Core Points - The company, 越疆 (02432), announced the completion of a placement of shares on November 13, 2025 [1] - A total of 16.66 million shares were placed, representing approximately 4.23% of the enlarged H-share capital and about 3.79% of the total issued shares after the placement [1] - The shares were successfully placed at a price of HKD 46.80 per H-share to no fewer than six independent subscribers [1]

Group 1 - The company, 越疆 (02432), announced the completion of a placement of shares on November 13, 2025 [1] - A total of 16.66 million shares were placed, representing approximately 4.23% of the enlarged H shares and about 3.79% of the total issued shares after the placement [1] - The shares were successfully placed at a price of HKD 46.80 per H share to no fewer than six independent subscribers [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 深圳市越疆科技股份有限公司（「本公司」） 呈交日期： 2025年11月13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 第 2 頁 共 5 頁 v 1.3.0 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02432 | 說明 H股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責 任。 SHENZHEN DOBOT CORP LTD 深圳市越疆科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2432） 完成根據一般授權配售新H股 整體協調人及配售代理 本 公 告 不 會 直 接 或 間 接 於 或 向 美 國 派 發。本 公 告 不 構 成 亦 不 屬 於 在 美 國 境 內 或有關要約屬違法的任何其他司法權區出售證券的任何要約或招攬購買或認 購 證 券 的 一 部 分。本 公 告 所 述 證 券 並 無 亦 不 會 根 據1933年美國證券法（經 不 時 修 訂）或 美 國 任 何 州 的 證 券 法 登 記，且 不 得 於 美 國 境 內 提 呈 發 售 或 出 售，除 非 已 登 記 或 符 合 適 用 的 登 記 豁 免。任 何 在 美 國 進 行 的 證 ...

Core Viewpoint - The collaboration between Giant Legend and Yushu Technology aims to establish a joint venture, Yuxing Entertainment Technology Co., Ltd., focusing on the development of interactive smart robot products for the entertainment industry, integrating IP content with technology [1][2]. Group 1: Joint Venture and Collaboration - Giant Legend's subsidiary, Xingchuangyi (Kunshan) Cultural Entertainment Co., Ltd., and Yushu Technology's subsidiary have signed a partnership agreement to create a joint venture [1]. - The joint venture will hold equal shares of 50% between both companies, focusing on the commercialization of robot performances and entertainment experiences [1][2]. Group 2: Product Development and Market Strategy - The companies plan to develop globally influential entertainment interactive robots, with Giant Legend handling IP planning, design, and media promotion, while Yushu Technology will focus on robot design, production, and technical development [1]. - Giant Legend has received two orders totaling 120 million RMB for their four-legged robot "Giant Dog," indicating strong market interest and potential for future sales [4]. Group 3: Market Trends and Consumer Demand - There is a growing demand for high-end robots with entertainment and emotional value, as the market shifts towards consumer-grade products [5]. - The price point of the "Giant Dog" at 20,000 RMB may limit its accessibility to average consumers, highlighting a challenge for broader market penetration [5][6]. Group 4: Industry Insights and Future Directions - Industry experts suggest that the future of robots lies in their ability to connect emotionally with consumers, transforming them from mere tools to companions [5]. - The need for cost reduction in robotic products is emphasized, with examples of lower-priced alternatives available in the market [6].

Group 1: Market Overview - The Shanghai Composite Index closed at 4000.13 points, with a slight decline of 0.06% [2] - The Shenzhen Component Index and the CSI 300 Index also experienced declines of 0.36% and 0.13% respectively [2] - The total trading volume across the markets was approximately 8404.67 billion CNY [2] Group 2: Mechanical Industry Insights - The mechanical industry report highlights significant events such as Elon Musk's $1 trillion compensation plan being approved, which received over 75% support [6] - Xiaopeng Motors launched its new humanoid robot, IRON, featuring advanced capabilities including 82 degrees of freedom and a height of no more than 170 cm [6][7] - The report emphasizes the potential for long-term investment opportunities in humanoid robots, particularly focusing on companies with strong supply chains and technological capabilities [7][8] Group 3: AI Infrastructure and Energy Supply - The report identifies AI computing power as a key growth area, with increasing demand for energy supply to support AI data centers [8] - Gas turbines are highlighted as a critical energy source for overseas data centers, benefiting from the surge in AI infrastructure needs [8] - Companies such as Yingliu Co., Haomai Technology, and Liande Co. are recommended for their strategic positioning in the energy supply for AI data centers [8] Group 4: Textile and Apparel Sector - The textile and apparel sector saw a 4.7% year-on-year growth in retail sales for September, with October showing pressure on textile exports [15][16] - The report notes that brand apparel outperformed textile manufacturing in November, with notable stock performances from Jiangnan Buyi and Semir Apparel [15] - The report suggests a positive outlook for textile manufacturing orders in Q4, driven by easing tariff impacts and recovery in major brands like Nike [17][18] Group 5: Investment Recommendations - For humanoid robots, the report recommends focusing on companies with strong supply chains and technological advancements, such as Hengli Hydraulic and Weiman Sealing [10] - In AI infrastructure, key investment targets include Yingliu Co. and Haomai Technology, which are positioned to benefit from the growing energy demands of AI data centers [10] - The textile sector is advised to focus on companies like Shenzhou International and Huayi Group, which are expected to benefit from recovering orders and improving market conditions [17][18]

Group 1 - Xpeng Motors has launched a new generation humanoid robot called IRON, set to enter mass production by the end of 2026, prioritizing commercial applications [1] - Tesla has begun trial production of its humanoid robot, with a larger production line for its third-generation humanoid robot expected to be operational by 2026 [1] - Guojin Securities predicts that 2026 will mark a significant moment for the global humanoid robot industry, akin to the "iPhone" moment, driving further development in related fields [1] Group 2 - Several companies, including Changan Automobile, Midea Group, and Zoomlion, have disclosed advancements in their humanoid robot businesses [2] - Zoomlion plans to develop embodied intelligent humanoid robots starting in 2024, with several self-developed prototypes already in operation [2] - Changan Automobile is collaborating with leading partners to overcome core technologies in humanoid robots, while Midea's industrial humanoid robot "Melo" has begun operations in its washing machine factory [2] Group 3 - Huajin Securities reports that the development of dexterous hands for humanoid robots is transitioning from research institutions to industry, with companies like Tesla and Ubtech engaging in self-research [3] - Weichuang Electric has launched several core component products for humanoid and collaborative robots, including dexterous hands and joint modules [3] - Zhenyu Technology plans to expand its product capacity and invest in precision component manufacturing for humanoid robots, with a total investment of 2.11 billion yuan expected between 2025 and 2030 [3] Group 4 - The humanoid robot industry is expected to enter a large-scale production phase, benefiting both complete machine and component manufacturers [4] - Companies like Ubtech and Yujian are securing humanoid robot orders, indicating a shift from research to industrial applications [4] - Aobi Zhongguang is providing various 3D vision sensors for humanoid robots, collaborating with Microsoft on advanced camera technologies [4] Group 5 - Boke Co. is actively expanding its domestic and international customer base, expecting to enter large-scale production by 2026 [5] - The company reported a significant increase in the shipment of frameless torque motors, with approximately 43,000 units shipped in the first three quarters of 2025, a year-on-year increase of about 189% [5] - The humanoid robot market in China is at a critical stage of industrialization, with predictions that the global market for embodied intelligent humanoid robots could exceed 200 billion yuan by 2030 [5]

Industry Overview - Xpeng Motors has announced the launch of its next-generation humanoid robot IRON, set for mass production by the end of 2026, prioritizing commercial applications [1] - Tesla has begun trial production of its humanoid robot, with a larger production line for its third-generation humanoid robot expected to be operational by 2026 [1] - Guojin Securities predicts that 2026 will mark a pivotal moment for the global humanoid robot industry, akin to the "iPhone" moment, driving further development in related fields [1] Company Developments - Changan Automobile is collaborating with leading partners to develop humanoid robots, focusing on breakthroughs in core technologies such as "brain," "energy," and "drive" [2] - Midea Group has introduced its industrial humanoid robot "Melo" into its washing machine factory, participating in tasks like information collection and equipment maintenance [2] - Weichuang Electric has launched several core component products for humanoid and collaborative robots, including dexterous hands and joint modules [2] Market Trends - The humanoid robot industry is transitioning from research to industrial application, with companies like Tesla and UTree Technology developing dexterous hands [2] - The humanoid robot supply chain is expected to enter a large-scale production phase, benefiting both complete machine and component manufacturers [3] - The market for humanoid robots is projected to exceed 200 billion yuan by 2030, driven by favorable policies, technology, and capital [4]

Core Viewpoint - The collaboration between Giant Legend and Yushu Technology aims to establish a joint venture, Yuxing Entertainment Technology Co., Ltd., focusing on the development of interactive smart robot products for the entertainment industry, integrating IP content with technology [1][2]. Group 1: Joint Venture and Collaboration - Giant Legend's subsidiary, Xingchuangyi (Kunshan) Cultural Entertainment Co., Ltd., and Yushu Technology's subsidiary have signed a joint venture agreement to create Yuxing Entertainment Technology Co., Ltd., with each holding 50% equity [1]. - The joint venture will focus on creating globally influential entertainment interactive smart robots and commercial concert performances [1]. Group 2: Product Development and Market Strategy - Giant Legend will handle IP planning, design, AI interaction, and media promotion, while Yushu Technology will focus on robot design, production, and technical development [1]. - The collaboration aims to strategically enter the smart robot industry, merging IP content with smart hardware to promote a new "IP + Robot + AI" integration model [1]. Group 3: Market Response and Financial Impact - Following the announcement, Giant Legend's stock price surged over 18%, closing at 8.99 HKD per share, with a total market capitalization of approximately 8.1 billion HKD [2]. - The company has secured two orders totaling 120 million RMB for the "Giant Dog" robot, indicating strong market interest and potential revenue generation [4]. Group 4: Consumer Market Potential - The demand for high-end, emotionally engaging robots is increasing, with a focus on transforming robots into entertainment companions [5]. - The "Giant Dog" robot is priced at 20,000 RMB, which may limit its accessibility to average consumers, highlighting a challenge for market penetration [5][6]. Group 5: Industry Trends and Future Directions - The trend is shifting towards consumer-grade robots, with a need for cost reduction and enhanced emotional connectivity to appeal to the end-user market [5][6]. - Companies must focus on building brand standards, ensuring safety and privacy, and innovating technology to create competitive advantages in the evolving robotics landscape [6].

Core Viewpoint - Zhiyuan Robotics has completed a significant corporate restructuring by changing its company type from a limited liability company to a joint-stock company, indicating a step towards an independent IPO while simultaneously pursuing a strategic acquisition of a listed company platform [2][3][5] Group 1: Corporate Actions - Zhiyuan Robotics has changed its name to Zhiyuan Innovation (Shanghai) Technology Co., Ltd. and its company type to a joint-stock company, which prepares it for an independent IPO [3] - The company has appointed a new board member, Yao Maoqing, indicating a strengthening of its management team [3] - The speculation around Zhiyuan Robotics' potential reverse merger with Shangwei New Materials has cooled following its recent corporate restructuring [5] Group 2: Market Position and Strategy - The company is positioned as a leading player in the humanoid robotics sector, having attracted significant investment from major firms like Tencent, BYD, and JD.com [7] - Zhiyuan Robotics aims to maximize value through a dual strategy of preparing for an independent IPO while also acquiring a listed company to enhance its market presence [6] - The company is focusing on vertical integration to enhance operational efficiency and secure key resources, including quality material supply and customer base expansion [6] Group 3: Financial Performance and Orders - Zhiyuan Robotics has secured multiple significant orders, including a 120 million yuan contract with China Mobile and several other multi-million yuan projects, indicating strong demand for its products [7] - The company reported a substantial increase in delivery volume, achieving thousands of units delivered from January to September this year compared to the previous year [7] - The company anticipates that overseas revenue will account for over 30% of total revenue next year, driven by high demand for automation products in developed markets [8]