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]

Core Viewpoint - Traditional industrial robot companies are increasingly entering the humanoid robot market, showcasing their products prominently at the 2025 World Robot Conference (WRC) [1] Group 1: Industry Trends - Numerous industrial robot companies, including New松机器人, 越疆科技, and 极智嘉, are positioning themselves in the humanoid robot sector, which has gained traction since last year [1] - 越疆科技 launched its second-generation humanoid robot, emphasizing practical applications over mere demonstrations [2][4] - The humanoid robot industry is currently characterized by high investment costs and low profitability, leading some traditional companies to adopt a cautious approach [5] Group 2: Company Strategies - 越疆科技 focuses on practical applications in various sectors, including automotive and pharmacy, and aims for global expansion [4] - 极智嘉 has established a subsidiary to enter the humanoid robot market, aiming to enhance its valuation through breakthroughs in this area [6][8] - Traditional industrial robot companies are leveraging their experience and resources to compete in the humanoid robot space, with a focus on understanding customer pain points and operational challenges [8] Group 3: Technological Challenges - Transitioning from industrial to humanoid robots requires significant upgrades in algorithms, perception models, and motion planning due to the different demands of flexibility and adaptability [9][10] - The software technology used in traditional industrial robots is largely different from that required for humanoid robots, presenting a substantial challenge for these companies [10]

Core Insights - The 2025 World Robot Conference (WRC) in Beijing marked the launch of Shenzhen Yujiang Technology Co., Ltd.'s second-generation humanoid robot, DOBOT Atom II, indicating a shift from technical exploration to large-scale value creation in embodied intelligent robotics [1][3]. Group 1: Product Features and Applications - DOBOT Atom II redefines the commercialization threshold for robots, adapting to industrial, commercial, and home scenarios [1]. - In industrial manufacturing, DOBOT Atom II demonstrates dual-arm collaboration and decision-making capabilities, achieving precision tasks such as tightening bearings to within 0.1 mm tolerance and sorting parts into designated boxes [1][3]. - The robot showcases its versatility in dynamic tasks, such as serving popcorn and cooking, highlighting its ability to respond to user interactions and make autonomous decisions based on cooking progress [3][4]. Group 2: Collaborations and Market Validation - Yujiang has established deep collaborations with leading academic and research institutions, including Tencent Robotics X Lab and Shanghai Artificial Intelligence Lab, ensuring technological foresight [4]. - The company has gained validation from major global clients, including Mazak and Aurotek, confirming the feasibility of its technology for industrial and commercial applications [4]. Group 3: Platform and Ecosystem Development - Yujiang's DOBOT platform is positioned as the "Android of robots," focusing on creating an open platform that supports various robotic forms and simplifies task development through SDK/API interfaces [5]. - The platform enables a diverse range of robots to learn and train in multiple deployment scenarios, generating vast amounts of real-world data that drive algorithm upgrades, contributing to a comprehensive ecosystem [5]. Group 4: Future Vision - The scenarios envisioned for DOBOT Atom II include collaborative work in factories, disaster response with robotic dogs, and assisting the elderly at home, emphasizing a holistic approach to hardware control, autonomous algorithms, and ecological symbiosis [6].

Group 1: Semiconductor Industry - Citi maintains an "outperform" rating for SMIC with a target price of HKD 59.2, reporting a 1.7% quarter-over-quarter revenue decline to USD 2.21 billion, which is better than expected. Gross margin was 20.4%, exceeding the 18-20% forecast range, while net profit was USD 132.5 million, 24% below market expectations. Q3 revenue is expected to grow by 7% quarter-over-quarter to USD 2.34 billion, slightly below market expectations [1] - Citi maintains an "outperform" rating for Hua Hong Semiconductor, raising the target price to HKD 50.5. The company began price adjustments in Q2, which are expected to reflect in the second half, leading to a single-digit increase in average selling prices. The 2026 and 2027 earnings forecasts were raised by 18% and 12%, respectively, while the 2023 earnings forecast was lowered by 31% due to increased taxes [2] Group 2: Pharmaceutical Industry - CMB International maintains a "buy" rating for BeiGene with a target price of HKD 225, noting that Q2 2025 performance exceeded expectations, with core product sales continuing to grow. The company is positioned as a benchmark for Chinese innovative drugs, with strong global sales of its products. The second half of 2025 is expected to be a critical period for new product approvals and clinical data releases, which may catalyze stock price growth [2] Group 3: Gaming and Hospitality Industry - CICC maintains an "outperform" rating for MGM China, reporting Q2 2025 results that exceeded expectations, with net income and adjusted EBITDA recovering to pre-pandemic levels, driven by strong performance in Macau. Management expects continued strong performance during the summer and is focused on product updates and high-end market segments [3] Group 4: Telecommunications Infrastructure - CICC maintains a "strong buy" rating for China Tower, highlighting its position as a global leader in communication infrastructure. The company's strategic layout and shared mechanisms are expected to release significant profits as existing assets depreciate. Long-term growth is anticipated from new business drivers and deepened sharing mechanisms [4] Group 5: Consumer Goods Industry - CICC maintains an "outperform" rating for Uni-President China, reporting H1 2025 results that exceeded market expectations. The beverage business remains stable amid increased competition, while the food business continues to grow. Cost advantages and improved capacity utilization are driving margin improvements, with a steady growth trend expected for the year [5] Group 6: Technology Industry - CICC maintains an "outperform" rating for Xiaomi Group with a target price of HKD 70, forecasting a 64.84% year-over-year increase in adjusted net profit for Q2 2025. The company remains among the top three globally in smartphone shipments, with strong IoT revenue expected. The release of new production capacity is anticipated to enhance order delivery [6] - CICC maintains a "buy" rating for AsiaInfo Technologies, noting that while H1 2025 revenue was pressured by cost-cutting measures from operators, innovative business trends are positive. Revenue from AI model applications and delivery services is expected to grow significantly, helping to stabilize overall revenue [7] Group 7: Robotics Industry - CICC initiates coverage on Yujiang with an "outperform" rating and a target price of HKD 61, highlighting the company's focus on collaborative robots and product line expansion. The company is expected to show significant growth potential and diverse international business layouts [8] Group 8: Medical Services Industry - Citi maintains an "outperform" rating for Tigermed with a target price of HKD 62.6, noting an 83% increase in stock price year-to-date as the Chinese innovative drug market improves. Net profit forecasts for 2025-2027 have been raised by 31%, 30%, and 30%, respectively, with positive sales growth in Q2 [9]

本报讯 （记者刘钊）8月8日，2025世界机器人大会（简称"WRC"）在北京盛大开幕。在本次WRC上， 深圳市越疆科技股份有限公司（以下简称"越疆"）发布全新一代具身智能人形机器人DOBOTAtomⅡ。 平台更构建"具身数据湖"生态，激励客户参与联合训练与场景数据共享，持续强化智能体泛化能力并加 速应用流通与进化；深度整合OpenAI、Claude、Gemini等顶级大模型，实现高级认知决策与物理执行 的完美闭环。 这一平台不仅能够包罗多用户、多形态的机器人进行学习训练，还能从多元化的部署场景产生海量的真 实数据，反向驱动算法的迭代升级，为未来的通用AI提供了一个多样化的物理执行接口和环境测试平 台，形成"硬件-算法-场景-生态"四维协同的有效闭环。 通过今年的WRC，我们可以看到，越疆的目标不仅仅是一个"造机器人"的企业。通过多形态产品矩 阵、通用性具身智能平台，全球顶尖客户伙伴网络，越疆构建立体化竞争壁垒。 在工业制造展示区域，DOBOTAtomⅡ左手将机械臂轴承旋紧至0.1毫米公差内，右手同步将不同规格的 零件分拣至六宫格料箱，实现双脑决策加双臂协同。从作业劳动到情感陪伴，商业应用和生活服务场景 渗透。 ...

中金发表研究报告，首次给予越疆"跑赢行业"评级，目标价61港元，对应2030年预测市销率约13倍，看 好该公司专注于发展人机协作及具身智能领域。 ...

Investment Highlights - Company is initiating coverage on Yuejiang (02432) with an "outperform" rating and a target price of HKD 61.00, focusing on its deep engagement in collaborative robots and new product categories [1] - Yuejiang, established in 2015, is recognized as a global innovator in collaborative robots, with a projected revenue compound annual growth rate (CAGR) of 29% from 2021 to 2024 [1] - The company has over 80 Fortune 500 clients and ranks among the top two in the global collaborative robot industry with a market share of 13% based on shipment volume [1] - The global collaborative robot market is expected to see sales reach 200,000 units by 2028, implying a CAGR of 30% from 2024 to 2028 [1] International Business and Product Diversification - By 2024, the company's overseas sales are expected to account for 54%, with branches in the US, Germany, and Japan, leveraging its production base in Shandong to establish a global sales network [1] - The product range covers diverse scenarios including industrial, commercial, and educational applications, supported by self-developed motor and encoder technologies [1] AI Empowerment and Product Expansion - The company is actively expanding its product boundaries with its AI-enabled platform X-Trainer, which allows collaborative robots to operate autonomously, already implemented in companies like BYD and Luxshare Precision [2] - In 2025, the company plans to launch humanoid robots and robotic dogs, including the world's first full-size humanoid robot Dobot Atom, which can learn new skills in just 2 hours with minimal data [2] - The introduction of multiple robot categories is expected to strengthen the company's business moat and enhance growth potential [2] Market Position and Profitability Outlook - The company is optimistic about the penetration rate of collaborative robots and anticipates improved profitability due to economies of scale [2] - Despite a mature domestic competition landscape, Yuejiang is positioned advantageously with overseas sales and consumer-end scenario advantages [2] Earnings Forecast and Valuation - The company forecasts EPS of -0.12 and -0.03 for 2025 and 2026, respectively, with a current stock price corresponding to a 2026 P/S ratio of 27.5x [2] - Using a mid-term valuation method with a 2030 P/S of 13x, the target price of HKD 61 implies a 12% upside from the current stock price, justifying the "outperform" rating [2]