【海外TMT】优必选2024年营收增长稳健，人形机器人商业化加速赋能——海外机器人系列跟踪报告（七）

Core Viewpoint - The company, UBTECH (9880.HK), reported a significant growth in revenue and a narrowing of net losses for the year 2024, driven by strong performance in consumer and industry-specific robotics sectors [2][3]. Group 1: Financial Performance - Revenue for 2024 reached 1.305 billion yuan, a year-on-year increase of 23.7%, significantly higher than the 4.7% growth rate in 2023 [2]. - Gross profit for 2024 was 374 million yuan, up 12.4% year-on-year, but the overall gross margin decreased by 2.8 percentage points to 28.7%, primarily due to a higher proportion of lower-margin consumer robotics [2]. - The net loss attributable to shareholders for 2024 was 1.16 billion yuan, a reduction of 8.3% compared to the previous year [2]. Group 2: Business Segments Performance - Industry-specific robots saw remarkable growth, with revenue reaching 140 million yuan, a year-on-year increase of 126.1%, driven by collaborations with major companies like Dongfeng Liuzhou Motor and Geely [3]. - Consumer robotics and smart hardware revenue surged to 477 million yuan, up 88.1% year-on-year, with successful overseas sales of new products like smart cat litter boxes [3]. - The education segment generated 363 million yuan in revenue, a year-on-year increase of 4.6%, supported by a dual-engine model combining the "Xingzhi PaaS platform" and smart hardware [3]. - The smart logistics business experienced a decline, with revenue falling 17.5% to 322 million yuan, attributed to longer project revenue recognition periods [3]. Group 3: Technological Advancements - The company invested 478 million yuan in R&D for 2024, focusing on breakthroughs in embodied intelligence core technologies [4]. - The newly developed "BrainNet" architecture enables multi-machine collaborative operations, enhancing task decomposition and scheduling capabilities [4]. - The latest humanoid robot, Walker S2, was introduced, featuring a height of 1.76 meters and 52 degrees of freedom, utilizing six new materials [4]. Group 4: Commercialization and Product Development - In the automotive sector, the Walker S1 robot is utilized for autonomous handling and quality inspection tasks, with plans to introduce additional models to meet diverse application needs [5]. - The consumer smart hardware segment will continue to develop products like the smart cat litter robot and the upcoming M10 smart lawn mower, targeting the European and American markets [6]. - In the AI education sector, the full-size research-grade robot "Tian Gong Xing Zhe" is priced at 299,000 yuan, aimed at accelerating technology iteration through partnerships with universities and research institutions [6].