香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 UBTECH ROBOTICS CORP LTD 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） （股份代號：9880） 本公司的H股股份過戶登記處卓佳證券登記有限公司獲委任為臨時股東 會 的 監 票 人，負 責 點 票 工 作。 所 有 董 事 已 出 席 臨 時 股 東 會。 臨 時 股 東 會 上 所 提 呈 決 議 案 的 投 票 表 決 結 果 如 下： | | | | | | | 採用累積投票制表決的普通決議案 | | | | 投票數目 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. | 審 | 議 | 及 | 批 | 准 | 以 | 下 | 事 | 項： | | | | ...

Investment Rating - The report assigns an "Accumulate" investment rating for the company, with a current stock price of 75.5 HKD [2]. Core Insights - The company, UBTECH, is a leading player in the humanoid robot sector in China, focusing on the commercialization of its products. It is expected to enter small-scale production and delivery this year, aiming for early commercialization [1][6]. - Revenue has shown consistent growth, with a compound annual growth rate (CAGR) of 15.0% from 2020 to 2024, driven primarily by consumer-grade and intelligent logistics robots. However, the company faces short-term profitability pressure due to high R&D and market expansion costs [6][22]. - The company has a comprehensive technology layout in humanoid robots, with six models currently available, including the Walker S series for industrial applications and others for commercial and household services. The industrial sector is a key focus for future applications [6][37]. Summary by Sections Company Overview - UBTECH is the first publicly listed company in China focused on humanoid robots, with products catering to family, commercial, and industrial applications. The company has expanded its product matrix since its establishment in 2012 [11][12]. Financial Performance - Revenue increased from 740 million CNY in 2020 to 1.295 billion CNY in 2024, with a net loss narrowing from 1.234 billion CNY in 2023 to 1.124 billion CNY in 2024. The net profit margin improved from -120.8% to -88.9% due to cost control measures [6][22][28]. Product and Technology Development - The company has developed a full range of humanoid robots, with a focus on the Walker S series for industrial applications. The robots are equipped with advanced perception, control, and execution systems, enhancing their operational capabilities in various environments [6][37][49]. - UBTECH's R&D investment has consistently exceeded 35% of revenue, supporting technological breakthroughs in humanoid robotics. The company holds 2,680 authorized patents, with over 480 overseas patents [29][33]. Market Outlook - The report forecasts revenue growth for the company, estimating revenues of 1.891 billion CNY, 2.662 billion CNY, and 3.621 billion CNY for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45%, 41%, and 36% [6][7][22].

Group 1 - The core viewpoint of the report is that Dahe has initiated coverage on UBTECH Robotics (09880.HK) with a "Buy" rating and a target price of HKD 114, citing its advanced technology and strong market leadership in the industrial humanoid robot sector [1] - Dahe predicts an average price-to-sales ratio of 19 times for the years 2025 to 2026, which is comparable to the average since UBTECH's listing in 2024, despite the company having undergone multiple rounds of equity financing, resulting in a valuation that is significantly discounted by up to 50% compared to peers [1] - The company is expected to continue recording losses from 2025 to 2027, but it is projected to achieve a compound annual growth rate (CAGR) of approximately 70% in revenue from 2024 to 2027, which is nearly industry-leading [1]

Summary of the Conference Call for UBTECH Robotics Company Overview - UBTECH Robotics is a leader in the humanoid robotics industry, established in 2012, focusing on service robots and intelligent solutions design, production, commercialization, and sales [10][12][24] - The company has built strong partnerships with major clients such as Tianqi, Liuzhou Automobile, and Geely, which has facilitated the training of its robots in these clients' factories [2][3][10] Industry Position - UBTECH is recognized as a top player in the domestic humanoid robotics sector, having made significant advancements in research and development over the years [3][8] - The company has a first-mover advantage, having showcased its technology on major platforms like the Spring Festival Gala in 2016 [4][12] Product Development and Orders - The product line has evolved from Walker X to Walker S1, Walker S2 (2025), and plans for Walker S3 (2026), demonstrating consistent technological upgrades [2][3] - In 2025, UBTECH secured orders for 500 humanoid robots from Juran Home, with a target of 10,000 units, and a deployment plan for 20 Walker C1 industrial robots with Dongfeng Liuzhou [2][5][6] Market Expansion and Projections - The company anticipates a production volume of 300-500 units in 2025, with expectations for accelerated market share growth in 2026 [2][6] - Revenue projections for 2027 are estimated at 1.9 billion, 2.8 billion, and 3.6 billion yuan, with year-on-year growth rates of 45%, 49%, and 40% respectively [4][9] Software and Technology Innovations - UBTECH is enhancing its software capabilities through data collection from industrial applications, which is expected to facilitate rapid market share expansion [6][22] - The introduction of group intelligence technology in 2025 aims to improve collaboration in high-demand industrial scenarios [7][22] Competitive Landscape - The global humanoid robotics market is rapidly evolving, with competitors like Tesla and Yushutech launching new products, indicating a dynamic industry environment [17] - UBTECH's valuation of 35 billion HKD is relatively low compared to international peers, suggesting significant growth potential [4][8][24] Policy and Industry Support - National policies, such as the "14th Five-Year" robotics development plan, are expected to drive growth in the humanoid robotics sector, with government emphasis on innovation and technology breakthroughs [16] Conclusion - UBTECH Robotics is positioned for substantial growth in the humanoid robotics market, supported by strong partnerships, innovative product development, and favorable industry policies, with a clear path towards profitability and market leadership in the coming years [9][24]

Group 1 - Dongfeng Liuzhou Motor, a state-owned enterprise with over 70 years of history, is actively pursuing strategic partnerships with humanoid robot companies, including UBTECH and Zhi Ping Fang, to enhance its manufacturing capabilities [2][4] - The introduction of humanoid robots is aimed at addressing uncertainties in production capacity and workforce fluctuations, allowing for quicker adjustments during peak production periods [4][5] - Current collaborations focus on testing the feasibility and practicality of humanoid robots in real industrial environments, with initial tasks including material handling and quality inspection [5][8] Group 2 - The existing capabilities of humanoid robots are still relatively basic, with tasks primarily involving simpler operations that do not require high efficiency or precision [7][8] - The cost of humanoid robots remains a significant barrier to widespread adoption, with current prices around 500,000 yuan, which needs to drop to approximately 200,000 yuan for broader acceptance in factories [9][10] - The return on investment (ROI) for humanoid robots is evaluated based on their ability to replace multiple human workers and the associated savings in labor costs, alongside improvements in production efficiency and product quality [10]

Summary of the Conference Call Industry Overview - The humanoid robot industry in China is experiencing significant growth, with companies like Ubiquiti, Kepler, Leju, and Zhiyuan showing promising shipment volumes and technological advancements [2][6]. Key Points on Ubiquiti - Ubiquiti has received small batch orders from Dongfeng Liuzhou Motor and is conducting a second batch of validations with BYD, primarily for factory loading and unloading scenarios [2][3]. - The company expects to deliver approximately 500 units this year, mainly for factory training scenarios, with production capacity projected to reach 1,000 units, and potentially increasing to 4,000-5,000 units next year, with delivery volumes of 2,000-3,000 units [2][3]. - The current selling price of Ubiquiti's robots is around 600,000 yuan per unit, which is expected to decrease to 200,000-300,000 yuan as production scales up, enhancing market competitiveness [2][3][5]. - Ubiquiti's S1 product features a harmonic reducer throughout its body, while the S2 product uses a planetary reducer in its lower half to meet higher load requirements [2][5]. - The first-generation robot weighs 75 kg with 32 degrees of freedom, while the second generation weighs 65 kg with 34 degrees of freedom, indicating improvements in weight and flexibility [2][5]. Key Points on Kepler and Other Competitors - Kepler is actively involved in industrial automation and has a leading position in screw linear joint technology, indicating a strategic focus on both industrial and future consumer markets [4][6]. - Other domestic humanoid robot companies are also making strides, with a focus on core components like harmonic and planetary reducers, and screws, which are crucial for their technological advantages [4][6]. - Supply chain companies such as Shuanglin, Zhengyu, and Hengli are actively taking on orders from humanoid robot manufacturers, which is expected to lower costs and enhance production capacity [4][6]. - Companies like Dali De and Greenland are rapidly increasing production of planetary reducers, while Fuda has recently reached mass production of screws, indicating a robust supply chain development [4][6]. - Innovations in dexterous hands and tactile sensors are being pursued by companies like Granule Sensor and MoXian Technology, showcasing ongoing technological advancements across the humanoid robot industry [4][6]. Additional Insights - The humanoid robot market in China is in a critical growth phase, with companies transitioning from initial development to commercial viability, indicating a strong market potential [2][6]. - The emphasis on design optimization and the use of external components for performance enhancement is a common strategy among these companies, reflecting a collaborative approach to technology development [5][6].

（於中華人民共和國註冊成立之股份有限公司） （股份代號：9880） 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本通告全部或任何部分內容而產生或因依賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 UBTECH ROBOTICS CORP LTD 深 圳 市 優 必 選 科 技 股 份 有 限 公 司 2025年第三次臨時股東會通告 茲通告 深 圳 市 優 必 選 科 技 股 份 有 限 公 司（「本公司」）將 於2025年6月27日（星 期 五）下 午 四 時 正 於 中 國 深 圳 市 南 山 區 學 苑 大 道1001號南山智園C1棟25 樓JIMU會議室召開及舉行2025年 第 三 次 臨 時 股 東 會（「臨時股東會」），藉 以 審 議 及 酌 情 批 准 以 下 決 議 案： 採用累積投票制表決的普通決議案 1. 審 議 及 並 批 准 以 下 事 項： 1.01 重 選 周 劍 先 生 為 第 三 屆 董 事 會 執 行 董 事。 1.02 重 選 ...

此乃要件 請即處理 閣下如對本通函任何方面或 閣下應採取之行動有任何疑問，應諮詢股票經紀或其他註 冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有深圳市優必選科技股份有限公司之股份，應立即將本通函 及隨附代表委任表格送交買主或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他代 理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本通函之全部或任何部分內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (2) 建議選舉第三屆董事會非執行董事； (3) 建議選舉第三屆董事會獨立非執行董事； 及 2025年第三次臨時股東會通告 除另有指明者外，本封面所用詞彙與本通函所界定者具有相同涵義。 UBTECH ROBOTICS CORP LTD 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） （股份代號：9880） (1) 建議選舉第三屆董事會執行董事； 本公司將於2025年6月27日（星期五）下午四時正於中國深圳市南山區學 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 UBTECH ROBOTICS CORP LTD 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） （股份代號：9880） (1)建 議 選 舉 第 三 屆 董 事 會 成 員； 及 (2)選舉職工代表董事 優 必 選 科 技 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，由 於 根 據 中 華 人 民 共 和 國（「中 國」）公 司 法、香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）及 本 公 司 的 公 司 章 程（「公 司 章 程」）之 規 定，第 二 屆 董 事 會 所 有 董 事 的 任 期 即 將 屆 滿， 本公司擬於2025年6月27日舉行之本公司20 ...

Investment Rating - The report gives a "Buy" rating for the company [3][20]. Core Views - The company is expected to achieve revenues of 1.893 billion, 2.823 billion, and 3.959 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of +45.0%, +49.2%, and +40.2%. The net profit attributable to the parent company is projected to be -959 million, -655 million, and -210 million yuan for the same years, with year-on-year growth rates of +12.6%, +31.7%, and +68.0% [3][20]. Summary by Sections 1. Leading Company in Humanoid Robotics with Broad Application Scenarios - The company is a pioneer in humanoid robotics and occupies a leading market position, focusing on the design, production, commercialization, sales, and marketing of intelligent service robots and solutions [24]. - The company has established partnerships with several well-known enterprises, enhancing its brand influence and providing stable orders and revenue [25]. - The management team is experienced, with a stable structure and rich industry experience [29]. 2. Steady Revenue Growth with Continuous Product Structure Adjustment - The company has shown steady revenue growth, with a CAGR of 15.24% from 2020 to 2024, achieving a revenue of 1.305 billion yuan in 2024, a year-on-year increase of 23.65% [35]. - The revenue structure is shifting, with the share of logistics robots increasing from 2% to 37% from 2020 to 2023, while the share of educational robots has decreased from 83% to 33% [37]. 3. Strong National Policy Support and Broad Market Space for Humanoid Robots - The government has introduced policies to support the development of the humanoid robotics industry, aiming to establish an innovation system by 2025 and a reliable supply chain by 2027 [44][48]. - The humanoid robotics industry is entering a rapid development phase, with many domestic and international manufacturers launching new products [45]. 4. Continuous High-Intensity R&D Investment and Leading Product Technology - The company has maintained high R&D investment, with an average R&D expenditure of 469 million yuan from 2020 to 2024, holding the largest number of effective humanoid robot patents globally [50]. - The company offers a diverse range of products targeting various application scenarios, including industrial, educational, logistics, and consumer markets [56]. 5. Profit Forecast and Valuation - The report anticipates significant revenue growth for the company, with expected revenues of 1.893 billion, 2.823 billion, and 3.959 billion yuan for 2025, 2026, and 2027, respectively, alongside improving net profit figures [20].