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]

Group 1 - InfiniCapital has signed a strategic partnership agreement with UBTECH Robotics, providing a total financing credit line of $1 billion [2] - The financing methods include participation in placements, subscription to convertible bonds, and granting cash withdrawal rights, enhancing UBTECH's capacity for major industrial layouts [2] - InfiniCapital plans to increase its stake in UBTECH to become a significant shareholder with no more than 5% ownership [1] Group 2 - The collaboration aims to invest in the humanoid robot industry chain and assist UBTECH in building an ecosystem [1] - InfiniCapital will leverage its previous investments in AI and robotics to help UBTECH develop stronger and more cost-effective humanoid robot products [1] - The partnership includes plans to establish a joint venture in the Middle East, build a super factory, and set up a research and development center and headquarters in the region [1]

Core Insights - UBTECH, known as the "first humanoid robot stock," reported a revenue of 621 million RMB for the first half of 2025, marking a year-on-year increase of 27.5% [2] - The company signed a strategic partnership agreement with Infini Capital for a total financing credit line of 1 billion USD (approximately 71.29 billion RMB) [2] - The CEO highlighted significant growth in the humanoid robot sector, with expectations to deliver over 500 industrial humanoid robots by the end of the year [2][5] Financial Performance - Revenue for the first half of 2025 reached 621 million RMB, with a gross profit of 217 million RMB, reflecting a 17.3% increase year-on-year [2][4] - The adjusted net loss for the period was 368 million RMB, showing a reduction in losses by 17.2% compared to the previous year [2] - Research and development expenses amounted to 218 million RMB, a decrease of 4.04% year-on-year, with R&D accounting for 35.1% of total revenue [7] Business Segments - Revenue sources are divided into four main segments: educational robots, logistics robots, customized industry robots, and consumer robots [3] - Consumer robots and hardware accounted for nearly 42% of total revenue, growing by 48.9% to 260.1 million RMB [3][4] - Educational robots and consumer hardware segments both achieved nearly 50% year-on-year growth [3] Industry Outlook - The humanoid robot industry is at a critical juncture of technological breakthroughs and accelerated application in various scenarios [5] - Key challenges include improving adaptability, motion control precision, and cost efficiency, while demand in industrial manufacturing for standardized tasks is surging [5] - UBTECH has established partnerships with leading companies such as BYD, Geely, and Foxconn, positioning itself strongly in the market [5][9] Technological Advancements - The company is focusing on five key technology areas, including embodied intelligence and multimodal perception [7][8] - UBTECH aims to enhance the Walker S series humanoid robots with advanced features such as integrated joints and collaborative intelligence [8] - The integration of NVIDIA's Thor and development systems into the Walker series is underway, with expectations for more applications in the automotive industry [9] Market Performance - As of September 1, UBTECH's stock price increased by 4.81%, reaching 100.3 HKD per share, with a year-to-date rise of over 86% [11]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In the first half of 2025, the company achieved a revenue of 621 million, representing a year-on-year increase of 27.5%, with a gross profit of 217 million, up 17.3% year-on-year. The net loss narrowed to 414 million [2] - The overall gross margin decreased to 35.0%, down 3.0 percentage points year-on-year, primarily due to a decline in the gross margin of educational intelligent robots and solutions [3] - The company has made significant progress in commercializing humanoid robots, signing the first small-scale procurement contract for industrial humanoid robots, marking a transition from training to commercial application [4] Revenue and Profit Forecast - The company forecasts total revenue for 2025 to be 2.016 billion, with projected revenues of 2.823 billion in 2026 and 3.705 billion in 2027, reflecting growth rates of 54.4%, 40.08%, and 31.22% respectively [1][4] - The net profit attributable to the parent company is expected to improve from a loss of 1.234 billion in 2023 to a loss of 1.027 billion in 2025, with a narrowing trend continuing through 2027 [1][4] Financial Metrics - The report indicates a projected P/E ratio of 42.37 for 2025, with a corresponding price-to-sales ratio (PS) of 23 for 2025, 16 for 2026, and 12 for 2027 [1][4] - The company’s operating expenses have shown a significant reduction, with sales expense ratio decreasing by 11.9 percentage points and management expense ratio decreasing by 14.3 percentage points [3]

最近一年走势 2025 年 09 月 01 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 张钰莹 S0350524100004 zhangyy03@ghzq.com.cn [Table_Title] 优必选：从 Walker S1 到未来，人形机器人 PK 的是什么？ ——优必选（09880）公司深度研究 | 相对恒生指数表现 | | 2025/08/29 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 优必选 | 4.8% | 11.1% | 7.3% | | 恒生指数 | -1.8% | 6.4% | 41.0% | 人形机器人被视为工业 4.0 核心载体，GGII 预测全球市场规模 2030 年 达 200 亿美元，参考中国服务机器人市场约占全球市场 25%的数值测算， 中国市场规模将达 50 亿美元。据《制造业人才发展规划指南》，2025 年中国制造业工人缺口将达 3000 万，缺口率高达 48%，劳动力短缺与 成本上升推动人形机器人需求持续释放。公司以工业版人形机器人为核 心战略重点，Walker S 系列持续迭代，深耕汽 ...

Group 1 - The core viewpoint of the article highlights that UBTECH Robotics (09880) has signed a strategic partnership agreement with Infini Capital for a total financing credit line of 1 billion USD [1] - Following the announcement, UBTECH's stock price increased by over 7% in early trading, currently up by 5.43% at 100.9 HKD with a trading volume of 469 million HKD [1] - The partnership includes plans for Infini Capital to increase its stake in UBTECH to a maximum of 5% and to assist in expanding UBTECH's presence in the Middle East by establishing a joint venture and a super factory [1] Group 2 - For the first half of the year, UBTECH reported revenue of 621 million CNY, representing a year-on-year growth of 27.5% [1] - The company achieved a gross profit of 217 million CNY, with a year-on-year increase of 17.3% [1] - Research and development expenses amounted to 218 million CNY, accounting for 35.1% of total revenue, with both AI education and consumer robotics segments experiencing nearly 50% year-on-year growth [1]

Group 1: Hong Kong Stocks Performance - BYD Electronics (00285) rose over 7%, reporting a nearly 14% year-on-year increase in net profit for the first half of 2025, with positive progress in AI data center business [1] - Beihai Kangcheng-B (01228) surged over 11%, achieving profitability in the first half of the year and recently forming a strategic partnership with Baiyang Pharmaceutical [1] - MicroPort Medical (00853) increased over 11%, with a reported loss of $46.602 million for the first half of 2025, a 51.9% reduction in loss year-on-year [1] - Bank of China Hong Kong (02388) rose over 6%, reporting a net profit of HKD 22.12 billion for the first half of 2025, with an increase in net trading income year-on-year [1] - UBTECH (09880) increased over 4%, announcing a strategic partnership agreement worth $1 billion with international investment firm Infini Capital [1] - Gold stocks performed well, with China Silver Group (00815) up over 8%, Zhaojin Mining (01818) up over 7%, Shandong Gold (01787) up over 6%, Chifeng Jilong Gold (06693) up over 6%, and Zijin Mining (02899) up over 6%, driven by rising gold prices due to increased interest rate cut expectations [1] Group 2: Chinese Companies' Financial Results - China Communications Construction (01800) fell over 5%, reporting a 16.9% year-on-year decrease in net profit for the first half of 2025 and not declaring an interim dividend [2] - Evergrande Property (06666) declined over 3%, with a 5.6% year-on-year drop in net profit for the first half of the year, with management expressing pessimism about economic benefits from Evergrande Group [2] - Zoomlion Heavy Industry (01157) rose over 2%, reporting a more than 20% year-on-year increase in net profit for the first half of 2025, with institutions optimistic about export growth in the second half [2] - Midea Group (00300) increased over 2%, reporting a 25.04% year-on-year increase in net profit for the first half of 2025 and proposing an interim dividend of HKD 5 per 10 shares [2] Group 3: US Stocks Performance - Autodesk (ADSK.US) rose 9.09%, reporting a 17% year-on-year revenue increase for the second fiscal quarter and raising its full-year revenue and adjusted EPS guidance [3] - Gap (GAP.US) increased 1.52%, with revenue slightly below market expectations for the second fiscal quarter, and management indicated that tariffs may pressure annual gross margins [3] - Marvell Technology (MRVL.US) fell 18.60%, reporting record revenue of $2.01 billion for the second quarter, a 58% year-on-year increase, but provided a Q3 revenue guidance slightly below expectations [3] - Alibaba (BABA.US) surged 12.90%, with a market value increase of $36.7 billion overnight, reporting an 18% year-on-year decline in Non-GAAP net profit, but strong resilience in core business [3] - Ambarella (AMBA.US) rose 16.78%, providing strong guidance for Q3 revenue, expected to be between $100 million and $108 million, reflecting continued growth in edge AI demand [3] - IREN Ltd (IREN.US) increased 14.93%, exceeding expectations in its fourth-quarter earnings report and announcing a priority partnership with NVIDIA [3] Group 4: Other Notable Stocks - Dell Technologies (DELL.US) fell 8.88%, reporting that its infrastructure division's operating profit margin was below expectations [4] - Affirm Holdings (AFRM.US) rose 10.59%, reporting better-than-expected revenue and profit for the fourth fiscal quarter [4] - TryHard Holdings (THH.US) declined 9.80%, issuing 1.5 million shares at $4 each, at the lower end of the pricing range [5] - GrowHub (TGHL.US) increased 1.48%, issuing 3.8 million shares at $4 each, also at the lower end of the pre-set pricing range [5]

通过本次战略合作，无极资本将助力优必选持续投入技术研发、市场拓展及产业布局，推动优必选在人 形机器人领域保持领先地位，加速商业化进程，进一步提升市场份额与盈利能力。 中证报中证网讯(记者徐金忠)8月31日，记者获悉，日前，优必选与国际知名投资机构无极资本(Infini Capital)正式签署10亿美元战略伙伴合作协议。双方合作将围绕资金支持和产业协同两方面展开。根据 合作协议，无极资本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。尤其是授予优必选在有需要时，给予优必选10亿美 元现金提款权的快速融资通道，将大大提升优必选的重大产业布局能力。 此外，双方利用各自优势，还达成多项产业战略合作内容：无极资本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；无极资本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。 资料 ...

Summary of the Conference Call for UBTECH Robotics Company Overview - **Company**: UBTECH Robotics - **Industry**: Humanoid Robotics Key Financial Performance - **Revenue**: Achieved 621 million RMB in H1 2025, a year-on-year increase of 27.55% [3] - **Gross Profit**: 217 million RMB, up 17.3% year-on-year, with a slight decrease in gross margin to 35% from 38% [3] - **Net Loss**: Reduced to 410 million RMB, a decline of 19.89% year-on-year [3] - **Total Assets**: Increased to 5.258 billion RMB, with a debt-to-asset ratio down to 50.3% from 56.2% [3] - **Cash Flow**: Operating cash flow improved, narrowing losses to 370 million RMB [3][23] Market Performance - **Market Activity**: Daily trading volume reached 933 million RMB, with market capitalization rising from 18 billion RMB at the beginning of the year to 45.2 billion RMB [5] - **Capital Raising**: Completed two rounds of lightning placements, raising 3.38 billion HKD to support humanoid robot commercialization [5] Technological Advancements - **Product Development**: New generation Walker S2 humanoid robot features over 50 degrees of freedom, enhancing adaptability in industrial scenarios [2][6] - **Technical Breakthroughs**: Focus on multi-modal perception, AI integration, and advanced motion control technologies [6] - **Product Launches**: Introduced the Clouser S2 robot, utilizing visual laser navigation technology for versatile applications [6] Commercialization Progress - **Contracts**: Signed a small batch procurement contract with Dongfeng Liuzhou Motor, marking a significant step towards commercialization [7] - **Orders**: Secured over 90 million RMB in orders within the automotive industry, with expectations to exceed 500 units in industrial humanoid robot shipments for the year [7][8] - **Client Base Expansion**: Targeting diverse sectors including 3C manufacturing, heavy equipment, advanced semiconductor manufacturing, and aerospace [8] Future Development Plans - **Product Iteration**: Plans to enhance the Walker SR series and expand application scenarios in the second half of 2025 [12] - **Market Strategy**: Aiming to increase customer base and order volume, with a goal to exceed performance targets by year-end [9] - **Educational Initiatives**: Focus on AI education solutions, establishing youth AI education bases in multiple regions [10] Industry Standards and Collaborations - **Standardization Efforts**: Leading the establishment of national standards for humanoid robots, collaborating with Beijing Guodi to create an innovation center [10][33] - **Data Collection Bases**: Established data collection bases in Beijing and Shanghai to enhance AI model training and performance optimization [34] Cost Management and Efficiency - **Cost Reduction Strategies**: Implementing measures to lower production costs by 20-30% through design optimization and material substitution [28][30] - **Production Capacity**: Targeting monthly production of 300 humanoid robots starting August 2025, with an annual capacity exceeding 1,000 units [20] Customer Feedback and Market Response - **Client Reception**: Positive feedback from clients following on-site tests, leading to commercial orders [27] - **Market Demand**: Anticipating strong demand from manufacturing sectors, particularly automotive and 3C industries [22] Conclusion UBTECH Robotics is positioned for significant growth in the humanoid robotics sector, with a focus on technological innovation, market expansion, and strategic partnerships. The company aims to leverage its advancements to meet increasing market demands while maintaining a commitment to cost efficiency and product quality.