港股优必选(09880.HK)短线拉升，跌幅收窄至1%。 ...

港股优必选短线拉升转涨，此前一度跌超3%。消息面上，华为、优必选、智元机器人、中坚科技将合 作康养人形机器人，各方将在算力、大模型平台、数据采集、解决方案及应用场景展开合作，拟于5月 21日在上海徐汇区乐龄养老院举行"具身智能康养机器人协同发展启动大会"。 无需港股通，A股账户就能T+0买港股>> ...

证券研究报告·海外公司点评·软件服务(HS) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,056 | 1,305 | 2,016 | 2,823 | 3,705 | | 同比(%) | 4.70 | 23.65 | 54.40 | 40.08 | 31.22 | | 归母净利润（百万元） | (1,234.05) | (1,123.59) | (1,025.65) | (749.64) | (244.58) | | 同比(%) | (26.59) | 8.95 | 8.72 | 26.91 | 67.37 | | EPS-最新摊薄（元/股） | (2.79) | (2.54) | (2.32) | (1.70) | (0.55) | | P/E（现价&最新摊薄） | (28.72) | (31.54) | (34.55) | (47.28) | (144.91) | [Table_Tag] [投资要点 Table_Su ...

证券研究报告·海外公司点评·软件服务(HS) 优必选（09880.HK） 与华为签署全面合作协议，助力人形机器人 加速实现场景落地应用 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,056 | 1,305 | 2,016 | 2,823 | 3,705 | | 同比(%) | 4.70 | 23.65 | 54.40 | 40.08 | 31.22 | | 归母净利润（百万元） | (1,234.05) | (1,123.59) | (1,025.65) | (749.64) | (244.58) | | 同比(%) | (26.59) | 8.95 | 8.72 | 26.91 | 67.37 | | EPS-最新摊薄（元/股） | (2.79) | (2.54) | (2.32) | (1.70) | (0.55) | | P/E（现价&最新摊薄） | (28.72) | (31.54) | (34.5 ...

港股开盘，恒指开跌0.23%，科指开跌0.29%。优必选(09880.HK)开涨14.9%，华为与优必选科技签署全 面合作协议。 ...

【市场复盘】 周一（2025年5月12日）AI与机器人板块强势上涨，截至收盘，科创人工智能ETF华夏(589010)上涨 1.75%，持仓股中邮科技上涨19.99%领涨，石头科技、凌云光等个股跟涨。机器人ETF（562500）上涨 2.87%，持仓股方面拓斯达上涨20.01%领涨，信捷电气、科力尔等个股跟涨。当日交易金额11.38亿元， 居相同标的ETF首位，市场成交活跃。 【热点要闻】 中信建投认为，机器人板块经历近一个月的震荡回调后，在市场流动性及风偏改善下，机器人重回科技 成长配置主线；产业热度维持高位，近期特斯拉订单等预期持续催化，维持年内规模量产指引，当前或 临近定点量产节点。我们维持前期观点，产业趋势及公司基本面待进一步催化或预期兑现，行情预计将 进入"去伪存真"的验证期，应在行情震荡下把握中期确定性。 【热门ETF】 机器人ETF（562500）是全市场规模最大的机器人主题ETF，助力投资者一键布局中国机器人产业。 科创人工智能ETF华夏（589010）是机器人的大脑，20% 涨跌幅 + 中小盘弹性，捕捉 AI 产业"奇点时 刻"。 2.5月12日，字节跳动Seed团队最新向量模型Seed1.5 ...

5月12日，华为与优必选科技在深圳正式签署全面合作协议。双方将围绕具身智能和人形机器人领域， 在产品技术研发、场景应用及产业体系等开展创新合作。协议约定，双方将通过发挥华为昇腾、鲲鹏、 华为云及大模型等能力与华为在研发、生产供应等经验，结合优必选全栈式人形机器人技术，推动人形 机器人从实验室创新向工业、家庭等场景的效率提升和落地复制。华为将依托全栈AI基础设施能力， 支持优必选建设具身智能创新中心，并基于场景打造"人形机器人+智慧工厂"联合示范方案，开发家庭 服务人形机器人(包含双足和轮式人形机器人)等方面展开合作。(智通财经) ...

Robotics and Technology Development - In 2024, the company launched the WalkerS and WalkerS1 industrial humanoid robots, focusing on industrial application scenarios [17]. - The company achieved significant technological breakthroughs in robot technology, including the release of the second-generation industrial humanoid robot Walker S1 and the third-generation dexterous hand with pressure detection capabilities [18]. - The company developed the BrainNet architecture for collaborative humanoid robot scenarios, enhancing multi-robot cooperation and intelligent decision-making capabilities [19]. - The humanoid robots successfully completed high-repetition tasks such as autonomous material handling, quality inspection, and parts installation in collaboration with well-known automotive factories [18]. - The company established a humanoid robot application ecosystem in partnership with 3C enterprises, showcasing its industrial application solutions at the 2024 World Robot Conference [18]. - The company is leading the formulation of national standards in the humanoid robot and embodied intelligence fields, serving as the deputy leader of the National Humanoid Robot Standard Working Group [17]. - The company’s full-stack technology supports superior task planning, dexterous manipulation, navigation, and human-robot interaction skills [17]. - The company’s humanoid robots are designed to meet real demands in industrial application scenarios, demonstrating deep application in typical industrial environments [17]. - The company’s advancements in artificial intelligence technology include the development of a multi-modal large model for semantic understanding and decision-making [19]. - The company’s focus on R&D in humanoid robots is aimed at commercializing these technologies, providing a solid technical foundation for future growth [18]. - The company has developed a dual-engine technology architecture, achieving breakthroughs in multi-modal navigation, intelligent control, and modular design [27]. - The L4 autonomous logistics vehicle achieved a takeover rate of only 1 time per 100 kilometers in high-dynamic scenarios [20]. - The company is focusing on the development of the Walker series industrial humanoid robots, enhancing their stability and reliability for industrial applications [39]. - The development of a multimodal reasoning large model for humanoid robots is underway, aimed at improving decision-making capabilities in complex industrial tasks [40]. Financial Performance - Revenue increased by 23.7% from RMB 1,055.7 million in 2023 to RMB 1,305.4 million in 2024 [49]. - Gross profit rose by 12.4% from RMB 332.8 million in 2023 to RMB 374.0 million in 2024, with gross margins of 28.7% in 2024 and 31.5% in 2023 [53]. - Loss for 2024 was RMB 1,159.9 million, an improvement from a loss of RMB 1,264.6 million in 2023 [47]. - Revenue from educational intelligent robots and solutions increased by 4.6% from RMB 347.3 million in 2023 to RMB 363.4 million in 2024 [31]. - Revenue from logistics intelligent robots and solutions decreased by 17.5% to RMB 321.7 million in 2024 [51]. - Revenue from customized intelligent robots for other industries surged by 126.1% to RMB 140.7 million in 2024 [51]. - Revenue from consumer robots and other hardware increased by 88.1% to RMB 477.0 million in 2024 [51]. - Sales expenses rose to RMB 523.9 million in 2024, accounting for 40.1% of total revenue, down from 47.9% in 2023 [55]. - Management expenses decreased to RMB 370.0 million in 2024, representing 28.3% of total revenue, down from 37.9% in 2023 [56]. - Other income increased by 38.2% to RMB 37.6 million in 2024, primarily due to government subsidies and VAT refunds [54]. - R&D expenses decreased from RMB 490.5 million in 2023 to RMB 478.1 million in 2024, representing a reduction from 46.5% to 36.6% of revenue, primarily due to a decrease in share-based payment expenses by RMB 48.9 million [57]. - Credit impairment losses increased from RMB 145.0 million in 2023 to RMB 156.0 million in 2024, mainly due to delayed payments from certain government-related customers [58]. - Financial income improved from RMB 9.0 million in 2023 to RMB 6.0 million in 2024, attributed to increased foreign exchange gains [59]. - Income tax expenses decreased significantly from RMB 37.4 million in 2023 to RMB 10.7 million in 2024, primarily due to a reduction in taxable income from subsidiaries [60]. - Net losses for the years 2023 and 2024 were RMB 1,264.6 million and RMB 1,159.9 million, respectively [61]. - Adjusted net loss (non-GAAP measure) for 2024 was RMB 914.6 million, compared to RMB 817.0 million in 2023 [65]. - Cash used in operations for 2024 was approximately RMB 883.6 million, down from RMB 1,000.0 million in 2023, while cash and cash equivalents increased to RMB 1,191.0 million in 2024 from RMB 520.9 million in 2023 [66]. - Interest-bearing bank and other borrowings rose from RMB 1,453.5 million as of December 31, 2023, to RMB 1,537.6 million as of December 31, 2024, primarily to cover operational costs and construction expenses [67]. - Total employee compensation costs for 2024 amounted to RMB 940.7 million, down from RMB 1,006.8 million in 2023, mainly due to a reduction in equity incentive expenses [71]. - Capital expenditure for 2024 is primarily related to the construction of the Shenzhen headquarters, amounting to RMB 400.4 million, a decrease of 25.9% from RMB 540.7 million in 2023 [74]. Market Expansion and Product Development - The company has expanded its overseas business to over 20 countries, generating more than 700 business opportunities through digital marketing [28]. - The company has launched the CreaBot multi-scenario service robot, featuring seven functional components, enhancing its product ecosystem [27]. - The humanoid robot Walker S Lite was successfully demonstrated in the automotive manufacturing sector, recognized as a typical application case by the Ministry of Industry and Information Technology [25]. - In 2024, the logistics intelligent robots and solutions achieved breakthroughs in technology and application, with the new Wali series unmanned forklift F3000 supporting a maximum load of 3.5 tons, and the T8000 robot capable of handling 8000 kg, filling a gap in heavy material handling [33]. - The Chitu unmanned logistics vehicle improved storage space utilization by 13% in leading new energy vehicle factories and won the "Application Breakthrough Award" [33]. - The company launched a series of new consumer products, including the C20 smart cat litter box and the PC10 pool robot, which became top sellers in their categories [36]. - The company is collaborating with strategic partners to create an integrated delivery model combining hardware, software, services, and operations [33]. - The company aims to drive the commercialization of humanoid robots and artificial intelligence as part of its core strategy, aligning with national strategic goals [39]. Corporate Governance and Management - The company has established a robust governance structure with independent non-executive directors providing oversight and independent opinions [98]. - The company is committed to enhancing its human resources capabilities, as evidenced by the appointment of experienced professionals from leading firms like Huawei [87]. - The company has a strategic focus on innovation and investment in high-tech sectors, as highlighted by board members' involvement in venture capital and technology investments [92]. - The company has a diverse board with members who have significant academic and industry experience, contributing to informed decision-making [91]. - The company is positioned to leverage its leadership's extensive networks in the technology and education sectors for future growth opportunities [93]. - The company has a clear strategy for nurturing small and medium enterprises, as demonstrated by the experience of its directors in government and financial support roles [94]. - The board of directors held a total of 14 meetings during the relevant period, with all members attending every meeting [123]. - The company conducted nine shareholder meetings during the relevant period, with full attendance from all directors [125]. - The board is composed of executive directors, non-executive directors, and independent non-executive directors, ensuring a balanced and independent decision-making process [120]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, maintaining high standards of corporate governance [116]. - The board believes that high standards of corporate governance are essential for protecting shareholder interests and enhancing corporate value [116]. - All directors confirmed compliance with the standard code of conduct regarding securities trading during the relevant period [117]. - The company has established a robust internal control and risk management system to ensure effective governance [126]. - The board is collectively responsible for guiding and supervising the company's affairs, ensuring long-term sustainable growth [126]. - The company has arranged appropriate liability insurance for directors and senior management, which is reviewed annually [130]. - The company is committed to developing a positive corporate governance culture to achieve sustainable growth and success [115]. - The board of directors consists of four executive directors, three non-executive directors, and four independent non-executive directors, ensuring a high level of independence [132]. - The company has established an independent board evaluation mechanism to enhance board efficiency and identify areas for improvement [133]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules [132]. - The current term for all directors and supervisors will expire on June 28, 2025, with the possibility of re-election [138]. - Independent directors who joined on March 23, 2019, will not be re-elected after the current term ends due to the six-year limit on their tenure [138]. - The company encourages all directors to attend relevant training courses, with costs covered by the company [140]. - A summary of training records for directors indicates participation in various training types, including seminars and reading materials [141]. - The audit committee is currently composed of three independent non-executive directors, with one holding the necessary professional qualifications [142]. - The board has established five committees to oversee specific areas, ensuring clear definitions of their powers and responsibilities [141]. - The company will continue to review its governance structure and consider appropriate measures as needed [135]. - The audit committee reviewed the annual performance for the year ending December 31, 2023, and the interim performance for the six months ending June 30, 2024 [145]. - The audit committee held four meetings during the period, with all members attending all meetings [147]. - The remuneration and assessment committee reviewed the remuneration schemes for directors and senior management, with a total of 15 individuals in the remuneration range of RMB 0-10,000 thousand [152]. - The remuneration policy aims to ensure compensation is based on skills, knowledge, responsibilities, and participation in company affairs [152]. - The environmental, social, and governance committee held one meeting during the period, with all members present [149]. - The audit committee assessed the reasonableness of related party transactions conducted during the period [145]. - The company has adopted a written terms of reference for the audit committee in compliance with applicable laws and regulations [145]. - The remuneration and assessment committee recommended remuneration policies based on comparative company compensation and the group's performance [152]. - The environmental, social, and governance committee reviewed the company's ESG report for the year ending December 31, 2023 [149]. - The audit committee discussed audit issues with external auditors in two meetings during the period [146]. - The nomination committee consists of one executive director and two independent non-executive directors, with a focus on board diversity and skills assessment [154]. - The strategic committee did not hold any meetings during the period, indicating a stable strategic planning for 2024 without major adjustments [158]. - The board diversity policy aims to enhance efficiency and maintain high standards of corporate governance, considering factors such as gender, age, and industry experience [161]. - The current board composition includes 10 male directors and 1 female director, achieving the target of at least one female board member [162]. - The company has a total of 2 directors with accounting and finance experience, and 1 director with legal expertise [164]. - Gender diversity statistics show that 32.7% of the total employees are female, while the board has achieved a 9.1% female representation [170]. - The nomination committee will conduct an annual review of the board diversity policy to ensure its effectiveness [168]. - The company is committed to promoting gender diversity at all levels, including the board and senior management [169]. - The board has established measurable goals to implement the diversity policy, including ensuring at least one member has professional qualifications [165]. - The supervisory board consists of three members, including one employee representative and two shareholder representatives, ensuring compliance with legal requirements [159]. Risk Management and Compliance - The board has established a comprehensive risk management and internal control system, ensuring sufficient resources and qualified personnel for effective operation [182]. - The company conducts annual reviews of its risk management and internal control systems, focusing on financial, operational, and compliance monitoring [183]. - Compliance risk management is a core aspect of the company's risk management activities, with a three-tier compliance management structure in place [186]. - The company has implemented standard protective measures for data security, including confidentiality classification and data encryption [187]. - A centralized approach to intellectual property management is adopted, requiring approval from the intellectual property department for any applications or transfers [188]. - The board is responsible for the effectiveness of the risk management and internal control systems, with ongoing monitoring and independent audits conducted [179]. - The nomination committee actively communicates with relevant departments to assess the need for new directors and managers [176]. - The company emphasizes the importance of compliance culture and has established policies to address compliance matters [183]. - The board has not undergone any changes in composition during the reporting period [173]. - The nomination committee will review the director nomination policy to ensure its effectiveness [174]. - The company has established a zero-tolerance policy towards corruption, with immediate termination of contracts for employees or partners found engaging in corrupt activities [189]. - The risk management and internal control systems have been evaluated as effective and sufficient, with no significant monitoring failures or deficiencies identified [194]. - The company has implemented a whistleblowing policy allowing employees and business associates to report misconduct anonymously [195]. - No incidents of bribery-related non-compliance have occurred during the fiscal year ending December 31, 2024 [197]. - The company has a comprehensive insider information disclosure policy to guide directors and senior management in handling confidential data [198]. - The audit department is responsible for internal corruption prevention and investigation, ensuring open reporting channels for suspected corruption [196]. - The company conducts regular internal training on anti-corruption measures and requires suppliers to sign anti-bribery commitments [189]. - The board has reviewed the risk management and internal control work, confirming that the systems are effective in achieving operational goals and compliance [194]. - The company is committed to continuous improvement of its risk management policies and procedures to enhance operational efficiency and financial reporting reliability [190]. - Financial statements for the fiscal year ending December 31, 2024, are prepared in accordance with Chinese Accounting Standards [200].

Core Viewpoint - Company has signed a large-scale procurement contract for humanoid robots, marking a significant step in the commercialization of humanoid robots in industrial manufacturing settings [1][5] Group 1: Company Developments - Company has secured an order for 20 units of humanoid robots Walker S1 and Walker C, intended for use in automotive manufacturing and commercial reception [1][4] - The company has achieved notable milestones in April 2025, including becoming the exclusive humanoid robot partner for the China Pavilion at the Osaka World Expo and establishing strategic partnerships with major manufacturers like Foxconn and Geely [3] - The company has submitted an application to the China Securities Regulatory Commission for H-share full circulation, allowing domestic shares to be traded, which could enhance market participation [4] Group 2: Financial Performance - In 2024, the company reported a revenue of 1.3 billion yuan, a 23.7% increase year-on-year, but also a net loss of 915 million yuan, which is an 11.9% increase in losses compared to the previous year [1][7] - The company's gross margin decreased from 31.5% to 28.7% in 2024, indicating challenges in profitability despite revenue growth [7] - The revenue from educational and logistics intelligent robots showed mixed results, with a 4.6% increase in educational robots but a 17.5% decrease in logistics robots [6][7] Group 3: Industry Context - The humanoid robot sector is still in its conceptual phase, with industrial robots currently favored for their robustness and cost-effectiveness [6] - The industry faces skepticism regarding the practical applications of humanoid robots, as many purchases are seen as image projects rather than practical solutions [6] - The success of humanoid robots in industrial settings will depend on their ability to demonstrate superior investment returns compared to traditional industrial robots [6][7]

Core Viewpoint - The humanoid robot industry is undergoing a painful revaluation, with companies like UBTECH facing significant losses despite revenue growth, raising concerns about the industry's future viability [1][17]. Company Performance - UBTECH reported a revenue of 1.305 billion RMB in 2024, a year-on-year increase of 23.7%, and a gross profit of 374 million RMB, up 12.4% [1][9]. - Despite revenue growth, UBTECH incurred a loss of 1.16 billion RMB in 2024, although this was a reduction from a loss of 1.265 billion RMB in 2023 [1][7]. - The humanoid robot segment only delivered 10 units in 2024, generating revenue of 35 million RMB, which accounted for just 2.7% of total revenue [1][11]. Business Segmentation - The consumer robot segment was the main driver of revenue growth, achieving 477 million RMB in 2024, a significant increase of 88.1% [7][9]. - Other segments, such as logistics robots, saw a decline in revenue, with a 17.5% drop to 322 million RMB, indicating a slowdown in traditional business areas [10]. - The gross margin for UBTECH decreased from 31.5% to 28.7% due to the low margins associated with consumer robot products [8][10]. Market Sentiment - Concerns about the humanoid robot industry's sustainability have been amplified by reports of financial distress among leading companies, such as Dalu Robotics, which faced a funding crisis [1][14]. - Investor sentiment is mixed, with some prominent investors like Zhu Xiaohu expressing skepticism about the commercial viability of humanoid robots, while others defend the industry's long-term potential [6][18]. Challenges and Opportunities - High pricing of humanoid robots, averaging 3.5 million RMB per unit, limits market accessibility for both enterprises and consumers [11][19]. - The industry is exploring cost reduction and application expansion, with some companies beginning to deploy humanoid robots in industrial settings [22]. - UBTECH plans to deliver 20 humanoid robots to Dongfeng Liuzhou Automobile by mid-2025, marking a significant step towards industrial application [22].