Core Viewpoint - The strategic partnership between TUSI and UBTECH aims to integrate spatial intelligence and embodied intelligence to enhance the capabilities of humanoid robots, creating a new paradigm for multimodal training and promoting the comprehensive deployment of intelligent robots [1][3]. Group 1: Strategic Collaboration - TUSI, a leader in spatial intelligence, and UBTECH, a pioneer in humanoid robotics, have signed a strategic cooperation agreement to share and innovate on their respective technologies [1][3]. - The collaboration is based on mutual recognition of each other's technological strengths and industrial value, aiming to create highly autonomous and interactive next-generation intelligent robots [3]. Group 2: Technological Capabilities - UBTECH possesses full-stack technology capabilities in humanoid robotics, including advanced hardware, AI technology, and integration of robotics with AI [3]. - TUSI has developed a three-layer strategic system focusing on AIoT infrastructure, AIoT domain models, and AIoT intelligent agents, with nearly 10,000 spatial intelligence project cases since 2015 [3][4]. Group 3: Spatial Intelligence - Spatial intelligence is crucial for robots to interact with the physical world, enabling them to understand complex, unstructured environments [4]. - TUSI's self-developed spatial large model allows for multi-modal integration and reasoning, helping robots to comprehend physical laws and perform complex task planning [4]. Group 4: AIoT Intelligent Agents - TUSI's intelligent agents possess capabilities such as human-like thinking, long-term memory, high-dimensional perception, and teamwork, enhancing robots' decision-making and collaborative abilities in complex environments [5]. - UBTECH's humanoid robots serve as intelligent terminals that can autonomously move and perform precise operations, continuously validating and enhancing spatial reasoning models through real-world interactions [5]. Group 5: Market Implications - The partnership between TUSI and UBTECH is expected to create significant opportunities for business upgrades and global market expansion, especially as TUSI is in the process of an IPO [5].

Group 1 - The core viewpoint of the article highlights the continued upward trend in robotics concept stocks, with notable increases in share prices for companies like UBTECH, Delta Electronics, and others [1] - Elon Musk purchased 2.57 million shares of Tesla stock, valued at nearly $1 billion, and Tesla proposed a potential $1 trillion equity incentive plan that includes delivering 1 million humanoid robots over the next decade [1] - Analysts suggest that the most pessimistic period of production cuts and model changes has passed, with more positive catalysts expected in the second half of the year, particularly in the robotics sector both domestically and internationally [1] Group 2 - The article mentions that Morgan Stanley previously indicated that the commercialization and scaling of humanoid robots is unprecedented [1] - There is an expectation of a resonance in the industry due to new product launches, capital operations, and order placements in the domestic market, alongside ongoing iterations and gradual mass production in international markets [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first half of 2025, the company achieved a revenue of 621 million, representing a year-on-year increase of 27.55%. The net profit was -414 million, with a non-recurring net profit of -419 million, both showing a reduction in losses year-on-year [5][8] - The revenue growth was primarily driven by the launch of new consumer-grade products and the delivery of signed projects related to educational intelligent robots and intelligent robot solutions. Despite a decline in overall gross margin, the company improved its expense ratio, leading to a significant improvement in net profit margin [2][8] - The company has made breakthroughs in multiple business lines, including educational intelligent robots, logistics intelligent robots, commercial robots, and consumer-grade robots, which are expected to continue to gain momentum. Additionally, the company is actively expanding its humanoid robot business, with expectations for increased production and sales this year [2][8] Summary by Sections Revenue and Profitability - The company reported a revenue of 621 million for 2025H1, up 27.55% year-on-year. The educational intelligent robots and solutions generated 240 million in revenue, a 48.8% increase, while logistics robots saw a revenue of approximately 56.2 million, down 5.7% [5][8] - The overall gross margin decreased to 35.0%, down 3.0 percentage points year-on-year. However, the company optimized its expense ratios, with sales, management, R&D, and financial expense ratios improving significantly [8] Business Lines and Growth Potential - The educational intelligent robots are being deployed in K12 education scenarios, with projects initiated in multiple locations. The logistics robots are advancing with significant orders and partnerships, while commercial robots have shown promising applications in various tasks [8] - The company is also launching new consumer-grade robots, including pool cleaning robots and smart lawn mowers, which are contributing to revenue growth [8] Humanoid Robot Business - The company is increasingly focusing on humanoid robots, with expectations for production and sales to ramp up this year. Contracts for humanoid robots have been secured, and significant orders are in hand, indicating strong market demand [8]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Heng Rui Medicine (01276) saw the largest increase in ownership percentage, rising by 1.49% to a total of 13.84% [2]. - Kanglong Chemical (03759) experienced a 1.35% increase, bringing its ownership to 60.51% [2]. - Zhaoyan New Drug (06127) increased by 1.27%, reaching a holding of 43.70% [2]. - Other companies with significant increases include Junshi Biosciences (01877) at +1.24% (59.08%) and China Pacific Insurance (02601) at +1.20% (44.16%) [2]. Group 2: Decreased Holdings - Shandong Molong (00568) had the largest decrease, with a drop of 1.99% to 57.67% [2]. - Yisou Technology (02550) decreased by 0.99%, now holding 37.95% [2]. - Nanjing Panda Electronics (00553) saw a reduction of 0.98%, bringing its ownership to 42.65% [2]. - Other notable decreases include Kailai Ying (06821) at -0.95% (43.35%) and Meizhong Jiahe (02453) at -0.95% (32.06%) [2]. Group 3: Five-Day Changes - In the last five trading days, China Merchants Energy (01138) had the highest increase in ownership, up by 6.19% to 65.63% [3]. - Shandong Molong (00568) also saw a significant increase of 3.74% [3]. - Other companies with notable increases include Zhongchu Innovation (03931) at +3.62% (10.35%) and Youbao Online (02429) at +3.33% (17.38%) [3]. Group 4: Twenty-Day Changes - Over the past twenty days, Anjiren Food (02648) experienced the largest increase, up by 12.29% to 20.54% [4]. - China Merchants Energy (01138) also saw a significant increase of 9.07% [4]. - Other companies with notable increases include Yimai Sunshine (02522) at +7.70% (43.02%) and Lens Technology (06613) at +7.56% (13.64%) [4].

Group 1 - Tianjin Honglian Zhirong Management Consulting Partnership (Limited Partnership) has undergone a business change, adding UBTECH Robotics (09880.HK) as a shareholder with an increased capital contribution of 550 million yuan [1] - The company was established in August 2025 and its business scope includes enterprise management, management consulting, and information consulting services (excluding licensed information consulting services) [1][2] - The registered capital of Tianjin Honglian Zhirong has been updated to 550 million yuan, indicating a significant investment [2]

Market Overview - On September 12, the Hang Seng Index rose by 1.16%, closing at 26,388.16 points, with a net inflow of HKD 7.331 billion through the southbound trading channel [2] - The total trading volume for the southbound trading on that day was HKD 157.992 billion, with a net buying amount of HKD 7.331 billion [2] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 97.259 billion, with a net selling of HKD 1.487 billion; while the Shenzhen Stock Exchange's southbound trading had a transaction amount of HKD 60.733 billion, with a net buying of HKD 8.818 billion [2] - The most actively traded stock in the Shanghai southbound trading was Alibaba-W, with a transaction amount of HKD 87.744 billion and a net buying of HKD 2.076 billion, closing with a price increase of 5.44% [2] - In the Shenzhen southbound trading, Alibaba-W also led with a transaction amount of HKD 63.889 billion and a net buying of HKD 2.304 billion, maintaining the same closing price increase of 5.44% [3] Active Stocks Summary - The top ten actively traded stocks in the southbound trading included Alibaba-W, Meituan-W, and SMIC, with transaction amounts of HKD 87.744 billion, HKD 50.99 billion, and HKD 37.02 billion respectively [2] - Meituan-W had the highest net selling amount of HKD 1.635 billion, closing flat [2] - Other notable stocks included Tencent Holdings and Xiaomi Group, with transaction amounts of HKD 32.17 billion and HKD 23.17 billion respectively, and Tencent saw a net buying of HKD 0.744 billion [3] Additional Stock Performance - The stock performance of various companies showed that 8 out of the top ten stocks had net buying, with Alibaba-W leading at HKD 2.304 billion [3] - The stock of Sanofi had the highest net selling amount of HKD 0.295 billion, while its closing price increased by 1.81% [4]

Group 1 - On September 12, 2025, Alibaba-W (09988), Meituan-W (03690), and SMIC (00981) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 87.74 billion, 50.99 billion, and 37.02 billion respectively [1] - In the Southbound Stock Connect for Shenzhen-Hong Kong, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) led the trading volume, with transaction amounts of 63.89 billion, 32.17 billion, and 23.17 billion respectively [1] Group 2 - In the Southbound Stock Connect (Hong Kong), the top active trading companies included: - Alibaba-W (09988) with a net buy of +20.76 billion - Tencent Holdings (00700) with a net buy of +1.85 billion - Meituan-W (03690) with a net sell of -16.35 billion [2] - In the Southbound Stock Connect (Shenzhen), the top active trading companies included: - Alibaba-W (09988) with a net buy of +23.04 billion - Tencent Holdings (00700) with a net buy of +7.44 billion - Meituan-W (03690) with a net sell of -46.59 million [2]

Financial Performance - For the six months ended June 30, 2025, the company reported revenue of RMB 621,460,000, a 27.5% increase from RMB 487,229,000 in the same period of 2024[13]. - The gross profit for the same period was RMB 217,312,000, compared to RMB 185,201,000 in 2024, reflecting a growth of 17.3%[13]. - The operating loss decreased to RMB 439,067,000 from RMB 530,386,000 year-over-year, indicating an improvement in operational efficiency[13]. - The adjusted net loss for the period was RMB 367,784,000, slightly higher than RMB 363,535,000 in 2024[13]. - The EBITDA adjusted loss for the period was RMB 323,144,000, compared to RMB 308,602,000 in 2024, indicating ongoing challenges in profitability[13]. - The overall gross profit for the six months ended June 30, 2025, was RMB 217.3 million, a 17.3% increase from RMB 185.2 million in the same period of 2024, with a gross margin of 35.0%, down from 38.0%[51]. - Operating loss for the six months ended June 30, 2025, was RMB 439,067,000, a decrease of 17.2% from RMB 530,386,000 in the previous year[58]. - The company's net financial income increased from RMB 7.6 million to RMB 10.2 million, primarily due to reduced interest expenses[59]. - The company reported a net loss of RMB 435,132,000 for the six months ended June 30, 2025, compared to a net loss of RMB 531,171,000 for the same period in 2024, indicating a reduction in losses of approximately 18.1%[152]. - The total comprehensive loss for the six months ended June 30, 2025, was RMB 450,565,000, down from RMB 540,055,000 in 2024, reflecting a reduction of 16.6%[155]. - Basic and diluted loss per share for the six months ended June 30, 2025, was RMB 0.94, compared to RMB 1.23 for the same period in 2024, indicating an improvement of 23.6%[155]. Revenue Breakdown - Revenue from educational intelligent robots and solutions accounted for 38.6% of total revenue, up from 33.1% in 2024, totaling RMB 239,819,000[14]. - Revenue from consumer-grade robots and other hardware reached RMB 260,051,000, representing 41.8% of total revenue, an increase from 35.8% in the previous year[14]. - Revenue from the education intelligent robot and intelligent robot solutions business increased by 48.8%, from RMB 161.2 million for the six months ending June 30, 2024, to RMB 239.8 million for the six months ending June 30, 2025[30]. - Revenue from consumer-grade robots and other hardware increased by 48.9% from RMB 174.7 million for the six months ending June 30, 2024, to RMB 260.1 million for the six months ending June 30, 2025[40]. - Revenue from logistics intelligent robots decreased by 5.7% to RMB 56.2 million, compared to RMB 59.6 million in the previous year, remaining relatively stable[47]. Research and Development - Research and development expenses for the six months ended June 30, 2025, were RMB 218.3 million, a decrease from RMB 227.5 million in the previous year, with R&D expenses accounting for 35.1% of revenue[54]. - The company is focusing on enhancing its technological capabilities and exploring strategic partnerships to strengthen its competitive position in the market[17]. - The company plans to focus on the development of the Walker S series industrial humanoid robots, enhancing key technologies such as integrated joints and collaborative intelligence[41]. - The company aims to continuously iterate its humanoid robot multimodal reasoning large model, leveraging high-quality industrial datasets for training and optimization[42]. - The company has implemented a data-driven hierarchical reinforcement learning framework, achieving a high-speed humanoid walking speed of 2 m/s, significantly improving the robot's mobility in real environments[24]. Technological Advancements - In the first half of 2025, the company achieved significant breakthroughs in core technologies for humanoid robots, laying a solid foundation for commercialization in industrial applications[20]. - The third-generation industrial humanoid robot Walker S2 was developed, featuring a hot-swappable autonomous battery system that allows for a 3-minute battery swap and 24/7 continuous operation[20]. - The upgraded BrainNet 2.0 architecture enables collaborative intelligence among humanoid robots, enhancing their operational capabilities in industrial scenarios[21]. - The company implemented a four-camera semantic VSLAM technology, improving stability and robustness in complex environments while simplifying deployment[22]. - The fourth-generation dexterous hand was developed, increasing fingertip load capacity by 100% to 12.5N, significantly improving operational flexibility[20]. Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[17]. - The company is exploring the fifth-generation dexterous hand, which will feature richer multimodal perception capabilities and more flexible finger movements[20]. - The company is developing a cloud management platform and data management platform to support multi-robot collaborative operations and collective intelligence evolution[20]. - The company has established itself as a leader in formulating national standards for humanoid robots and embodied intelligence, contributing to the development of key technical requirements[20]. - The company has participated in over 70 industry events and competitions, covering nearly 3,000 participating teams and approximately 6,000 contestants, enhancing brand influence and internationalization[29]. Financial Position and Cash Flow - As of June 30, 2025, cash and cash equivalents amounted to approximately RMB 1,157.4 million, a decrease from RMB 1,191.0 million as of December 31, 2024[64]. - The company's leverage ratio improved to 57.2% as of June 30, 2025, down from 71.6% as of December 31, 2024, indicating better capital management[65]. - Total borrowings decreased from RMB 1,537.6 million as of December 31, 2024, to RMB 1,437.3 million as of June 30, 2025, primarily due to operational adjustments[70]. - Cash inflow from operating activities for the six months ended June 30, 2025, was RMB 705,737 thousand, an increase of 25.7% from RMB 560,890 thousand in 2024[158]. - Cash outflow from operating activities totaled RMB 1,076,551 thousand for the six months ended June 30, 2025, compared to RMB 988,048 thousand in 2024, representing an increase of 8.9%[158]. Corporate Governance and Structure - The company has adopted the corporate governance code as the basis for its governance practices, with a deviation from the code regarding the dual role of the CEO and Chairman[78]. - The board believes that the current structure, with a balance of executive and independent non-executive directors, is beneficial for management and aligns with the interests of the company and its shareholders[78]. - The company has made changes to its board and management structure, including the resignation and appointment of several directors effective June 27, 2025[82][84]. - The company has amended its articles of association, reflecting the cancellation of the supervisory board and related governance changes, approved at the extraordinary general meeting on June 3, 2025[80]. - The company has established a comprehensive employee compensation policy, including various benefits and a structured salary system[85]. Shareholder Information - As of June 30, 2025, the total issued share capital of the company is RMB 441,777,923, divided into 441,777,923 shares with a par value of RMB 1.00 each[129]. - The company did not recommend any interim dividend for the six months ended June 30, 2025, consistent with the previous period[131]. - Major shareholder Mr. Zhou Jian holds 33,186,040 domestic shares, representing 46.96% of the relevant class of shares[140]. - The total percentage of shares held by major shareholders exceeds 50%, indicating significant control over the company[140]. - The company has a diverse shareholder base, with multiple entities holding substantial stakes in both domestic and H shares[142].

Group 1 - The majority of robotics concept stocks have risen, with notable increases in companies such as UBTECH (up 5.1% to HKD 115.3), Shou Cheng Holdings (up 3.45% to HKD 2.4), and others [1] - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs have announced a pilot project for intelligent elderly care service robots, focusing on ten application scenarios including emotional companionship and rehabilitation support, involving 32 projects [1] - Elon Musk stated at the All-In Tech Summit that the Optimus 3 humanoid robot will have near-human hand dexterity, with an estimated cost of around USD 20,000 (approximately RMB 142,400), emphasizing its potential historical impact [1] Group 2 - Recent domestic and international industrial catalysts have led to an increase in entrants in the robotics sector, with companies like Huawei, ByteDance, BYD, Xiaomi, and others ramping up investments in embodied intelligence [2] - The emergence of AI companies like DeepSeek is driving the development of general-purpose robotic models, facilitating the realization of embodied intelligence in humanoid robots [2] - The humanoid robot industry is entering a phase of diverse competition, with commercial applications in industrial settings becoming a high-certainty trend both domestically and internationally [2]

Group 1 - The majority of robotics concept stocks have risen, with notable increases in companies such as UBTECH (up 5.1% to HKD 115.3), Shou Cheng Holdings (up 3.45% to HKD 2.4), and others [1] - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs have announced a pilot project for intelligent elderly care service robots, focusing on ten application scenarios including emotional companionship and rehabilitation support, involving 32 projects [1] - Elon Musk stated at the All-In Tech Summit that the Optimus 3 humanoid robot will have near-human dexterity, with an estimated cost of around USD 20,000 (approximately RMB 142,400), emphasizing its potential historical impact [1] Group 2 - Recent domestic and international industrial catalysts have led to an increase in entrants in the industry, with major companies like Huawei, ByteDance, BYD, Xiaomi, and others intensifying their focus on embodied intelligence [2] - The emergence of companies like DeepSeek in artificial intelligence is driving the development of general-purpose robotic models, facilitating the realization of embodied intelligence in humanoid robots [2] - The humanoid robot industry is entering a phase of diversification and competition, with commercial applications in industrial settings becoming a clear trend both domestically and internationally [2]