From Chinese Watch Wiki

Xiongmao (熊猫) was a watch brand produced by the Fenglei Instruments Factory . The name means "Panda", and the brand's logo is a stylised panda. Early Xiongmao watches used the SS1 movement, but this was later replaced by the Chinese Standard Movement .

Several varieties of the panda logo were used over the years, the least common of which is the "sitting panda", which is highly sought after by collectors.