On November 11 at 11:11 AM, the WeChat public account "Zhiyuan Swancor" released two images featuring humanoid robots, captioned "Great Potential" and "Watch and Wait." The first image displayed the number 1.88, widely interpreted as indicating a full-size humanoid robot standing 1.88 meters tall. The account is affiliated with Swancor Advanced Materials Co., Ltd. (688585). Shortly after, at around 11:20 AM, Swancor's stock surged sharply, hitting a 20% limit-up in the afternoon session. Year-to-date, its stock price has skyrocketed by 1,863.8%.
Later that day, a representative from Zhiyuan Robotics clarified that Swancor operates its embodied intelligence business independently and is not collaborating with Zhiyuan. In the evening, Swancor issued an announcement stating that it and its affiliates independently develop embodied intelligent robotics businesses with distinct application scenarios, ensuring no material adverse impact from competition.
Embodied intelligence refers to AI with physical forms capable of perception, decision-making, and action, with humanoid robots being the most common example. Zhiyuan Robotics' online store showcases products like humanoid robots, quadruped robots, and commercial cleaning robots. Humanoid robots are further categorized into performance/reception, general-purpose, and companion/interactive types, suitable for commercial, household, and industrial settings. To meet the "different application scenarios" requirement, Swancor's humanoid robots must diverge from Zhiyuan's existing offerings.
However, avoiding competition requires more than just differing application scenarios. Swancor must clearly delineate its technology and personnel to address market concerns. While embodied intelligence products vary in form, their underlying technologies—such as multimodal perception systems (acting as "eyes," "ears," or "skin"), intelligent decision-making systems ("brains"), and system integration—are often interchangeable. Swancor's core business revolves around high-performance corrosion-resistant materials and wind turbine blade materials. Its embodied intelligence division is still in the product development phase, necessitating breakthroughs in these key technologies.
Talent is critical to advancing embodied intelligence. Overlapping expertise in AI and precision mechanics raises questions: Should top candidates join Zhiyuan or Swancor? Competition isn’t solely defined by product applications but also by shared talent and technology—a challenge in this fast-evolving, talent-driven industry.
Even if application scenarios are artificially segregated, embodied intelligence products, like smart cars with OTA updates, can expand functionalities via software upgrades. While Swancor and Zhiyuan may differentiate their products, competitors could prioritize versatility. How will Swancor respond?
Beyond competition, market concerns include management’s focus and resource allocation to avoid redundant investments. On November 6, Swancor announced an early board reshuffle, nominating key Zhiyuan figures like Peng Zhihui ("Zhi Hui Jun"), Tian Hua (Ecosystem Development GM and Chief Supply Officer), Niu Jia (VP and CHO), and Jiang Qingsong (Partner and Senior VP). With "Zhiyuan-affiliated" leaders steering Swancor, how will they balance priorities between the two companies, especially regarding high-value technologies or projects?
Technologically, embodied intelligence relies on universal core technologies. Swancor faces high costs to develop these independently, whereas Zhiyuan has existing expertise. Leveraging Zhiyuan’s technology could save costs and accelerate Swancor’s market entry. The rapid unveiling of Swancor’s humanoid robot—and the account name "Zhiyuan Swancor"—raises questions: Is there technical collaboration? Is the branding merely for marketing? Could this lead to related-party transactions? The market seeks clarity.
Notably, the "Zhiyuan Swancor" post was later deleted. On November 12, Swancor’s stock fell by 9.88% intraday. Once the humanoid robot narrative begins, Swancor must transparently address how it avoids competition, potential related-party transactions, and other uncertainties to stabilize market expectations and curb extreme stock volatility.
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