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]
优必选六度配股融资背后：连年亏损、董事长年薪曾达2257万 销管费用率畸高、在建工程长期未转固