Yushu and China National Petroleum Corporation plan to jointly invest in industrial embodied intelligence, with Kunlun Manufacturing holding 60% of the shares

According to the information disclosed by the Beijing Municipal Market Supervision Administration, China National Petroleum Corporation Kunlun Manufacturing Co., Ltd. and its concerted action party Kunlun Capital plan to jointly establish a new joint venture with Yushu Technology and Beijing Panjie Intelligent Technology Co., Ltd., focusing on industrial embodied intelligent robot solution business. The simplified case of operator concentration has entered the public announcement period, which is from November 4, 2026, to November 13, 2026.

According to the announced equity structure, after the transaction is completed, Kunlun Manufacturing and its concerted action parties will hold a total of 60% of the shares in the joint venture, while Yushu Technology and Panjie Intelligent will each hold 20% of the shares, with the three parties jointly controlling the joint venture. The joint venture will provide industrial embodied intelligent robot solutions for fields such as oil and gas, refining and transportation scenario inspections and emergency rescue, as well as applications in gas stations and comprehensive energy stations for charging and swapping. Previously, Kunlun Capital participated as an important investor in the strategic allocation of Yushu Technology's IPO on the Sci-Tech Innovation Board, and the two parties signed a strategic cooperation memorandum regarding the application of robots in oil and gas scenarios. The establishment of the joint venture marks the transition of cooperation from capital connection to the stage of physical operation.