① Compile a list of listed companies that have received over 90 (including 90) institutional visits in the past month (see appendix). Jereh Group, Sugon, and Hygon ranked top three; ② The leading computing power firms Hygon and Sugon, whose billion-dollar merger plan was terminated, as well as companies with robotic concepts such as V&T Technologies, Foryou New Materials, and Changan Automobile, are all on the list.
Cailian Press reported on December 14 (edited by Ruoyu) According to Choice data, as of press time, in the past month (November 23 to December 14), a total of 11 listed companies including Jereh Group, Sugon, Hygon, V&T Technologies, Foryou New Materials, Changan Automobile, Espressif Systems, Kingnet Technology, Century Huatong, Nacobre, and Three Gorges Tourism received over 90 institutional visits (including 90). For more details, see the chart below:
Among them, Hygon and Sugon, the leading computing power firms whose billion-dollar merger plan was terminated, have drawn significant attention, each receiving 341 institutional visits in the past month. During the investor briefing held on December 10 regarding the termination of the major asset restructuring, Hygon stated that although the current merger and restructuring between the two companies cannot be implemented, both maintain independent market-oriented operations and specialized development paths. They respectively focus on core areas such as integrated computing power infrastructure and high-end chip design, enabling end-to-end collaborative development from chip design to computing power services through industrial cooperation. Hygon will establish closer collaboration with Sugon in system-level product applications, leveraging Sugon's advanced technologies in super-node computing power, large-scale scientific model development platforms, and cluster systems. This will drive full-stack deployment in intelligent computing, computing power scheduling, and data center solutions. Despite the termination of this major asset restructuring, the long-standing industrial synergy and cooperation between Hygon and Sugon will remain unaffected, ensuring continued collaboration moving forward.
Sugon stated that despite the termination of the restructuring, Hygon and Sugon will deepen their collaboration while maintaining the independence of their listed entities: Hygon will focus on CPU and DCU chips, having established itself as a leader in China’s core chip sector, while Sugon remains at the forefront domestically in interconnects, networking, scheduling, software, computing power services, storage, and liquid cooling. Together, they will build a complete computing power industry chain. Moving forward, the two companies will focus on their respective core competencies—integrated computing power infrastructure for Sugon and high-end chip design for Hygon—to achieve comprehensive collaborative development from chip design to computing power services through industrial cooperation.
During the meeting, Sugon addressed market concerns regarding orders for the ScaleX640 super-node product, its compatibility with H200, and collaboration with NVIDIA. Sugon stated that ScaleX640, based on advanced hardware architecture, cooling, and power supply technologies, boasts world-leading integration and domestic leadership in overall super-node performance. As large models grow in parameter scale and high-throughput inference clusters become more widely deployed, the advantages of this product will become even more prominent, offering broad market potential. Additionally, ScaleX640 adopts an open AI computing architecture, supporting mainstream domestic and international AI accelerators. Users can select acceleration chips as needed, achieving an “AI computing solution that integrates software-hardware synergy and ecosystem compatibility.”
Furthermore, V&T Technologies, Foryou New Materials, and Changan Automobile—all associated with the “robotics” concept—received 141, 135, and 125 institutional visits, respectively, in the past month.
On December 12, V&T Technologies disclosed records of investor relations activities, responding to questions about the company’s progress in the robotics field. The company has fully laid out its strategy across the embodied intelligence industrial chain, recently launching new products such as 12mm-21mm frameless motors, 6-16mm hollow cup motors, axial flux motors, hub motors, and ultra-high power density drives. In collaboration with industry leaders, it has also introduced core components for embodied intelligence, including a 6DOF tendon-driven biomimetic dexterous hand, ultra-short harmonic joint modules, planetary joint modules, cycloidal joint modules, and axial flux joint modules. These innovations provide systematic solutions to continuously empower industrial upgrades. As a supplier of core components for mobile robots, the company’s products are precisely tailored for AGV/AMR, service robots, and various other application scenarios.
On December 2, Foryou New Materials disclosed records of investor relations activities, stating that its third-generation product redefines the TPU architecture with an innovative sensor-integrated design, embedding computing power into every inch of electronic skin. It is not just a sensor but also the terminal nervous system of robots. Leveraging edge computing for rapid reflexes, on-chip algorithms for physical interaction outputs, and full coverage for safety boundaries, the company possesses multiple technological reserves, including piezoelectric, piezoresistive, capacitive, and magnetoelectric approaches, which it applies to specific fields based on their characteristics. In the field of robotic electronic skin, the company primarily uses piezoresistive technology to recognize force, temperature, and material modalities, adopting capacitive fusion routes for proximity sensing when required by clients. Furthermore, Tongzhi Technology focuses on the main brain of robot bodies, advancing embodied intelligence. The company’s tactile intelligence collaborates interactively with robot bodies to enable mutual cooperation.
On December 11, Changan Automobile disclosed records of investor relations activities, discussing the company’s strategic layout and business planning in robotics. Regarding robotics, the company is implementing a “1+N+X” strategy around core scenarios to advance smart automotive robotics technology and business. “1” refers to humanoid robots as the main focus, driving the development of the entire sector. Product forms include full-size (for manufacturing scenarios), medium-sized (for retail scenarios), and small-sized (for home scenarios), covering multiple application scenarios. “N” includes vehicle component robots, intelligent mobility ecosystem robots, and specialized service robots. “X” represents the company’s role as a chain leader, integrating upstream and downstream players in the robotics industry, spanning parts, software services, infrastructure construction, and operators. In terms of products, the company focuses on humanoid robot R&D and high-end applications, driving and empowering other smart mobility and automotive robots. Based on factory, retail, home, and specialized application scenarios, the company plans to implement a near-, mid-, and long-term approach to integrate commercial and technical closed loops, creating multiple embodied intelligence robotic products.
