Core Viewpoint - The company UBTECH Robotics has been heavily reliant on external financing to sustain its operations, with a total of HKD 85 billion raised through multiple rounds of financing since its IPO, while its cash flow remains negative [1][2][4] Financing and Capital Structure - UBTECH announced a placement of 31.468 million H-shares at HKD 98.80 per share, aiming to raise HKD 30.56 billion for mergers, business operations, and repayment of financial institution loans [1] - Since its IPO in December 2023, UBTECH has conducted six rounds of financing, accumulating a total of HKD 85 billion, primarily for daily operations and loan repayments [2][4] Financial Performance - The company has reported continuous operating and investment cash flow deficits since 2020, relying solely on fundraising to maintain daily operations [2][7] - In 2023, UBTECH's revenue reached HKD 6.21 billion, a year-on-year increase of 27.5%, with consumer and educational robots contributing over 80% of total revenue [8] Cost Structure and Profitability - The company's selling and administrative expense ratio has consistently been between 70% and 80%, significantly higher than its peers [8][10] - UBTECH's cumulative losses have exceeded HKD 54 billion since 2020, raising concerns about its long-term viability [8][10] Asset Management - UBTECH's fixed assets are only around HKD 1 billion, while its construction in progress exceeds HKD 10 billion, indicating potential inefficiencies in asset utilization [10] - The prolonged status of construction in progress raises questions about the company's operational efficiency and future depreciation costs, which could further impact profitability [10] Market Position and Challenges - Despite being labeled as the "first humanoid robot stock," UBTECH's humanoid robot business has stagnated, with a lack of orders for its high-priced products [8][12] - The company faces increasing competition in the robotics sector, and if it cannot convert its humanoid robot business into tangible orders, its reliance on external financing may become unsustainable [12]

Core Viewpoint - Company UBTECH Robotics has maintained a high-frequency fundraising strategy since its IPO, completing six stock placements in less than two years, with the latest raising approximately HKD 31.09 billion for industry chain mergers and acquisitions [1][3][4] Fundraising Activities - The recent placement was priced at HKD 98.8 per share, representing an 11.39% discount to the closing price on the previous day [3][4] - Since its listing in December 2023, UBTECH has raised over HKD 74 billion through six stock placements, with funds primarily allocated for business operations and technology development [3][4] - The latest fundraising aims to allocate 75% of the proceeds for upstream and downstream acquisitions or investments in the humanoid robot industry [4][6] Business Performance - UBTECH has achieved a cumulative order amount of HKD 1.3 billion for its Walker series humanoid robots by 2025, with significant orders in industrial applications [6][8] - The company has secured a recent contract worth HKD 264 million for a humanoid robot data collection and testing center project, further solidifying its market position [6][8] - The production capacity for industrial humanoid robots has reached 300 units per month, with expectations to exceed 500 units delivered in the year [6][8] Market Focus and Challenges - The company is focusing on industrial applications, particularly in sectors like automotive manufacturing and smart logistics, where demand for humanoid robots is high [6][8] - Despite the positive commercial developments, challenges remain in adapting humanoid robots to complex factory environments and ensuring efficient autonomous operations [8][10] - Key industry challenges include cost control, operational maintenance systems, and scene adaptation for diverse industry needs [10]

Group 1 - The core viewpoint highlights the increasing prominence of domestic robot manufacturers in the global humanoid robot competition, supported by government policies and growing application orders [1][2] - As of November 2025, leading domestic robot companies are expected to accumulate over 2.4 billion in orders, with more than 20,000 units already ordered [1] - Tesla has delayed its production target for the Optimus humanoid robot, reducing its goal from 5,000 units to 2,000-3,000 units for Q4 2025, which may shift the certainty of mass production towards domestic manufacturers [1] Group 2 - Recent adjustments in the robot sector are attributed to Tesla's postponement of the Optimus V3 release and production plans, raising concerns about the overall mass production progress and scale of humanoid robots [2] - Companies like Tesla, Figure, and Xiaopeng are still iterating on technology and advancing the mass production process, while others like Yushu Technology are accelerating their IPOs [2] - The humanoid robot sector is expected to enter a phase of scale production from 2026, with further catalysts anticipated for the robot industry chain companies [2]

Core Viewpoint - On November 25, the Hang Seng Index rose by 0.69%, closing at 25,894.55 points, with a net inflow of HKD 11.166 billion through the southbound trading channel [1]. Group 1: Market Activity - The total trading volume for the southbound trading on November 25 was HKD 1,012.80 billion, with a net buying amount of HKD 11.166 billion [1]. - The Shanghai Stock Exchange's southbound trading accounted for HKD 617.70 billion in trading volume, with a net buying of HKD 7.137 billion [1]. - The Shenzhen Stock Exchange's southbound trading had a volume of HKD 395.10 billion, resulting in a net buying of HKD 4.028 billion [1]. Group 2: Active Stocks - Alibaba-W was the most actively traded stock, with a trading volume of HKD 1,005.98 million and a net buying amount of HKD 350.41 million, closing with a price increase of 2.14% [2]. - Xiaomi Group-W followed with a trading volume of HKD 506.06 million, but had a net selling of HKD 20.34 million, closing up by 4.35% [2]. - Semiconductor Manufacturing International Corporation (SMIC) had a trading volume of HKD 282.32 million, with a net selling of HKD 24.59 million, and closed down by 0.15% [2].

Core Viewpoint - The company, UBTECH Robotics (stock code: 09880), has announced the acquisition of a 7% stake in Wuxi Youqi from Tianqi Automation Engineering for a total consideration of RMB 130 million, which will increase its ownership in Wuxi Youqi to approximately 41.49% [1] Group 1: Acquisition Details - The acquisition is subject to the terms and conditions of the share transfer agreement [1] - Post-acquisition, the company will maintain over 50% voting rights in Wuxi Youqi, which will continue to operate as a non-wholly-owned subsidiary [1] Group 2: Business Focus of Wuxi Youqi - Wuxi Youqi specializes in providing logistics robot products and services to well-known domestic new energy vehicle companies, tire industry clients, and global customers [1] - The company focuses on five core industries: automotive, tire, 3C electronics, batteries, and e-commerce [1] Group 3: Strategic Rationale - The acquisition is based on the company's assessment of the future development prospects of the embodied intelligent humanoid robot industry [1] - Increasing the stake in Wuxi Youqi is expected to facilitate the strategic development of large-scale deployment of embodied intelligent humanoid robots in industrial scenarios, aligning with the company's overall strategic planning [1]

Core Viewpoint - The company, UBTECH Robotics (09880.HK), has announced the acquisition of a 7% stake in Wuxi Youqi from Tianqi Automation Engineering for a total consideration of RMB 130 million, which includes tax [1] Group 1 - The board of directors approved the share transfer agreement on November 25, 2025 [1] - Upon completion of the acquisition, the company will hold approximately 41.4906% of Wuxi Youqi's shares [1] - The company will maintain over 50% voting rights in Wuxi Youqi, which will continue to be a non-wholly owned subsidiary of the company [1]

（於中華人民共和國註冊成立之股份有限公司） （股份代號：9880） 將於2025年12月10日（星期三）舉行之2025年第六次臨時股東會（或其任何續會）的 代表委任表格 UBTECH ROBOTICS CORP LTD 深 圳 市 優 必 選 科 技 股 份 有 限 公 司 為本人╱ 吾等代表 （附註4） ，代表本人╱ 吾等出席本公司定於2025年12月10日（星期三）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會議室召開及舉行的2025年第六次臨時股東會（「臨時股東會」）（或其任何續 會），並於該會議（或其任何續會）上代表本人╱ 吾等，依照下列指示就下列決議案投票，如無作出指示，則由本人╱ 吾 等的代表酌情決定投票。除文義另有所指外，本表格所用詞彙與本公司日期為2025年11月25日的通函所界定者具有 相同涵義。 | | （附註5） 普通決議案 | （附註6） 贊成 | 反對 | （附註6） | （附註6） 棄權 | | --- | --- | --- | --- | --- | --- | | 1. | 審議及批准關於本公司收購無錫優奇7%股權的決議案。 | | | | | ...

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年第六次臨時股東會通告 茲通告 深 圳 市 優 必 選 科 技 股 份 有 限 公 司（「本公司」）將 於2025年12月10日 （星 期 三）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 六 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： 周 劍 深 圳，2025年11月25日 附 註： 委 任 受 委 代 表 的 文 據 須 由 股 東 簽 署 或 由 其 以 書 面 正 式 授 權 的 代 表 簽 署。倘 ...

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。 此乃要件 請即處理 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) 有關收購無錫優奇7%股權的關連交易； (2) 銀行信貸安排； (3) 擔保安排； 及 2025年第六次臨時股東會通告 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。 本公司將於2025年12月10日（星期三）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 ...

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） 公 告 (1) 收購無錫優奇7%股 權 的 關 連 交 易； (2) 銀 行 信 貸 安 排； 及 (3) 擔保安排 (1) 收購事項 2025年11月25日，董 事 會 批 准 本 公 司（作 為 買 方）與 天 奇 自 動 化 工 程 （作 為 賣 方）及 無 錫 優 奇（作 為 目 標 公 司）簽 訂 股 份 轉 讓 協 議，據 此， 本公司同意以人民幣130,130,000元（含 稅）的 代 價 收 購 天 奇 自 動 化 工 程持有的無錫優奇7%股權，惟須遵守股份轉讓協議的條款及條件。 完 成 後，我 們 將 直 接 持 有 無 錫 優 奇 約41.4 ...