Zhongke Xinsong introduces state-owned investment to increase investment by 150 million yuan, seizing the development track of collaborative robots

Recently, Xinsong Robot announced that its wholly-owned subsidiary, Zhongke Xinsong, plans to introduce the investment fund established by Shanghai Pudong Haiwang Private Fund Management Co., Ltd. (hereinafter referred to as "Haiwang Fund") as the main strategic investor, and introduce Shanghai Haitong Huanxin Private Investment Fund Partnership (limited partnership) (hereinafter referred to as "Haitong Huanxin") Haitong Chuangxin Securities Investment Co., Ltd. (hereinafter referred to as "Haitong Chuangxin"), Yangtze River Delta (Jiashan) Equity Investment Partnership (limited partnership) (hereinafter referred to as "Yangtze River Delta Investment"), as other strategic investors, the above-mentioned capital increase parties plan to contribute a total of 150 million yuan in cash, and the listed company waives the preemptive right of this capital increase.

After the completion of this capital increase, the listed company will only hold 40% equity of Zhongke Xinsong, Haiwang Fund will hold 40% equity of Zhongke Xinsong, and other strategic investors will hold a total of 20% equity of Zhongke Xinsong. Zhongke Xinsong will no longer be a wholly-owned subsidiary within the scope of the listed company's consolidated financial statements.

The announcement of Xinsong Robot stated that in order to meet the development needs of the company's collaborative robot business and promote the further development and growth of this business sector, by introducing strategic investors, Zhongke Xinsong can expand its capital strength, enhance its development momentum, and better leverage the advantages of strategic investor resources to expand the market, improve profitability, and reduce operational risks.

In addition, Zhongke Xinsong can fully leverage the advantages of strategic investors in the market, capital, local policies, and other aspects, continuously maintain research and development investment, and promote the company's collaborative robot business and Zhongke Xinsong's expansion pace; The introduction of professional investment institutions is also conducive to optimizing the equity structure, and the company and strategic investors can jointly support the healthy development of subsidiary businesses.

According to the enterprise investigation, Shanghai Pudong Haiwang Private Equity Fund Management Co., Ltd., as the main strategic investor in this case, has a major shareholder of Shanghai Pudong Science and Technology Innovation Group Co., Ltd. After tracing back two levels, the actual controlling party is the Shanghai State owned Assets Supervision and Administration Commission.

In addition, Haitong Innovation is 100% owned by Haitong Securities Co., Ltd; The investment in the Yangtze River Delta is held by China Xinda Asset Management Co., Ltd. at 32.86%; Haitong Huan is 30% owned by New Shanghai Tuozhong Group Co., Ltd., and Shanghai Lingang New Area Investment Holdings (Group) Co., Ltd. and Haitong Kaiyuan Investment Co., Ltd. are also among the shareholders.

Capital increase or preparation for listing

According to data, Zhongke Xinsong was established in 2014 and focuses on the research and development and production of collaborative robots. Currently, it has launched multiple collaborative robot products and has formed mass production, widely used in fields such as automotive parts, 3C electronics, semiconductors, and healthcare.

In the past two years, Zhongke Xinsong's operating performance has been continuously losing money and showing an expanding trend. In 2021, Zhongke Xinsong's operating revenue was 31.4135 million yuan, operating profit was -45.4975 million yuan, and net profit was -42.2767 million yuan; From January to November 2022, Zhongke Xinsong's operating revenue was RMB 46.4902 million, operating profit was RMB -49.455 million, and net profit was RMB -49.0641 million.

As of November 30, 2022, the total assets of Zhongke Xinsong were 306 million yuan, the total liabilities were 283 million yuan, and the net assets were 23.2657 million yuan.

This capital increase has provided a premium, and the announcement shows that as of the evaluation benchmark date of November 30, 2022, 100% of the equity of Zhongke Xinsong has been confirmed with an evaluation value of 91 million yuan using the income method. After friendly negotiations among all parties involved in the transaction, it is unanimously agreed that the valuation of Zhongke Xinsong before this capital increase is 100 million yuan.

After the capital increase is completed, the registered capital of Zhongke Xinsong will be changed from 34.4076 million yuan to 86.019 million yuan.

In recent years, the development of collaborative robots has been rapid, and the shipment volume has continued to rise. Leading companies have entered the stage of going public. As a well-known enterprise in the field of collaborative robots, Zhongke Xinsong does not want to lag behind others. By increasing capital and shares, introducing more powerful capital, and increasing the competitiveness of the enterprise, it is not a wrong choice and can also shorten its path to going public.

Collaborative robots stand out alone

In recent years, collaborative robots have developed at the forefront of the industrial robot industry. Data shows that in 2022, the shipment volume of China's collaborative robot market exceeded 19000 units, a year-on-year increase of 24%. Despite the ravages of the epidemic, it still maintains rapid growth.

The latest data from the National Bureau of Statistics shows that in the first quarter of 2023, China's industrial robot production was 103691 sets, a year-on-year decrease of 3%. Among them, the growth rate of categories such as multi joint robots and SCARA robots was negative, while collaborative robots are still growing, indicating strong market demand.

At present, China is the world's largest collaborative robot market, with market sales accounting for over 40% of the total global sales. In 2022, the scale of China's collaborative robot market is about 2.7 billion yuan, and it is expected that the scale of China's collaborative robot market will exceed 3 billion yuan by 2023.

From the perspective of application fields, collaborative robots are most widely used in fields such as 3C electronics, automobiles and parts, mechanical processing, semiconductors, lithium batteries, healthcare, etc. Among them, the top three application fields of collaborative robots in China are 3C electronics, automobiles and parts, and mechanical processing, with sales accounting for 30.3%, 27.2%, and 14.6% respectively.

With the maturity of technology, the cost performance ratio of cooperative robots continues to rise. From the perspective of the use cost of end customers, the unit time cost of cooperative robots has dropped to 7 yuan/hour, which is only one third to one fourth of the labor cost. The reduction of the production and manufacturing cost of cooperative robots and the increase of labor cost caused by the aging of labor force in the future will continue to expand the Unit cost difference between the two, and the cost advantage of cooperative robots will become increasingly prominent.

Nowadays, the collaborative robot industry is in a rapid development stage. With the acceleration of global manufacturing transformation and upgrading, national industry guidance, and capital assistance, the collaborative robot track has received high attention from the market and attracted more enterprises to join.