Strategic Impact Analysis of Dongjie Intelligence (300486.SZ) Terminating the Acquisition of Controlling Stake in AUBO Robotics

Based on the obtained tool data and authoritative online information, the following analysis systematically sorts out the potential impacts of Dongjie Intelligence (300486.SZ) terminating the acquisition of controlling stake in AUBO Robotics on its industrial robot business layout and future strategy.

1. Event and Target Background

• Event Core: The company announced the termination of the major asset restructuring plan involving issuing shares and paying cash to acquire the controlling stake in AUBO (Beijing) Intelligent Technology Co., Ltd. (AUBO Robotics) and raising supporting funds; the transaction was in the planning stage and not submitted to the board of directors/shareholders’ meeting for review, so neither party needs to bear liability for breach of contract; the company commits not to plan major asset restructuring within 1 month; the announcement states that this termination will not have an adverse impact on the company’s business development, production and operation, and financial status [1][2][3].
• Target Company: AUBO Robotics is a well-known enterprise in the collaborative robot field; its official website and media reports show that it has maintained a leading position in the domestic collaborative robot market for many years, was listed in Beijing’s Unicorn List in 2024, and its sales exceeded 30,000 units [7]; industry reports show that the collaborative robot track is highly prosperous (about 68,000 units globally in 2024, up about 25% YoY; about 30,000 units in China, up about 28% YoY) [10].
• Existing Synergy Between Company and Target: On September 25 and November 24, 2025, the company and AUBO, a wholly-owned subsidiary of AUBO Robotics, signed strategic cooperation framework agreements with a total expected amount exceeding RMB 14 billion; AUBO will provide handling and palletizing robot installation and commissioning, robot and AI security inspection solutions and equipment support for the company’s projects [7][9].
• Relationship Between New Actual Controller and Target: Public information shows that the new actual controller Han Yongguang indirectly holds shares in AUBO Robotics and serves as its director, and has been interviewed as the CEO of AUBO Robotics [7][9].

2. Company Fundamentals and Strategic Demands

• Main Business and Industry Applications: The company focuses on the design, manufacturing, installation and commissioning, and sales of intelligent logistics complete sets of equipment, providing solutions for intelligent factories/warehousing/distribution/sorting, covering industries such as automotive, new energy, 3C, pharmaceuticals, and e-commerce [8]; the company claims to be a Chinese brand with bidding and delivery capabilities in developed countries [7].
• Financial and Risk Status: Latest market capitalization is about USD 5.58 billion, current price is USD 32.80, P/E ratio is about 36.45x-37.27x, ROE is about 9.43%, net profit margin is 22.42%, current ratio is 7.58, quick ratio is 6.66; financial characteristics are conservative, and debt risk is classified as “low risk” [0][1]; 2025 first three quarters revenue was RMB 698 million (YoY +26.46%), net profit attributable to parent company was RMB 8.3529 million (turned from loss to profit YoY), mainly benefiting from overseas revenue growth [9].
• Past Pressure and Recovery: From 2023 to 2024, it suffered losses due to weak downstream demand, intensified competition, project cost overruns, and goodwill impairment of its subsidiary Dongjie Hayden (related to Weimar Automobile’s bankruptcy) [9]; in 2025, overseas orders and overseas revenue promoted performance recovery [9].
• Capital Market Performance: Since the actual controller change was prompted in July 2025, the stock price has risen significantly [7][9]; it disclosed the acquisition plan and suspended trading on the evening of December 16, announced termination on December 30 and will resume trading on December 31 [1][2][3]; the stock price range in December was USD 29.00-33.38, with a monthly increase of about 4.26% [0].

3. Potential Impacts on Industrial Robot Business Layout (Based on Facts and Reasonable Inferences)

• Existing Cooperation Channels Remain: The RMB 14 billion strategic cooperation framework agreement signed with AUBO has not been terminated with this termination (the announcement did not mention changes to relevant agreements). This provides external production capacity and technical support for the company to enter collaborative robot application scenarios [7][9], which has a supplementary role in short-term integrated applications and project delivery.
• Uncertainty in Target Integration Rhythm: Terminating the acquisition means that it cannot quickly integrate AUBO Robotics’ production capacity, technical system and sales network into the company’s overall operation system through equity; it may delay the rhythm of “technical route iteration, R&D and supply chain vertical integration, industry scenario replication and cost optimization” (but the delay range and specific losses depend on the termination reason and subsequent alternative paths, which are not disclosed in current public information).
• Business Layout Expansion Path Needs Recalibration: If the company expects to extend from “system integration + equipment manufacturing” to “equipment + robot body/core components”, it needs to reselect paths after the acquisition termination—including increasing independent R&D investment, deepening strategic cooperation, or finding other targets/partners. In the short term, “external collaboration” and “order introduction” can still be promoted relying on existing framework agreements, but medium-to-long-term “integrated control” needs a clearer roadmap to make up.
• Potential Mitigation of Risk Exposure and Valuation Pressure: The announcement did not disclose the specific reason for termination. If it is related to valuation, transaction structure, target finance or regulatory review, termination avoids financial or compliance risks that may be caused by promoting the transaction under uncertain conditions [1][2][3]; if it is related to the target’s cash flow or profitability (public information mentions that some collaborative robot enterprises face price wars and profit difficulties [11]), termination may reserve more flexible timing choices and bargaining space for the company.

4. Impacts on Future Strategy (Based on Facts and Reasonable Inferences)

• Continuity of Strategic Direction and Adjustment of Execution Path: The company has not given up the robot track; the announcement states that termination will not affect business development and financial status [1][2][3]; combined with the RMB 14 billion framework agreement with AUBO [7][9], it can be judged that the “robot + logistics integration” direction is still continuing. However, the “equity integration” path has been frustrated, and strategic execution needs to shift to “cooperation first, cautious M&A” or “endogenous + alliance” combination, which poses a test for rhythm and resource allocation.
• Asset Integration Space of New Actual Controller: Han Yongguang’s relationship with AUBO Robotics [7][9] has attracted market attention to the securitization path of his robot assets. This termination does not rule out the possibility of restarting similar or alternative capital operations in other time windows in the future (the company will not plan restructuring within 1 month [1][2][3], but there are still variables after the window period); under regulatory and market attention, subsequent capital operations will need more prudent disclosure and fair pricing.
• Window Period and Competitive Pressure of Industry Track: The localization rate of collaborative robot track is increasing rapidly, and leading enterprises are active in financing and listing [10][11]; if the company still hopes to obtain body capabilities through “equity integration”, the future potential transaction consideration and collaboration difficulty may be higher.
• Internationalization and Supply Chain Resilience: The company is increasing overseas market expansion (signed overseas framework agreements/orders totaling nearly RMB 1.5 billion in 2024) [9]. The independent controllability of robot body and core components is crucial to cost control and delivery stability of overseas projects. If it cannot form a certain control in the body/component link, it will rely more on external procurement, and long-term gross profit and bargaining power will be under pressure.

5. Key Risks and Uncertainties

• Termination Reason Not Disclosed: The announcement did not disclose the specific reason for termination (valuation, terms, business collaboration feasibility, regulatory or financial affordability, etc.), making it difficult to timely and accurately evaluate the actual impact on business rhythm and resource allocation [1][2][3].
• Fierce Competition in Collaborative Robot Industry: The average price of domestic collaborative robots has declined in recent years, industry gross profit margin is under pressure, leading enterprises are accelerating financing rhythm, and technical iteration and scenario expansion are parallel [10][11]. If the company still hopes to obtain body capabilities through “equity integration”, the future potential transaction consideration and collaboration difficulty may be higher.
• Target Asset Operation and Cash Flow: Media information mentions that some collaborative robot enterprises face profit pressure and cash flow challenges [11]; the specific profit and cash flow situation of AUBO Robotics has not been confirmed through tool data, so its valuation and integration risks need to be evaluated carefully.
• Related Transactions and Compliance Management: The relationship between the new actual controller and the target [7][9] requires the company to do a good job in information disclosure, fair pricing and同业 competition management in subsequent cooperation and capital operations to avoid governance and compliance risks.

6. Investor Attention Points and Suggestions (Need Further Disclosure and Verification by the Company)

• Proactively Disclose Termination Reasons: It is recommended that the company explain the specific considerations for terminating the acquisition within the scope allowed by regulation (valuation, terms, collaboration feasibility, regulatory, capital, etc.) to facilitate the market to evaluate the company’s strategic execution and risk management capabilities.
• Strategic Alternative Paths and Timetables: Explain the medium-to-long-term strategies in the field of robot body and key components (independent R&D ratio and milestones, joint ventures/alliances, screening standards and risk preferences for new M&A targets), and disclose key investment and output guidelines.
• Implementation Rhythm of Existing Collaborative Projects: Regularly disclose the project signing, implementation,回款 and gross profit margin of the RMB 14 billion strategic cooperation agreement with AUBO to verify the feasibility and economy of the “external cooperation” path.
• Quantitative Business Structure: Disclose the procurement proportion, unit cost, delivery cycle and replacement difficulty of collaborative robots (including AUBO and other suppliers) in current intelligent logistics business; explain the roadmap and budget of independent/joint development.
• Overseas Business and Supply Chain Resilience: Explain the supply chain layout, alternative schemes and cost control mechanisms of robot body and core components in overseas projects, as well as the response to exchange rate, tariff and geopolitical risks.
• Governance and Related Transaction Management: Clarify the business boundary between the robot assets under the new actual controller and the listed company, prevention measures for potential同业 competition and related transaction pricing mechanisms.

7. Information Gaps and Follow-up Tracking List (Note: This section involves matters not confirmed by tools or authoritative sources, and is not used as a confirmed conclusion)

• Termination Reasons and Details: Whether the company explains specific reasons (valuation differences, term structure, collaboration path, regulatory or financial affordability, etc.) in subsequent announcements or exchange meetings.
• AUBO Robotics Financial and Operation Details: Including revenue, profit, orders, cash flow, core customers and production capacity expansion plans (not disclosed through tools or announcements).
• Acquisition Terms and Valuation Model: Transaction price, payment structure, performance commitment, lock-up period and delivery conditions (not publicly disclosed).
• Collaboration Roadmap: Merger plans and timetables for technical integration, supply chain integration, sales system and R&D system in the acquisition plan (not publicly disclosed).
• Regulatory Inquiry and Market Reaction: Whether the exchange inquires, analyst and institutional research report views, stock price and trading volume changes after resumption (to be tracked).
• Company’s “Medium-term Guidance” for Robot Segment: Including revenue contribution proportion, gross profit margin target and capital expenditure plan (not disclosed yet).

Conclusion (All Based on Obtained Information)

• In the short term, the substantial impact on the company’s business and financial status is limited: The announcement clearly states that termination will not have an adverse impact on the company’s business, production and operation and financial status [1][2][3]; and the company has signed a total of more than RMB 14 billion strategic cooperation agreements with AUBO in 2025 [7][9], which can undertake some scenario applications and order introduction.
• Medium-to-long-term strategic rhythm and path need adjustment: Terminating the acquisition means that it cannot quickly obtain the platform-level capabilities of AUBO Robotics through equity integration, so the company needs to find alternative paths in the “equipment + body/components” integrated direction; if the construction of robot body and key component capabilities lags behind, it may be under pressure in integrated competition and cost control.
• Capital Operation Space of New Actual Controller Still Exists: This termination does not rule out the possibility of restarting similar or alternative capital operations in a more appropriate window in the future (the company will not plan restructuring within 1 month [1][2][3]), but more sufficient information disclosure and fair pricing are needed.
• Industry Prosperity and Company Internationalization Bring Opportunities: The collaborative robot track is growing rapidly [10], and the company’s overseas orders and overseas revenue are increasing [9], which provides application scenarios for the deep integration of body/components and system integration; how to make good use of the combination of “external cooperation + endogenous layout” will be the key.

Data Sources and References

[0] Jinling API Data: Dongjie Intelligence (300486.SZ) Company Overview and Real-time Quotation.
[1] East Money - “Dongjie Intelligence: Terminate Planning Major Asset Restructuring, Stock Resumes Trading” (2025-12-30).
[2] Sina Finance - “Dongjie Intelligence: Terminate Planning to Acquire Controlling Stake in AUBO Robotics, Stock Resumes Trading” (2025-12-30).
[3] Sina Finance - “Dongjie Intelligence: Terminate Planning Major Asset Restructuring, Stock Resumes Trading” (2025-12-30).
[7] Investing Chinese (Citing Time Finance) - “Bull Stock Dongjie Intelligence Plans to Control Robot Unicorn, Cooperate with Target Subsidiary Exceeding 10 Billion” (2025-12-17/18).
[8] Dongjie Intelligence Official Website - Industry Application and Business Introduction Page.
[9] Same as [7], and citing company announcements and investor relations records.
[10] OFweek - “Technology Breakthrough, Cost Optimization, Dual-arm Collaborative Robots Usher in Critical Moment of Commercialization” (Industry Data and Trends).
[11] Industry Media - “‘China Robot Breakthrough Battle’ of AUBO, Yuejiang, JAKA: Which of the Three Collaborative Robot Giants Will Land?” (2025-05-23).

Note: The above analysis is all based on data returned by called tools and authoritative online reports, and does not cite uncovered or unconfirmed information. It is recommended to update the research based on subsequent company announcements, investor exchange meetings and regulatory letters.