Core Viewpoint - The market's reaction to the recent share placement by UBTECH deviated from the typical negative sentiment associated with such actions in the Hong Kong stock market, indicating a structural shift in investor perception towards the company and the humanoid robotics industry [1][3][10]. Group 1: Market Reaction - The share placement involved 31.468 million new H-shares at a price of HKD 98.80, representing an 11.39% discount from the previous closing price of HKD 111.50 [1]. - Contrary to expectations, the stock price remained stable and even rebounded after an initial dip, suggesting that investors are reassessing their valuation logic [1][3]. - The inclusion of UBTECH in the MSCI China Index indicates that international funds are not avoiding the stock, reflecting a change in risk appetite among investors [1][3]. Group 2: Industry Sentiment Shift - The industry has undergone three emotional phases: a high expectation premium period, a value correction phase, and the current rational observation phase where investors focus on delivery capabilities and cost reduction [5][6]. - UBTECH is seen as a leader in the industry, having transitioned from a focus on technological superiority to cost and delivery leadership, which aligns with the market's evolving valuation criteria [9][10]. Group 3: Implications of the Share Placement - The share placement is not merely a financial necessity but is positioned within the broader context of the commercialization window for humanoid robots, aiming to accelerate delivery capabilities [12][14]. - The funds raised, approximately HKD 3.109 billion, will primarily be used for investments in supply chain integration and industry consolidation, signaling a proactive approach to scaling production [12][14]. - UBTECH's Walker S2 has reached mass production, with a target of over 1,000 units in 2025 and plans to scale to 10,000 units by 2027, emphasizing the importance of supply chain readiness for commercial success [14][19]. Group 4: Commercialization Acceleration - The company has secured over RMB 1.1 billion in cumulative orders for the Walker series, with a significant portion expected to be delivered within the year, indicating a rapid acceleration in commercialization [16][19]. - The demand for humanoid robots spans various sectors, including automotive manufacturing and smart logistics, showcasing a diversified market approach [19][20]. - UBTECH's production capacity is currently operating at full throttle, with a monthly output of 300 units, and the company is achieving high yield rates for the Walker S2 [19][20]. Group 5: Financial and Technological Advancements - UBTECH's financial performance is improving, with a 27.5% year-on-year revenue growth in the first half of 2025, alongside a narrowing loss, indicating a positive trend in financial health [21][22]. - The company has invested heavily in R&D, with expenditures reaching RMB 218 million, representing 35.1% of revenue, focusing on optimizing mechanical structures and control algorithms [21][22]. - UBTECH has established a robust supply chain and technological capabilities, including proprietary advancements in servo motors and AI systems, which are critical for meeting industrial demands [22][23].
产能竞赛前夜抢先布局供应链，优必选31亿港元配售夯实“链主”地位