The circle of A-share companies associated with ZHIYUAN ROBOT expands: The stock price of Shangwei New Materials skyrocketed 15 times before hitting the daily limit down, and Lens Technology delivered hundreds of complete machines.
On August 5th, Shanghai Shangwei New Materials Co., Ltd. (688585.SH), which had attracted significant market attention, resumed trading and hit the daily limit, with its stock price soaring to 110.48 yuan per share. It became the first 15-fold bull stock in the A-share market this year. On August 6th, the stock price of Shanghai Shangwei New Materials dropped by the daily limit, closing at 88.38 yuan per share, with a total market value of 35.649 billion yuan.
The story of this company's skyrocketing stock price stems from a piece of news in July this year that Zhipu Robotics planned to take control of the company. After that, the stock price of Shanghai Shangwei New Materials continuously reached new highs, astonishing the market and even triggering a trading halt for investigation.
Amid the booming of the embodied intelligence track, in fact, Zhipu Robotics is accelerating its connection with the capital market, and a "circle of listed company friends" led by it is rapidly taking shape.
Founded in February 2023, Zhipu Robotics completed the three-step process from technology R & D, manufacturing layout to commercial delivery in just two years: In early 2024, its manufacturing plant was established in Shanghai, building three major product families of "Expedition", "Elf" and "Spiritual Link"; In early 2025, the 1000th general-purpose embodied robot rolled off the production line, making it the first humanoid robot enterprise in China to achieve the delivery of a thousand units.
Meanwhile, Zhipu Robotics is intensively weaving a vertically integrated industrial ecosystem network spanning materials, components, manufacturing and downstream applications through various means such as holding shares, joint ventures, strategic investments and joint R & D. From Shanghai Shangwei New Materials (688585.SH) at the upstream material end, to Lens Technology Co., Ltd. (300433.SZ) for complete machine delivery, and then to Dafeng Industry Co., Ltd. (603081.SH) in the field of commercialization, Zhipu Robotics is connecting an embodied intelligence circle of friends.
01 The "Embodied Intelligence Concept Stock" with a 15-fold Surge
Since July, the capital market's enthusiasm for the concept of "embodied intelligence" has been rapidly ignited, and the most representative "trigger point of the market" is Shanghai Shangwei New Materials at the material end.
The starting point of this round of skyrocketing occurred on the evening of July 8th. According to the announcement at that time, Zhipu Robotics and its core team planned to acquire 63.62% of the shares of Shanghai Shangwei New Materials through a shareholding platform, thus achieving control.
On July 9th after the release of the positive news, the stock price of Shanghai Shangwei New Materials hit the daily limit first, and then recorded multiple "20CM" daily limit boards in a row. By July 28th, its increase this year had reached 1095.81%, successfully entering the ranks of "10-fold stocks". In the next three trading days, this increase expanded again. As of the close on August 5th, the stock price was as high as 110.48 yuan per share, with an increase of 1566.62% this year, and the total market value soared to 44.563 billion yuan.
It is worth noting that under the skyrocketing stock price, Shanghai Shangwei New Materials also issued risk warnings several times. The company announced on the evening of August 4th that there had been no major changes in the company's fundamentals, and its main business was still the R & D, production and sales of environmentally friendly high-performance corrosion-resistant materials, materials for wind turbine blades, etc. The company's operating income in the first half of 2025 was 784 million yuan, a year-on-year increase of 12.50%, and the net profit decreased by 32.91% year-on-year, mainly due to exchange losses caused by overseas US dollar accounts receivable and other reasons.
Shanghai Shangwei New Materials reminded investors that the recent trading price of the company's stock had seriously deviated from the current fundamentals, and investors participating in trading might face greater market risks. On the evening of August 5th, Shanghai Shangwei New Materials announced again that if the stock price continued to rise in the future, it might apply to the Shanghai Stock Exchange for a continuous trading halt for investigation again.
A research report from Soochow Securities shows that Shanghai Shangwei New Materials is a leading high-performance resin material enterprise in China, with a complete product matrix covering high - growth sectors such as wind power, environmental protection and new energy, and has a broad downstream application foundation. Shanghai Shangwei New Materials has formed a product system centered on four major categories: environmentally friendly high-performance corrosion-resistant materials, materials for wind turbine blades, new composite materials and circular economy materials, and has rich application expansion capabilities.
With Zhipu's planned takeover, the market is highly concerned about whether Shanghai Shangwei New Materials can enter the humanoid robot track. In particular, whether its main environmentally friendly resin products have the material properties and process feasibility for application in core parts such as robot structural parts, shells and connection parts. In response to this, a reporter from Times Weekly called Shanghai Shangwei New Materials on August 5th. A company staff member replied that the relevant information was temporarily inconvenient to disclose, and it was recommended to pay attention to subsequent announcements and the official WeChat public account for specific information.
02 Lens Technology has Delivered Hundreds of Complete Machines
On August 4th, Lens Technology disclosed the latest cooperation progress in the field of humanoid robots. The company said that it had fully undertaken the manufacturing business of multiple series of humanoid robot complete machines for Zhipu Robotics, and jointly established Hunan Zhiqi Future Technology Co., Ltd. with Zhipu Robotics, focusing on high - end intelligent manufacturing equipment in the fields of consumer electronics and new energy and providing overall automation solutions.
In addition, Lens Technology also made a strategic investment in Zhejiang Zhiding Robotics, a subsidiary of Zhipu focusing on commercial intelligent cleaning robots, to layout the integrated innovation of "AI + robots".
On August 5th, a staff member of Lens Technology told a reporter from Times Weekly that the company had delivered hundreds of humanoid robot complete machine products to Zhipu Robotics. "We have multiple customers, and the relevant progress is inconvenient to disclose, but it is certain that Zhipu Robotics has achieved offline delivery of hundreds of complete machines." The person further revealed that in the delivery process, Lens Technology not only participated in the production of some components, but also undertook the assembly and offline work of the complete machines.
In fact, as early as early 2025, Lens Technology and Zhipu Robotics jointly completed the delivery of the world's first full - stack open - source robot Lingxi X1, helping Zhipu achieve the goal of an annual production capacity of over a thousand units. Lens Technology also provided solutions for robot shells through its independently developed curved glass display technology, nano - microcrystalline glass technology and lightweight high - strength materials. It is reported that the core components such as the six - dimensional torque sensor and planetary roller screw independently developed by Lens Technology have also entered the mass - production stage.
In the process of building the humanoid robot industrial chain, Zhipu Robotics is deeply collaborating with multiple manufacturing enterprises.
In April this year, Joyson Electronics Co., Ltd. (600699.SH) signed a strategic cooperation agreement with Zhipu Robotics. The two sides will carry out full - chain cooperation in the field of embodied intelligent robots, including key software and hardware technologies such as intelligent interaction decision - making systems ("brain"), intelligent motion control systems ("cerebellum"), energy management modules, sensor kits and high - performance materials.
Then on June 30th, Zhipu Robotics and Junpu Intelligent Technology Co., Ltd. (688306.SH) jointly announced that relying on Junpu Intelligent's first mass - production pilot line for humanoid robots, they officially launched the large - scale production of core products. Among them, the Zhipu G1 robot will be mass - produced, and the A2 full - humanoid robot will also enter a certain scale of mass - production stage.
Lead Intelligent Manufacturing Co., Ltd. (002600.SZ) joined hands with Zhipu Robotics through its subsidiary Dongguan Lingjie in December 2023, and the two sides carried out cooperation in product design, technology R & D and market implementation. In June 2024, the two sides further signed an ODM (Original Design Manufacturing) cooperation agreement, and the depth of cooperation continued to expand.
In April this year, Lead Intelligent Manufacturing built a production line for the assembly of humanoid and embodied robot complete machines and the production of key components. In June, it planned to establish a joint venture with Zhipu Robotics, intending to establish a global strategic partnership, steadily promoting domestic cooperation while jointly exploring the international market.
"The complexity of the robot industrial chain far exceeds that of automobiles or drones, and many enterprises in the industry still do not have large - scale manufacturing experience." Wang Chuang, the president of the general business department of Zhipu Robotics, previously told a reporter from Times Weekly that in order to accelerate the implementation, Zhipu Robotics independently developed all key joints and at the same time deeply participated in the production lines of its partners, providing full - process support from process planning to supply chain introduction.
03 Intensive Trials of Commercialization
In the process of promoting humanoid robots from the laboratory to industrialization, multiple leading enterprises in various industries are accelerating cooperation with Zhipu Robotics, trying to explore commercialization in multiple application scenarios such as manufacturing, culture and tourism, and medicine.
In 2024, Zhipu Robotics reached a strategic cooperation with iSoftStone Information Service Group Co., Ltd. (301236.SZ). The two sides will carry out in - depth cooperation in the fields of general robot product innovation and scenario demonstration, promoting humanoid robots to become more general - purpose and serving all industries. In December of the same year, the two sides jointly invested to establish Jiangsu iSoftStone Tianqing Robotics Technology Co., Ltd. (hereinafter referred to as "iSoftStone Tianqing"), in which iSoftStone Information Service Group holds 65% of the shares and Zhipu holds 5%.
In January this year, iSoftStone Tianqing released its first bipedal robot Tianhe C1 for interaction and education in Wuxi, targeting scientific research education and interactive service scenarios.
In the cultural and entertainment and commercial scenarios, Zhipu Robotics has also taken frequent actions. In March this year, Zhipu Robotics reached a cooperation with Dafeng Industry Co., Ltd. (603081.SH). The two sides plan to establish a joint venture with a registered capital of 10 million yuan, with Dafeng Industry holding 85% of the shares and Zhipu holding 15%. The joint venture will focus on the R & D and application implementation of humanoid robots in multiple scenarios such as cultural and entertainment, sports and business. According to the agreement, Dafeng will provide the joint venture with an intention purchase order of no less than 15 million yuan within one quarter after the establishment of the joint venture for product scenario - based R & D.
The cooperation content not only includes customized hardware development and system integration, but also jointly builds an embodied intelligent platform based on multi - modal interaction models such as voice, vision, touch and gestures, which is applied in fields such as intelligent navigation, immersive cultural experience and brand operation. Zhipu Robotics provides the technical foundation and robot complete machine solutions, while Dafeng Industry opens up application scenarios and data resources, promoting the in - depth integration of "AI + robots + scenarios".
Dafeng Industry announced that the cooperation focuses on the R & D of multi - modal interaction systems and the scenario - based application of intelligent terminals. It intends to enter through multiple scenarios such as intelligent navigation and service, optimization of scenic area/stadium operations, innovation of cultural and tourism performances, immersive cultural experience, brand building and operation, and build an integrated innovation platform of "technology + scenario".
Meanwhile, Zhipu Robotics has also extended the tentacles of embodied intelligence to the medical field. In February this year, Zhipu Robotics, Dongyangguang Co., Ltd. (600673.SH), Peking University Wuhan Artificial Intelligence Research Institute and Lingchu Intelligence jointly established Hubei Guanggu Dongzhi Embodied Intelligence Technology Co., Ltd. (hereinafter referred to as "Guanggu Dongzhi"). At the same time, it plans to build a new humanoid robot production line in Guanggu to promote the R & D and mass - production of robot products and embodied intelligent models.
On this basis, on March 29th, Zhipu Robotics, Dongyangguang, Guanggu Dongzhi and Hubei Science and Technology Investment Group signed a strategic cooperation agreement in Wuhan, clarifying that they will cooperate around the full chain of humanoid robots "from the body to scenario implementation" to break through the "last mile" of commercial application.
Dongyangguang has multiple actual application scenarios with potential for automation transformation, covering vertical fields such as pharmaceutical production and cordyceps breeding. Its accumulation in industry operation and data resources also provides a foundation for the algorithm iteration and scenario adaptation of embodied intelligence.
In addition, according to the disclosure of Dongyangguang, the joint - venture company Guanggu Dongzhi achieved revenue in the first half of 2025 and signed a purchase agreement with Hubei Science and Technology Investment Group, with the project amount limit reaching 70 million yuan.
This article is from the WeChat public account "Times Weekly" (ID: timeweekly), author: Zhu Chengcheng, editor: Guo Ruyi. Republished by 36Kr with permission.