Core Viewpoint - Recently, Yuejiang Technology completed a new round of share issuance, raising 780 million yuan to advance research and innovation in intelligent robotics, invest in the supply chain, and enhance sales channels and market promotion efforts [1][16][21] Group 1: Financing Activities - Yuejiang Technology has conducted two rounds of share issuance in the past six months, raising a total of over 1.8 billion yuan for its robotics business and liquidity needs [2][8][21] - The company raised approximately 1.037 billion yuan in July and 780 million yuan in November for similar purposes, totaling 2.5 billion yuan in fundraising within a year of its IPO [8][21][27] Group 2: Financial Performance - Despite the increase in revenue from the sales of collaborative robots, marketing expenses have risen even faster, with the sales expense ratio reaching 53% in the first half of the year, significantly higher than comparable companies [3][9][22] - Yuejiang Technology reported a net loss of 41 million yuan in the first half of the year, continuing its trend of negative net profit and operating cash flow, which was -65 million yuan [12][25][27] - Accounts receivable increased by 83% year-on-year, with the accounts receivable turnover days rising to 85 days, indicating deteriorating cash collection conditions [12][25][27] Group 3: Capital Structure and Debt Management - Following its IPO, Yuejiang Technology's cash and cash-equivalent assets significantly increased, and its debt ratio decreased from 50% at the end of 2023 to 26.5% by June 2024, nearly halving [5][19][21] - The company has been actively raising funds despite having sufficient cash reserves, which raises questions about its financial strategy and market positioning [14][27]

呈交日期: 2025年12月3日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 深圳市越疆科技股份有限公司（「本公司」） | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02432 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 377,138,547 | RMB | | 1 RMB | | 377,138,547 | | 增加 / 減少 (-) | | | 16,660,000 | | | RMB | | 16,660,000 | | 本月底結存 | | | 393,798,547 | RMB | | 1 RMB | | 393,798,547 | | ...

Core Viewpoint - The strategic partnership between Cao Cao Mobility and Yujing Technology aims to enhance the operational efficiency of Robotaxi services through innovative applications of robotics technology in vehicle maintenance, cleaning, and energy replenishment [1][2]. Group 1: Strategic Cooperation Details - The collaboration will explore innovative applications of robotics technology in the operational scenarios of Robotaxi, focusing on vehicle cleaning, maintenance, and energy replenishment to improve operational efficiency [2]. - Both companies will jointly build intelligent Robotaxi operation stations, integrating Robotaxi operational capabilities with robotics technology to create a one-stop hub for operational solutions [2]. - A data closed-loop will be established to enhance Robotaxi operational efficiency through algorithm iteration, utilizing robotics as a mobile data collection platform [2]. Group 2: Implementation and Innovations - Since 2025, Cao Cao Mobility has accelerated its layout in the Robotaxi sector, with the partnership expected to advance its operational system towards full automation and intelligence [3]. - The "Green Intelligent Passage Island," launched on December 3 in Hangzhou, is designed to provide systematic solutions for the large-scale deployment of Robotaxi, featuring the humanoid robot Atom as the first "smart employee" [3]. - The innovative facility includes AI-guided interactive terminals for welcoming and guiding users, unmanned operational units for automatic vehicle maintenance, and a multi-agent collaborative system for task coordination among various robots [3]. Group 3: Value Creation and Future Prospects - The successful implementation of this project has created significant value by establishing the world's first comprehensive solution for Robotaxi stations that integrates "smart guidance" and "unmanned operations," setting a new benchmark for smart transportation infrastructure [4]. - Continuous validation in real operational scenarios has demonstrated the reliability, environmental adaptability, and sustainable operational benefits of Yujing's humanoid robots, achieving a closed-loop application of "perception-decision-execution" [4]. - The project has developed a replicable and scalable system paradigm, laying the groundwork for promoting Robotaxi hubs and smart parks, as well as opening clear pathways for the large-scale application of humanoid robots in transportation and logistics [4].

Core Viewpoint - The collaboration between Cao Cao Mobility and Yujian Technology focuses on the operation of Robotaxi and aims to enhance intelligent operations in the transportation sector [1] Group 1: Strategic Partnership - Cao Cao Mobility has signed a strategic cooperation agreement with Yujian Technology to work on Robotaxi operations [1] - The partnership includes the implementation of a "green intelligent passage island" in Hangzhou, where Yujian's humanoid robots are deployed for tasks such as guiding and vehicle inspection [1] Group 2: Technological Applications - The collaboration will explore the application of robots in vehicle maintenance and energy replenishment [1] - Both companies aim to co-build intelligent operation stations to promote the intelligent upgrade of Robotaxi operations [1]

Core Viewpoint - Cao Cao Mobility (02643.HK) and Yujing Technology (02432.HK) have signed a strategic cooperation agreement to explore innovative applications of robotics technology in the operation of Robotaxi services, focusing on vehicle cleaning, maintenance, and energy replenishment [1] Group 1 - The collaboration aims to upgrade the operation and maintenance system towards automation and intelligence, providing technical support and infrastructure for the large-scale implementation of Robotaxi [1] - Yujing Technology's humanoid robot Atom has been introduced as one of the first "smart employees" at the "Green Intelligent Passage Island," achieving validation in multiple application scenarios [1]

值得注意的是，11月27日，越疆科技与绿源集团(02451)在金华签署战略合作框架协议。基于在产品研 发与产业应用层面的深度共识，绿源与越疆将共同推动规模达5000台机器狗应用于智慧门店升级计划。 根据协议，双方将以绿源全国超10000家门店网络为基础，共同探索具身智能机器人的大规模、分阶段 在智慧门店、智能工厂等场景的应用。 越疆(02432)再涨超4%，截至发稿，涨4.03%，报40.26港元，成交额2962.49万港元。 消息面上，曹操出行宣布与越疆科技近日签署战略合作协议。基于Robotaxi(自动驾驶出租车)业务，双 方将共同拓展机器人技术的应用场景和应用能力，提高车辆运营的智能化程度。根据合作规划，双方将 围绕Robotaxi运维场景，共同探索机器人技术在车辆清洁、维护、补能等方面的创新应用。 ...

智通财经APP获悉，越疆(02432)再涨超4%，截至发稿，涨4.03%，报40.26港元，成交额2962.49万港 元。 消息面上，曹操出行宣布与越疆科技近日签署战略合作协议。基于Robotaxi（自动驾驶出租车）业务， 双方将共同拓展机器人技术的应用场景和应用能力，提高车辆运营的智能化程度。根据合作规划，双方 将围绕Robotaxi运维场景，共同探索机器人技术在车辆清洁、维护、补能等方面的创新应用。 值得注意的是，11月27日，越疆科技与绿源集团(02451)在金华签署战略合作框架协议。基于在产品研 发与产业应用层面的深度共识，绿源与越疆将共同推动规模达5000台机器狗应用于智慧门店升级计划。 根据协议，双方将以绿源全国超10000家门店网络为基础，共同探索具身智能机器人的大规模、分阶段 在智慧门店、智能工厂等场景的应用。 ...

Core Viewpoint - Shenzhen Yuejiang Technology Co., Ltd. has made a donation of 1 million Hong Kong dollars to support emergency rescue efforts and disaster recovery in response to a recent fire incident in Hong Kong [1] Group 1 - The company expressed deep condolences to the victims and sincere sympathy to the affected individuals and families [1] - Yuejiang Technology commended the rescue personnel for their bravery and dedication during the emergency response [1] - The company is committed to continuing its support and monitoring the ongoing disaster relief efforts [1]

Group 1: Stock Movements - Emperor International (00163) rose nearly 6% after reaching an agreement with banks to restore existing loan arrangements based on previously agreed commercial terms [1] - Gaming stocks generally increased, with MGM China (02282) up 3.43%, Melco International Development (00200) up 2.24%, Sands China (01928) up 2.32%, and Galaxy Entertainment (00027) up 1.81%. Morgan Stanley reported that total gaming revenue for the first 23 days of the month was MOP 15.6 billion, averaging MOP 678 million per day [1] - Dongyue Group (00189) increased nearly 5% as PVDF market prices rose from CNY 49,000 per ton at the beginning of November to CNY 52,000 per ton as of November 20 [1] - UBTECH Robotics (09880) surged over 4% after announcing a successful bid for a humanoid robot data collection and training center project in Jiangxi, valued at CNY 143 million [1] Group 2: Strategic Partnerships and Collaborations - China Energy Storage Technology (02399) fell over 6% after announcing a non-binding memorandum of understanding for strategic cooperation with Guo Heng Group Pte. Ltd. [2] - Yujian Technology (02432) rose over 6% after signing a strategic cooperation framework agreement with Green Source Group (02451) to promote the application of 5,000 robotic dogs in smart store upgrades [2] - Junsheng Electronics (00699) and Hezhima Intelligent (02533) continued to rise, with Junsheng up 4.14% after announcing a strategic cooperation to jointly develop robot control systems and solutions [3] Group 3: Market Trends and Consumer Behavior - Gold stocks collectively rose, with Zhenfeng Gold (01815) up 5.8%, China Silver Group (00815) up 2.99%, Lingbao Gold (03330) up 4.66%, Chifeng Gold (06693) up 3.3%, and China Gold International (02099) up 5.38%. Recent comments from Federal Reserve officials and delayed economic data have supported expectations for interest rate cuts [2] - Mixue Group (02097) saw a nearly 3% increase amid speculation about launching a breakfast menu, with initial trials in select cities [3] - Pop Mart (09992) rose nearly 4% following a government initiative aimed at enhancing consumer goods supply and promoting diverse consumption [4]

Group 1 - The stock of Yuejiang (02432.HK) rose nearly 4% in early trading, currently up 3.23% at HKD 37.7 [1] - The trading volume reached HKD 38.46 million [1]