从港股机器人概念公司透视产业盈利现状：高速增长背后的分化与曙光

Core Viewpoint - The global robotics industry is experiencing significant growth driven by advancements in artificial intelligence, with Hong Kong's stock market serving as a key financing platform for innovative robotics companies, reflecting a transition from "technology validation" to "commercialization" [2][4]. Revenue Performance: Strong Growth Driven by Logistics and Education - In the first half of 2025, the Hong Kong robotics sector showed robust growth, with most companies achieving revenue growth rates exceeding 25%, indicating widespread automation and intelligent transformation globally [4]. - Key companies include: - Geek+ (2590.HK): Revenue of 10.25 billion RMB, 31.0% growth, 35.1% gross margin, focusing on warehouse logistics AMR robots and embodied intelligence [5]. - UBTECH (9880.HK): Revenue of 6.21 billion RMB, 27.5% growth, 35.0% gross margin, driven by humanoid robots and consumer-grade hardware [6]. - UISEE (2432.HK): Revenue of 1.53 billion RMB, 27.1% growth, 47.0% gross margin, specializing in collaborative robots and embodied intelligence [6]. - ShouCheng Holdings (0697.HK): Revenue of 731 million HKD, 36.0% growth, focusing on robotics industry investment and infrastructure [6]. Profitability: Increasing Disparity - The profitability landscape in the Hong Kong robotics sector is polarized, with some companies nearing profitability while others remain in significant losses [7]. - Geek+: Achieved adjusted EBITDA profitability of 11.62 million RMB, marking a 94% reduction in losses, indicating a successful commercial closure in the warehouse logistics AMR sector [8]. - UBTECH: Despite a 17.2% reduction in losses, it reported an adjusted EBITDA loss of 323 million RMB, with high R&D costs impacting short-term profitability [9]. - UISEE: Achieved a gross margin of nearly 47%, with potential to reach breakeven in 2-3 years if production volume increases [11]. - Companies focusing on specific scenarios, like warehouse logistics, are approaching profitability, while those in general platforms, like humanoid robots, face longer investment phases [12]. Strategic Outlook: Embodied Intelligence as a Competitive Frontier - The emergence of embodied intelligence is becoming a strategic focus for robotics companies, transitioning from passive execution to active decision-making [13]. - Geek+: Launched an embodied intelligence subsidiary and a large model aimed at enhancing warehouse operations [14]. - UBTECH: Secured a record 250 million RMB order for humanoid robots, which may validate its production capabilities [14]. - UISEE: Developed a multi-form intelligent platform, showcasing innovation in collaborative operations [14]. - ShouCheng Holdings: Aims to create a complete ecosystem for embodied intelligence through capital integration [14]. Market Sentiment: Diverging Institutional Attitudes - The capital market's response reflects differing expectations regarding the development paths of robotics companies [15]. - Geek+: Received multiple "buy" or "hold" ratings from international banks post-earnings, indicating strong market confidence in its commercial viability [15]. - UBTECH: Experienced mixed market reactions, with significant strategic financing from Infini Capital contrasted by early investor sell-offs due to commercialization uncertainties [15][16]. Future Outlook: Transitioning from Concept-Driven to Order-Driven - The Hong Kong robotics sector is undergoing a structural transformation, with short-term opportunities in vertical scenarios and long-term growth potential in humanoid robots [18]. - Companies like Geek+ are seen as safer investments due to clear business models and improving profitability [18]. - The success of humanoid robot companies like UBTECH and UISEE will depend on their production capabilities and market adaptability [18]. - Platform companies like ShouCheng Holdings may emerge as key players by effectively integrating resources across the robotics ecosystem [18].