SIASUN(SZ:300024) Hua Xia Shi Bao·2025-09-02 02:37Core Viewpoint - The humanoid robot industry is capital-intensive, and companies like UBTECH are focusing on securing funding to survive and thrive in a competitive landscape [2][6][7]. Funding and Strategic Partnerships - UBTECH has signed a $1 billion strategic partnership agreement with Infini Capital, which will provide funding and support for industrial collaboration [3][4]. - The partnership includes a $1 billion credit facility, allowing UBTECH to access quick financing for major industrial projects [3]. - Infini Capital aims to become a significant shareholder in UBTECH, targeting a stake of no more than 5% [3][4]. Capital Raising Activities - Since its IPO, UBTECH has completed five rounds of equity placements and has applied for bank loans six times, indicating a strong need for capital [4][5]. - The most recent equity placement raised approximately HKD 2.47 billion, bringing the total raised post-IPO to HKD 4.54 billion [4][5]. Industry Trends and Challenges - The humanoid robot sector has seen a surge in investment, with 111 investment events reported in 2023, up from 69 in 2024 [6]. - Despite the growth, the industry faces high R&D and manufacturing costs, with UBTECH's R&D expenses for the first half of 2025 amounting to CNY 218 million, representing 35.1% of its revenue [6][7]. Financial Performance - UBTECH reported a loss of CNY 440 million for the first half of 2025, although this was a significant reduction compared to the previous year, with revenue increasing by 27.5% [7][8]. - The company's stock performance has been volatile, with a peak of HKD 328 per share shortly after its IPO, followed by a decline to HKD 40.8, before recovering to HKD 100.3 [7][8]. Commercialization and Collaborations - UBTECH's commercialization efforts are accelerating, having secured a record contract for humanoid robot procurement worth CNY 90.51 million [8]. - The company has established partnerships with major industry players such as BYD, Foxconn, and others, enhancing its market presence [8].