Group 1: Industry Overview - The education robot industry in China has a limited number of listed companies, including Keda Xunfei, Shengtong Co., UBTECH, Donggang Co., Gaole Co., Ruijun Technology, and Yuejiang [1] - The industry is characterized by a focus on educational applications for children and teenagers, with companies developing various products and solutions [8][10] Group 2: Company Profiles - Keda Xunfei, established in December 1999, has the highest number of patents (2864) and ranks 7th in the 2024 AI Innovation Enterprises Top 100 [9] - Shengtong Co., founded in November 2000, has a registered capital of 537.59 million yuan and ranks 50th in the 2024 Beijing Manufacturing Enterprises Top 100 [9] - UBTECH, established in March 2012, has a registered capital of 419.56 million yuan and ranks 13th in the 2024 China Robotics Enterprises Top 50 [9] - Donggang Co., founded in March 1996, has a registered capital of 523.72 million yuan and ranks 36th in the 2023 Office Software Ranking [9] - Gaole Co., established in October 1989, has a registered capital of 94.72 million yuan [9] - Ruijun Technology, founded in November 2005, has a registered capital of 95.29 million yuan and ranks 19th in the 2024 Leading Enterprises in Trustworthy Innovation [9] - Yuejiang, established in July 2015, has a registered capital of 36 million yuan and ranks 11th in the 2024 China Hidden Unicorn Enterprises Top 500 [9] Group 3: Business Performance - In the first half of 2024, Keda Xunfei's education application product revenue reached approximately 2.86 billion yuan, with a gross margin of 51.76% [11][12] - Shengtong Co. generated 135 million yuan from technology education services, with a gross margin of 30.54% [12] - UBTECH's revenue from educational intelligent robots and solutions was 161 million yuan, with a gross margin of 19.1% [12] - Gaole Co. reported 3 million yuan from interactive toys, with a gross margin not specified [12] - Yuejiang's revenue from four-axis collaborative robots was 370 million yuan, with a gross margin of 30.52% [12] Group 4: Future Business Plans - Keda Xunfei plans to develop advanced AI systems for educational robots that can provide personalized learning assistance [13] - Shengtong Co. aims to create a comprehensive curriculum system for programming education and robotics [13] - UBTECH intends to enhance its platforms using large models and AIGC technology to improve teaching efficiency [13] - Gaole Co. focuses on integrating various technologies to enhance the intelligence of educational robots [13] - Donggang Co. is investing in AI and big data technologies to improve the capabilities of its educational robots [13] - Ruijun Technology will continue to optimize its educational robot, Tianhe C1, based on user feedback [13]

机器人加速发展的热潮，也带动了相关公司奔赴资本市场。在优必选（HK09880）和越疆（HK02432） 先后登陆港股市场后，极智嘉科技和云迹科技也紧跟着递表港交所。 顶着细分领域头部公司的光环，上述公司吸引来了明星投资者的背书，但摆在其面前的，还有何时走出 亏损的疑问。 《每日经济新闻》记者注意到，上述4家赴港上市机器人公司均以较高的销售开支和研发开支支撑公司 的快速发展。但其中，仅有从事仓储机器人的极智嘉科技明确表示，预期于不久的将来实现盈利。 值得一提的是，海外市场也是上述赴港上市机器人公司业务发展的重点方向。而在受访者看来，海外市 场确实存在一些竞争的有利因素，但也需结合自身产品的应用场景和需求来考量。 明星机构投资者加持 4家细分领域头部机器人公司奔赴资本市场 上述4家机器人公司，均走到了各自细分领域的头部位置，并得到资本的认可。 成立于2012年的优必选，在2023年底登陆港交所。作为机器人公司赴港上市的先行者，优必选的人形机 器人主要聚焦工业应用场景，已推出工业版人形机器人WalkerS和WalkerS1，公司如今已成为人形机器 人产业的领导者之一。 号称"协作机器人第一股"的越疆，在2024年1 ...

证券研究报告·海外公司深度·软件服务(HS) 越疆（02432.HK） 协作机器人龙头企业，切入具身智能赛道焕 新机 增持（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 286.75 | 373.68 | 496.41 | 672.80 | 896.94 | | 同比(%) | 18.98 | 30.32 | 32.84 | 35.53 | 33.32 | | 归母净利润（百万元） | (103.28) | (95.36) | (43.49) | 1.15 | 34.54 | | 同比(%) | (96.81) | 7.67 | 54.40 | 102.65 | 2,893.76 | | EPS-最新摊薄（元/股） | (0.26) | (0.24) | (0.11) | 0.00 | 0.09 | | P/E（现价&最新摊薄） | (265.17) | (287.19) | (629.79) | 23,736.49 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company has established itself as a leader in the collaborative robot sector and is now venturing into the embodied intelligence field, creating new growth opportunities [11]. - The collaborative robot market is projected to grow significantly, with a compound annual growth rate (CAGR) of 36.6% from 2023 to 2028, indicating strong potential for future expansion [4][11]. - The company has a solid technological foundation with five core competencies that create a competitive moat, including key component design, a universal control platform, safety technology, robotic technology, and AI capabilities [4][48]. Summary by Sections Company Overview - Founded in 2015, the company has focused on collaborative robots and has grown to become an industry leader, with a revenue increase from 174 million yuan in 2021 to 374 million yuan in 2024, achieving a CAGR of 29.1% [3][20]. - The company has expanded its product offerings across four main segments: six-axis collaborative robots, four-axis collaborative robots, composite robots, and embodied intelligent robots [3][16]. Market Potential - The collaborative robot market, while currently smaller in scale, is expected to see substantial growth, particularly in industrial applications, which remain the largest demand source [4][41]. - The company holds a market share of 13.0% in the collaborative robot sector, with a shipment volume of 14,000 units in 2023, significantly outperforming the third-largest competitor [4][45]. Financial Projections - Revenue forecasts for the company indicate growth from 4.96 billion yuan in 2025 to 8.97 billion yuan in 2027, with corresponding price-to-sales ratios of 46, 34, and 25 [11][59]. - The company is expected to narrow its net loss from 1.03 billion yuan in 2023 to 0.95 billion yuan in 2024, driven by increased shipments of six-axis and four-axis collaborative robots [3][20]. Technological Advancements - The company has launched the Dobot Atom, the world's first "dexterous operation + bipedal walking" embodied intelligent robot, which is expected to accelerate the commercialization of humanoid robots [5][51]. - The Dobot Atom features advanced AI capabilities and is designed for various applications, including household tasks and customer service roles [53][54].

Core Insights - The company, 越疆科技, reported a revenue of 374 million RMB for 2024, marking a year-on-year growth of 30.3%, with losses narrowing by 7.6% to 95.36 million RMB [3][4]. Revenue Growth - Revenue growth accelerated from 19.0% in 2023 to 30.3% in 2024 [3]. - Six-axis collaborative robots generated 209 million RMB, accounting for 55.9% of total revenue, with a remarkable growth rate of 55.5% [4]. - Four-axis collaborative robots saw a revenue of 95.84 million RMB, down 3.7% year-on-year [4]. - Compound robots generated 56.55 million RMB, with a growth of 64.7% [4]. Application Scenarios - Revenue from industrial applications reached 200 million RMB, up 32.3% year-on-year [4]. - Educational applications generated 147 million RMB, reflecting a growth of 19.7% [4]. - The commercial sector experienced the strongest growth, with revenue of 25.58 million RMB, up 111.6% [4]. Strategic Initiatives - The company aims to drive growth through a dual strategy of upgrading collaborative robots and innovating embodied intelligent robots [6]. - As of December 31, 2024, the company has launched 27 models across four series of robots, covering a load range from 20 kg to 1025 kg [6]. - The company has achieved a cumulative shipment of over 80,000 units globally, with a market presence in over 80 countries [6][7]. Market Position - The company holds a 13% market share, ranking among the top two in global collaborative robot shipments as of 2023 [6][7]. - The company’s embodied intelligent robot product planning includes four series, enhancing its competitive edge in the market [7].

Core Insights - On March 25, 2025, Xiaomi Group-W (01810), Tencent Holdings (00700), and Alibaba Group-W (09988) were the top three companies by trading volume in the southbound trading of the Shanghai-Hong Kong Stock Connect, with trading amounts of 11.272 billion, 4.617 billion, and 4.373 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W (01810), Alibaba Group-W (09988), and Tencent Holdings (00700) also led the trading volume, with amounts of 7.390 billion, 3.327 billion, and 2.742 billion respectively [1] Southbound Trading Highlights - **Shanghai-Hong Kong Stock Connect:** - Xiaomi Group-W (01810): Trading amount of 11.272 billion, net buying of +5.962 billion - Tencent Holdings (00700): Trading amount of 4.617 billion, net selling of -0.725 billion - Alibaba Group-W (09988): Trading amount of 4.373 billion, net selling of -0.879 billion - Other notable companies include SMIC (00981) with 2.246 billion and net buying of +53.0255 million, and Meituan-W (03690) with 1.654 billion and net buying of +526 million [2] - **Shenzhen-Hong Kong Stock Connect:** - Xiaomi Group-W (01810): Trading amount of 7.390 billion, net buying of +2.514 billion - Alibaba Group-W (09988): Trading amount of 3.327 billion, net buying of +135 million - Tencent Holdings (00700): Trading amount of 2.742 billion, net selling of -0.620 billion - Other significant companies include XPeng Motors-W (09868) with 1.270 billion and net selling of -309 million, and SMIC (00981) with 1.235 billion and net selling of -82.2874 million [2]

Financial Performance - Revenue for the year reached RMB 373.7 million, an increase of 30.3% compared to RMB 286.7 million in 2023[5] - Loss attributable to equity shareholders decreased by 7.6% to RMB 95.4 million from RMB 103.3 million in 2023[5] - Adjusted net loss for the year was RMB 36.5 million, a significant reduction of 55.4% from RMB 81.8 million in 2023[5] - Gross profit for 2024 was RMB 174.0 million, a 39.4% increase from RMB 124.8 million in 2023, with a gross margin of 46.6%, up 3.1 percentage points from 43.5% in 2023[37] - The net loss for the year was approximately RMB 95.4 million, a decrease of about 7.6% compared to RMB 103.3 million in 2023[47] - The adjusted net loss (non-IFRS measure) attributable to equity shareholders was RMB 36.5 million, a reduction of 55.4% from RMB 81.8 million in 2023, due to increased revenue and improved operational efficiency[51] - Total revenue for 2024 was RMB 373.7 million, up from RMB 286.7 million in 2023, representing a growth of approximately 30.3%[57] - The basic and diluted loss per share for the year was RMB 0.26, compared to RMB 0.29 in 2023[58] Revenue Breakdown - Revenue from industrial applications rose by 32.3% to RMB 200.0 million in 2024, compared to RMB 151.2 million in 2023, driven by steady growth in target markets and enhanced functionality of collaborative robots[34] - Revenue from educational applications increased by 19.7% to RMB 146.5 million in 2024, up from RMB 122.4 million in 2023, due to improved market penetration of related products[35] - Revenue from commercial applications surged by 111.6% to RMB 25.6 million in 2024, compared to RMB 12.1 million in 2023, driven by the introduction of automated coffee stations and increased contracts in the food and beverage market[36] - Revenue from mainland China was RMB 172,738 thousand, up 47.2% from RMB 117,221 thousand in 2023[76] - Revenue from overseas (including Hong Kong, Macau, and Taiwan) was RMB 200,940 thousand, an increase of 18.6% from RMB 169,528 thousand in 2023[76] Research and Development - Research and development expenses were approximately RMB 71.8 million in 2024, a slight increase of 1.8% from RMB 70.5 million in 2023, attributed to improved R&D efficiency and new investments in embodied intelligent robots[44] - The company achieved a major technological breakthrough in July 2024 with the introduction of a vision-guided flexible connector assembly solution for precision assembly in 3C electronics[8] - The company plans to enhance its technology research and product innovation, focusing on safety, ease of use, flexibility, and ecological integration[19] Market Expansion and Product Development - The company launched 27 models across 4 series of robots, covering payloads from 0.25 kg to 20 kg, widely applied in various industries[11] - The company launched the X-Trainer, the first AI-enabled generalized training operation platform in the industry, in April 2024[16] - The company introduced the NOVA collaborative robot for integrated customer acupuncture and massage workstations, improving service quality and efficiency[14] - The company launched the Yueliang Robot Coffee Workstation in May 2024, automating the coffee-making process and supporting 24-hour continuous production[16] - The company aims to introduce larger payload and higher-speed robot products to meet diverse industrial needs[21] Financial Position and Assets - Cash and cash equivalents increased to RMB 883.8 million as of December 31, 2024, up RMB 772.8 million from RMB 111.0 million in 2023, primarily due to the IPO[54] - Total assets increased to RMB 1,495,208 thousand in 2024 from RMB 734,888 thousand in 2023, representing a growth of 103%[60] - Current assets rose significantly to RMB 1,252,040 thousand in 2024, up from RMB 501,852 thousand in 2023, marking a 149% increase[60] - The company's equity increased to RMB 967,289 thousand in 2024, up from RMB 373,303 thousand in 2023, indicating a growth of 159%[61] Liabilities and Expenses - Administrative expenses increased by 67.2% to RMB 88.8 million in 2024, mainly due to listing expenses of RMB 32.6 million incurred in 2024[43] - The company's total non-current liabilities decreased slightly to RMB 195,395 thousand in 2024 from RMB 200,788 thousand in 2023, a decline of 2.0%[61] - Current liabilities rose to RMB 332,524 thousand in 2024, compared to RMB 160,797 thousand in 2023, representing a growth of 106%[60] Corporate Governance and Compliance - The company plans to maintain a high level of corporate governance in line with the Hong Kong Stock Exchange's requirements[136] - The audit committee, consisting of three members, has reviewed the financial performance for the year ending December 31, 2024, ensuring compliance with applicable accounting standards and regulations[141] - The independent auditor, Ernst & Young, has agreed that the financial statements for the year ending December 31, 2024, are consistent with the group's draft financial statements[143] Market Risks and Future Outlook - The company faces various market risks, including interest rate fluctuations and changes in industry regulatory policies[127] - The company aims to deepen its overseas market presence and expand its global sales network[22] - The company will utilize the net proceeds from its IPO for R&D in advanced intelligent collaborative robot technology, production line upgrades, and strategic alliances[18]

Group 1 - The Hang Seng Index rose by 0.15% to 24,777 points, while the Hang Seng Tech Index fell by 0.82% with a trading volume of 1,476 billion HKD in the morning session [1] - Yuejiang Technology surged over 18%, reaching a new high, after launching an affordable humanoid robot and being included in the Stock Connect list, ranking first in China's collaborative robot sector with a global market share of 13.0% [1] - Horizon Robotics-W increased by over 5% ahead of its annual performance announcement, with multiple catalysts expected in the short term according to analysts [1] Group 2 - Mixue Group's stock rose by 5.25%, hitting a new high since its listing, with institutions suggesting the company may enjoy a valuation premium [2] - Laopuyin Gold's stock increased by 6.48%, with an earnings surprise expected to show a potential profit growth of up to 2.6 times for the full year [3] - Xirui's stock rose by 7.58% after being included in the Stock Connect list, as it is a general aircraft manufacturer under AVIC [4] Group 3 - Duodian Smart's stock surged over 10% post-earnings, despite reporting a year-on-year increase in shareholder losses of approximately 2.7 times [5] - Microneuroscience's stock rose by 5.99%, with expectations of net profit growth potentially doubling for the full year [5] - High伟 Electronics increased by 6.78%, with institutions anticipating an increase in mobile phone subsidies ahead of its earnings release [5] Group 4 - China National Chemical Corporation's stock fell by 4.65% due to a significant drop in urea selling prices, leading to a year-on-year halving of its annual profit [6] - China Unicom's stock dropped over 4% post-earnings, despite a 10% year-on-year increase in net profit, with a reported loss in the fourth quarter on a non-recurring basis [7] - XPeng Motors' stock fell over 6% after reporting a narrowed adjusted net loss of 1.39 billion CNY in the fourth quarter [7]

Core Viewpoint - The stock of 越疆 (02432) surged over 12%, reaching a new high, following the launch of its affordable humanoid robot and its inclusion in the Hong Kong Stock Connect program [1] Company Summary - 越疆's stock price increased by 12.22%, trading at 76.7 HKD with a transaction volume of 1.148 billion HKD [1] - The company introduced the Dobot Atom, the world's first full-size humanoid robot capable of dexterous manipulation and bipedal walking, priced starting at 199,000 RMB [1] - The launch of Dobot Atom signifies the entry of full-size humanoid robots into the 199,000 RMB price range, potentially accelerating the mass production era [1] - 越疆 has initiated collaborations with leading domestic automotive manufacturers, electronics manufacturers, and coffee/tea shops, aiming for trial production and mass production by mid-year [1] Industry Summary - According to a report by 灼识咨询, 越疆 ranks among the top two in the global collaborative robot industry by shipment volume in 2023, and it holds the top position among all collaborative robot companies in China, with a global market share of 13.0% [1] - The company has launched four series comprising 27 models of collaborative robots, catering to various sectors including manufacturing, retail, healthcare, STEAM education, and research [1]

Core Viewpoint - The Hong Kong stock market showed strong performance, with the Hang Seng Index rising 2.46% to a three-year high, driven by robust earnings in technology stocks, signs of economic stabilization, and positive policy expectations [1] Group 1: Market Performance - The Hang Seng Index closed at 24,740.57 points, up 595 points, with a total trading volume of 285.935 billion HKD [1] - The Hang Seng Tech Index increased by 3.96%, closing at 6,105.5 points, while the Hang Seng China Enterprises Index rose by 2.79% to 9,177.8 points [1] Group 2: Blue-Chip Stocks - Baidu Group-SW led blue-chip stocks with a 12.22% increase, closing at 103.3 HKD, contributing 15.93 points to the Hang Seng Index [2] - WuXi AppTec (药明康德) rose by 10.54% to 72.35 HKD, contributing 4.07 points to the index [2] - Other notable performers included Li Auto-W, which increased by 6.76%, and China Longjian Infrastructure, which fell by 2.93% [2] Group 3: Sector Highlights - Large technology stocks performed well, with Baidu up 12%, Alibaba and JD both rising over 5% [3] - AI concept stocks saw strong gains, with Baidu Group-SW up 12.22%, Kingsoft Cloud up 10.86%, and Alibaba-W up 5.83% [3] - The CRO sector also performed well, with WuXi AppTec up 10.54% and other CRO stocks showing significant increases [5] Group 4: Gold Stocks - Gold stocks collectively rose as international gold prices reached new highs, with Lingbao Gold up 7.3% and Shandong Gold up 6.99% [7] - UBS forecasts gold prices could reach 3,200 USD per ounce in the next four quarters, with Macquarie analysts predicting a potential peak of 3,500 USD per ounce by Q3 [7] Group 5: Robotics Sector - The robotics sector saw significant gains, with Yujian Technology up 27.88% after launching a humanoid robot [8] - Midea Group also reported advancements in humanoid robot development, indicating a push towards commercialization [8] Group 6: Notable Stock Movements - CanSino Biologics surged 25.26% after receiving breakthrough therapy designation for a new drug [9] - Hillstone Networks reported a 28.89% increase in revenue, with a 240.67% rise in net profit [10] - NIO-SW rose 8.95% following a strategic partnership with CATL to enhance battery swap services [11]