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11月30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（於中華人民共和國註冊成立之股份有限公司） 呈交日期: 2025年12月1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. ...

Core Insights - Morgan Stanley highlights the humanoid robot market as "overheated in the short term but undervalued in the long term," indicating a significant disparity between current market excitement and future potential [4][21] - The report predicts that by 2050, the global market size for humanoid robots could reach $5 trillion, far exceeding the current automotive industry [8][21] Short-term Overheating - The Chinese market is expected to show remarkable growth, with announced orders exceeding 2 billion RMB (approximately $300 million) by the second half of 2025, primarily from industrial, commercial services, and data center sectors [6][21] - However, many of these orders may not be fulfilled, as they include "framework orders" with low execution certainty, leading to a cautious outlook on recent growth [6][21] - Companies are setting aggressive shipment targets, with some expecting to deliver 100,000 units by 2026, but Morgan Stanley maintains a conservative estimate based on "limited working capacity" [6][21] Long-term Undervaluation - The long-term market potential for humanoid robots is significantly underestimated, with a projected global stock of 1 billion units by 2050 and a revenue market size nearing $5 trillion [8][12] - This potential is compared to the total revenue of the top 20 global automotive manufacturers, which is about $2.5 trillion in 2024, suggesting that the humanoid robot market could be twice that size [8][12] - The report anticipates that by 2050, commercial applications will dominate the market with approximately 935 million units, while household applications will account for around 84 million units [11][12] Commercialization as a Key Factor - The success of the humanoid robot industry hinges on effective commercialization, with a consensus emerging that return on investment (ROI) will be the critical metric for evaluating success [5][13] - Current industry players are moving away from merely showcasing technological advancements to demonstrating real value creation in practical scenarios [13] - Positive commercialization examples include Figure AI's robot contributing to the production of 30,000 cars at BMW's Spartanburg plant and Booster Robotics delivering over 700 humanoid robots to more than 200 clients globally [14][15] Policy and Capital Support in China - The development of the humanoid robot market in China is strongly supported by policies and capital, with approximately 187 billion RMB allocated to various funds aimed at industry development [18][20] - The Chinese government has introduced numerous supportive policies since 2023, including the establishment of a standardization committee for humanoid robots [18][19] - This "policy + capital" dual-drive model provides China with a unique advantage in the global humanoid robot competition, signaling a shift from technological exploration to commercial promotion [19][21]

Market Overview - Hong Kong stocks experienced a volatile trend in November, with the index fluctuating between 25,178.63 and 27,188.81 points, failing to break the 27,000-point mark or drop below 25,000 points [1][2] - The market was initially buoyed by the anticipated end of the U.S. government shutdown and easing tensions between China and the U.S., but later faced declines due to concerns over potential interest rate cuts by the Federal Reserve and geopolitical tensions in the Taiwan Strait [1][2] Sector Performance - Bank stocks performed well, with several state-owned banks reaching historical highs, while innovative drug companies like BeiGene (06160) also saw significant gains [2] - Solid-state battery stocks showed strong performance, driven by trends in energy storage and price increases, with notable gains from companies like Longpan Technology (603906) and Weichai Power (000338) [2] Economic Indicators and Expectations - The Federal Reserve's December meeting is a key focus, with market expectations for a rate cut rising significantly, from about 30% to 80% following dovish comments from Fed officials [3] - Upcoming economic work meetings in December are expected to provide guidance on fiscal and monetary policies, with potential increases in deficit rates and special bond quotas [4] Currency and International Factors - The Chinese yuan continues to appreciate against the U.S. dollar, indicating strong domestic factors driving this trend, alongside positive sentiment from foreign investors towards Chinese assets [5] - The market is closely monitoring Japan's potential interest rate hike, which could lead to capital inflows into undervalued Hong Kong stocks [5] Investment Strategies - The investment strategy for December emphasizes following market expectations, particularly regarding policy changes and major events [7][8] - Key sectors to watch include technology, consumer goods, and innovative pharmaceuticals, with a focus on companies that are well-positioned to benefit from upcoming trends and events [8] Company Highlights - **Rongchang Bio (09995)**: Reported a revenue of 1.72 billion yuan for the first three quarters of 2025, a year-on-year increase of 42.3%, with a gross margin of 84.27% [11] - **Leap Motor (09863)**: Achieved a revenue of 19.45 billion yuan in Q3 2025, a year-on-year increase of 97.3%, with a net profit of 150 million yuan [14] - **TCL Electronics (01070)**: Reported a 8.7% increase in TV sales revenue for the first three quarters of 2025, with a significant rise in MiniLED TV sales [16][17] - **MGM China (02282)**: Announced a net income of 8.51 billion HKD in Q3 2025, a 17% year-on-year increase, driven by strong high-end demand [28][29] - **China Gold International (02099)**: Achieved a revenue of 925 million USD in the first three quarters of 2025, nearly doubling year-on-year, with a significant increase in gold and copper production [30][31]

Market Overview - On November 28, the Hang Seng Index fell by 0.34%, closing at 25,858.89 points, with a total net inflow of southbound funds through the Stock Connect amounting to HKD 2.727 billion [1][3] - The total trading volume for the Stock Connect on the same day was HKD 60.238 billion, with a net buy of HKD 2.727 billion [1][3] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 37.898 billion, with a net buy of HKD 0.933 billion; in the Shenzhen Stock Connect, the trading volume was HKD 22.339 billion, with a net buy of HKD 1.794 billion [1][3] - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 4.408 billion and a net buy of HKD 0.800 billion, closing up by 0.60% [1][2] - Tencent Holdings and Pop Mart were also among the top traded stocks, with trading volumes of HKD 1.528 billion and HKD 1.305 billion, respectively [1][2] Net Buy/Sell Analysis - In the Shenzhen Stock Connect, Tencent Holdings had the highest net buy amount of HKD 0.435 billion, while the stock closed flat [2] - The stock with the highest net sell amount was SMIC, with a net sell of HKD 0.162 billion, while its stock price increased by 0.66% [2]

Core Insights - On November 28, 2025, Alibaba-W (09988), Tencent Holdings (00700), and Pop Mart (09992) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.408 billion, 1.528 billion, and 1.305 billion respectively [1] - Alibaba-W, Tencent Holdings, and Pop Mart also led the trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 1.568 billion, 1.067 billion, and 0.860 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 4.408 billion with a net buying amount of +0.800 billion [1] - Tencent Holdings (00700) recorded a trading amount of 1.528 billion with a net selling amount of -0.172 billion [1] - Pop Mart (09992) achieved a trading amount of 1.305 billion with a net buying amount of +0.208 billion [1] - SMIC (00981) had a trading amount of 1.304 billion with a net selling amount of -0.138 billion [1] - Xiaomi Group-W (01810) saw a trading amount of 1.251 billion with a net buying amount of +0.366 billion [1] - Other notable companies included UBTECH (09880) with 0.783 billion (+78.0527 million), Meituan-W (03690) with 0.774 billion (+0.240 billion), and Huahong Semiconductor (01347) with 0.759 billion (-77.2344 million) [1] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 1.568 billion with a net buying amount of +0.294 billion [1] - Tencent Holdings (00700) recorded a trading amount of 1.067 billion with a net buying amount of +0.435 billion [1] - Pop Mart (09992) achieved a trading amount of 0.860 billion with a net buying amount of +0.341 billion [1] - SMIC (00981) had a trading amount of 0.792 billion with a net selling amount of -0.162 billion [1] - Meituan-W (03690) saw a trading amount of 0.639 billion with a net buying amount of +0.230 billion [1] - Other notable companies included Xiaomi Group-W (01810) with 0.578 billion (+1.05 million), GAC Group (02238) with 0.524 billion (+15.6696 million), and China Mobile (00941) with 0.492 billion (-1.69835 million) [1]

Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, totaling HKD 27.27 billion on November 28, with notable net purchases in stocks like Alibaba, Pop Mart, and Xiaomi [1][2]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect recorded a net purchase of HKD 27.27 billion, with HKD 9.33 billion from the Shanghai Stock Connect and HKD 17.94 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included Alibaba-W (09988) with a net inflow of HKD 10.94 billion, Pop Mart (09992) with HKD 5.49 billion, and Xiaomi Group-W (01810) with HKD 4.7 billion [4][5]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a total trading volume of HKD 44.08 billion, with a net inflow of HKD 8 billion, driven by the launch of its new AI product, Quark AI Glasses S1 [2][4]. - Pop Mart (09992) benefited from government initiatives to promote consumer goods, resulting in a net inflow of HKD 2.08 billion [5]. - Xiaomi Group-W (01810) saw a net inflow of HKD 3.66 billion, supported by its recent share buyback program totaling over HKD 12 billion this month [5]. - Other notable stocks included Meituan-W (03690) and Tencent Holdings (00700), which received net inflows of HKD 4.7 billion and HKD 2.62 billion, respectively [6]. Group 3: Net Sell-offs - The stocks with the highest net sell-offs included Semiconductor Manufacturing International Corporation (00981) and Zijin Mining (02899), with net outflows of HKD 3 billion and HKD 2.81 billion, respectively [6]. - The semiconductor sector continues to face selling pressure, as evidenced by the net sell-off of Huahong Semiconductor (01347) amounting to HKD 1.23 billion [6].

Core Insights - Company UBTECH Robotics has won a bid for a humanoid robot data collection and training center project in Jiujiang, Jiangxi, with a contract value of 143 million yuan [2] - The project will utilize UBTECH's latest industrial humanoid robot, Walker S2, aiming to establish a leading and technologically advanced training center in Jiangxi [2] - The total order value for the Walker series humanoid robots is projected to reach 1.3 billion yuan by 2025, excluding certain educational and smaller robot models [2] Financial Performance - In the first half of the year, UBTECH reported revenue of 621 million yuan, a year-on-year increase of 27.55%, while the net loss narrowed to 414 million yuan from 516 million yuan in the same period last year [3] - As of the latest trading session, UBTECH's stock price rose to 113.70 HKD per share, reflecting a 4.41% increase, with a total market capitalization of 53.7 billion HKD, and the stock price has doubled over the year [3] Production and Capacity - UBTECH's Walker S2 humanoid robots have commenced mass production and delivery, with an expected annual delivery volume exceeding 500 units [2] - The current production capacity for UBTECH's industrial humanoid robots stands at 300 units per month [2] Strategic Initiatives - UBTECH plans to issue 31.09 billion HKD through the placement of 31.468 million new H-shares, with 75% of the proceeds allocated for investments or acquisitions in the supply chain, aiming to strengthen its position in the humanoid robot industry [2]

Group 1: Stock Movements - Emperor International (00163) rose nearly 6% after reaching an agreement with banks to restore existing loan arrangements based on previously agreed commercial terms [1] - Gaming stocks generally increased, with MGM China (02282) up 3.43%, Melco International Development (00200) up 2.24%, Sands China (01928) up 2.32%, and Galaxy Entertainment (00027) up 1.81%. Morgan Stanley reported that total gaming revenue for the first 23 days of the month was MOP 15.6 billion, averaging MOP 678 million per day [1] - Dongyue Group (00189) increased nearly 5% as PVDF market prices rose from CNY 49,000 per ton at the beginning of November to CNY 52,000 per ton as of November 20 [1] - UBTECH Robotics (09880) surged over 4% after announcing a successful bid for a humanoid robot data collection and training center project in Jiangxi, valued at CNY 143 million [1] Group 2: Strategic Partnerships and Collaborations - China Energy Storage Technology (02399) fell over 6% after announcing a non-binding memorandum of understanding for strategic cooperation with Guo Heng Group Pte. Ltd. [2] - Yujian Technology (02432) rose over 6% after signing a strategic cooperation framework agreement with Green Source Group (02451) to promote the application of 5,000 robotic dogs in smart store upgrades [2] - Junsheng Electronics (00699) and Hezhima Intelligent (02533) continued to rise, with Junsheng up 4.14% after announcing a strategic cooperation to jointly develop robot control systems and solutions [3] Group 3: Market Trends and Consumer Behavior - Gold stocks collectively rose, with Zhenfeng Gold (01815) up 5.8%, China Silver Group (00815) up 2.99%, Lingbao Gold (03330) up 4.66%, Chifeng Gold (06693) up 3.3%, and China Gold International (02099) up 5.38%. Recent comments from Federal Reserve officials and delayed economic data have supported expectations for interest rate cuts [2] - Mixue Group (02097) saw a nearly 3% increase amid speculation about launching a breakfast menu, with initial trials in select cities [3] - Pop Mart (09992) rose nearly 4% following a government initiative aimed at enhancing consumer goods supply and promoting diverse consumption [4]

Core Viewpoint - UBTECH Robotics (09880) has seen a stock increase of over 3%, currently at 112.5 HKD, with a trading volume of 437 million HKD, following the announcement of winning a significant project in Jiangxi Province [1] Group 1: Project Wins and Financials - On November 28, UBTECH announced it successfully won the humanoid robot data collection and training center project in Jiujiang, Jiangxi, with a contract value of 143 million CNY [1] - The total order value for UBTECH's Walker series humanoid robots for the year 2025 has reached 1.3 billion CNY, excluding the full-size research and education humanoid robot "Tian Gong Xing Zhe" and the small humanoid robot "AI Wu Kong" [1] - In 2023, UBTECH has secured multiple large contracts, including a 250 million CNY global humanoid robot procurement contract in September, a 126 million CNY order in October, and several significant orders in November totaling 1.59 billion CNY, 2.64 billion CNY, and 143 million CNY, with the 2.64 billion CNY order setting a new record for a single order in the global humanoid robot market [1] Group 2: Production Capacity and Market Position - UBTECH's industrial humanoid robot production capacity has reached 300 units per month, with expectations to exceed 500 units in total deliveries for the year [1] - The company continues to maintain a leading position in the commercialization process of humanoid robots globally [1]

Core Viewpoint - Recently, UBTECH (09880.HK) has been granted a patent for a "method, device, equipment, and storage medium for humanoid robot fall control," which enhances the safety and adaptability of humanoid robots [1]. Group 1: Patent Details - The patent involves technology in the field of humanoid robots, focusing on real-time monitoring of the center of gravity, movement speed, and acceleration to improve fall prediction accuracy [1]. - The method can quickly initiate protective actions in high-risk situations, reducing the risk of injury and ensuring the safety of surrounding personnel [1]. Group 2: Impact on Robotics - This innovation enhances the adaptability and autonomy of robots, improving their stability and safety, which in turn lowers maintenance costs and extends their lifespan [1]. - The advancements contribute to the practicality and market competitiveness of the robots, broadening their application range [1].