呈交日期: 2025年12月3日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 深圳市越疆科技股份有限公司（「本公司」） | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02432 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 377,138,547 | RMB | | 1 RMB | | 377,138,547 | | 增加 / 減少 (-) | | | 16,660,000 | | | RMB | | 16,660,000 | | 本月底結存 | | | 393,798,547 | RMB | | 1 RMB | | 393,798,547 | | ...

Group 1 - UBS report highlights the global humanoid robot industry is entering a critical production phase, with positive signals for mass production emerging by 2026 [1][2] - Tesla plans to rapidly expand the production capacity of its humanoid robot Optimus, with a target of 1 million units in Fremont, California, and 10 million units in Austin, Texas [2] - European investors show increased interest in Chinese technology and embodied intelligence, recognizing structural growth opportunities in the sector [2] Group 2 - Chinese humanoid robot manufacturers are receiving significant new orders, with companies like Yujiang securing large contracts for humanoid and collaborative robots [3] - Yujiang has received orders exceeding 80.5 million yuan for embodied intelligence robots from leading precision manufacturing companies, validating the application value of Chinese manufacturers [3] - The application scenarios for embodied intelligence robots are rapidly expanding from industrial manufacturing to commercial services, marking a key transition from "technology validation" to "commercial creation" [4] Group 3 - Yujiang signed a cooperation agreement with Green Source Group for 5,000 quadruped robots to enhance smart store upgrades, covering applications such as store navigation and customer service [4] - The report predicts that Tesla's capacity planning and Yujiang's large order acquisitions indicate the industry chain is accelerating, leading to a new growth cycle for the global humanoid robot industry [4] - Strategic cooperation between Cao Cao Mobility and Yujiang aims to create industry-level solutions for the large-scale application of embodied intelligence robots in transportation and logistics [4]

Core Viewpoint - The strategic partnership between Cao Cao Mobility and Yujing Technology aims to enhance the operational efficiency of Robotaxi services through innovative applications of robotics technology in vehicle maintenance, cleaning, and energy replenishment [1][2]. Group 1: Strategic Cooperation Details - The collaboration will explore innovative applications of robotics technology in the operational scenarios of Robotaxi, focusing on vehicle cleaning, maintenance, and energy replenishment to improve operational efficiency [2]. - Both companies will jointly build intelligent Robotaxi operation stations, integrating Robotaxi operational capabilities with robotics technology to create a one-stop hub for operational solutions [2]. - A data closed-loop will be established to enhance Robotaxi operational efficiency through algorithm iteration, utilizing robotics as a mobile data collection platform [2]. Group 2: Implementation and Innovations - Since 2025, Cao Cao Mobility has accelerated its layout in the Robotaxi sector, with the partnership expected to advance its operational system towards full automation and intelligence [3]. - The "Green Intelligent Passage Island," launched on December 3 in Hangzhou, is designed to provide systematic solutions for the large-scale deployment of Robotaxi, featuring the humanoid robot Atom as the first "smart employee" [3]. - The innovative facility includes AI-guided interactive terminals for welcoming and guiding users, unmanned operational units for automatic vehicle maintenance, and a multi-agent collaborative system for task coordination among various robots [3]. Group 3: Value Creation and Future Prospects - The successful implementation of this project has created significant value by establishing the world's first comprehensive solution for Robotaxi stations that integrates "smart guidance" and "unmanned operations," setting a new benchmark for smart transportation infrastructure [4]. - Continuous validation in real operational scenarios has demonstrated the reliability, environmental adaptability, and sustainable operational benefits of Yujing's humanoid robots, achieving a closed-loop application of "perception-decision-execution" [4]. - The project has developed a replicable and scalable system paradigm, laying the groundwork for promoting Robotaxi hubs and smart parks, as well as opening clear pathways for the large-scale application of humanoid robots in transportation and logistics [4].

Core Viewpoint - The collaboration between Cao Cao Mobility and Yujian Technology focuses on the operation of Robotaxi and aims to enhance intelligent operations in the transportation sector [1] Group 1: Strategic Partnership - Cao Cao Mobility has signed a strategic cooperation agreement with Yujian Technology to work on Robotaxi operations [1] - The partnership includes the implementation of a "green intelligent passage island" in Hangzhou, where Yujian's humanoid robots are deployed for tasks such as guiding and vehicle inspection [1] Group 2: Technological Applications - The collaboration will explore the application of robots in vehicle maintenance and energy replenishment [1] - Both companies aim to co-build intelligent operation stations to promote the intelligent upgrade of Robotaxi operations [1]

Core Viewpoint - Cao Cao Mobility (02643.HK) and Yujing Technology (02432.HK) have signed a strategic cooperation agreement to explore innovative applications of robotics technology in the operation of Robotaxi services, focusing on vehicle cleaning, maintenance, and energy replenishment [1] Group 1 - The collaboration aims to upgrade the operation and maintenance system towards automation and intelligence, providing technical support and infrastructure for the large-scale implementation of Robotaxi [1] - Yujing Technology's humanoid robot Atom has been introduced as one of the first "smart employees" at the "Green Intelligent Passage Island," achieving validation in multiple application scenarios [1]

Market Overview - The Hang Seng Index has short-term support at the 25,000 point level, with recent hawkish signals from the Federal Reserve indicating limited room for interest rate cuts in 2026. Economic tensions between China and the US have eased temporarily, but corporate earnings in Hong Kong are unlikely to improve significantly in the short term due to a lack of strong policy signals from mainland China [2][3] - The overall market sentiment remains cautious, with recent volatility in US tech stocks and concerns over AI industry valuations. The Hang Seng Index has seen a significant cumulative increase this year, leading to profit-taking incentives as year-end approaches [2] Sector Focus - The service sector PMI for China in November, along with PMIs from the US and Eurozone, are key macroeconomic indicators to watch [3] - At least three rare earth magnet manufacturers in China have reportedly received export licenses, indicating a potential easing of export restrictions [3][8] - The People's Bank of China (PBOC) injected a net 100 billion yuan through medium-term lending facilities (MLF) in November, signaling liquidity support [8] Corporate News - Alibaba has integrated a new version of its Qwen-Image model into the Qianwen App, enhancing its image generation and editing capabilities [10] - Sunny Optical Technology has been confirmed as the exclusive supplier of camera modules for the Doubao AI phone assistant [10] - JD Industrial, a spin-off from JD Group, has begun its IPO process, aiming to raise up to 3.3 billion HKD [10] - Tesla's Shanghai factory reported a 10% year-on-year increase in vehicle shipments for November, reaching 86,700 electric vehicles [8] - The logistics industry in China showed a slight improvement, with the logistics business activity index rising to 50.9 in November, indicating continued demand expansion [8] Technology and Innovation - The launch of the Samsung Galaxy Z TriFold, the first three-fold smartphone, is expected to showcase new technology rather than drive significant sales due to production challenges [9] - Amazon has introduced its latest AI chip, Trainium3, aiming to compete with Nvidia and Google by offering cost-effective solutions for AI model computations [9] Investment Trends - The OECD has revised its economic growth forecasts for China and the US, projecting a growth rate of 5% for China this year, up from a previous estimate of 4.9% [9] - The Chinese government is encouraging localities to utilize data vouchers to provide incentives for digital talent development, aiming to enhance the integration of technology and industry [8]

值得注意的是，11月27日，越疆科技与绿源集团(02451)在金华签署战略合作框架协议。基于在产品研 发与产业应用层面的深度共识，绿源与越疆将共同推动规模达5000台机器狗应用于智慧门店升级计划。 根据协议，双方将以绿源全国超10000家门店网络为基础，共同探索具身智能机器人的大规模、分阶段 在智慧门店、智能工厂等场景的应用。 越疆(02432)再涨超4%，截至发稿，涨4.03%，报40.26港元，成交额2962.49万港元。 消息面上，曹操出行宣布与越疆科技近日签署战略合作协议。基于Robotaxi(自动驾驶出租车)业务，双 方将共同拓展机器人技术的应用场景和应用能力，提高车辆运营的智能化程度。根据合作规划，双方将 围绕Robotaxi运维场景，共同探索机器人技术在车辆清洁、维护、补能等方面的创新应用。 ...

智通财经APP获悉，越疆(02432)再涨超4%，截至发稿，涨4.03%，报40.26港元，成交额2962.49万港 元。 消息面上，曹操出行宣布与越疆科技近日签署战略合作协议。基于Robotaxi（自动驾驶出租车）业务， 双方将共同拓展机器人技术的应用场景和应用能力，提高车辆运营的智能化程度。根据合作规划，双方 将围绕Robotaxi运维场景，共同探索机器人技术在车辆清洁、维护、补能等方面的创新应用。 值得注意的是，11月27日，越疆科技与绿源集团(02451)在金华签署战略合作框架协议。基于在产品研 发与产业应用层面的深度共识，绿源与越疆将共同推动规模达5000台机器狗应用于智慧门店升级计划。 根据协议，双方将以绿源全国超10000家门店网络为基础，共同探索具身智能机器人的大规模、分阶段 在智慧门店、智能工厂等场景的应用。 ...

Core Viewpoint - Morgan Stanley issued a warning regarding the risks of the hype surrounding embodied intelligence, noting that while the total order value announced by Chinese robotic manufacturers has exceeded 2 billion yuan since the second half of 2025, many of these orders may not be fulfilled this year and include low-certainty framework agreements [1] Group 1: Market Orders and Delivery - Since the second half of 2025, the total order value for embodied intelligence robots announced by manufacturers in China has surpassed 2 billion yuan, primarily from industrial and commercial service sectors, as well as government-supported data collection centers [1] - A detailed table lists various orders, including a 780 million yuan order from Zhiyuan Robotics to China Mobile for 200 units, with delivery scheduled from 2025 to 2027 [2] - The orders include significant commitments, such as a 1 billion yuan order from Jiyuan Robotics for nearly 1,000 units, expected to be deployed in the first quarter of 2026 [2] Group 2: Industry Concerns and Real Demand - Industry insiders have raised concerns about whether the recent large orders from robotic manufacturers represent a genuine commercial closure and whether the created scenario value is real [3] - There is skepticism that the current mass production of robots is driven by real demand, with fears that if production is not based on actual needs, the industry may face a downturn once the initial excitement fades [3] - UBTECH has announced that its humanoid robot orders have reached 1.3 billion yuan for 2025, with a production capacity of 300 units per month and an expected delivery of over 500 units in 2025 [3] Group 3: Company Strategies and Market Dynamics - UBTECH's recent announcements of commercial orders are rooted in clear industrial needs, particularly in the context of the manufacturing sector's transformation and the pressing demand for intelligent upgrades [4] - Morgan Stanley highlighted that the limited capabilities of robots in open tasks and dexterous operations are reasons to lower short-term growth expectations, despite optimism for the long-term development of China's embodied intelligence industry due to strong government support and a well-established local supply chain [4] - The National Development and Reform Commission has also commented on the overheating issue in the embodied intelligence sector, emphasizing the need to balance speed and potential market bubbles, as the technology and commercialization models are not yet fully mature [5]

Core Insights - The core viewpoint of the article emphasizes the rapid growth and potential of the embodied intelligence market in China, predicting a market size of nearly 5.3 billion yuan by 2025 and over 20 billion yuan by 2026, with a global market projection of 870 billion yuan by 2030 [3][5]. Market Potential - The embodied intelligence market in China is expected to approach 5.3 billion yuan by 2025, accounting for over 25% of the global market share [3]. - By 2026, the market is projected to exceed 20 billion yuan, indicating a significant growth trajectory [3]. Industry Ecosystem - Hangzhou is identified as a "global innovation mother port," housing over 700 key enterprises across the entire supply chain from research and development to manufacturing [4][6]. - The city benefits from a complete industrial ecosystem, innovative resource aggregation, and proactive policy legislation, positioning it as a leader in the embodied intelligence sector [6]. Upcoming Events - The 2026 Third China Embodied Intelligent Robot Industry Conference and Exhibition will take place from March 11-13, 2026, at the Hangzhou International Expo Center, featuring over 500 exhibitors and 30,000 professional attendees [8][9]. - The event aims to create a comprehensive industrial ecosystem that integrates conferences, exhibitions, technology, and trends [8][14]. Exhibition Focus - The exhibition will cover a wide range of products, including complete embodied intelligent robots, power systems, industrial robots, control and computing systems, and various application solutions [16][20]. - It aims to connect all segments of the supply chain, facilitating high-quality supply and application of innovative technologies [14]. Awards and Recognition - The 2026 China Embodied Intelligence Industry Annual Awards Ceremony will recognize significant achievements and benchmark forces in the sector, with awards for categories such as "Top Ten Outstanding Complete Machine Brands" and "Top Ten Innovative Enterprises" [38][46]. - The awards will serve as a catalyst for industry development and a gathering point for key stakeholders [46]. Industry Collaboration - The conference will feature discussions on technological breakthroughs and practical applications across various industries, fostering collaboration between academia, industry leaders, and investors [29][52]. - It aims to provide a comprehensive understanding of the future landscape of the embodied intelligence sector, enabling participants to seize opportunities in a changing environment [29].