Core Insights - On September 17, 2025, Alibaba-W (09988), SMIC (00981), and Meituan-W (03690) were the top three companies by trading volume in the southbound trading of the Stock Connect, with transaction amounts of 88.06 billion, 58.89 billion, and 51.92 billion respectively [1] - Alibaba-W (09988), SMIC (00981), and Meituan-W (03690) also led in the Shenzhen-Hong Kong Stock Connect southbound trading, with transaction amounts of 64.11 billion, 36.49 billion, and 27.15 billion respectively [1] Southbound Trading Highlights - The top three active companies in the southbound trading of the Shanghai-Hong Kong Stock Connect were: - Alibaba-W (09988): 88.06 billion with a net inflow of 21.56 billion - SMIC (00981): 58.89 billion with a net inflow of 1.42 billion - Meituan-W (03690): 51.92 billion with a net inflow of 11.79 billion [2] - Other notable companies included: - Xiaomi Group-W (01810): 32.59 billion with a net outflow of 10.57 billion - Tencent Holdings (00700): 31.36 billion with a net outflow of 3.24 billion [2] Shenzhen-Hong Kong Trading Highlights - The top three active companies in the southbound trading of the Shenzhen-Hong Kong Stock Connect were: - Alibaba-W (09988): 64.11 billion with a net inflow of 28.95 billion - SMIC (00981): 36.49 billion with a net inflow of 2.65 billion - Meituan-W (03690): 27.15 billion with a net inflow of 9.21 billion [2] - Other notable companies included: - Tencent Holdings (00700): 25.39 billion with a net inflow of 3.17 billion - Xiaomi Group-W (01810): 23.75 billion with a net inflow of 4.18 billion [2]

格隆汇9月17日丨近日，特斯联与优必选宣布达成战略合作。依托特斯联搭建的空间智能感知、推理及 行动层面的空间信息处理技术闭环，及优必选在人形机器人领域全栈式技术自研能力，双方将围绕"空 间智能+具身智能"展开深度合作。 ...

Core Viewpoint - The strategic partnership between TUSI and UBTECH aims to integrate spatial intelligence and embodied intelligence to enhance the capabilities of humanoid robots, creating a new paradigm for multimodal training and promoting the comprehensive deployment of intelligent robots [1][3]. Group 1: Strategic Collaboration - TUSI, a leader in spatial intelligence, and UBTECH, a pioneer in humanoid robotics, have signed a strategic cooperation agreement to share and innovate on their respective technologies [1][3]. - The collaboration is based on mutual recognition of each other's technological strengths and industrial value, aiming to create highly autonomous and interactive next-generation intelligent robots [3]. Group 2: Technological Capabilities - UBTECH possesses full-stack technology capabilities in humanoid robotics, including advanced hardware, AI technology, and integration of robotics with AI [3]. - TUSI has developed a three-layer strategic system focusing on AIoT infrastructure, AIoT domain models, and AIoT intelligent agents, with nearly 10,000 spatial intelligence project cases since 2015 [3][4]. Group 3: Spatial Intelligence - Spatial intelligence is crucial for robots to interact with the physical world, enabling them to understand complex, unstructured environments [4]. - TUSI's self-developed spatial large model allows for multi-modal integration and reasoning, helping robots to comprehend physical laws and perform complex task planning [4]. Group 4: AIoT Intelligent Agents - TUSI's intelligent agents possess capabilities such as human-like thinking, long-term memory, high-dimensional perception, and teamwork, enhancing robots' decision-making and collaborative abilities in complex environments [5]. - UBTECH's humanoid robots serve as intelligent terminals that can autonomously move and perform precise operations, continuously validating and enhancing spatial reasoning models through real-world interactions [5]. Group 5: Market Implications - The partnership between TUSI and UBTECH is expected to create significant opportunities for business upgrades and global market expansion, especially as TUSI is in the process of an IPO [5].

Group 1 - The core viewpoint of the article highlights the continued upward trend in robotics concept stocks, with notable increases in share prices for companies like UBTECH, Delta Electronics, and others [1] - Elon Musk purchased 2.57 million shares of Tesla stock, valued at nearly $1 billion, and Tesla proposed a potential $1 trillion equity incentive plan that includes delivering 1 million humanoid robots over the next decade [1] - Analysts suggest that the most pessimistic period of production cuts and model changes has passed, with more positive catalysts expected in the second half of the year, particularly in the robotics sector both domestically and internationally [1] Group 2 - The article mentions that Morgan Stanley previously indicated that the commercialization and scaling of humanoid robots is unprecedented [1] - There is an expectation of a resonance in the industry due to new product launches, capital operations, and order placements in the domestic market, alongside ongoing iterations and gradual mass production in international markets [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first half of 2025, the company achieved a revenue of 621 million, representing a year-on-year increase of 27.55%. The net profit was -414 million, with a non-recurring net profit of -419 million, both showing a reduction in losses year-on-year [5][8] - The revenue growth was primarily driven by the launch of new consumer-grade products and the delivery of signed projects related to educational intelligent robots and intelligent robot solutions. Despite a decline in overall gross margin, the company improved its expense ratio, leading to a significant improvement in net profit margin [2][8] - The company has made breakthroughs in multiple business lines, including educational intelligent robots, logistics intelligent robots, commercial robots, and consumer-grade robots, which are expected to continue to gain momentum. Additionally, the company is actively expanding its humanoid robot business, with expectations for increased production and sales this year [2][8] Summary by Sections Revenue and Profitability - The company reported a revenue of 621 million for 2025H1, up 27.55% year-on-year. The educational intelligent robots and solutions generated 240 million in revenue, a 48.8% increase, while logistics robots saw a revenue of approximately 56.2 million, down 5.7% [5][8] - The overall gross margin decreased to 35.0%, down 3.0 percentage points year-on-year. However, the company optimized its expense ratios, with sales, management, R&D, and financial expense ratios improving significantly [8] Business Lines and Growth Potential - The educational intelligent robots are being deployed in K12 education scenarios, with projects initiated in multiple locations. The logistics robots are advancing with significant orders and partnerships, while commercial robots have shown promising applications in various tasks [8] - The company is also launching new consumer-grade robots, including pool cleaning robots and smart lawn mowers, which are contributing to revenue growth [8] Humanoid Robot Business - The company is increasingly focusing on humanoid robots, with expectations for production and sales to ramp up this year. Contracts for humanoid robots have been secured, and significant orders are in hand, indicating strong market demand [8]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Heng Rui Medicine (01276) saw the largest increase in ownership percentage, rising by 1.49% to a total of 13.84% [2]. - Kanglong Chemical (03759) experienced a 1.35% increase, bringing its ownership to 60.51% [2]. - Zhaoyan New Drug (06127) increased by 1.27%, reaching a holding of 43.70% [2]. - Other companies with significant increases include Junshi Biosciences (01877) at +1.24% (59.08%) and China Pacific Insurance (02601) at +1.20% (44.16%) [2]. Group 2: Decreased Holdings - Shandong Molong (00568) had the largest decrease, with a drop of 1.99% to 57.67% [2]. - Yisou Technology (02550) decreased by 0.99%, now holding 37.95% [2]. - Nanjing Panda Electronics (00553) saw a reduction of 0.98%, bringing its ownership to 42.65% [2]. - Other notable decreases include Kailai Ying (06821) at -0.95% (43.35%) and Meizhong Jiahe (02453) at -0.95% (32.06%) [2]. Group 3: Five-Day Changes - In the last five trading days, China Merchants Energy (01138) had the highest increase in ownership, up by 6.19% to 65.63% [3]. - Shandong Molong (00568) also saw a significant increase of 3.74% [3]. - Other companies with notable increases include Zhongchu Innovation (03931) at +3.62% (10.35%) and Youbao Online (02429) at +3.33% (17.38%) [3]. Group 4: Twenty-Day Changes - Over the past twenty days, Anjiren Food (02648) experienced the largest increase, up by 12.29% to 20.54% [4]. - China Merchants Energy (01138) also saw a significant increase of 9.07% [4]. - Other companies with notable increases include Yimai Sunshine (02522) at +7.70% (43.02%) and Lens Technology (06613) at +7.56% (13.64%) [4].

Group 1 - Tianjin Honglian Zhirong Management Consulting Partnership (Limited Partnership) has undergone a business change, adding UBTECH Robotics (09880.HK) as a shareholder with an increased capital contribution of 550 million yuan [1] - The company was established in August 2025 and its business scope includes enterprise management, management consulting, and information consulting services (excluding licensed information consulting services) [1][2] - The registered capital of Tianjin Honglian Zhirong has been updated to 550 million yuan, indicating a significant investment [2]

Market Overview - On September 12, the Hang Seng Index rose by 1.16%, closing at 26,388.16 points, with a net inflow of HKD 7.331 billion through the southbound trading channel [2] - The total trading volume for the southbound trading on that day was HKD 157.992 billion, with a net buying amount of HKD 7.331 billion [2] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 97.259 billion, with a net selling of HKD 1.487 billion; while the Shenzhen Stock Exchange's southbound trading had a transaction amount of HKD 60.733 billion, with a net buying of HKD 8.818 billion [2] - The most actively traded stock in the Shanghai southbound trading was Alibaba-W, with a transaction amount of HKD 87.744 billion and a net buying of HKD 2.076 billion, closing with a price increase of 5.44% [2] - In the Shenzhen southbound trading, Alibaba-W also led with a transaction amount of HKD 63.889 billion and a net buying of HKD 2.304 billion, maintaining the same closing price increase of 5.44% [3] Active Stocks Summary - The top ten actively traded stocks in the southbound trading included Alibaba-W, Meituan-W, and SMIC, with transaction amounts of HKD 87.744 billion, HKD 50.99 billion, and HKD 37.02 billion respectively [2] - Meituan-W had the highest net selling amount of HKD 1.635 billion, closing flat [2] - Other notable stocks included Tencent Holdings and Xiaomi Group, with transaction amounts of HKD 32.17 billion and HKD 23.17 billion respectively, and Tencent saw a net buying of HKD 0.744 billion [3] Additional Stock Performance - The stock performance of various companies showed that 8 out of the top ten stocks had net buying, with Alibaba-W leading at HKD 2.304 billion [3] - The stock of Sanofi had the highest net selling amount of HKD 0.295 billion, while its closing price increased by 1.81% [4]

Group 1 - On September 12, 2025, Alibaba-W (09988), Meituan-W (03690), and SMIC (00981) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 87.74 billion, 50.99 billion, and 37.02 billion respectively [1] - In the Southbound Stock Connect for Shenzhen-Hong Kong, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) led the trading volume, with transaction amounts of 63.89 billion, 32.17 billion, and 23.17 billion respectively [1] Group 2 - In the Southbound Stock Connect (Hong Kong), the top active trading companies included: - Alibaba-W (09988) with a net buy of +20.76 billion - Tencent Holdings (00700) with a net buy of +1.85 billion - Meituan-W (03690) with a net sell of -16.35 billion [2] - In the Southbound Stock Connect (Shenzhen), the top active trading companies included: - Alibaba-W (09988) with a net buy of +23.04 billion - Tencent Holdings (00700) with a net buy of +7.44 billion - Meituan-W (03690) with a net sell of -46.59 million [2]

（於中華人民共和國註冊成立的股份有限公司） 股份代號：9880 2025 中期報告 目 錄 | 公司資料 | 2 | 合併及公司資產負債表 | 46 | | --- | --- | --- | --- | | 釋義 | 4 | 合併及公司利潤表 | 49 | | 財務概要 | 6 | 合併及公司現金流量表 | 52 | | 業務回顧 | 8 | 合併股東權益變動表 | 55 | | 管理層討論及分析 | 18 | 公司股東權益變動表 | 57 | | 企業管治及其他事項 | 24 | 財務報表附註 | 59 | 2 中期報告2025 深圳市優必選科技股份有限公司 公司資料 董事會 執行董事 周劍先生 （董事會主席兼行政總裁） 劉明先生 （職工代表董事） 鄧峰先生 熊友軍先生 非執行董事 夏佐全先生 周志峰先生 陸寬先生 獨立非執行董事 何佳教授 姚新先生 董秀琴女士 熊輝先生 聯席公司秘書 張鉅先生 簡雪艮女士 審核委員會 董秀琴女士 （主席） 何佳教授 姚新先生 環境、社會及管治及可持續發展委員會 劉明先生 （主席） 鄧峰先生 董秀琴女士 薪酬與考核委員會 何佳教授 （主席） 周劍先生 姚新先生 提名委員會 ...