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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 46,156,853 RMB | | | 1 RMB | | 46,156,853 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 46,156,853 RMB | | | 1 RMB | | 46,156,853 | 本月底法定/註冊股本總額： RMB 439,955,400 備註： 第 1 頁 共 11 頁 v 1.1.1 公司名稱: 深圳市越疆科技股份 ...

Group 1 - The company, Shenzhen Yujiang Technology Co., Ltd. (referred to as "Yujiang"), announced its plan to launch an initial public offering (IPO) of RMB ordinary shares (A-shares) and list on the Shenzhen Stock Exchange, marking the start of its "H+A" dual capital platform strategy [1][3] - The purpose of returning to A-shares is to promote business development, enhance overall competitiveness, and ensure the achievement of operational goals and long-term development strategies [1][3] - Yujiang holds a 13.0% market share in the global collaborative robot industry, ranking second globally and first in China, with a cumulative shipment of over 72,000 units, serving more than 80 Fortune 500 companies [1][3] Group 2 - Despite its market position, Yujiang's performance post-Hong Kong listing has been underwhelming, remaining in a loss state as of the first half of 2025 [1][3] - In 2024, the company reported a revenue of RMB 374 million, a year-on-year increase of 30.3%, but still incurred a net loss of RMB 95.36 million, only narrowing by 7.6% year-on-year [1][3] - For the first half of 2025, revenue grew by 27.08% to RMB 153 million, while the net loss narrowed to RMB 40.87 million [1][3] Group 3 - The company's operating cash flow has been consistently negative, with cash and cash equivalents amounting to RMB 164 million as of the first half of 2025, while sales expenses reached RMB 82.21 million, significantly exceeding research and development expenses of RMB 40.89 million [4] - Historical data shows that sales expenses for 2023 and 2024 were RMB 127 million and RMB 138 million, respectively, while research and development expenses were only RMB 70.53 million and RMB 71.79 million, about half of the sales expenses [4] - The decision to return to A-shares coincides with a financing boom in the robotics industry and rapid growth in the domestic collaborative robot market [4] - According to the High-tech Robot Industry Research Institute, the sales volume of collaborative robots in China is expected to reach 50,300 units in 2025, a year-on-year increase of 25.75%, with projections of nearly 124,000 units by 2028 and a market size exceeding RMB 5 billion [4]

Group 1 - The Hong Kong stock market saw a decline in robotics concept stocks in the afternoon session [1] - DCH Holdings (00179.HK) experienced a drop of 4.77%, trading at 29.52 HKD [1] - Yujiang (02432.HK) fell by 4.09%, with a current price of 36.58 HKD [1] - Sanhua Intelligent Control (02050.HK) decreased by 1.8%, now priced at 39.32 HKD [1]

Group 1 - The core viewpoint of the article indicates that the robotics sector is experiencing a decline, with notable stocks such as 德昌电机控股 (Dechang Electric) down 4.77% to 29.52 HKD, 越疆 (Yuejiang) down 4.09% to 36.58 HKD, and 三花智控 (Sanhua Intelligent Control) down 1.8% to 39.32 HKD [1] - There are rumors regarding 宇树科技 (Yushu Technology) having its listing green channel halted, but investment banking sources clarify that 宇树科技 has not applied for such a channel and is following the standard listing process [1] - 宇树科技 has stated that the reports regarding its listing status are inaccurate and that it has not engaged in any "green channel" application [1] Group 2 - 银河证券 (Galaxy Securities) has released a report predicting that Tesla's third-generation Optimus robot will be launched in 2026, with mass production expected to reach tens of thousands of units next year [1] - The report highlights that the upcoming mass production, pricing, and factory audits are significant events approaching in the industry, emphasizing the importance of the domestic supply chain for Tesla's robots [1] - The recommendation is to actively monitor companies in the supply chain that have been deeply involved in Tesla's robotics and have the capacity for mass production [1]

Group 1 - The core viewpoint of the article indicates a significant decline in robotics concept stocks, with notable drops in companies such as 德昌电机控股 (Dechang Motor Holdings) down 4.77% to 29.52 HKD, 越疆 (Yuejiang) down 4.09% to 36.58 HKD, and 三花智控 (Sanhua Intelligent Control) down 1.8% to 39.32 HKD [1] - There are rumors in the market regarding 宇树科技 (Yuzhu Technology) having its green channel for listing halted, but investment banking sources clarify that 宇树科技 has not applied for such a green channel and is following the standard listing process [1] - 宇树科技 has also stated that the reports regarding its listing status are inaccurate and that it has not engaged in any application related to the "green channel" [1] Group 2 - 银河证券 (Galaxy Securities) has released a report forecasting that Tesla's third-generation Optimus robot is expected to be launched in 2026, with mass production of tens of thousands of units anticipated next year [1] - The report highlights that the production of Tesla's robots is closely tied to domestic supply chains, suggesting that investors should actively monitor companies that have previously engaged with Tesla's robotics and have the capacity for mass production [1]

Core Viewpoint - After approximately one year of listing on the Hong Kong Stock Exchange, "the first stock of collaborative robots," Yujian Technology, is now targeting the A-share market for its initial public offering [1] Group 1: A-share Listing Plans - Yujian Technology has announced its plan to initiate an A-share IPO and has submitted a counseling registration application to relevant regulatory authorities [1] - The company aims to enhance its overall competitiveness and ensure the achievement of operational goals and long-term development strategies through this A-share listing [2] Group 2: Financial Performance - For the first half of 2025, Yujian Technology reported revenue of 153 million yuan, a year-on-year increase of 27.1%, recovering from a previous growth rate of 9.6% [2] - The growth is attributed to a diversified product structure, with revenue from six-axis collaborative robots increasing by 46.7% and commercial sector revenue surging by 165.5% due to the launch of coffee and therapy robots [2] Group 3: Financial Challenges - As of June 30, 2025, the company's cash and cash equivalents were 164 million yuan, significantly down from 884 million yuan at the end of 2024, indicating financial strain [3] - The net cash flow from operating activities was negative at -64.9 million yuan, suggesting that the main business requires continuous funding despite investment income [3] Group 4: Marketing and R&D Expenditures - In the first half of 2025, marketing expenses reached 82.21 million yuan, more than double the R&D expenditure of 40.89 million yuan, highlighting a structural imbalance in expenses [6][7] - The company's current revenue growth heavily relies on high marketing and sales investments, raising concerns about converting these expenditures into sustainable profits [7] Group 5: Market Position and Future Outlook - Yujian Technology, as a leading player in the collaborative robot sector, is attempting to tell a compelling story about "embodied intelligence" and is expanding its platform to include various forms of robots [2] - The company is exploring the A-share market as a potential avenue for higher valuation and financing efficiency amid limited liquidity in the Hong Kong market [5]

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), Dongfang Electric (01072), and COSCO Shipping Holdings (01919), with short ratios of 18.64%, 17.51%, and 16.68% respectively [1][2] - The company with the largest increase in short positions is Dongfang Electric (01072), which saw an increase of 2.20% from the previous short ratio [1][2] - The companies with the largest decrease in short positions include Sanhua Intelligent Control (02050), Tianqi Lithium (09696), and Yuejiang (02432), with decreases of -1.42%, -0.82%, and -0.71% respectively [1][3] Group 2 - The latest short position data shows that Vanke Enterprises has 411 million shares shorted, while Dongfang Electric has 71.45 million shares, and COSCO Shipping Holdings has 480 million shares shorted [2] - The companies with the largest increases in short positions also include JAKS Resources B (01167) and CSPC Pharmaceutical Group (01093), with increases of 0.77% and 0.56% respectively [2] - The companies with the largest decreases in short positions also include Ganfeng Lithium (01772) and Sunac China (01918), with decreases of -0.68% and -0.55% respectively [3][4]

Group 1 - The core focus of the news is that Shenzhen Youjiang Technology Co., Ltd. plans to initiate an A-share IPO on the Shenzhen Stock Exchange after approximately one year of being listed on the Hong Kong Stock Exchange, aiming to establish an "A+H" dual capital platform [2][3] - The company aims to enhance its business development and overall competitiveness through this A-share listing, which is part of its long-term strategic goals [3] - Youjiang Technology reported a revenue of 153 million yuan for the first half of 2025, reflecting a year-on-year growth of 27.1%, a significant increase from the previous year's growth rate of 9.6% [3] Group 2 - The growth in revenue is attributed to a diversified product structure, with a 46.7% increase in revenue from six-axis collaborative robots and a remarkable 165.5% increase in revenue from commercial applications such as coffee and therapy robots [3] - As of June 30, 2025, the company's cash and cash equivalents were 164 million yuan, a significant decrease from 884 million yuan at the end of 2024, indicating cash flow challenges [4] - The company reported a net loss of 40.87 million yuan for the first half of 2025, although this represented a 31.8% reduction compared to the previous year [6] Group 3 - Marketing expenses are notably high, with sales and distribution costs reaching 82.21 million yuan, a 31.5% increase year-on-year, which is more than double the R&D expenses of 40.89 million yuan [6] - The company faces challenges in converting marketing investments into sustainable profits amid increasing competition in the collaborative robot sector [6] - As of December 30, 2025, Youjiang Technology's stock price was 38.46 HKD per share, with a total market capitalization of approximately 16.92 billion HKD [6]

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.90%), GCL-Poly Energy (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in stockholding over the last five trading days include SMIC (+1.092 billion), China Merchants Bank (+1.052 billion), and Hong Kong Exchanges and Clearing (+790 million) [1][2] - The companies with the largest decrease in stockholding over the last five trading days include China Mobile (-3.216 billion), Tencent Holdings (-1.107 billion), and the Tracker Fund of Hong Kong (-465 million) [1][2] Stockholding Ratios - China Telecom (00728) holds 99.79 million shares with a stockholding ratio of 71.90% [2] - GCL-Poly Energy (01330) holds 28.3 million shares with a stockholding ratio of 69.96% [2] - Da Zhong Public Utilities (01635) holds 36.7 million shares with a stockholding ratio of 68.75% [2] - Other notable companies in the top 20 include China Shenhua (66.39%) and China Merchants Energy (64.43%) [2] Recent Trading Activity - The top three companies with increased holdings in the last five trading days are: - SMIC (00981): +1.092 billion, +15.28 million shares [2][3] - China Merchants Bank (03968): +1.052 billion, +19.92 million shares [2][3] - Hong Kong Exchanges and Clearing (00388): +790 million, +1.93 million shares [2][3] - The top three companies with decreased holdings in the last five trading days are: - China Mobile (00941): -3.216 billion, -39.36 million shares [2][3] - Tencent Holdings (00700): -1.107 billion, -1.84 million shares [2][3] - Tracker Fund of Hong Kong (02800): -465 million, -18.01 million shares [2][3]

Group 1 - The company, Yuejiang, announced plans for an initial public offering (IPO) of RMB ordinary shares and listing on the Shenzhen Stock Exchange, aiming to enhance business development and competitiveness by December 29, 2025 [1] - The company has appointed a pre-listing advisory institution and submitted a registration application for pre-listing guidance regarding the A-share listing [1] - China Galaxy Securities highlighted that Yuejiang is continuously iterating on embodied data collection, domain models, learning-based operation control, and core hardware, which supports the deployment of embodied intelligent products [1] Group 2 - Yuejiang has established a strong customer base in industrial manufacturing and is achieving substantial progress in commercializing intelligent services across multiple scenarios [1] - The company has released humanoid bipedal/wheeled robots and multi-legged robotic dogs, becoming one of the first domestic companies to enter mass production of humanoid robots [1] - Yuejiang has secured significant procurement orders, including 1,000 units from Lansi Technology and a strategic collaboration with Green Source Group for the deployment of 5,000 robotic dogs [1]