Group 1: Industry Overview - The education robot industry in China has a limited number of listed companies, including Keda Xunfei, Shengtong Co., UBTECH, Donggang Co., Gaole Co., Ruijun Technology, and Yuejiang [1] - The industry is characterized by a focus on educational applications for children and teenagers, with companies developing various products and solutions [8][10] Group 2: Company Profiles - Keda Xunfei, established in December 1999, has the highest number of patents (2864) and ranks 7th in the 2024 AI Innovation Enterprises Top 100 [9] - Shengtong Co., founded in November 2000, has a registered capital of 537.59 million yuan and ranks 50th in the 2024 Beijing Manufacturing Enterprises Top 100 [9] - UBTECH, established in March 2012, has a registered capital of 419.56 million yuan and ranks 13th in the 2024 China Robotics Enterprises Top 50 [9] - Donggang Co., founded in March 1996, has a registered capital of 523.72 million yuan and ranks 36th in the 2023 Office Software Ranking [9] - Gaole Co., established in October 1989, has a registered capital of 94.72 million yuan [9] - Ruijun Technology, founded in November 2005, has a registered capital of 95.29 million yuan and ranks 19th in the 2024 Leading Enterprises in Trustworthy Innovation [9] - Yuejiang, established in July 2015, has a registered capital of 36 million yuan and ranks 11th in the 2024 China Hidden Unicorn Enterprises Top 500 [9] Group 3: Business Performance - In the first half of 2024, Keda Xunfei's education application product revenue reached approximately 2.86 billion yuan, with a gross margin of 51.76% [11][12] - Shengtong Co. generated 135 million yuan from technology education services, with a gross margin of 30.54% [12] - UBTECH's revenue from educational intelligent robots and solutions was 161 million yuan, with a gross margin of 19.1% [12] - Gaole Co. reported 3 million yuan from interactive toys, with a gross margin not specified [12] - Yuejiang's revenue from four-axis collaborative robots was 370 million yuan, with a gross margin of 30.52% [12] Group 4: Future Business Plans - Keda Xunfei plans to develop advanced AI systems for educational robots that can provide personalized learning assistance [13] - Shengtong Co. aims to create a comprehensive curriculum system for programming education and robotics [13] - UBTECH intends to enhance its platforms using large models and AIGC technology to improve teaching efficiency [13] - Gaole Co. focuses on integrating various technologies to enhance the intelligence of educational robots [13] - Donggang Co. is investing in AI and big data technologies to improve the capabilities of its educational robots [13] - Ruijun Technology will continue to optimize its educational robot, Tianhe C1, based on user feedback [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。 UBTECH ROBOTICS CORP LTD 深 圳 市 優 必 選 科 技 股 份 有 限 公 司 董 事 會 欣 然 宣 佈，本 公 司 已 於2025年4月14日（星 期 一）於 中 國 深 圳 市 南 山 區學苑大道1001號南山智園C1棟25樓JIMU會議室召開並舉行臨時股東大 會。 於臨時股東大會日期，已發行股份總數為441,777,923股 股 份（包 括70,665,977 股內資股及371,111,946股H股），該 等 股 份 賦 予 持 有 人 權 利 出 席 臨 時 股 東 大 會 並 於 會 上 就 提 呈 的 決 議 案 投 贊 成 或 反 對 票。 於 臨 時 股 東 大 會 日 期，概 無 股 東 須 根 據 上 市 規 則 就 臨 時 股 東 大 會 上 提 呈 的 任 何 決 議 案 放 棄 投 ...

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]