Investment Rating - The report maintains an "Add" rating for the company [5] Core Views - The strategic cooperation agreement between the company and Yaoshi Bang aims to explore the application of intelligent robots in the pharmaceutical industry, focusing on areas such as research, warehousing, distribution, retail, and medication services [2] - The company has demonstrated strong generalization capabilities in its robots, which can adapt to various tasks in the pharmaceutical environment, including sorting and transporting medications [3] - The increasing deployment of humanoid robots in various industries is expected to accelerate their mass production and commercialization [4] Financial Forecasts - The company’s revenue projections for 2025, 2026, and 2027 are estimated at 4.96 billion, 6.73 billion, and 8.97 billion respectively, with corresponding price-to-sales ratios of 46, 34, and 25 [5] - The net profit for 2025 is projected to be a loss of 43.49 million, with a turnaround expected in 2026, achieving a profit of 1.15 million, and further increasing to 34.54 million in 2027 [5] - The earnings per share (EPS) is expected to improve from a loss of 0.11 in 2025 to a profit of 0.09 in 2027 [5]

Core Insights - The strategic partnership between Yuejiang and Yaoshibang focuses on pharmaceutical collaborative robots, AI models, and drug IoT technology [1] - Both companies aim to explore smart solutions across the pharmaceutical supply chain, including research, warehousing, distribution, retail, and medication services [1] - The collaboration is expected to enhance the integration of robotics technology within the pharmaceutical industry, aligning with their respective missions [1] Company Collaboration - Yuejiang and Yaoshibang have signed a strategic cooperation agreement effective June 3, 2025, initiating a close partnership and specific project deployments [1] - Yaoshibang will handle the research and validation of application scenarios, while Yuejiang will focus on technology development, product production, and after-sales maintenance [1] Initial Project Phase - The first phase of the collaboration will target the pharmacy and drug warehouse collaborative robot sector [2] - The companies have identified their first project, completing feasibility studies, technical route assessments, and environment selection, and have begun building a testing platform [2]

Group 1 - The core viewpoint of the news is that 越疆 (02432) has entered into a strategic cooperation agreement with 药师帮股份有限公司 (09885) to explore the integration of robotics and AI in the pharmaceutical industry [1][2] - The collaboration will focus on pharmaceutical collaborative robots, AI large models, and drug IoT technology, aiming to enhance applications in drug research, storage, distribution, retail, and medication services [1] - The first phase of the cooperation will target the deployment of collaborative robots in pharmacies and drug warehouses, with a feasibility study and technical assessments already completed [1] Group 2 - Both parties will adhere to principles of collaborative innovation and mutual development, sharing technical data and newly generated intellectual property and trade secrets [2] - The agreement grants the group exclusive production rights for the robots, while 药师帮 will have exclusive sales rights in the pharmaceutical sector [2] - The board of the group believes that this strategic partnership will facilitate resource integration, collaborative innovation, and promote technological advancement in the industry, ultimately benefiting social health [2]

Group 1 - Huawei and UBTECH signed a comprehensive cooperation agreement to innovate in the field of embodied intelligence and humanoid robots, focusing on product technology development and application in various scenarios [3] - Huawei will support UBTECH in building an embodied intelligence innovation center and develop joint demonstration solutions for "humanoid robots + smart factories" [3] - Huawei's recent investments in humanoid robotics and AI infrastructure aim to enhance efficiency and application in industrial and household settings [3] Group 2 - Yujian Technology and Tencent Cloud signed a strategic cooperation agreement to accelerate innovation in embodied intelligence technology and expand applications in industrial manufacturing, education, and other sectors [4] - The collaboration will leverage Tencent Cloud's infrastructure to enhance Yujian's applications in remote control and voice interaction for humanoid robots [4] - The partnership aims to create integrated solutions combining cloud-based models, edge devices, and robot terminals for diverse application scenarios [4]

Core Viewpoint - The Hong Kong robotics sector is experiencing a surge, with notable stock price increases for companies like UBTECH, which rose nearly 10% following announcements of collaborations in humanoid robotics with Tencent, Huawei, and UBTECH itself [1] Company Performance - UBTECH (09770.HK) saw a stock increase of 9.98% [1] - Yujian Technology (02432.HK) experienced a rise of 3.48% [1] - SUTENG (02498.HK) reported a stock increase of 1.41% [1] Industry Collaboration - Tencent has officially announced partnerships with Yujian Technology, Huawei, and UBTECH to accelerate the development and implementation of humanoid robots [1]

Industry Overview - The Shenzhen robot industry is rapidly forming a cluster effect, with a significant number of enterprises showcasing their innovations at the first Robot Industry Chain Conference (FAIR plus 2025) [1] - The total output value of Shenzhen's robot industry chain is projected to exceed 201.2 billion yuan in 2024, marking a year-on-year growth of 39.64% with 14,534 new robot companies established [5] Key Companies and Products - Notable participants at the conference included leading firms such as UBTECH, Yujin Robot, and others, showcasing advanced products like humanoid robots and collaborative robots [2] - Tencent's "Xiao Wu" robot features a hybrid design with wheels and legs, designed for complex environments, particularly in elder care scenarios [3] - UBTECH's "Tian Gong Xing Zhe" humanoid robot is the first research-grade full-size humanoid robot priced below 300,000 yuan, capable of navigating various terrains [3] Technological Innovations - The conference highlighted advancements in sensory technology, such as the high-resolution "visual tactile sensor" developed by Daimeng Robotics, which can accurately capture three-dimensional force distributions [5] - Shenzhen's companies are also innovating in robotic arms and mobility systems, with products designed for diverse applications, including security inspections and industrial automation [6][7] Ecosystem and Supply Chain - Shenzhen has established a complete ecosystem for robot manufacturing, encompassing core components like tactile sensors, laser radars, and servo electronics, facilitating efficient supply chain interactions [7] - The industry is characterized by a strong integration of hardware and software capabilities, with local firms excelling in both manufacturing and technological services [7]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 373,678,000, representing a 30.3% increase from RMB 286,749,000 in 2023[16] - The gross profit for 2024 was RMB 173,979,000, up from RMB 124,844,000 in 2023, indicating a gross margin improvement[16] - The company reported a net loss attributable to shareholders of RMB 95,363,000 for 2024, a slight improvement from RMB 103,281,000 in 2023[16] - The net loss for 2024 was RMB 95.4 million, a reduction of 7.6% from 2023, while the adjusted net loss was RMB 36.5 million, down 55.4% year-over-year[18] - The group's net loss for the year was approximately RMB 95.4 million, a decrease of about 7.6% from RMB 103.3 million in 2023[57] - The adjusted net loss (non-IFRS measure) for the year was RMB 36.5 million, a reduction of 55.4% compared to RMB 81.8 million in 2023, due to increased revenue and improved operational efficiency[59] Assets and Liabilities - The total assets increased significantly to RMB 1,495,208,000 in 2024, compared to RMB 734,888,000 in 2023, reflecting a growth of 103.5%[16] - The total liabilities increased to RMB 527,919,000 in 2024, up from RMB 361,585,000 in 2023, indicating a rise in financial obligations[16] - Shareholders' equity increased from RMB 373.3 million as of December 31, 2023, to RMB 967.3 million as of December 31, 2024, primarily due to the IPO leading to an increase in share capital and share premium of RMB 662.8 million[60] Market Position and Innovation - The company has achieved a cumulative global shipment of over 80,000 collaborative robots, ranking first in China and among the top two globally[10] - The introduction of the AI+Robot training platform X-Trainer marks a significant innovation, making the company the first to commercialize AI in collaborative robots[12] - The company has established over 200 application scenarios in the industrial sector, enhancing its capabilities in commercial and medical fields[10] - As of 2024, more than 80 Fortune 500 companies are utilizing the company's robots, demonstrating strong market validation[13] - The company has achieved a significant technological breakthrough with the launch of a visual-guided flexible connector assembly solution, enhancing automation in 3C electronic manufacturing[19] - The company has developed the X-Trainer, the world's first commercial AI-enabled collaborative robot, enhancing autonomous learning and operational efficiency[27] Revenue Breakdown - Sales revenue from six-axis collaborative robots was approximately RMB 208.9 million in 2024, up 55.5% from RMB 134.3 million in 2023, due to increased application demand across various industries[39] - Sales revenue from composite robots increased by approximately 64.7% to RMB 56.5 million in 2024, compared to RMB 34.3 million in 2023, driven by sales in manufacturing and retail sectors[41] - Revenue from industrial applications rose by 32.3% to RMB 200.0 million in 2024, up from RMB 151.2 million in 2023, due to steady growth in target markets and enhanced robot functionalities[44] - Revenue from the education sector increased by 19.7% to RMB 146.5 million in 2024, compared to RMB 122.4 million in 2023, driven by improved market penetration of related products[45] - Revenue from the commercial sector surged by 111.6% to RMB 25.6 million in 2024, up from RMB 12.1 million in 2023, attributed to new product launches and increased contracts in the food and beverage market[46] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value and accountability[88] - The board of directors is responsible for leading and controlling the group, overseeing business strategy and performance, and ensuring compliance with applicable laws and regulations[94] - The company has adopted the corporate governance code as per the listing rules since its listing date and has complied with all applicable provisions during the reporting period[88] - The board currently consists of a balanced composition of executive, non-executive, and independent non-executive directors, ensuring diverse expertise and independent judgment in decision-making[96] - The company has implemented policies to promote a diverse and safe workplace, emphasizing the importance of safety in operations[90] Employee and Director Information - As of December 31, 2024, the company has a total of 416 male employees and 144 female employees, achieving gender diversity in its workforce[118] - The board consists of seven members, including one female member, resulting in a gender diversity rate of 14.3%[120] - The group employed 560 staff, an increase from 552 in 2023, with total employee costs amounting to approximately RMB 161.8 million compared to RMB 132.6 million in the previous year[187] - The board of directors and senior management's compensation is determined based on their responsibilities, experience, and individual performance, with adjustments made based on recommendations from the remuneration and assessment committee[190] Risk Management and Compliance - The company has implemented an effective risk management and internal control system to manage risks associated with daily operations and achieve business objectives[128] - The internal control system includes risk identification, assessment, management strategies, and monitoring activities to ensure compliance and operational effectiveness[130] - The company has a zero-tolerance policy towards corruption, including bribery and fraud, and has implemented internal reporting channels for employees[140] - The board emphasizes the importance of transparent and timely communication with shareholders to enhance investor relations[145] Financing and Capital Structure - The company issued 358,038,547 H-shares at a price of HKD 18.8 per share, raising approximately HKD 681.4 million in net proceeds from the global offering[162] - The allocation of the net proceeds includes 40.0% (approximately HKD 272.6 million) for the development of smart collaborative robots from 2025 to 2029[163] - The company plans to utilize the proceeds for production line and manufacturing capacity development, accounting for 27.0% (approximately HKD 184.0 million) of the total[163] - The company does not recommend the payment of a final dividend for the year ended December 31, 2024[167] Shareholder Information - The company's largest customer accounted for approximately 5.1% of total revenue for the year ending December 31, 2024, compared to 3.5% in 2023[175] - The total revenue from the top five customers represented about 16.5% of total revenue for the year ending December 31, 2024, up from 12.8% in 2023[175] - The total procurement amount from the largest supplier and subcontractor accounted for approximately 14.7% of total procurement for the year ending December 31, 2024, compared to 13.7% in 2023[175]

智通财经4月24日电，截至发稿，地平线机器人-W(09660.HK)跌15.21%、越疆(02432.HK)跌1.58%、微 创机器人-B(02252.HK)跌1.24%。 港股机器人概念股多数调整 地平线机器人跌超15% ...

Group 1 - The first Embodied Intelligent Robot Games will be held from April 24 to 26 in Wuxi, with representatives from Yushu and Xiaomi participating in discussions [1] - Tesla CEO Elon Musk announced significant progress in the humanoid robot Optimus, with thousands expected to be operational in Tesla factories by the end of the year [1] - Tesla is increasingly betting on the future of autonomous driving and robotics, including self-driving taxis and humanoid robots [1] Group 2 - Tesla indicated that while it continues to innovate in manufacturing and operational cost reduction, long-term profits related to hardware are expected to accelerate alongside AI, software, and fleet operations profits [1] - New vehicle plans, including more affordable models, are still expected to begin production in the first half of this year, despite reports of potential delays [1] - A report from Open Source Securities highlighted the successful hosting of the world's first humanoid robot half marathon in Beijing, showcasing China's leading position in high-intensity robotic sports [1] Group 3 - According to招商证券, artificial intelligence is a key battleground for major powers, and robots, as the ultimate carriers of AI, are expected to benefit significantly [2] - The report suggests a positive outlook for the humanoid robot sector in the medium to long term, recommending investment opportunities in core components and control systems [2] Group 4 - The related industry chain stocks in Hong Kong include UBTECH (09880), Yujian (02432), Xiaomi Group (01810), SUTENG (02498), Delta Electronics (00179), Horizon Robotics-W (09660), JINLI Permanent Magnet (06680), and Shanghai Electric (02727) [3]

未来的业绩展望我们第三个环节会把时间交给线上的各位投资人来跟公司的管理层来进行问答和交流我们首先就进入到第一个环节我们首先有请首席财务官王勇总来跟我们做2024年度月江机器人的业绩的分享好的 谢谢各位投资人大家晚上好首先感谢大家参加我们晚上发布的业绩交流 首先我们回顾一下R7.0的基因数据首先是我们这个营业收入是3.74亿人民币增幅是30.3%从R3.0的增幅是19%这个比R3.0的增幅是大大加快了我们按照这个输入这个类型来看我们分了六轴 四轴和复活机器人那么六轴增长幅度是56% 四轴略微有一些下降复合机器人也是大幅增长65%从细分领域来看六轴因为我们广泛应用于工业场景和商业场景那么工业场景经过几年的打磨我们客户的基础是比较多的那么很多从测试走向小批量以及放量所以有加速增长的趋势 四轴略微下降主要是四轴我们有面向工业的和科研教育领域的四轴产品那么四轴在科研教育领域我们在23年推出了六轴产品那么六轴在24年有发量产生了一定的替代效应虽然数量有所下降但整个我们面向科研教育的输入也是有20%增长 另外是复合机器人,复合机器人整体上增长了65%,这里面主要是由咖啡机器人以及巨声智能。去年我们在2014年4月份,在整个 ...