Group 1: Market Overview - On September 3, the Hong Kong stock market saw a net inflow of 55.08 billion HKD from Northbound trading, with 32.02 billion HKD from Shanghai Stock Connect and 23.07 billion HKD from Shenzhen Stock Connect [1] - The most bought stocks included Alibaba-W (09988), Xiaomi Group-W (01810), and Meituan-W (03690), while the most sold stocks were Tencent (00700), Hua Hong Semiconductor (01347), and ZTE Corporation (00763) [1] Group 2: Stock Performance - Alibaba-W (09988) had a net inflow of 37.38 billion HKD, with a total trading volume of 56.81 billion HKD, resulting in a net increase of 17.95 billion HKD [2] - Xiaomi Group-W (01810) received a net inflow of 6.98 billion HKD, supported by strong delivery numbers exceeding 30,000 units in August [5] - Longi Green Energy (06869) saw a net inflow of 3.64 billion HKD, with expectations of a 56.52% compound annual growth rate in the next six years for hollow-core fiber [6] Group 3: Analyst Insights - Analysts from CCB International noted that Alibaba's first fiscal quarter performance slightly exceeded expectations, with positive outlooks on core business prospects [5] - Haitong International expressed optimism for Stone Pharmaceutical Group (01093) in the second half of the year, anticipating growth despite pricing pressures [6] - Minsheng Securities highlighted that the acquisition of SMIC North will significantly enhance the net profit of SMIC [7]

Core Viewpoint - The rapid development of humanoid robot technology is establishing Chinese companies as leaders in the global trend towards commercialization and large-scale production [1] Group 1: Industry Outlook - Morgan Stanley has upgraded the target prices for all covered companies in the humanoid robot sector, reflecting significant improvements in factory automation and the robotics industry [1] - The report highlights the unprecedented speed of commercialization and scaling of humanoid robots, with a focus on the strong pricing power and cost control of Chinese companies [1] Group 2: Company Specifics - UBTECH's monthly production capacity for humanoid robots has increased to 300 units, with a target to deliver over 500 units this year, which is ten times the delivery volume in the first half of the year [1] - The company is identified as a preferred stock in the industry, with its target price raised from 135 HKD to 159 HKD, maintaining an "overweight" rating [1] Group 3: Market Environment - The regulatory environment and anti-competition policies are creating a sustainable competitive landscape for the humanoid robot industry in China [1]

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]

Core Viewpoint - UBTECH (09880) has seen a nearly 5% increase in stock price, currently at 104.7 HKD, following the announcement of a strategic partnership with Infini Capital worth 1 billion USD [1] Group 1: Strategic Partnership - UBTECH has officially signed a strategic partnership agreement with Infini Capital, which includes multiple industry collaboration initiatives [1] - Infini Capital plans to increase its stake in UBTECH to no more than 5% at an appropriate time, becoming a significant shareholder [1] - The partnership will focus on investing in the humanoid robot supply chain and establishing a super factory and R&D center in the Middle East, along with a regional headquarters [1] Group 2: Financial Performance and Forecast - Citigroup expressed optimism regarding UBTECH's performance in the first half of the year, 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 has been increased to 2000-3000 units due to better-than-expected progress in the automotive, auto parts, and electronics sectors [1] - Consequently, Citigroup has raised its revenue forecasts for UBTECH by 2% for this year and 13% for next year, increasing the target price from 98 HKD to 121 HKD, reflecting a more optimistic outlook for humanoid robots [1]