Shangwei New Material listed on the STAR Market in September 2020 and became one of its most undervalued names. Institutions low-balled the IPO, raising only RMB 70 million, a record low, at the RMB 1 billion market-cap floor. For years it sat near RMB 24 billion, about RMB 78 a share, with no coverage and no liquidity. Yet it was no weak asset: a vinyl-ester anti-corrosion resin leader, core wind-structure resin supplier, fourth in global corrosion resin, with exclusive EzCiclo recyclable wind resin and clients Siemens Gamesa and Goldwind.
The market shunned it for four reasons: a traditional B2B consumable with no growth story, a price-war-squeezed margin, weak “sci-tech” gloss, and thin, illiquid float. The turning point came in July 2025 when AgiBot’s core team, via Zhiyuan Hengyue, took control and “Zhiyuan Jun” (Peng Zhihui) became chairman. The market rerated it from chemical stock to consumer humanoid stock: base RMB 2.4 billion to peak RMB 58 billion, a 23-fold jump; price from about RMB 7.5 to RMB 102, up 12.6 times.
The surge owed nothing to old results. Robot business revenue and profit were zero; every gain was expectation. The 2026 interim report showed revenue RMB 803 million with a RMB 167 million net loss, all from robot spend. R&D was RMB 180 million, RMB 164 million of it into Qiyuan robots. Robot presales reached RMB 210 million but cannot be booked as revenue under accounting rules, showing as high spend and zero recognition. The model: the old material base funds the humanoid bet with steady cash.
In September 2026, Qiyuan and furniture leader Shuangle formed the Shangyuan Zhiqi joint venture, cracking the hardest humanoid scenario, the home. Each side brings what the other lacks: Shuangle contributes nationwide stores and whole-home install reach, Qiyuan the robot. The rerating is less about resin and more about a listed shell becoming the A-share’s only consumer humanoid platform, with a real manufacturing cash cow quietly underwriting the dream.
Editor’s note: This is an adapted translation of the original OFweek Robot report. It has been trimmed and restructured for readability for an international business audience.
Translated and adapted from OFweek Robot (https://robot.ofweek.com/2026-09/ART-8321201-12003-30703197.html).