香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 SHENZHEN DOBOT CORP LTD 深圳市越疆科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2432） 建議採納H股購股權計劃及 建議採納H股股份激勵計劃 建議採納H股購股權計劃 深圳市越疆科技股份有限公司（「本公司」，與 其 附 屬 公 司 合 稱「本集團」）董事會 （「董事會」）欣 然 宣 佈，於2025年9月15日，董 事 會 已 議 決 建 議 採 納 本 公 司H股 購 股權計劃（「H股購股權計劃」）。 H股購股權計劃旨在(i)透過向合資格參與者（定 義 見H股 購 股 權 計 劃）授出購股 權 作 為 彼 等 對 本 集 團 增 長 及 發 展 所 作 貢 獻 的 激 勵 或 獎 勵，以 嘉 許 及 表 揚 合 資 格 參 與 者 的 貢 獻，並 提 供 ...

此乃要件 請即處理 閣下如 對 本 通 函 任 何 方 面 或 應 採 取 的 行 動 有 任 何 疑 問，應 諮 詢 閣 下 的 股 票 經 紀 或其他持牌證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓 名下全部 深圳市越疆科技股份有限公司 股 份，應 立 即 將 本 通函連同代表委任表格送交買方或承讓人，或送交經手買賣或轉讓的銀行、股票 經紀或其他代理人，以便轉交買方或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SHENZHEN DOBOT CORP LTD 深圳市越疆科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2432） (1)建議採納H股購股權計劃； (2)建議採納H股股份激勵計劃； (3)建議授權董事會 及╱或授權人士辦理 H股購股權計劃相關事宜； (4)建議授權董事會 及╱或授權人士辦理 H股股份激勵計劃相關事宜； 及 (5)臨時股東會通告 本 通 函 所 用 詞 彙 ...

Group 1 - The majority of robotics concept stocks have risen, with notable increases in companies such as UBTECH (up 5.1% to HKD 115.3), Shou Cheng Holdings (up 3.45% to HKD 2.4), and others [1] - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs have announced a pilot project for intelligent elderly care service robots, focusing on ten application scenarios including emotional companionship and rehabilitation support, involving 32 projects [1] - Elon Musk stated at the All-In Tech Summit that the Optimus 3 humanoid robot will have near-human hand dexterity, with an estimated cost of around USD 20,000 (approximately RMB 142,400), emphasizing its potential historical impact [1] Group 2 - Recent domestic and international industrial catalysts have led to an increase in entrants in the robotics sector, with companies like Huawei, ByteDance, BYD, Xiaomi, and others ramping up investments in embodied intelligence [2] - The emergence of AI companies like DeepSeek is driving the development of general-purpose robotic models, facilitating the realization of embodied intelligence in humanoid robots [2] - The humanoid robot industry is entering a phase of diverse competition, with commercial applications in industrial settings becoming a high-certainty trend both domestically and internationally [2]

Group 1 - The majority of robotics concept stocks have risen, with notable increases in companies such as UBTECH (up 5.1% to HKD 115.3), Shou Cheng Holdings (up 3.45% to HKD 2.4), and others [1] - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs have announced a pilot project for intelligent elderly care service robots, focusing on ten application scenarios including emotional companionship and rehabilitation support, involving 32 projects [1] - Elon Musk stated at the All-In Tech Summit that the Optimus 3 humanoid robot will have near-human dexterity, with an estimated cost of around USD 20,000 (approximately RMB 142,400), emphasizing its potential historical impact [1] Group 2 - Recent domestic and international industrial catalysts have led to an increase in entrants in the industry, with major companies like Huawei, ByteDance, BYD, Xiaomi, and others intensifying their focus on embodied intelligence [2] - The emergence of companies like DeepSeek in artificial intelligence is driving the development of general-purpose robotic models, facilitating the realization of embodied intelligence in humanoid robots [2] - The humanoid robot industry is entering a phase of diversification and competition, with commercial applications in industrial settings becoming a clear trend both domestically and internationally [2]

Core Insights - The company achieved significant revenue growth of 27.1% year-on-year in H1 2025, reaching RMB 153 million, while net losses narrowed to RMB 41 million from RMB 60 million in the same period last year [1] - The growth was primarily driven by a substantial increase in revenue from six-axis collaborative robots, which accounted for 61.2% of total revenue [1] - The company has made key advancements in embodied intelligence, with the humanoid robot DOBOT Atom set to begin global mass production in June 2025 [1] Revenue and Profitability - The gross margin for H1 2025 was 47.0%, an increase of 3.1 percentage points year-on-year, while the adjusted gross margin remained stable at 49.4% [2] - The net loss margin improved to 26.7% from 49.7% in the previous year, indicating better operational efficiency [2] - Total operating expenses decreased to 99.4% from 109.3% year-on-year, with significant reductions in management expenses due to the absence of listing costs [2] Research and Development - R&D expenditure increased by 30.3% year-on-year to RMB 41 million, reflecting the company's commitment to advancing key technologies, particularly in humanoid robotics [2] - Sales expenses also rose by 31.5%, aimed at enhancing global sales channel expansion [2] Strategic Partnerships - The company signed a strategic cooperation agreement with Yaoshi Bang on June 3, 2025, to explore smart solutions in the pharmaceutical industry, integrating robotics technology with pharmaceutical applications [2] Future Outlook - Revenue forecasts for the company are projected at RMB 500 million, RMB 670 million, and RMB 900 million for 2025-2027, with current market valuations corresponding to price-to-sales ratios of 40, 30, and 23 times respectively [3]

Core Insights - The mechanical arm is a key component of robotic technology and industrial intelligence, integrating multiple disciplines to assist or replace human labor in high-precision, repetitive, or hazardous tasks [1][2] - China's mechanical arm market is projected to reach 19.34 billion yuan in 2024, driven by technological innovations and expanding applications across various sectors [1][12] - The industry is characterized by a competitive landscape where international brands maintain high-end market dominance while local companies accelerate their rise through cost-effectiveness and customization [1][12][16] Industry Overview - The mechanical arm, also known as a robotic arm, is an electromechanical device that mimics human arm functions, capable of performing various industrial tasks and intelligent operations [2][3] - The mechanical arm consists of five subsystems: drive system, mechanical structure, perception system, control system, and interaction system, which work together to execute complex tasks [3][4] Development Policies - Recent policies in China, such as the "14th Five-Year Plan for Robot Industry Development," aim to enhance the robot density in manufacturing by 2025 and promote the application of mechanical arms in over 20 key sectors [6][7] - A series of supportive policies have created a comprehensive ecosystem for the mechanical arm industry, facilitating technological research, scene validation, and large-scale commercialization [6][7] Industry Chain - The mechanical arm industry chain in China is tightly integrated, with upstream focusing on core components and materials, midstream on manufacturing and system integration, and downstream on applications in various sectors [8][9] - The domestic production rate of key components like harmonic reducers and servo systems has significantly increased, although some high-end components still rely on imports [8][9] Current Market Analysis - The mechanical arm market in China is expected to grow steadily, with a projected market size of 20.89 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) [12][16] - The demand for mechanical arms is expanding into new sectors such as healthcare and agriculture, driven by automation needs and technological advancements [12][15] Competitive Landscape - The competitive structure of the mechanical arm industry features a triad of local companies rapidly gaining ground, international giants maintaining high-end market positions, and differentiated competition in niche segments [12][16] - Local companies like Estun and Huichuan Technology are leveraging cost advantages and rapid iteration to replace imports in various applications [12][16] Future Trends - The mechanical arm industry is expected to evolve towards deeper integration of intelligence, flexibility, and ecosystem development, with AI and multi-modal perception technologies driving this transformation [13][14] - Applications are set to expand beyond traditional industrial uses into healthcare, agriculture, and extreme environments, creating new market opportunities [15][16] - The industry is likely to see increased collaboration across the supply chain, with a focus on domestic production and global market expansion, aiming for over 30% of the global market share by 2030 [16]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of RMB 153 million in H1 2025, representing a year-on-year growth of 27.1%, while the net loss narrowed to RMB 41 million from RMB 60 million in the same period last year [2] - The significant revenue growth is driven by a substantial increase in sales of six-axis collaborative robots, which generated RMB 94 million in revenue, up 46.7% year-on-year, accounting for 61.2% of total revenue [2] - The company has made key advancements in embodied intelligence, with the humanoid robot DOBOT Atom commencing global mass production and delivery in June 2025 [2] Revenue and Profitability - The total revenue forecast for 2025 is RMB 496.41 million, with a year-on-year growth rate of 32.84% [1] - The gross margin for H1 2025 was 47.0%, an increase of 3.1 percentage points year-on-year, while the adjusted gross margin was 49.4% [3] - The net loss margin improved to 26.7% in H1 2025 from 49.7% in the same period last year [3] Research and Development - The company increased its R&D expenditure by 30.3% year-on-year to RMB 41 million, focusing on key technologies and the field of embodied intelligence [3] - The total operating expenses as a percentage of revenue decreased to 99.4% from 109.3% year-on-year, with a notable reduction in management expenses [3] Strategic Partnerships - A strategic cooperation agreement was signed with Yaoshi Bang on June 3, 2025, to explore the application of intelligent robots and AI in the pharmaceutical retail industry [3]

FF301 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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 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 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 377,138,547 | RMB | | 1 RMB | | 377,138,547 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | ...

Core Viewpoint - The company, Yujiang Technology, reported its first half-year results since its IPO, showing significant revenue growth and a narrowing of losses despite a challenging macroeconomic environment [2][3]. Financial Performance - The company achieved revenue of 153 million yuan, a year-on-year increase of 27.1% [2][3]. - Net profit attributable to shareholders was -40.9 million yuan, a 31.8% reduction in losses compared to the previous year [2]. - Adjusted net loss (excluding non-recurring items) was -22.9 million yuan, narrowing by 34.4% year-on-year [2]. - Gross margin improved to 47.0%, up by 3.1 percentage points year-on-year [2]. Domestic Market Growth - Domestic revenue surged by 56.7%, with domestic sales accounting for 47.6% of total revenue, up from 38.7% in the same period last year [3][4]. - Six-axis collaborative robots generated revenue of 93.6 million yuan, a 46.7% increase, making up 61.2% of total revenue [4]. - The company’s products are primarily six-axis, four-axis, and composite robots, with applications in various sectors including automotive, electronics, and healthcare [3][4]. Product Performance - Revenue from four-axis collaborative robots was 39.6 million yuan, growing by 7.7%, and accounted for 25.9% of total revenue [4]. - Composite robots generated 16.6 million yuan, a 13.1% increase, representing 10.9% of total revenue [4]. - The industrial sector remains the largest revenue contributor, with 81.1 million yuan, a 22.4% increase, while the education sector also saw growth of 18.3% [4]. International Market Challenges - Overseas revenue was 80.1 million yuan, a modest increase of 8.4%, with its share of total revenue declining from 61.3% to 52.4% [5]. - The company faced challenges in international markets due to trade policy uncertainties, affecting product access and pricing [5]. - To address these challenges, the company increased global sales channel expansion and marketing expenses, with sales and distribution costs rising by 31.5% to 82.2 million yuan [5]. Strategic Initiatives - Yujiang Technology aims to strengthen its position in the collaborative robot sector while also focusing on embodied intelligence as a second growth curve [6]. - The company has initiated research and development in humanoid robots, launching the DOBOT Atom, which has completed mass production [6][7]. - Collaborations with NVIDIA and Tencent are underway to enhance the application of embodied intelligence technology across various sectors [7].

Core Insights - A-share mid-year report shows revenue and net profit growth remains positive, but the proportion of loss-making stocks is still high [2][10] - The overseas revenue share of A-shares reached a record high of 13.4% in 2025, indicating a trend towards internationalization [10] - The pet food industry is experiencing a trend towards "micro-innovation" and "precision nutrition," with a focus on premium products [3][16] A-share Market Analysis - A-share revenue growth peaked in Q1 2021 at 44.8% and has been on a downward trend for 14 consecutive quarters, with a slight recovery in 2025 [10] - The proportion of loss-making companies in A-shares reached 29.4% in Q2 2025, the highest since 2008 [10] - The profitability of the main board is under pressure, while the Sci-Tech Innovation Board is showing signs of recovery [10] Pet Food Industry Insights - The 27th Asia Pet Expo in 2025 saw a record number of exhibitors but a decline in the number of participating brands, indicating increased industry concentration [12][3] - Major brands like Guibao Pet and Zhongchong Co. are focusing on product upgrades and expanding their market presence [3][12] - The trend of "small dog economy" is rising, with leading brands increasing their focus on dog food products [16] Financial Performance of Key Companies - The report highlights that companies like Boss Electric and Wanhe Electric are maintaining stable profitability despite market challenges [22][24] - The pet food sector is seeing significant product innovation, with brands launching new premium products to cater to evolving consumer preferences [3][16] - The overall cash flow and operating cash return in A-shares have improved, indicating better financial health among companies [13]