Compound Growth -8.40%, Non-deductible Net Profit Compound Growth 7.34%, Operating Net Cash Flow Compound Growth -22.45%

Performance Forecast: Latest forecast average net profit of RMB 2.477 billion, with an average forecast growth rate of 29.62%

Main Products: IT equipment is the primary profit source, accounting for 83.48% of profits with a gross margin of 27.34%

Company Highlights: Sugon's business includes high-end computers, storage, security, and data center products. Sugon Storage collaborated with Zhiyuan Robots to launch the ParaStor distributed all-flash storage based on 'AI Acceleration'.

4th: BYD

Industry Segment: Electric Passenger Vehicles

Growth Capability: Revenue Compound Growth 29.02%, Non-deductible Net Profit Compound Growth 29.94%, Operating Net Cash Flow Compound Growth -21.37%

Performance Forecast: Latest forecast average net profit of RMB 55.061 billion, with an average forecast growth rate of 36.78%

Main Products: Automobiles, automobile-related products, and other products are the primary profit sources, accounting for 91.17% of profits with a gross margin of 22.31%

Company Highlights: BYD operates in the automotive, electronics, new energy, and rail transit industries. The company holds a partial stake in Zhiyuan Xinchuang.

3rd: Dematic

Industry Segment: Other General Equipment

Growth Capability: Revenue Compound Growth 5.29%, Non-deductible Net Profit Compound Growth 10.97%, Operating Net Cash Flow Compound Growth 204.31%

Performance Forecast: Latest forecast average net profit of RMB 141 million, with an average forecast growth rate of 52.9%

Main Products: Core components for logistics conveying and sorting are the primary profit source, accounting for 76.70% of profits with a gross margin of 31.82%

Company Highlights: Dematic has reached a strategic cooperation agreement with Shanghai Zhiyuan Xinchuang Technology Co., Ltd. Both parties will jointly explore innovative applications of embodied intelligent robots in logistics scenarios, leveraging their respective core advantages.

2nd: Lens Technology

Industry Segment: Consumer Electronics Components and Assembly

Growth Capability: Revenue Compound Growth 28.27%, Non-deductible Net Profit Compound Growth 46.31%, Operating Net Cash Flow Compound Growth 17.08%

Performance Forecast: Latest forecast average net profit of RMB 5.145 billion, with an average forecast growth rate of 41.98%

Main Products: Smartphones and computers are the primary profit sources, accounting for 78.57% of profits with a gross margin of 15.11%

Company Highlights: Lens Technology is deeply involved in the production, assembly, and testing of core components such as joint modules, DCU controllers, and OmniPicker (grippers) for the Lingxi X1 robot.

1st: Fulin Precision Industry

Industry Segment: Chassis and Engine Systems

Growth Capability: Revenue Compound Growth 47.02%, Non-deductible Net Profit Compound Growth 149.32%, Operating Net Cash Flow Compound Growth 88.59%

Performance Forecast: Latest forecast average net profit of RMB 1.007 billion, with an average forecast growth rate of 153.67%

Main Products: Engine components are the primary profit source, accounting for 56.54% of profits with a gross margin of 32.41%

Company Highlights: Fulin Precision Industry has jointly invested with Zhiyuan Robots and other parties to establish a venture for the humanoid robot project, holding a 20% stake in the venture.