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 就 因 本 公 告 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） 截至二零二五年六月三十日止六個月的中期業績公告 財務摘要 深圳市越疆科技股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）謹此宣佈 本公司及其附屬公司（統 稱「本集團」或「我 們」）截 至2025年6月30日止六個月（「報 告期間」或「期 內」）之 未 經 審 計 簡 明 綜 合 業 績，連 同2024年 同 期 之 比 較 數 字。該 等未經審計簡明綜合業績已經本公司審核委員會（「審核委員會」）審 閱。 – 1 – • 營業收入由截至2024年6月30日止六個月的人民幣120.5百萬元增加27.1% 至截至2025年6月30日止六個月的人民幣153.1 ...

智通财经APP获悉，大和发布研报称，首予越疆(02432)"买入"评级及目标价65.5港元，相信公司将成为 具竞争力的人形机械人企业，利用其在协作机械人(cobot)市场的领导地位，在同行中取得竞争优势，从 而带来长期的收入上升。报告指出，根据越疆管理层指引，一旦公司收入增至1亿美元，便可实现盈亏 平衡。该行预计，公司受惠于协作机械人销售量上升和稳定的毛利率，在2026年的净亏损将收窄至约 1,000万元人民币，料公司届时将接近盈亏平衡。 ...

大和发布研报称，首予越疆(02432)"买入"评级及目标价65.5港元，相信公司将成为具竞争力的人形机械 人企业，利用其在协作机械人(cobot)市场的领导地位，在同行中取得竞争优势，从而带来长期的收入上 升。报告指出，根据越疆管理层指引，一旦公司收入增至1亿美元，便可实现盈亏平衡。该行预计，公 司受惠于协作机械人销售量上升和稳定的毛利率，在2026年的净亏损将收窄至约1,000万元人民币，料 公司届时将接近盈亏平衡。 ...

大和发表研究报告，首予越疆(2432.HK)买入评级及目标价65.5港元，相信公司将成为具竞争力的人形 机械人企业，利用其在协作机械人(cobot)市场的领导地位，在同行中取得竞争优势，从而带来长期的收 入上升。报告指出，根据越疆管理层指引，一旦公司收入增至1亿美元，便可实现盈亏平衡。该行预 计，公司受惠于协作机械人销售量上升和稳定的毛利率，在2026年的净亏损将收窄至约1000万元人民 币，料公司届时将接近盈亏平衡。 ...

Core Viewpoint - The Hong Kong stock market has seen a significant shift in the IPO landscape for specialized technology companies, particularly those in AI, semiconductors, and autonomous driving, with no successful IPOs for 18C companies in 2025 despite initial enthusiasm in 2024 [1][9]. Group 1: Market Dynamics - In 2024, 18C specialized technology companies were highly sought after, but by 2025, the market has not seen any completed IPOs among the 12 companies that have submitted applications [1][9]. - The Hong Kong Stock Exchange implemented reforms on September 1, 2024, lowering the minimum market capitalization requirements for 18C companies, with commercialized companies' thresholds reduced from HKD 60 billion to HKD 40 billion, and non-commercialized companies from HKD 100 billion to HKD 80 billion [1][9]. Group 2: Company Performance - Three listed 18C companies have been active in secondary market financing, with Crystal Technology raising HKD 32.2 billion through two rounds of fundraising, significantly exceeding its IPO fundraising scale [4]. - Black Sesame Intelligence has experienced a 31% decline in stock price since its IPO, despite a positive earnings forecast, with actual performance falling short of market expectations [6]. - Yujiang, the smallest company by market capitalization at IPO, has seen its stock price increase by 188%, but its financial performance remains weak, raising concerns about its R&D investment levels [7][8]. Group 3: Financial Metrics - Crystal Technology's R&D expenditure was HKD 4.18 billion in 2024, accounting for 157% of its revenue, while Black Sesame Intelligence's R&D spending was HKD 14.35 billion, representing 302.6% of its revenue [8]. - Yujiang's R&D expenditure was only HKD 0.72 billion in 2024, which is just 19.2% of its revenue, indicating a potential deviation from the core attributes of specialized technology companies [8]. Group 4: IPO Challenges - Despite the lowered thresholds for IPOs, many companies face challenges due to weak fundamentals and unclear commercialization paths, with 9 out of 12 companies only recently meeting the commercialization revenue threshold [11]. - Companies like Xidi Zhijia and Wuyi Vision have submitted their applications again but have not made significant progress, reflecting ongoing regulatory pressures [12].

深圳市越疆科技股份有限公司 章 程 （2025年8月） | 第一章 | | | | | | | | | | 總則 | | | | 3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第二章 | | | | | | | | | | 經營宗旨和範圍 | | | | 5 | | 第三章 | | | | | | | | | | 股份 | | | | 5 | | 第四章 | | | | | | | | | | 股東和股東會 | | | | 13 | | 第五章 | | | | | | | | | | 董事會 | | | | 35 | | 第六章 | | | | | | | | | | 總經理及其他高級管理人員 | | | | 47 | | 第七章 | | | | | | | | | | 監事會 | | | | 49 | | 第 八 章 | 財 | 務 會 | 計 | 制 | 度、利 | 潤 分 | 配 | | 和 | 審 | | | 計 | 52 | | 第九章 | | | | ...

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 就 因 本 公 告 全部或任何部分內容所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） 修訂公司章程 茲提述深圳市越疆科技股份有限公司（「本公司」）日期分別為2025年6月3日、2025 年7月15日 及2025年7月22日的公告（「公 告」），內 容 有 關 根 據 一 般 授 權 配 售 新H 股。除 文 義 另 有 所 指 外，本 公 告 所 有 詞 彙 與 公 告 內 所 界 定 者 具 有 相 同 含 義。 本公司已完成本次H股 配 售。本 次H股 配 售 完 成 後，鑒 於 本 公 司 根 據 一 般 授 權 配售新H股後總股本增至423,295,400股，建 議 變 更 公 司 註 冊 資 本 並 相 應 修 訂 本 公司章程（「章 程」 ...

Company Overview - Recently, Yuezhan Technology Co., Ltd. (越疆) has undergone a business change, increasing its registered capital from approximately 404 million yuan to about 423 million yuan, representing an increase of around 5% [1][2] - The company was established in 2015 and is led by legal representative Liu Peichao [1][2] Business Scope - Yuezhan's business scope includes integrated circuit design and research, robotics engineering technology research and application, investment in industrial ventures, and domestic trade [1][2] - The company is involved in the development and sales of various technologies and products, including robotics, 3D printers, laser engraving machines, and artificial intelligence electromechanical products [2]

Group 1 - The core point of the article is that the company 越疆 (02432.HK) has recently undergone a business change, increasing its registered capital from approximately 404 million to about 423 million [1] - The company was established in 2015 and is represented by Liu Peichao [1] - The business scope of the company includes integrated circuit design and research, robotics engineering technology research and application, investment in industrial ventures, and domestic trade [1]

Core Insights - The 2025 World Robot Conference is currently taking place in Beijing, where Shenzhen Youjiang Technology Co., Ltd. (referred to as "Youjiang") has launched the second-generation humanoid robot DOBOTAtom, redefining the commercialization threshold for robots and adapting to industrial, commercial, and household scenarios [1][2] - Youjiang's embodied intelligent robot platform, which includes "robotic arms, humanoids, and multi-legged robots," has transitioned from a technical exploration phase to a new stage of scalable value creation [1][2] Group 1 - The DOBOTAtom II demonstrates advanced capabilities in industrial manufacturing, achieving a precision of 0.1mm in tightening bearings and sorting various parts, thus setting a new flexible production standard for industrial assembly lines [1] - The robot showcases significant value in commercial and domestic service scenarios, exhibiting its ability to perform dynamic tasks such as serving popcorn while interacting with the audience [1][2] - Youjiang has established deep collaborations with leading academic and research institutions, including Tencent RoboticsX and Shanghai Artificial Intelligence Laboratory, ensuring technological foresight and a comprehensive industrial ecosystem [2] Group 2 - The company is building an open platform that integrates various robotic forms, allowing for seamless compatibility and control through a unified algorithm base, thus breaking down hardware barriers [2] - This platform supports diverse user interactions and generates vast amounts of real-world data, which drives iterative upgrades of algorithms, providing a versatile interface for future general AI applications [2] - Youjiang aims to evolve from merely manufacturing robots to creating a platform-level ecosystem, similar to the development trajectory of the smartphone industry, emphasizing the importance of hardware, algorithms, and application validation [3]