Dongjie Intelligent changes its controlling shareholder and will enter the embodied intelligence track in the future.
The relevant person in charge of Dongjie Intelligent's securities department said that as the new actual controller, Han Yongguang will inject new vitality into the company. Embodied intelligence is a major trend, and the company will also enter this field in the future.
On the evening of August 26, 2025, Dongjie Intelligent Technology Group Co., Ltd. (hereinafter referred to as "Dongjie Intelligent", 300486.SZ) issued an announcement stating that the company's actual controller will change from the Finance Bureau of Zibo City to natural person Han Yongguang. This event marks the end of the era of "state - owned asset control" for Dongjie Intelligent.
Judging from his resume, Han Yongguang, the company's new actual controller, has a deep layout in the robotics field. He currently serves as a director and chairman of several robotics companies, including being a director of Aobo (Beijing) Intelligent Technology Co., Ltd. (hereinafter referred to as "Aobo Intelligent"), a leading enterprise in collaborative robots.
The controlling shareholder of Dongjie Intelligent is Zibo Jiangtu Hengsong Holding Co., Ltd. (hereinafter referred to as "Zibo Jiangtu"), and the controlling shareholder of Zibo Jiangtu is Zibo Zhanheng Hongsong Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as "Zibo Zhanheng"). On July 30, Dongjie Intelligent disclosed that Zibo Financial Holding Group Co., Ltd. (hereinafter referred to as "Zibo Financial") planned to transfer its 99% fund shares in Zibo Zhanheng.
The market's expectations for the change of the actual controller and potential business synergy have been reflected in the company's stock price in advance: from July 31 to August 27, the closing price of Dongjie Intelligent's stock rose from 12.43 yuan per share to 23.18 yuan per share, and the corresponding market value rose from approximately 5.666 billion yuan (calculated based on the company's total share capital of 455,846,217 shares) to approximately 10.567 billion yuan, an increase of approximately 86.5%.
The relevant person in charge of Dongjie Intelligent's securities department told a reporter from Economic Observer that as the new actual controller, Han Yongguang will inject new vitality into the company. Embodied intelligence is a major trend, and the company will also enter this field in the future.
Wang Lihui, a former special financial expert of the National Development and Reform Commission and an IPO consultant for Shandong enterprises, pointed out that Dongjie Intelligent had been under performance pressure. Zibo Financial's withdrawal from the actual controlling position is in line with the requirement of preserving the value of state - owned assets. Han Yongguang's takeover is beneficial for Dongjie Intelligent to move forward in the field of embodied intelligence.
From State - Owned Dominance to Private Enterprise Leadership
Regarding the reason for the change of the actual controller, a reporter called Zibo Jiangtu. A relevant staff member of the company said that "it is not convenient to disclose, and the announcement shall prevail." As of the time of publication, the Finance Bureau of Zibo City had not given an effective response to the relevant inquiries.
Dongjie Intelligent's announcement shows that on August 25, Zibo Financial signed a "Fund Share Transfer Agreement" with Hainan Heping Investment Co., Ltd. (hereinafter referred to as "Hainan Heping"). Zibo Financial transferred its 99% fund shares in Zibo Zhanheng to Hainan Heping at a price of 1.62 billion yuan.
Dongjie Intelligent's "state - owned era" began in December 2021. At that time, the company's announcement showed that Zibo Jiangtu obtained 29.44% of Dongjie Intelligent's shares for 1.472 billion yuan and became its controlling shareholder. The Finance Bureau of Zibo City simultaneously became the actual controller.
According to the announcement, the change in Dongjie Intelligent's equity this time is mainly due to the change in the equity structure of the company's controlling shareholder at a higher level. The number of shares of the listed company held by Zibo Jiangtu remains unchanged. The company's controlling shareholder is still Zibo Jiangtu, and the actual controller has changed from the Finance Bureau of Zibo City to natural person Han Yongguang.
According to Dongjie Intelligent's official website, the company was established in 1995 and is a leading intelligent manufacturing service provider in China. Centering on intelligent logistics equipment and integrating technologies such as 5G, big data, and AI, it provides global manufacturing enterprises with a comprehensive intelligent manufacturing solution of "logistics + information flow" throughout the process.
In terms of performance, Dongjie Intelligent's performance has been declining continuously in the past three years. According to Dongjie Intelligent's annual reports over the years, from 2022 to 2024, the company's revenues were 1.143 billion yuan, 872 million yuan, and 807 million yuan respectively; the net profits were 39.71 million yuan, - 243 million yuan, and - 257 million yuan respectively.
Notably, on August 25, just before the change of the actual controller, Dongjie Intelligent released a report showing a turnaround from losses to profits. The report shows that the company achieved an operating income of 539 million yuan in the first half of 2025, a year - on - year increase of 24.90%; the net profit attributable to shareholders of the listed company was 5.9454 million yuan, a year - on - year increase of 113.96%.
Regarding the change of Dongjie Intelligent's actual controller from Zibo state - owned assets to natural person Han Yongguang, Wang Lihui analyzed that the State Council clearly defines "preserving and increasing the value of state - owned assets" as the primary responsibility of state - owned enterprises. The transaction price of 1.62 billion yuan for Zibo Financial's transfer this time represents an increase of 148 million yuan compared with the relevant costs when it took over in 2021, an increase of 10.05%. Although this level of return is not considered "high - profit", considering Dongjie Intelligent's turnaround from losses to profits in the first half of this year and the doubling of the secondary - market stock price, the state - owned assets' withdrawal in a stable manner without incurring losses can still be regarded as a rational choice that conforms to the bottom line of asset safety and the logic of market - oriented operation.
Chanson & Co. is an investment consulting and asset management institution focusing on the Chinese market. Shen Meng, a director of Chanson & Co., said that during the period when Zibo Jiangtu controlled Dongjie Intelligent, it failed to provide better operational resources to promote the company's business growth. Transferring the control right became a wise move. Through this transfer, Zibo state - owned assets can invest 1.62 billion yuan in other local strategic industries to achieve optimal allocation of resources. Dongjie Intelligent can obtain operational assets such as robotics technology through the new actual controller Han Yongguang and his affiliated Aobo Intelligent, thus increasing its operational vitality.
Advancing into the Embodied Intelligence Field
The relevant person in charge of Dongjie Intelligent's securities department said that the main business of the affiliated enterprises of the company's new actual controller Han Yongguang is collaborative robots, while Dongjie Intelligent's main business is intelligent logistics and warehousing equipment. The two can jointly form two key components of a complete scenario solution in some application scenarios, which will empower Dongjie Intelligent's existing business. The company will also have new development directions in the robotics field in the future.
This idea of business synergy is further clarified in Dongjie Intelligent's announcement. Dongjie Intelligent's announcement shows that after this change in equity, the new actual controller will use the technological and industrial resource advantages that he can control and influence to actively empower the company's existing industries for iterative upgrading, research and develop and provide embodied intelligence solutions for the intelligent warehousing and logistics industry, and at the same time help the company cultivate new profit growth points and further expand its business map in the high - end intelligent manufacturing field.
In terms of personnel succession, Dongjie Intelligent held the fourth meeting of the ninth - session board of directors as early as August 1 and agreed to nominate Han Yongguang as a candidate for a non - independent director of the ninth - session board of directors.
Public information shows that Han Yongguang is a director of Aobo Intelligent, a director of Yijiayou Intelligent Robot Co., Ltd., and the chairman of Dianke North Electronic Technology (Shandong) Co., Ltd. All of these companies are involved in the field of embodied robots. Aobo Intelligent has ranked first in China and second in the world in the shipment volume of collaborative robots for five consecutive years, with a domestic market share of over 36%.
For Zibo state - owned assets, although it is no longer the actual controller of Dongjie Intelligent, it has not completely withdrawn from Dongjie Intelligent. Tianyancha data shows that the second - largest shareholder of Zibo Jiangtu is Qixin Private Fund Management (Zibo) Co., Ltd., which is wholly owned by Zibo Financial and actually controlled by the Finance Bureau of Zibo City.
Meanwhile, Zibo has a deep - seated relationship with Aobo Intelligent. According to a report by CCTV News, in 2020, when Aobo Intelligent encountered financial problems, the government of Linzi District, Zibo, took a fancy to the development prospects of the collaborative robot industry and helped Aobo Intelligent raise 300 million yuan in financing. The enterprise then settled in the local area. Now, Aobo (Shandong) Intelligent Robot Co., Ltd. is located in Linzi District, Zibo City and is Aobo Intelligent's robot production base.
Notably, Dongjie Intelligent had previously faced performance pressure. Regarding the reasons for the performance losses, a relevant staff member of Dongjie Intelligent's securities department said that the change in the market environment is the main factor. The industry has now entered a highly competitive stage with many competitors.
In Wang Lihui's view, Dongjie Intelligent's significant performance pressure stems from multiple challenges: First, the industry competition is fierce, and the company has to face competition from peers such as Dematic, SSI Schaefer, Noli Group Co., Ltd. (603611.SH), and King Teller Co., Ltd. (300532.SZ); Second, the intelligent logistics technology is evolving rapidly, and the company has room for improvement in software, algorithms, and high - end talents; Third, the company's performance is relatively dependent on the capital expenditure of downstream industries such as new - energy vehicles, steel, and chemicals, resulting in its performance being easily affected by industry cycles and having a high risk of fluctuations; Fourth, there are also internal problems such as insufficient decision - making flexibility under previous state - owned holding and weak synergy among diversified businesses.
After Han Yongguang becomes the actual controller of Dongjie Intelligent, is there hope for the company to improve its performance? In response, the relevant person in charge of Dongjie Intelligent's securities department said that this move is expected to inject new vitality into the company, but improving performance will take a certain process.
This article is from the WeChat public account "Economic Observer". Author: Wang Hui. Republished by 36Kr with authorization.