Core Viewpoint - UBTECH Robotics has signed a strategic partnership agreement with Infini Capital, securing a total strategic financing credit line of $1 billion to enhance its operations and market presence [1] Group 1: Strategic Financing - Infini Capital will provide UBTECH with a total of $1 billion in strategic financing, which includes methods such as participation in placements, subscription to convertible bonds, and granting cash withdrawal rights [1] - The partnership aims to leverage both parties' strengths to foster growth and innovation in the humanoid robotics sector [1] Group 2: Shareholding and Investment Plans - Infini Capital plans to increase its stake in UBTECH, targeting a shareholding of no more than 5% [1] - The collaboration will focus on investing in the upstream and downstream supply chain of humanoid robots, assisting UBTECH in building a robust ecosystem [1] Group 3: Market Expansion and Development - Infini Capital will utilize its previous investments in the AI and robotics sectors to help UBTECH develop more advanced and cost-effective humanoid robots [1] - The partnership includes plans to establish a joint venture in the Middle East, with intentions to set up a super factory, research center, and regional headquarters to promote Chinese humanoid robots globally [1]

【深圳商报讯】（首席记者 袁静娴）日前，优必选与国际知名投资机构Infini Capital正式签署战略伙伴 合作协议。 国际知名投资机构Infini Capital双总部分别位于阿联酋阿布扎比和中国香港。 双方利用各自优势，还达成多项产业战略合作内容：Infini Capital计划在合适时机增持优必选股票，目 标成为优必选不超过5%持股比例的重要股东；双方联手投资人形机器人上下游产业链，协助优必选打 造生态圈；Infini Capital充分利用之前所投人工智能和机器人产业链企业，协助优必选打造功能更强、 成本更低的人形机器人；同时，协助优必选开拓中东市场，成立中东合资公司，计划在中东建立超级工 厂和研发中心以及中东总部，共同推动中国人形机器人走向世界。 根据合作协议，Infini Capital旗下高新技术基金为优必选提供一笔总额为10亿美元的战略融资授信额 度，融资方式包括参与配售、认购可转债、授予现金提款权等。 ...

Core Insights - The company achieved a revenue of 621 million yuan in H1 2025, representing a year-on-year growth of 27.5%, with a net profit loss of 414 million yuan, which is a narrowing of losses compared to the previous year [1][2] Revenue Breakdown - The education intelligent robots and solutions generated revenue of 240 million yuan, up 48.8% year-on-year, primarily due to the delivery of signed projects [1] - The logistics intelligent robots and solutions saw revenue of 56 million yuan, down 5.7% year-on-year [1] - Revenue from customized intelligent robots in other industries was 64 million yuan, down 29.8% year-on-year, as the company focused on developing new application scenarios [1] - Consumer-grade robots and other hardware devices generated 260 million yuan, up 48.9% year-on-year, driven by the continuous launch of new products [1] - Other income reached 2 million yuan, up 75.5% year-on-year [1] Profitability and Cost Management - The overall gross margin for H1 2025 was 35.0%, a decrease of 3.0 percentage points year-on-year, mainly due to a decline in the gross margin of education intelligent robots [1] - The sales expense ratio was 36.0%, down 11.9 percentage points year-on-year, attributed to stable sales expenses alongside increased revenue [2] - The management expense ratio was 29.8%, down 14.3 percentage points year-on-year, mainly due to a reduction in share-based payments [2] - The R&D expense ratio was 35.1%, down 11.6 percentage points year-on-year, influenced by a decrease in share-based payments and an increase in employee compensation [2] Technological Advancements - The company has developed the world's first multi-scenario group collaborative training for humanoid robots, focusing on key technologies such as high-performance servo drives and semantic VSLAM technology [3] - The humanoid robots are moving towards commercial applications, with the Walker S series training entering its 2.0 phase, executing industrial-level tasks [3] - A global first small batch procurement contract for industrial humanoid robots has been signed, marking the transition from training to commercial application [3] Revenue Forecast - The company maintains revenue forecasts of 2.016 billion yuan, 2.823 billion yuan, and 3.705 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-sales ratios of 23, 16, and 12 times [4]

Group 1 - The core performance characteristics of UBTECH include a revenue increase from 740 million to 1.305 billion yuan from 2020 to 2024, with a compound annual growth rate of 15.2% [1] - The company has a strong patent portfolio with 2,680 global authorized patents and focuses on core technologies such as servo drive, motion control, and embodied intelligent algorithms [1] - The company has secured over 500 intention orders for its Walker S series, which has been implemented in factories of major automotive companies like BYD [1] Group 2 - The humanoid robot industry is expected to reach a global market size of $20 billion by 2030, with China's market projected to reach $5 billion [2] - The demand for humanoid robots is driven by a labor shortage in the manufacturing sector, with a projected gap of 30 million workers by 2025 in China [2] - The company is focusing on industrial humanoid robots, particularly in automotive manufacturing, while also expanding into education and logistics sectors [2] Group 3 - The company invests over 30% of its revenue in R&D, with an expected investment of 478 million yuan in 2024 [3] - The company aims to enhance its competitive edge through deep collaboration in research and development, with six major projects planned [3] - The company has established strategic partnerships for large-scale deployments, targeting the manufacturing sector's labor gap [3] Group 4 - Revenue forecasts for the company are projected at 1.748 billion, 2.385 billion, and 3.306 billion yuan for 2025, 2026, and 2027 respectively [3] - The company anticipates net losses of 1.032 billion, 678 million, and 312 million yuan for the same years [3] - The company is positioned to capitalize on growth opportunities in consumer, education, logistics, and humanoid robot sectors [3]

Core Insights - On September 2, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 86.47 billion, 60.46 billion, and 59.59 billion respectively [1] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 48.12 billion, 45.52 billion, and 34.29 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 86.47 billion, net buying of +20.88 billion [2] - Xiaomi Group-W (01810): Trading amount of 60.46 billion, net selling of -5.92 billion [2] - SMIC (00981): Trading amount of 59.59 billion, net buying of +4.18 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - SMIC (00981): Trading amount of 48.12 billion, net selling of -14.55 billion [2] - Alibaba-W (09988): Trading amount of 45.52 billion, net buying of +13.55 billion [2] - Xiaomi Group-W (01810): Trading amount of 34.29 billion, net buying of +1.81 billion [2]

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 深圳市優必選科技股份有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 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 | 内資股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 70,665,977 | RMB | | | 1 RMB | | 70,665,977 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 70,665,977 | RMB | | | 1 RMB | | 70,665,977 | | 2. 股份分類 ...

Group 1 - The core viewpoint of the article highlights the significant partnership between UBTECH (09880) and Infini Capital, involving a strategic cooperation agreement worth $1 billion [1] - UBTECH's stock price increased by approximately 4.39%, reaching HKD 104.7, with a trading volume of HKD 30.47 billion [1] - Infini Capital plans to acquire up to 5% of UBTECH's shares and collaborate on investments in the humanoid robot supply chain [1] Group 2 - Citigroup expressed optimism regarding UBTECH's performance, raising the company's humanoid robot delivery guidance from 300-500 units to over 500 units for this year [1] - The forecast for next year's deliveries is set between 2,000 to 3,000 units, driven by better-than-expected progress in the automotive, auto parts, and electronics sectors [1] - Citigroup adjusted its revenue forecasts for UBTECH, increasing estimates by 2% for this year and 13% for the next, while raising the target price from HKD 98 to HKD 121, reflecting a more optimistic outlook for humanoid robots [1]

智通财经APP获悉，优必选(09880)再涨近5%，截至发稿，涨4.39%，报104.7港元，成交额30.47亿港 元。 消息面上，优必选与国际知名投资机构Infini Capital正式签署10亿美元战略伙伴合作协议。除此之外， 双方达成多项产业战略合作内容：Infini Capital计划在合适时机增持优必选股票，成为不超过5%持股比 例的重要股东；双方联手投资人形机器人上下游产业链；同时双方计划在中东建立超级工厂和研发中心 以及中东总部。 花旗发表研报称，对优必选上半年业绩感到鼓舞。公司将今年人形机器人交付指引从300至500台上调至 超过500台，并预测明年交付2000至3000台，因在汽车、汽车零部件和电子行业的进展好于预期。该行 因此上调对公司今明两年收入预测2%及13%，目标价从98港元上调至121港元，反映人形机器人更乐观 前景，评级"买入"。 ...

Core Viewpoint - The robotics sector is experiencing a significant surge in stock prices, driven by positive performance in the first half of 2025 and accelerating commercialization of robotics technology [1] Group 1: Stock Performance - Companies such as 德昌电机控股 (Dah Chong Hong Holdings) saw an increase of 11.56%, reaching 30.1 HKD; 微创机器人-B (MicroPort Robotics) rose by 9.32% to 24.4 HKD; 力劲科技 (LKE) increased by 8.86% to 5.9 HKD; 极智嘉-W (Geek+) gained 7.18% to 23 HKD; 首程控股 (Shou Cheng Holdings) rose by 6% to 2.12 HKD; 优必选 (UBTECH) increased by 4.19% to 104.5 HKD [1] Group 2: Industry Insights - Guojin Securities reported that nearly 90% of companies in the robotics sector achieved profitability in the first half of 2025 and Q2, indicating a positive trend in core business performance [1] - The speed of technological iteration in robotics is accelerating, with significant marginal changes in components such as motors and reducers [1] - The commercialization of robotics has progressed rapidly in the first half of the year, with a notable expansion in order scale [1] Group 3: Future Outlook - The focus for the second half of the year will be on new technology iterations and the component ticket pricing market, particularly in relation to the supply chains of Tesla, Zhiyuan, and Huawei [1] - Tesla's supply chain is expected to quickly transition into small-batch production, with Q2 performance meetings reaffirming its mass production plans, suggesting a restart of the supply chain after a brief pause [1] - The second half of the year will see the gradual implementation of various segments within the supply chain [1]

Core Viewpoint - Jianyin International has issued a report rating UBTECH as "Outperform" and raised the target price from HKD 115 to HKD 125, citing strong performance in the first half of the year with a 27.5% year-on-year revenue increase and significant cost reductions [1] Financial Performance - UBTECH's revenue for the first half of the year increased by 27.5% year-on-year [1] - The company has seen revenue growth in both educational and consumer robots [1] - The first half revenue typically accounts for only 35% of the annual total, indicating potential for significant improvement in the second half [1] Future Outlook - The company is expected to improve significantly in the second half of the year, with a break-even point anticipated [1] - The delivery of humanoid robots is set to expand in the second half, contributing to the expected performance improvement [1] - The report highlights the compelling narrative and scarcity of the investment opportunity in UBTECH [1]