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].

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。 茲 提 述 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」）日 期 為2024年8月28日、2024年9月12日、2025年1月19日 及2025年1月24 日 的 公 告（「該等公告」）以 及 日 期 為2024年8月28日 的 通 函（「該通函」），內 容 有 關H股 激 勵 計 劃（「該計劃」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 等 公 告 及 該 通 函 所 界 定 者 具 有 相 同 涵 義。 於2025年3月31日，該 計 劃 的 受 託 人（「受託人」）已 根 據 該 計 劃 的 條 款 及 條 件，從 市 場 合 共 購 買 本 公 司396,750股H股（「H股」），並 為 合 資 格 人 士（定 義 見 該 計 劃）的 利 益 ...

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 （於中華人民共和國註冊成立之股份有限公司） （股份代號：9880） 2025年第一次臨時股東大會通告 茲通告 深 圳 市 優 必 選 科 技 股 份 有 限 公 司（「本公司」）將 於2025年4月14日（星 期 一）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 一 次 臨 時 股 東 大 會（「臨時股東大會」）， 藉 以 審 議 及 酌 情 批 准 以 下 決 議 案： 普通決議案 周 劍 1. 「關 於 申 請 將 本 公 司 若 干 股 東 所 持 本 公 司 內 資 股 轉 換 為 本 公 司H股 並 於 香 港 聯 合 交 易 ...

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 閣下之股票經紀 或其他證券交易商、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。 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） 建議申請H股全流通 及 2025第一次臨時股東大會通告 本封面所用詞彙與本通函「釋義」一節所界定者具有相同涵義。 本公司將於2025年4月14日（星期一）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會議室召開及舉行臨時股東大會。臨時股東大會通告載於本通函第 ...

建議申請H股全流通 本 公 告 乃 由 深 圳 市 優 必 選 科 技 股 份 有 限 公 司（「本公司」）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)(a)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。 茲提述中國證監會於2019年11月14日頒佈並於2023年8月10日進一步修訂 的《H股 公 司 境 內 未 上 市 股 份 申 請「全 流 通」業 務 指 引》（「指 引」）以 及 中 國 證 監會於2023年2月17日頒佈的關於H股於聯交所上市的公司申請股份全流 通 程 序 的《境 內 企 業 境 外 發 行 證 券 和 上 市 管 理 試 行 辦 法》。 鑒 於 指 引，董 事 會 已 於2025年3月30日審議並批准建議H股 全 流 通。於 獲 得 所 有 相 關 批 准（包 括 中 國 證 監 會 發 出 的 備 案 通 知 及 聯 交 所 的 批 准）並 遵 守 所 有 適 用 法 律、規 則 及 法 規 後，5,453,931股內資股將轉換為H股，且 ...

Financial Performance - Revenue increased from RMB 1,055.7 million for the year ended December 31, 2023, to RMB 1,305.4 million for the year ended December 31, 2024, representing a growth of approximately 23.6%[4] - Gross profit rose from RMB 332.8 million for the year ended December 31, 2023, to RMB 374.0 million for the year ended December 31, 2024, indicating an increase of about 12.4%[4] - Loss for the year ended December 31, 2024, was RMB 1,159.9 million, a reduction from a loss of RMB 1,264.6 million for the year ended December 31, 2023, reflecting an improvement of approximately 8.3%[4] - The company's revenue for 2024 is RMB 1,305.4 million, an increase of 23.7% compared to RMB 1,055.7 million in 2023[38] - Revenue from logistics intelligent robots and solutions decreased by 17.5% from RMB 389.7 million in 2023 to RMB 321.7 million in 2024[41] - Revenue from other customized intelligent robots and solutions surged by 126.1% from RMB 62.2 million in 2023 to RMB 140.7 million in 2024[41] - Revenue from consumer-grade robots and other hardware increased by 88.1% from RMB 253.6 million in 2023 to RMB 477.0 million in 2024[41] - The net loss for 2024 was RMB 1,159.9 million, compared to RMB 1,264.6 million in 2023[50] - The adjusted net loss for the year ended December 31, 2024, is RMB 914.6 million, compared to RMB 817.0 million for 2023, indicating an increase in losses[54] - The adjusted EBITDA for the year ended December 31, 2024, is RMB (608.5) million, compared to RMB (515.5) million for 2023, reflecting a worsening financial performance[54] Research and Development - The company continues to focus on R&D investments in humanoid robots, aiming to address real industrial application needs with innovative solutions[5] - The company has established a dual-engine technology framework combining "Xingzhi PaaS platform + intelligent hardware platform," achieving breakthroughs in multi-modal navigation, intelligent control, and modular design[15] - The company is actively developing an end-to-end model for practical applications in unmanned logistics vehicles, enhancing safety and efficiency in dynamic environments[10] - The company has made significant advancements in Vslam algorithm stability, improving the positioning and navigation performance of the Walker S1 in complex environments[9] - The humanoid robot's multimodal reasoning large model will be trained using high-quality industrial datasets, significantly improving decision-making capabilities in various job roles[34] - The company plans to develop end-to-end motion control technology to improve the operational efficiency of the Walker series, addressing complex tasks such as assembly and collaboration[36] Product Development and Innovation - The company launched the second generation industrial humanoid robot Walker S1, completing technical verification of linear joints and introducing a third generation flexible hand with pressure sensing capabilities[6] - The introduction of the BrainNet architecture enhances collaborative scenarios for humanoid robots, enabling advanced decision-making and real-time physical realization[8] - The company achieved breakthroughs in robot technology, including autonomous material handling, quality inspection, and parts assembly in industrial settings[7] - In 2024, the logistics intelligent robot and solution segment achieved breakthroughs in technology development and application, with the newly launched F3000 forklift capable of carrying up to 3.5 tons and the T8000 tug robot with an 8000 kg load capacity[20] - The company launched a series of new consumer products, including the C20 smart cat litter box and the M10 boundaryless intelligent lawn mower, while establishing distribution channels in markets such as the US, Canada, and Europe[25] Market Expansion and Partnerships - The company has established a humanoid robot application ecosystem in collaboration with 3C enterprises and showcased its humanoid robot industrial scene solution at the 2024 World Robot Conference[6] - The company has expanded its overseas business to over 20 countries, generating more than 700 digital marketing conversion opportunities and surpassing 80,000 users on its official website[17] - The company has established strategic partnerships to co-develop intelligent control systems for vehicles and humanoid robots, aiming to create a collaborative ecosystem[20] - The company is focusing on developing solutions for elderly care management, integrating AI and robotics technologies to enhance service delivery in various care settings[23] Awards and Recognition - The company has been recognized with multiple awards, including being listed in Fortune's first "China Technology 50" and receiving the "Golden Spectrum Award" at the China Brand Festival[13][14] - The company has been awarded multiple international design awards for its products, including the iF Design Award and the Red Dot Design Award[14] Financial Position and Capital Management - The total salary cost for 2024 was RMB 940.7 million, a decrease from RMB 1,006.8 million in 2023, primarily due to reduced equity incentive expenses[27] - As of December 31, 2024, the group's total interest-bearing bank and other borrowings increased to RMB 1,537.6 million as of December 31, 2024, from RMB 1,453.5 million as of December 31, 2023, primarily for operational needs[57] - The leverage ratio as of December 31, 2024, is 71.6%, down from 73.3% as of December 31, 2023, indicating improved equity position[56] - The current ratio as of December 31, 2024, is 1.4 times, compared to 1.5 times as of December 31, 2023, showing a slight decrease in liquidity[56] - The group has pledged 100% equity of its subsidiary Shenzhen Youbixuan Technology Co., Ltd. as collateral for bank loans, primarily for property and equipment construction[58] Shareholder and Governance Matters - The board of directors does not recommend the distribution of dividends for the fiscal year 2024[88] - The company has complied with all applicable corporate governance codes as of December 31, 2024, except for a deviation regarding the separation of roles between the chairman and CEO[89][90] - The company has not identified any violations of the standard code by employees as of December 31, 2024[93] Legal and Compliance - The legal lawsuit regarding patent infringement was resolved with the Shanghai Intellectual Property Court allowing the withdrawal of the lawsuit, which will not have a significant impact on the company's business or financial performance[96][97] - The audit committee has reviewed the consolidated annual performance for the year ending December 31, 2024, confirming compliance with applicable accounting standards and regulations[110] - The company’s financial statements for the year have been approved by the auditors, ensuring consistency with the audited consolidated financial reports[111]

Investment Rating - The investment rating for the company is "Buy" [10] Core Viewpoints - The company, UBTECH, is a leading player in the domestic intelligent service robot sector, focusing on humanoid robots with a stable revenue growth from 2020 to 2023, although it has not yet achieved profitability due to high expense ratios [3][6] - The humanoid robot market presents vast opportunities, with diverse industrial and consumer applications, supported by favorable domestic policies and advancements in technology [3][7] - UBTECH has launched a full-size humanoid robot and is actively exploring various application scenarios, positioning itself to benefit from the ongoing industrialization of humanoid robots [8] Summary by Sections Company Overview - UBTECH is a leading company in the robot body field, recognized for its comprehensive technical capabilities in humanoid robots, including hardware and control technologies, AI integration, and a robust research and development framework [15][17] - The company has accumulated 2,450 patents related to robotics and AI, with a focus on industrial manufacturing, commercial services, and home companionship [15] Financial Performance - From 2020 to 2023, the company's revenue grew from 740 million to 1.056 billion, with a compound annual growth rate of 12.55%. In the first half of 2024, revenue reached 487 million, a year-on-year increase of 86.58% [6][20] - The company has maintained high expense ratios due to significant R&D investments, resulting in a net loss of 516 million in the first half of 2024, although profitability is expected to improve [20][24] Product Development - The product mix has improved, with significant growth in consumer-grade robots and logistics robots, contributing to revenue growth. In 2023, logistics robots generated 390 million, accounting for 36.9% of revenue, while consumer-grade robots contributed 254 million, representing 24.0% [20][23] - The company aims to enhance its product offerings, with a focus on improving the profitability of consumer-grade and educational robots [24] Market Trends - The global humanoid robot market is rapidly evolving, with significant advancements expected by 2025, when mass production is anticipated. The market is characterized by increasing industrial and consumer applications [7][30] - Domestic policies are actively promoting the development of humanoid robots, with various innovation centers established across China to support research and application [41][42]

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。 有 關 臨 時 股 東 大 會 的 詳 情（包 括 會 議 日 期 及 地 點）將 載 於 本 公 司 適 時 發 出 的 通 函 及 相 關 會 議 通 告。 承董事會命 深圳市優必選科技股份有限公司 董事會主席、執行董事兼首席執行官 周 劍 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） 2025年第一次臨時股東大會的記錄日期 深 圳 市 優 必 選 科 技 股 份 有 限 公 司（「本公司」）擬 於2025年4月14日（星 期 一） 召開及舉行2025年 第 一 次 臨 時 股 東 大 會（「臨時股東大會」）。 確定出席臨時股東大會並於會上投票的本公司股本中每股面值人民幣 1.00元 的 境 外 上 市 外 ...

深圳市優必選科技股份有限公司 董事會主席、執行董事兼首席執行官 周 劍 （於中華人民共和國註冊成立之股份有限公司） （股份代號：9880） 董事會會議舉行日期 深 圳 市 優 必 選 科 技 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈， 本公司訂於2025年3月30日（星 期 日）舉 行 董 事 會 會 議，藉 以（其 中 包 括）考 慮及批准本公司及其附屬公司截至2024年12月31日止年度之年度業績及 其 發 佈，以 及 考 慮 建 議 派 發 末 期 股 息（如 有）。 承董事會命 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 中 國 深 圳，2025年3月19日 於 本 公 告 日 期，董 事 會 包 括(i)執 行 董 事 周 劍 先 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [6] Core Views - The company is expected to benefit from the accelerated industrialization of humanoid robots and an increase in the penetration rate of its core product service robots [6] - The report highlights the successful demonstration of humanoid robots in a collaborative training scenario at the Zeekr 5G smart factory, marking a significant milestone in the application of humanoid robots [2] - The ability of humanoid robots to perform collaborative tasks in industrial settings is identified as a key factor for their large-scale application [3] - The company has introduced a "BrainNet" software architecture to enhance collaborative operations among humanoid robots, which includes a multi-modal reasoning model and cross-domain perception technology [4] Financial Forecasts - The company’s total revenue is projected to reach 1,677 million in 2024, 2,362 million in 2025, and 3,214 million in 2026, reflecting growth rates of 58.82%, 40.87%, and 36.06% respectively [6] - The net profit attributable to the parent company is expected to improve from a loss of 929.45 million in 2024 to a loss of 275.13 million in 2026, indicating a significant reduction in losses [6] - The report provides a price-to-earnings (P/E) ratio forecast, indicating a P/E of 47.63 in 2024, 61.49 in 2025, and 160.90 in 2026 [6] Operational Highlights - The company has successfully implemented collaborative sorting, handling, and precision assembly tasks using its humanoid robots [5] - The collaborative sorting utilizes pure visual perception technology and intelligent mixed decision-making to track and make decisions on dynamic targets [5] - The collaborative handling system employs multi-machine collaborative control technology to ensure dynamic adjustments during the handling process [5]