Group 1 - The majority of robotics concept stocks have risen, with notable increases in companies such as Geek+ (02590) up 10.54% to HKD 29.16, Jinli Permanent Magnet (300748) up 6.29% to HKD 22.32, and Ubtech (09880) up 6.04% to HKD 144 [1] - Recent announcements regarding humanoid robots have been frequent, with the Minister of Industry and Information Technology stating that new sectors such as humanoid robots, brain-computer interfaces, and quantum information will be developed during the 14th Five-Year Plan [1] - The Ministry of Science and Technology is promoting the accelerated application of humanoid robots in various sectors including automotive manufacturing, logistics, and power inspection, laying a solid foundation for the development of a trillion-level industry [1] Group 2 - According to Dongfang Securities, there has been an increase in information regarding the mass production of humanoid robots since Q3 this year, with Tesla aiming to produce 100,000 units per month within the next five years and targeting a cumulative delivery of 1 million robots as a key incentive [1] - Domestic humanoid robot companies such as Ubtech, Zhiyuan, and Yushu have received orders worth hundreds of millions, with Zhiyuan and Tiantai Robotics also surpassing 10,000 units in shipments and orders [1] - The industry is currently at a turning point from initial development to mass production, with significant orders reflecting an accelerated rise in industry prosperity [1]

Core Viewpoint - The article highlights the unveiling of the world's first multi-modal embodied intelligent "super factory" solution by the company Yuejiang at the 2025 China International Industrial Fair, showcasing its advanced capabilities in industrial automation and robotics [1][2]. Group 1: Super Factory Solution - The "super factory" solution includes various types of intelligent robots such as collaborative robots, bipedal humanoid robots, multi-legged robots, and wheeled humanoid robots, all coordinated by a central "smart hub" [1][2]. - This solution demonstrates the ability to perform a full range of operations including material handling, visual inspection, and precision assembly through collaborative efforts among different robot types [1][2]. Group 2: Technological Advancements - Yuejiang's rapid technological breakthroughs stem from its unique experience of deploying over 100,000 collaborative robotic arms globally, providing it with invaluable real-world process data and insights into industrial pain points [1][3]. - The company emphasizes the importance of a reliable engineering system, which has been validated through extensive field experience, making its humanoid robots effectively "grown from the factory" [1][3]. Group 3: System Architecture - The "super factory" employs a centralized discussion and distributed execution architecture, allowing for seamless integration of various robot forms to meet industrial demands [2][3]. - The smart hub utilizes multi-modal perception devices to create comprehensive environmental models, enhancing decision-making capabilities and task planning for the robots [3]. Group 4: Market Positioning - Yuejiang's platform compatibility allows enterprises to integrate multi-modal robots without extensive modifications to existing production lines, facilitating quick deployment and collaboration [3]. - As industrial automation shifts towards flexible production, the limitations of traditional single-function robots are becoming more apparent, positioning Yuejiang as a leader in defining future factory architectures [3].

Group 1 - The core viewpoint of the article highlights the positive performance of Hong Kong's robotics concept stocks, with most showing significant gains on September 25 [1] Group 2 - Company "Geek+ (极智嘉-W)" saw an increase of 10.54%, reaching HKD 29.16 [1] - Company "Jinli Permanent Magnet (金力永磁)" rose by 6.29%, trading at HKD 22.32 [1] - Company "UBTECH Robotics (优必选)" experienced a 6.04% increase, with shares priced at HKD 144 [1] - Company "Yuejiang (越疆)" gained 4.52%, with a stock price of HKD 63.6 [1]

Group 1 - The majority of robotics concept stocks have risen, with notable increases in companies such as Geek+ (02590) up 10.54% to HKD 29.16, Jinli Permanent Magnet (06680) up 6.29% to HKD 22.32, and Ubtech (09880) up 6.04% to HKD 144 [1] - The Chinese Ministry of Industry and Information Technology has announced plans to develop humanoid robots, brain-computer interfaces, the metaverse, and quantum information during the 14th Five-Year Plan, establishing a growth mechanism for future industry investments [1] - The Ministry of Science and Technology is promoting the accelerated application of humanoid robots in sectors such as automotive manufacturing, logistics, and power inspection, laying a solid foundation for the development of a trillion-yuan industry [1] Group 2 - According to Dongfang Securities, there has been an increase in information regarding the mass production of humanoid robots since Q3 of this year, with Tesla aiming to produce 100,000 units per month within five years and targeting a cumulative delivery of 1 million robots as part of its incentive plan [1] - Domestic humanoid robot companies like Ubtech, Zhiyuan, and Yushun have received orders worth hundreds of millions, with Zhiyuan and Tiantai Robotics also surpassing 10,000 units in shipments and orders [1] - The industry is currently at a turning point from initial development to mass production, with significant orders reflecting an accelerated increase in industry prosperity [1]

Group 1 - The core concept of the news is the introduction of the world's first multi-modal embodied intelligent "super factory" platform solution by the company Yuejiang at the 2025 China International Industrial Fair (2025CIIF) [1] - The "super factory" features various forms of intelligent robots, including collaborative robots, bipedal humanoid robots, multi-legged robots, and wheeled humanoid robots, all coordinated by a central "factory intelligence hub" [1][2] - The platform employs a "centralized discussion + distributed execution" architecture, enhancing intelligent decision-making capabilities through multi-modal perception devices and industrial large model reasoning engines [1] Group 2 - The "distributed execution" part is managed by different forms of embodied intelligent robots, each responsible for specific tasks such as flexible movement, high-precision operations, and collaborative work [2] - Yuejiang Robotics was established in 2015 and focuses on the research and application innovation of intelligent robots, particularly in the development, production, sales, and service of intelligent robotic arms and other smart hardware products [2] - The company has developed the world's first desktop collaborative robot and has a product matrix capable of handling loads from 0.25 to 30 kg, with a cumulative global shipment of 80,000 units across various industries including 3C, automotive, semiconductor, chemical, medical, metal processing, food and beverage, and new retail [2]

[Company Information](index=2&type=section&id=Company%20Information) This chapter provides an overview of the company's basic information, including board members, committee compositions, legal advisors, registered office, principal place of business in Hong Kong, and major banks, offering background on corporate governance and operations - The board of directors includes executive directors Liu Peichao (Chairman), Wang Yong, Lang Xulin, non-executive director Jing Liang, and independent non-executive directors Li Yibin, Wu Haoyun, and Dr. Hou Lingling[5](index=5&type=chunk) - The Audit Committee Chairman is Mr. Wu Haoyun, the Remuneration and Appraisal Committee Chairman is Mr. Li Yibin, the Nomination Committee Chairman is Dr. Hou Lingling, and the Strategy Committee Chairman is Mr. Liu Peichao[5](index=5&type=chunk) - The company's registered office and headquarters are in Shenzhen, China, with its principal place of business in Hong Kong located on Queen's Road East, Wan Chai[6](index=6&type=chunk) - The stock name is 'DOBOT', and the stock code is 2432[6](index=6&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section briefly presents key financial data for the six months ended June 30, 2025, compared to the same period in 2024, including revenue, gross profit, net loss, diluted loss per share, and asset-liability status, indicating revenue growth but continued losses, alongside an improved asset-liability structure Key Financial Data for the Six Months Ended June 30, 2025 (RMB thousands) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 153,087 | 120,462 | 27.1% growth | | Cost of Sales | (81,171) | (67,618) | 20.0% growth | | Gross Profit | 71,916 | 52,844 | 36.1% growth | | Loss Before Income Tax | (40,049) | (59,584) | 32.8% decrease | | Income Tax Expense | (821) | (299) | 174.6% growth | | Loss for the Period | (40,870) | (59,883) | 31.8% decrease | | Diluted Loss Per Share | (0.10) | (0.17) | decrease | | Total Assets (Period-end) | 1,376,591 | 1,495,208 (December 31, 2024) | 8.07% decrease | | Total Liabilities (Period-end) | 364,872 | 527,919 (December 31, 2024) | 30.9% decrease | | Total Equity (Period-end) | 1,011,719 | 967,289 (December 31, 2024) | 4.6% growth | [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This chapter provides a detailed review of the company's business performance, strategic progress, financial position, and future outlook during the reporting period, highlighting breakthroughs in collaborative robot intelligence upgrades and embodied AI robot innovation, significant revenue growth, and a substantial narrowing of net loss, while also detailing market expansion, ecosystem cooperation, talent strategy, and the use of global offering proceeds [I. Business Review](index=6&type=section&id=I.%20Business%20Review) During the reporting period, the company adopted a dual-wheel strategy of "intelligent upgrade of collaborative robots + innovation in embodied AI robots," achieving revenue of **RMB 153.1 million**, a year-on-year increase of **27.1%**, and a net loss decrease of **31.8%** year-on-year, with significant progress in product technology, market expansion, and ecosystem cooperation - The company is a leading enterprise in the development, manufacturing, and commercialization of collaborative robots, fully deploying in the new track of embodied AI, becoming the world's first enterprise to launch a full-form embodied robot platform encompassing 'robotic arms + humanoid + multi-legged'[10](index=10&type=chunk) - During the reporting period, the company achieved revenue of **RMB 153.1 million**, a year-on-year increase of **27.1%**; net loss was **RMB 40.9 million**, a year-on-year decrease of **31.8%**; adjusted net loss was **RMB 22.9 million**, a year-on-year decrease of **34.4%**[11](index=11&type=chunk) - The gross margin, excluding the impact of inventory impairment, remained stable at **49.4%**, demonstrating significant optimization in operational efficiency[11](index=11&type=chunk) [I. Intelligent Upgrade and Product Innovation of Collaborative Robots](index=7&type=section&id=I.%20Intelligent%20Upgrade%20and%20Product%20Innovation%20of%20Collaborative%20Robots) The company continuously innovated in four core areas: motion control, safety protection, development environment, and human-robot interaction, launching the **30kg** heavy-load collaborative robot CR30H series, committing to a "three-year warranty for all series," and achieving a **46.7%** year-on-year increase in revenue from six-axis collaborative robot products, with its share of total revenue rising to **61.2%** - Achieved progress in four core areas: motion control, safety protection, development environment, and human-robot interaction, enhancing collaborative robot performance and ease of use, including millisecond-level self-interference detection algorithms and intelligent pre-compilation functions[12](index=12&type=chunk) - Launched the **30kg** heavy-load collaborative robot CR30H, equipped with self-developed HyperMove motion control algorithms, and extended to force-controlled version CR30HT and food-grade version CR30H-Food[12](index=12&type=chunk) - Revenue from six-axis collaborative robot products increased by **46.7%** year-on-year, with its revenue share rising to **61.2%**, primarily due to diversified product types and expanded application scenarios[13](index=13&type=chunk) [II. Technological Breakthroughs and Commercialization of Embodied AI Robots](index=8&type=section&id=II.%20Technological%20Breakthroughs%20and%20Commercialization%20of%20Embodied%20AI%20Robots) The company achieved multiple technological breakthroughs in embodied AI robots, successfully launching and mass-producing the world's first "dexterous manipulation + straight-knee walking" embodied intelligent humanoid robot DOBOT Atom, and introducing wheeled + single-arm embodied intelligent robots and six-legged bionic robots, realizing the commercialization of embodied AI technology - In March 2025, the world's first "dexterous manipulation + straight-knee walking" embodied intelligent humanoid robot DOBOT Atom was launched and pre-sold, featuring self-developed Neural Drive System (NDS) for dexterous manipulation and Anthropomorphic Walking System (AWS) for straight-knee walking, with mass production verification completed in June and initial delivery to Japanese customers[15](index=15&type=chunk) - In April 2025, a wheeled + single-arm embodied intelligent robot was launched as a portable universal data collection platform[15](index=15&type=chunk) - In July 2025, the core product 'Six-legged Bionic Robot' was launched, integrating three core capabilities: 'cognition, action, and mobility', featuring high-stability structural design and modular load expansion capabilities, suitable for complex terrain operations[15](index=15&type=chunk)[16](index=16&type=chunk) [III. Continuous Promotion of Ecosystem Cooperation and Scenario Applications](index=9&type=section&id=III.%20Continuous%20Promotion%20of%20Ecosystem%20Cooperation%20and%20Scenario%20Applications) The company accelerates the industrial value transformation of embodied AI technology through strategic collaborations with industry-leading partners, co-developing an integrated "cloud large model + edge devices + humanoid robot terminals" solution with Tencent Cloud, exploring pharmaceutical embodied AI robot applications with Yaoshibang, and expanding application scenarios in automotive, metal products, semiconductors, and commercial sectors - Signed a deepened strategic cooperation agreement with Tencent Cloud, focusing on in-depth collaboration in intelligent computing power, technology ecosystem, and mass production in industrial and home scenarios, jointly creating an integrated solution of 'cloud large model + edge devices + humanoid robot terminals'[17](index=17&type=chunk) - Signed a strategic cooperation agreement with Yaoshibang, focusing on pharmaceutical embodied intelligent robots, AI large models, and pharmaceutical IoT technology, jointly exploring the application of smart solutions across the entire pharmaceutical supply chain[17](index=17&type=chunk) - Product competitiveness continues to gain customer recognition, successfully expanding batch applications in key industries such as automotive (loading/unloading, gluing, inspection, screw fastening), metal products (CNC machining, loading/unloading), semiconductors (packaging and testing), and commercial (coffee, moxibustion therapy, cooking machines)[18](index=18&type=chunk)[21](index=21&type=chunk) [IV. Deepening Overseas Markets and Strengthening Localized Operations](index=10&type=section&id=IV.%20Deepening%20Overseas%20Markets%20and%20Strengthening%20Localized%20Operations) As one of the earliest Chinese brands to expand overseas in the collaborative robot sector, the company's global cumulative shipments have exceeded **90,000 units**, and during the reporting period, it continued to enhance services for European customers through a mature localized operating system and precise digital marketing strategies, while establishing a Malaysian subsidiary to further deepen its global presence - Global cumulative shipments have exceeded **90,000 units**, continuously deepening the globalization strategy[20](index=20&type=chunk) - Leveraging a mature localized operating system, continuously enhancing services and support for European customers, and through precise digital marketing strategies, new products were showcased at the automatica exhibition in Munich, Germany, attracting high-quality clients[20](index=20&type=chunk) - Established a Malaysian subsidiary, the company's first subsidiary in an emerging overseas market, to strengthen overseas market investment[20](index=20&type=chunk) [II. Outlook](index=11&type=section&id=II.%20Outlook) The company will continue to increase R&D investment, with "scenario-defined products" as the core logic, to build next-generation intelligent platform entry points and accelerate the commercialization of embodied AI, while deeply cultivating vertical segments, building a positive "Technology-Value-Ecosystem" cycle, and accelerating global expansion to enhance brand influence in overseas

Core Insights - Company is a global leader in collaborative robot development, ranking second worldwide with a market share of 13% in 2023 and first in China [1][2] - The global collaborative robot market is projected to grow from $1.0395 billion in 2023 to $4.950 billion by 2028, with a compound annual growth rate (CAGR) of 36.6% [1] - The company has a concentrated ownership structure with experienced management, including founder Liu Peichao, who holds 27.97% of the shares and has 10 years of industry experience [1][2] R&D and Product Development - The company maintains its leading position through high R&D investment, covering the entire collaborative robot development process [2] - It has launched 27 robot models across four series, applicable in various industries such as automotive, electronics, healthcare, and agriculture [2] - The R&D team consists of over 140 industry experts, representing more than 25% of the total workforce [2] Product Innovation and Market Application - The company is upgrading humanoid robot products for multi-scenario applications, including the launch of DOBOT Atom II, which features advanced control capabilities [3] - Collaborations with major clients and research institutions validate the application of its humanoid robots across various sectors [3] - The company has established a global sales network covering over 100 countries, enhancing the deployment of humanoid robots [3] Financial Performance - The company reported a 27.08% year-on-year increase in total revenue to 153 million yuan in the first half of 2025, driven by the growth of six-axis collaborative robot sales [4] - Adjusted net loss narrowed to 23 million yuan, with a gross margin increase of 3.11 percentage points to 46.98% [4] - The company aims for continuous growth through a dual strategy of upgrading collaborative robots and innovating humanoid robots [4] Investment Outlook - The company is rated as a "buy" due to its strong market position, experienced management, and high R&D investment [4] - Revenue projections for 2025-2027 are 516 million, 703 million, and 949 million yuan, respectively, with adjusted net profits expected to improve over the same period [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][11]. Core Insights - The company is a global leader in collaborative robot development, ranking second worldwide with a market share of 13% in 2023, and first in China [1][3]. - The collaborative robot market is projected to grow from USD 1.0395 billion in 2023 to USD 4.95 billion by 2028, with a compound annual growth rate (CAGR) of 36.6% [1]. - The company has a strong focus on research and development, with over 25% of its workforce consisting of industry experts and engineers [3]. - The company has launched 27 robot models across four series, with applications in various sectors including automotive, electronics, healthcare, and agriculture [3][10]. Summary by Sections Company Overview - The company is recognized for its proprietary full-stack technology in collaborative robot development, covering design, manufacturing, and key component development [3]. - The founder holds a significant share of 27.97%, indicating concentrated ownership and experienced management [2]. Financial Performance - For the first half of 2025, the company reported a revenue increase of 27.08% year-on-year, reaching CNY 153 million, with a gross margin improvement of 3.11 percentage points to 46.98% [10][11]. - The adjusted net loss narrowed to CNY 23 million in the same period, reflecting ongoing operational improvements [10]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are CNY 516 million, CNY 703 million, and CNY 949 million respectively, with an expected adjusted net profit turning positive in 2027 [11][13]. - The company is expected to maintain a strong growth trajectory, driven by its dual strategy of upgrading collaborative robots and innovating in humanoid robotics [10][11]. Market Position - The company has established a global sales network covering over 100 countries, enhancing its market reach and application of humanoid robots [3]. - Collaborations with leading academic and industrial partners further validate the company's technology and market position [3].

Group 1 - The Hong Kong stock market saw a strong performance in robotics concept stocks, with notable gains from companies such as 首程控股 (up over 11%) and 德昌电机控股 (up over 6%) [1] - Tesla CEO Elon Musk announced plans for an internal meeting focusing on artificial intelligence, autonomous driving systems, and the production of the Optimus robot [1] - PharmAGRl has signed a letter of intent with Tesla to deploy up to 10,000 Optimus 3+ humanoid robots in its agricultural operations and pharmaceutical production [1] Group 2 - 首程控股 reported a year-to-date increase of 164.56% and a market capitalization of 21.756 billion [2] - 德昌电机控股 experienced a year-to-date increase of 287.95% with a market capitalization of 37.918 billion [2] - 速腾聚创 and 华虹半导体 also showed significant year-to-date increases of 46.97% and 160.05% respectively, with market capitalizations of 21.333 billion and 97.603 billion [2]

Group 1 - The robotics sector in the Hong Kong stock market has seen a significant rally, with notable gains in various companies [1] - Notable stock performances include: - 首程控股 (Shou Cheng Holdings) up by 11.39% - 德昌电机控股 (Dechang Motor Holdings) up by 6.51% - 速腾聚创 (Suteng Juchuang) up by 5.77% - 华虹半导体 (Huahong Semiconductor) up by 5.53% - 地平线机器人-W (Horizon Robotics) up by 4.11% [2] - The year-to-date performance of these stocks shows substantial increases, with some companies like 首程控股 and 德昌电机控股 seeing gains of 164.56% and 287.95% respectively [2] Group 2 - Tesla CEO Elon Musk announced plans to hold internal meetings focusing on artificial intelligence, autonomous driving systems, and the production of the Optimus robot [1] - PharmAGRl has signed a letter of intent with Tesla to deploy up to 10,000 units of the Optimus 3+ humanoid robots in its agricultural operations and pharmaceutical production [1]