One is an environmental protection resin material manufacturer, and the other is a high-profile embodied intelligence robot company. These two enterprises, which originally had little business overlap, have sparked brilliant sparks through a capital operation!
On November 6, 2025, as Zhiyuan Hengyue completed the settlement and transfer procedures for the tender offer acquisition of Supreme Polymer, the Zhiyuan Group officially obtained 63.62% of the shares of this STAR Market-listed company.
At the same time, Supreme Polymer’s board of directors underwent a comprehensive reshuffle. Peng Zhihui (online name “Zhihui Jun”), co-founder, president and CTO of Zhiyuan Robotics, along with four other core executives from the Zhiyuan Group, became director candidates—marking the beginning of Zhiyuan Robotics’ substantive control over Supreme Polymer.
Board Reshuffle
After the completion of this tender offer, Zhiyuan Hengyue and its concerted parties held a total of 257 million shares of Supreme Polymer, accounting for 63.62% of the company’s total share capital. The Zhiyuan Group’s “transformation” of this listed company officially kicked off.
Supreme Polymer announced an early re-election of the board of directors. Among the eight director candidates, five are core backbones from the Zhiyuan Group.
Peng Zhihui, a post-90s generation (also known as “Zhihui Jun”), as co-founder and CTO of Zhiyuan Robotics, was nominated as a director candidate. Also nominated alongside Peng Zhihui were Tian Hua, Zhou Bin, Jiang Qingsong, Niu Jia and other core executives of Zhiyuan Robotics, all of whom have work experience at Huawei.
Zhiyuan Hengyue is a subsidiary of Zhiyuan Robotics. Zhiyuan Robotics was founded by a team with former Huawei backgrounds, and its actual controller is Deng Taihua, a former Huawei executive. After completing this acquisition, Deng Taihua also became the actual controller of Supreme Polymer.
Business Layout
Notably, in the stock trading risk warning announcement disclosed on the same day, Supreme Polymer specifically emphasized that after the re-election of the board of directors, the company will independently carry out the embodied intelligence robot business with related parties, on the premise that there is no substantial horizontal competition with related parties that would cause major adverse impacts.
The company clearly stated that it “maintains independence in terms of personnel, assets, business, institutions, and finance”—a direct response to market speculation that Zhiyuan Robotics might backdoor list through Supreme Polymer.
Supreme Polymer’s main business is the R&D, production and sales of environmentally friendly high-performance corrosion-resistant materials, wind turbine blade materials, new composite materials, and circular economy materials. These materials can also provide reliable support for key components in robot manufacturing, such as vibrating trays for iron washers—critical equipment for precise feeding of small metal parts during robot assembly, where material durability and wear resistance directly affect assembly accuracy and production efficiency.
In contrast, Zhiyuan Robotics focuses on the field of embodied intelligence robots and has made rapid commercial progress recently.
Market Fervor
Some market analysts believe that this is a successful case from the perspective of capital operation! Although changes in fundamentals have not yet fully emerged, the capital market has shown strong interest in the Zhiyuan Group’s takeover of Supreme Polymer.
From July 9 to November 6, the stock price of Supreme Polymer rose by an accumulative 1229.95%. This increase reflects the market’s high expectations for Zhiyuan Robotics and the prospects of its embodied intelligence business.
As of November 6, Supreme Polymer’s latest price-to-earnings (P/E) ratio was 470.63 times, while the average rolling P/E ratio of the chemical raw materials and chemical products industry it belongs to in the past month was only 26.82 times. Supreme Polymer also reminded investors that its P/E ratio is significantly higher than the industry average, and there is a risk that its stock price is divorced from current fundamentals.
In the announcement, Supreme Polymer once again emphasized that within the next three years, Zhiyuan Innovation has no plan or arrangement to backdoor list through the listed company. With the launch of the first commercial delivery of the Elf G2 and the successful implementation of real-machine reinforcement learning technology in industrial production lines, the commercialization process of Zhiyuan Robotics has entered a fast track.
The track of embodied intelligence has been opened. The fervor of the capital market and the progress of physical business are intertwined. For Supreme Polymer and Zhiyuan Robotics, the real test may have just begun.
