Core Viewpoint - The humanoid robot industry is undergoing a painful revaluation, with companies like UBTECH facing significant losses despite revenue growth, raising concerns about the industry's future viability [1][17]. Company Performance - UBTECH reported a revenue of 1.305 billion RMB in 2024, a year-on-year increase of 23.7%, and a gross profit of 374 million RMB, up 12.4% [1][9]. - Despite revenue growth, UBTECH incurred a loss of 1.16 billion RMB in 2024, although this was a reduction from a loss of 1.265 billion RMB in 2023 [1][7]. - The humanoid robot segment only delivered 10 units in 2024, generating revenue of 35 million RMB, which accounted for just 2.7% of total revenue [1][11]. Business Segmentation - The consumer robot segment was the main driver of revenue growth, achieving 477 million RMB in 2024, a significant increase of 88.1% [7][9]. - Other segments, such as logistics robots, saw a decline in revenue, with a 17.5% drop to 322 million RMB, indicating a slowdown in traditional business areas [10]. - The gross margin for UBTECH decreased from 31.5% to 28.7% due to the low margins associated with consumer robot products [8][10]. Market Sentiment - Concerns about the humanoid robot industry's sustainability have been amplified by reports of financial distress among leading companies, such as Dalu Robotics, which faced a funding crisis [1][14]. - Investor sentiment is mixed, with some prominent investors like Zhu Xiaohu expressing skepticism about the commercial viability of humanoid robots, while others defend the industry's long-term potential [6][18]. Challenges and Opportunities - High pricing of humanoid robots, averaging 3.5 million RMB per unit, limits market accessibility for both enterprises and consumers [11][19]. - The industry is exploring cost reduction and application expansion, with some companies beginning to deploy humanoid robots in industrial settings [22]. - UBTECH plans to deliver 20 humanoid robots to Dongfeng Liuzhou Automobile by mid-2025, marking a significant step towards industrial application [22].

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） 內幕消息 董 事、監 事 及 高 級 管 理 人 員 集 體 購 買 本 公 司H股 本 公 告 乃 由 深 圳 市 優 必 選 科 技 股 份 有 限 公 司（「本公司」，連 同 其 子 公 司 統 稱「本集團」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第 13.09(2)條及香港法例第571章證券及期貨條例第XIVA部項下有關內幕消 息 條 文（定 義 見 上 市 規 則）作 出。茲 提 述 本 公 司 日 期 為2025年2月2日 及2025 年4月2日 的 公 告（「該公告」），內 容 有 關 本 公 司 董 ...

机器人加速发展的热潮，也带动了相关公司奔赴资本市场。在优必选（HK09880）和越疆（HK02432） 先后登陆港股市场后，极智嘉科技和云迹科技也紧跟着递表港交所。 顶着细分领域头部公司的光环，上述公司吸引来了明星投资者的背书，但摆在其面前的，还有何时走出 亏损的疑问。 《每日经济新闻》记者注意到，上述4家赴港上市机器人公司均以较高的销售开支和研发开支支撑公司 的快速发展。但其中，仅有从事仓储机器人的极智嘉科技明确表示，预期于不久的将来实现盈利。 值得一提的是，海外市场也是上述赴港上市机器人公司业务发展的重点方向。而在受访者看来，海外市 场确实存在一些竞争的有利因素，但也需结合自身产品的应用场景和需求来考量。 明星机构投资者加持 4家细分领域头部机器人公司奔赴资本市场 上述4家机器人公司，均走到了各自细分领域的头部位置，并得到资本的认可。 成立于2012年的优必选，在2023年底登陆港交所。作为机器人公司赴港上市的先行者，优必选的人形机 器人主要聚焦工业应用场景，已推出工业版人形机器人WalkerS和WalkerS1，公司如今已成为人形机器 人产业的领导者之一。 号称"协作机器人第一股"的越疆，在2024年1 ...

Summary of the Conference Call for UBTECH Robotics Company Overview - UBTECH Robotics, established in March 2012, is a leading company in the humanoid robotics sector with comprehensive technology capabilities in hardware, control, and artificial intelligence [3][4] Key Achievements and Developments - As of June 2024, UBTECH has secured 2,450 patents related to robotics and AI, showcasing its technological leadership in China [3] - The company has evolved its product line from consumer robots to the Walker series of humanoid robots, indicating significant product development efforts [4] Business Segments - UBTECH's operations are divided into four main segments: 1. **Educational Robots** 2. **Logistics Intelligent Robots** - experiencing rapid growth 3. **Consumer Robots** - performing well in overseas markets 4. **Industry Custom Robots** - achieving millions in revenue in 2024 [5][8] Financial Performance - Revenue has shown steady growth, increasing from 740 million CNY in 2020 to 1.056 billion CNY in 2023, with projections of around 1.3 billion CNY in 2024, representing a year-on-year growth of approximately 30% [7] - Despite being in a loss-making position due to high R&D costs, the company has entered a loss reduction phase and aims for breakeven as revenues grow [7] Market Trends and Industry Dynamics - The logistics and consumer robotics sectors are the main growth drivers for UBTECH, while educational AI robots face fluctuations due to government acceptance processes [9] - Domestic policies are expected to significantly boost the robotics industry, with substantial government investments in large-scale funds [11] Competitive Advantages - UBTECH has a strong competitive edge in humanoid robot applications due to its extensive data resources and diverse application scenarios, which enhance model optimization and motion control [20] - The company has established partnerships with major players like Foxconn to explore possibilities in unmanned factory construction [17] Product Innovations - The Walker One and Walker Two humanoid robots feature advanced specifications, including multiple degrees of freedom and integrated sensory systems, demonstrating UBTECH's technological prowess [16] - The company is leveraging large models for task planning and execution, enhancing the robots' capabilities in various applications [14] Future Directions - UBTECH plans to accelerate the deployment of more application scenarios based on its core technology advantages, aiming for higher efficiency and success rates in production line integration [22] - The company has signed an order for 500 ultra-simulated robots and aims to sell 10,000 units, indicating a strong commitment to expanding its market presence [22]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [6]. Core Insights - The company achieved a revenue of 1.305 billion yuan in 2024, representing a year-on-year growth of 23.7%, significantly higher than the 4.7% growth rate in 2023, driven by substantial growth in consumer and customized industrial robots [1]. - The gross profit for 2024 was 374 million yuan, with a gross margin of 28.7%, down 2.8 percentage points year-on-year, primarily due to a shift in revenue structure towards lower-margin consumer robots [1]. - The net loss attributable to shareholders for 2024 narrowed to 1.16 billion yuan, an improvement of 8.3% year-on-year [1]. Summary by Sections Industry Custom Robots - Customized industrial robots saw significant growth, with revenue reaching 140 million yuan, a year-on-year increase of 126.1%. Collaborations with major companies like Dongfeng Liuzhou Motor and Geely have been established [2]. Consumer Robots - Revenue from consumer robots and smart hardware reached 477 million yuan, growing 88.1% year-on-year, with successful overseas sales of new products like smart litter boxes and pool cleaning robots [2]. AI Education - The AI education segment generated 363 million yuan in revenue, a 4.6% year-on-year increase, leveraging a dual-engine model of "Xingzhi PaaS platform + smart hardware" to cover extensive domestic and international markets [2]. Smart Logistics - Revenue from smart logistics declined by 17.5% to 322 million yuan, attributed to longer project revenue recognition cycles and delays in the delivery and acceptance of major projects until 2025 [2]. R&D Investment - The company invested 478 million yuan in R&D in 2024, focusing on breakthroughs in embodied intelligence technologies, including the development of the Walker S2 humanoid robot [3]. Commercialization Progress - The company has a robust order reserve, with plans to launch new products like Walker S2 and Walker S3, aiming for small-scale production delivery of 100 units by 2025 [4]. - In the consumer smart hardware sector, the company plans to expand its product line to meet the growing demand in the European and American markets [4]. Overall Business Outlook - The company is positioned as a unique player in the humanoid robot sector, driven by a comprehensive technology and application strategy, entering a phase of accelerated commercialization [4].

Macro Strategy - The March PMI data indicates three characteristics of economic recovery: the pre-positioning of work due to the Spring Festival, better recovery of manufacturing demand compared to supply, and weak consumer service consumption [1][30]. - The manufacturing PMI for March is 50.5%, showing a slight increase of 0.3 percentage points from the previous month, while the service PMI is at 50.3%, also up by 0.3 percentage points [1][30]. - The new order index for manufacturing increased by 0.7 points to 51.8%, indicating stronger demand recovery compared to supply [1][30]. Industry Insights - The report highlights the need for macro policies to be adjusted in response to potential economic pressures in the second quarter, particularly in exports and real estate [1][30]. - The construction industry PMI rose to 53.4%, reflecting seasonal recovery, but remains at a historically low level for this time of year [1][30]. - The report emphasizes the importance of monitoring the impact of tariff increases on exports and the ongoing trends in the real estate market [1][30]. Company Analysis - The report provides insights into various companies, including their performance forecasts and investment ratings, such as the significant growth in sales for Lao Pu Gold and the strategic partnerships for Jianghuai Automobile [9][15]. - Companies like Yubiquitous and Geli Pharmaceutical are noted for their innovative product developments and market potential, with investment ratings maintained at "buy" [11][12]. - Shanghai Pharmaceuticals reported a revenue of 275.25 billion yuan, reflecting a 5.75% year-on-year increase, with a net profit of 4.553 billion yuan, up 20.82% [14]. Financial Performance - The report indicates that the overall financial performance of companies is under scrutiny, with adjustments made to profit forecasts for several firms based on market conditions and operational challenges [15][19]. - Companies such as China Communications Construction Company and Orient Securities are highlighted for their revenue growth and strategic adjustments in response to market dynamics [22][23]. - The report also notes the importance of cash flow management and cost control in maintaining profitability amid fluctuating market conditions [22][24].

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。 本 公 告 乃 由 深 圳 市 優 必 選 科 技 股 份 有 限 公 司（「本公司」，連 同 其 子 公 司 統 稱「本集團」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第 13.09(2)條及香港法例第571章證券及期貨條例第XIVA部項下有關內幕消 息 條 文（定 義 見 上 市 規 則）作 出。茲提述本公司日期為2025年2月2日的公 告（「該公告」），內 容 有 關 本 公 司 董 事、監 事 及 高 級 管 理 人 員 購 買 本 公 司H 股（「H股」）。除 本 公 告 另 有 界 定 者 外，本 公 告 所 用 之 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 繼 該公告所述 董 事、監 事 及 高 級 管 理 人 員 於2025年1月27日 以自有資金 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 1.305 billion yuan in 2024, representing a year-on-year growth of 23.7%, with a narrowing net loss of 1.123 billion yuan [2] - The gross profit margin for 2024 is reported at 28.7%, a decrease of 2.88 percentage points year-on-year, attributed to changes in product mix [3] - Accounts receivable and inventory increased by 9.57% and 10.7% year-on-year, respectively, indicating a healthy order backlog with contract liabilities rising by 4.21% [4] - The company is focusing on developing humanoid robot applications and has made significant progress in technology transfer and product implementation [5] Revenue and Profit Forecast - The company forecasts total revenue of 2.016 billion yuan in 2025, with a projected growth rate of 54.4% [1][10] - The net profit is expected to improve, with a forecasted loss of 1.025 billion yuan in 2025, narrowing further in subsequent years [1][10] Business Segmentation - Revenue from educational intelligent robots and solutions is expected to reach 363 million yuan in 2024, a year-on-year increase of 4.6% [2] - Revenue from logistics intelligent robots is projected to decline by 17.5% to 322 million yuan, while customized intelligent robots are expected to see a significant increase of 126.1% to 141 million yuan [2] Geographic Performance - Revenue from mainland China is expected to be 877 million yuan, growing by 6.36%, while revenue from Hong Kong and overseas is projected to reach 428 million yuan, reflecting a substantial growth of 85.49% [2]

Summary of the Conference Call for UBTECH Robotics Company Overview - **Company**: UBTECH Robotics - **Industry**: Robotics and Artificial Intelligence Key Financial Highlights - **Revenue**: In 2024, UBTECH's total revenue reached 1.305 billion CNY, a year-on-year increase of 23.6%, significantly higher than the 4.7% growth rate in 2023 [3] - **Gross Profit**: Gross profit was 374 million CNY, up 12.4% year-on-year, with a slight decrease in gross margin from 31.5% to 28.7% due to a structural change in revenue [3] - **Net Loss**: The net loss narrowed from 1.26 billion CNY in the previous year to 1.16 billion CNY [3] - **Operating Cash Flow**: Net cash outflow from operating activities decreased to 874 million CNY [3] Business Segment Performance - **AI Education Segment**: Grew by 4.6% to 363 million CNY, with some revenue recognition delays [4] - **Logistics Robots**: Revenue decreased by 17.5% to 321 million CNY due to long project cycles [4] - **Consumer Robots**: Revenue surged by 88.1% to 477 million CNY, driven by products like pet grooming devices and smart litter boxes [4] - **Industry Custom Robots**: Revenue increased by 126.1% to 140 million CNY, with humanoid robot sales reaching 35 million CNY [4] R&D and Asset Developments - **R&D Investment**: R&D expenses (excluding stock compensation) increased by 36 million CNY, focusing on humanoid robot development [5] - **Total Assets**: As of the end of 2024, total assets were 5.133 billion CNY, an increase of 360 million CNY [5] - **Cash Reserves**: Cash balance was 1.223 billion CNY, up 682 million CNY year-on-year [5] Capital Market Performance - **Market Recognition**: UBTECH was included in over 100 indices, including the Hang Seng Composite Index and MSCI Small Cap Index [6] - **Stock Performance**: The stock price rebounded post-lockup, with trading volume exceeding 70 billion HKD in three months [6] - **Hong Kong Stock Connect**: The proportion of Hong Kong Stock Connect increased from 4.59% to 21.56% [6] Future Development Plans - **R&D Focus**: Plans to increase R&D investment in humanoid robots and enhance stock buyback efforts to attract talent [7] - **AI + Education**: Continued focus on AI in education and the launch of new consumer products like smart lawn mowers [12][13] - **Humanoid Robots**: Aiming for breakthroughs in mass production and delivery of humanoid robots by 2025 [12][14] Technological Advancements - **Core Technologies**: Significant progress in accident-driven technology, large model technology, and multi-modal interaction capabilities [10] - **Industrial Applications**: Collaborations with leading automotive manufacturers to create humanoid robot demonstration factories [11] - **New Product Launches**: Introduction of the S2 humanoid robot with advanced features and capabilities [18] Challenges and Market Outlook - **Complexity of Humanoid Robots**: High complexity in technology integration and the need for autonomous operation with minimal human intervention [16] - **Market Potential**: The humanoid robot market is expected to grow significantly, with plans for large-scale deployment and production [17] Conclusion UBTECH Robotics is positioned for growth in the robotics and AI sectors, with a strong focus on R&D, market expansion, and technological innovation. The company aims to leverage its advancements in humanoid robotics to capture market share and enhance operational efficiency across various industries.

Core Viewpoint - The company aims to produce approximately 1,000 humanoid robots this year, with a long-term goal of scaling production to 5,000 to 10,000 units by next year, as stated by the CEO Zhou Jian [2][11]. Financial Performance - In 2024, the company achieved a revenue of 1.305 billion RMB, representing a year-on-year growth of 23.7%, while the net loss narrowed to 1.16 billion RMB, an 8.3% improvement compared to the previous year [3]. - The company’s revenue structure shows that consumer-grade hardware, which includes products like smart cat litter boxes, accounted for 36.5% of total revenue, leading to a decline in overall gross margin to 28.7% [4][9]. Product Structure and Business Segments - The company’s main business segments include consumer-grade robots and other hardware (4.77 billion RMB, 36.5% of revenue), educational intelligent robots (3.63 billion RMB, 27.8%), logistics intelligent robots (3.21 billion RMB, 24.7%), and customized intelligent robots (1.41 billion RMB, 10.8%) [7][8]. - The consumer-grade robot segment has outperformed the previously dominant educational segment, with a growth rate of 88.1% [8][9]. Research and Development - The company invested 478 million RMB in R&D, accounting for 36.6% of revenue, but humanoid robot-related revenue only constituted 10.8% of total income [5][10]. - The company plans to reduce the bill of materials (BOM) cost for humanoid robots by 30% to 40%, with current costs under 500,000 RMB and sales prices around 1 million RMB [12]. Future Outlook - The company anticipates achieving breakeven for humanoid robots in approximately two years, focusing on establishing a solid industry presence rather than immediate profitability [10][12]. - A new emotional companion humanoid robot is in development, targeting the consumer market, with positive initial feedback from internal testing [3][13].