Core Viewpoint - The company, 越疆 (02432.HK), announced the board's approval for the implementation of H-share full circulation, converting 19,688,106 domestic unlisted shares into H-shares, representing approximately 4.65% of the total issued shares as of the announcement date [1] Group 1 - The board approved the proposal for H-share full circulation on August 4, 2025 [1] - The conversion of domestic shares into H-shares is subject to obtaining all necessary approvals, including from the China Securities Regulatory Commission [1] - The company will apply for the listing and trading of these H-shares on the main board of the Hong Kong Stock Exchange [1]

Core Viewpoint - The company, 越疆 (02432.HK), has announced a board meeting scheduled for August 28, 2025, to review and approve its mid-term performance for the six months ending June 30, 2025, and to consider the proposal for an interim dividend, if any [1] Group 1 - The board meeting will take place on August 28, 2025 [1] - The agenda includes reviewing and approving the mid-term performance for the six months ending June 30, 2025 [1] - The company will consider the proposal for an interim dividend during the meeting [1]

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而產生或因倚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） 建議實施H股全流通 深 圳 市 越 疆 科 技 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 宣 佈， 鑑 於 中 國 證 券 監 督 管 理 委 員 會（「中國證監會」）於2023年2月17日 發佈並於 2023年3月31日 生 效 的《境 內 企 業 境 外 發 行 證 券 和 上 市 管 理 試 行 辦 法》（「試 行辦法」），以 及 中 國 證 監 會 於2019年11月14日 發佈並於2023年8月10日 修 訂 的《H股 公 司 境 內 未 上 市 股 份 申 請「全 流 通」業 務 指 引》（「指 引」），乃 關 於 ...

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而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 SHENZHEN DOBOT CORP LTD 董事會會議召開日期 劉培超先生 深 圳，2025年8月4日 深圳市越疆科技股份有限公司 於本公告日期，董事會包括(i)執行董事劉培超先生、王勇先生及郎需林先生； (ii)非 執 行 董 事 景 亮 先 生；及(iii)獨 立 非 執 行 董 事 李 貽 斌 先 生、吳 浩 雲 先 生 及 侯 玲 玲 博 士。 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 深 圳 市 越 疆 科 技 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公司將於2025年8月28日（星 期 四）舉 行 董 事 會 會 議，其 中 議 程 包 括 審 議 及 批准本公司及其附屬公司截至2025年6月30日止六個月之中期業績及其 刊 發，並 考 慮 派 ...

I. 法定/註冊股本變動 | 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 | | | 358,038,547 | RMB | | 1 RMB | | 358,038,547 | | 增加 / 減少 (-) | | | 19,100,000 | | | RMB | | 19,100,000 | | 本月底結存 | | | 377,138,547 | RMB | | 1 RMB | | 377,138,547 | 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7月31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」） 呈交日期: 2025年8月4日 | 2 ...

Core Viewpoint - The humanoid robot industry is rapidly growing, with significant capital and talent influx, indicating a promising future for the sector [1][3][19]. Industry Overview - As of late July, there are 834 existing humanoid robot companies in China, with East and South China being the primary hubs, accounting for 43.53% and 23.86% respectively [1]. - The registration of related companies has surged, with a 50% year-on-year increase in 2023, and a projected 103.92% growth in 2024 [3]. Capital Influx - Over 50% of existing companies have registered capital of over 10 million yuan, with 30.3% having over 50 million yuan [5]. - Recent months have seen a flurry of financing activities, with notable companies like Zhijidongli and Qianxun Intelligent announcing significant funding rounds [5][6]. - The high valuations in the primary market are driving an IPO wave in the secondary market, with companies like Yushutec and Zhiyuan Robot moving towards public offerings [5][6]. Talent Migration - The industry is witnessing a talent shift from the automotive sector, with many professionals transitioning to humanoid robotics due to better opportunities and growth potential [10][11]. - Notable figures from the automotive industry have founded or joined humanoid robot companies, indicating a trend of cross-industry collaboration [11][13]. Technological Synergy - The overlap in supply chains between humanoid robots and electric vehicles is significant, with 40%-50% of the supply chain being shared [13]. - The technological expertise from the automotive sector, particularly in AI and control systems, is seen as a critical advantage for humanoid robot development [14][16]. Commercialization and Market Demand - The commercial value of humanoid robots is becoming evident, with major companies securing large orders, such as Zhiyuan Robot's 78.5 million yuan order from China Mobile [17]. - The industry is moving towards commercial viability, with expectations of over 20,000 units sold annually based on current order trends [19].

Global Robot Market Expansion - The global robot market is continuously expanding due to multiple drivers such as sustained user demand, the accelerated integration of AI, visual analysis, and edge computing technologies, as well as supportive policies and increased investments from various countries [1] - IDC predicts that by 2029, the global robot market size will exceed $400 billion, with China accounting for nearly half of this market and leading with a compound annual growth rate (CAGR) of nearly 15% [1] Rise of Chinese Manufacturers - Chinese manufacturers are emerging as significant competitors in the global robot market, benefiting from advantages in manufacturing engineering capabilities, accelerated investment in advanced technologies, improved scene adaptation efficiency, and strong industrial policy support [4] - Chinese companies are deepening technological research and product innovation across multiple robot sectors, steadily transitioning from "followers" to "leaders" in the market [4] Commercial Service Robots - In 2024, global shipments of commercial service robots are expected to exceed 100,000 units, with delivery and cleaning robots dominating the market [5] - Chinese manufacturers lead globally with an 84.7% shipment share, with top companies driving product intelligence and multi-scenario applications, resulting in rapid market expansion [5] Quadruped Robots - The global quadruped robot market is projected to exceed $18 million in 2024, with shipments around 20,000 units, as application demands expand in sectors like electricity, oil, and public safety [6] - Chinese companies such as Yushu Technology and Yundongchu are achieving breakthroughs in performance, shipment scale, and product openness, gradually reshaping the global market leadership landscape [6] Humanoid Robots - The humanoid robot industry in China is accelerating through a "technology breakthrough - application validation" dual-cycle model, attracting diverse manufacturers to collaboratively build an industrial ecosystem [7] - The market is experiencing strong growth, with IDC predicting that by 2025, the commercial sales shipment of humanoid robots in China will reach approximately 5,000 units, increasing to nearly 60,000 units by 2030, representing a CAGR of over 95% [7] Collaborative Robots - Chinese industrial robots are rapidly expanding overseas, leveraging a mature domestic industrial chain to achieve significant cost advantages and accumulate scale effects through diverse application scenarios [8] - In 2024, the total overseas revenue of Chinese industrial robot manufacturers is expected to exceed $2 billion, with collaborative robot export revenue reaching approximately $74.1 million, a year-on-year increase of 34.7% [8] Development of Embodied Intelligent Robots - Embodied intelligent robots are a crucial direction for the development of robot intelligence, relying on the integration of multiple key technologies to meet diverse and complex application needs [9] - Chinese manufacturers are accelerating the construction of a complete industrial chain for embodied intelligent robots, promoting technology from validation to large-scale deployment [9] Key Trends in Embodied Intelligent Robots - Enhanced perception capabilities through improved 3D visual perception technology and tactile sensing methods [12] - Core driving force of large models enabling robots to learn, perceive, understand, and make decisions autonomously [13] - Continuous improvement of simulation and world models to enhance task generalization and motion control [14] - Open-source sharing of key resources to support the development of embodied intelligence [15] - Integration of various robot forms with AI to enhance adaptability across scenarios [16] - Specific tasks in segmented scenarios demonstrating strong adaptability and flexibility [17] - Initial applications of humanoid robots in commercial services and specialized operations, focusing on low-speed, low-cycle tasks [18] - Accelerated construction of an ecosystem through collaboration among industry, academia, and research [19]

Group 1 - The 2025 World Artificial Intelligence Conference (WAIC 2025) showcased cutting-edge AI technologies, including robotics and embodied intelligence, highlighting Guangdong's advancements in the AI sector [1] - The conference featured interactive robots, such as the humanoid robot G1 from Tencent, which demonstrated advanced voice dialogue, environmental perception, and decision-making capabilities [2] - The general-purpose intelligent robot Aibao showcased its drumming skills, performing at a speed of one strike every 0.375 seconds, indicating significant advancements in robotics and machine learning [3] Group 2 - Embodied intelligence combines AI and robotics, with Guangdong companies focusing on enhancing technological capabilities and ecosystem development to promote AI adoption [4] - NetEase introduced the world's first embodied intelligence model "Lingjue" designed for open-pit mining excavators, aiming to achieve unmanned operations in over 30 mines by 2027 through a collaborative industry initiative [4] - The "Kua Fu" robot demonstrated its capabilities as a "smart mover," showcasing multi-machine collaboration and intelligent sorting solutions at the conference [4] Group 3 - Xiaoma Zhixing, an autonomous driving company, launched Robotaxi services around the Expo Exhibition Hall, allowing citizens to experience future transportation innovations [5] - The company is advancing its "thousand-vehicle" fleet deployment plan to validate its business model through large-scale operations [6]

Core Viewpoint - The humanoid robot industry in China is experiencing unprecedented capital influx, with significant investments and interest from various companies, indicating a strong market potential despite the early stage of commercialization [1][5][8]. Group 1: Capital Influx - The humanoid robot sector has become a star in the capital market, with numerous large financing announcements in a short period, leading to increased valuations for leading companies [2][3]. - Companies like 越疆 (Yuejiang) have raised substantial funds, such as 10.37 billion HKD, to enhance R&D and global expansion [2]. - A total of 99 financing events have occurred in the humanoid robot field this year, surpassing last year's total of 67 [3]. Group 2: Investment Preferences - Investors prioritize companies with strong software control capabilities and cost management in hardware when considering humanoid robot investments [4]. - There is a growing interest from traditional listed companies in the humanoid robot sector, with several firms planning to deepen their involvement [4]. Group 3: Policy and Market Drivers - Government policies and incentives are significant drivers for the humanoid robot industry's growth, with initiatives aimed at creating a competitive ecosystem by 2027 [5][6]. - The anticipated market size for humanoid robots is projected to reach trillions of dollars, with Morgan Stanley predicting a market exceeding 5 trillion USD by 2050 [7]. Group 4: Challenges in Commercialization - Despite the excitement, the humanoid robot industry faces challenges in achieving mass production, with many companies struggling to transition from prototypes to scalable manufacturing [8][9]. - Key component production bottlenecks and high manufacturing costs are significant barriers to industry growth [9]. Group 5: Diverse Application Perspectives - Different companies have varying views on the ideal application scenarios for humanoid robots, with some focusing on industrial applications while others see potential in consumer interaction [10][11]. - The most mature applications currently are in demonstration settings, with functional humanoid robots for caregiving still facing technological and economic hurdles [11].

Core Insights - The competitive landscape of the quadruped robot market is evolving, with multiple players entering the field, potentially leading to a reshuffling of the established order [2][4][18] - Yushu Technology currently holds a dominant market share of 70-80%, making it a significant player in the quadruped robot sector [1][4] - The technology for quadruped robots is relatively mature, with open-source advancements lowering entry barriers for new entrants [3][12] Market Dynamics - The entry of various companies, including startups and established firms, indicates a diversification of participants in the quadruped robot market, which may disrupt the current market stability [2][18] - The quadruped robot market is characterized by a high degree of standardization, with significant potential for secondary development, such as adding mechanical arms or enhancing mobility [3][4] Investment Rationale - The return on investment (ROI) for quadruped robots is considered reasonable, attracting interest from various players in the industry [4][10] - Quadruped robots are seen as a viable product category with high gross margins, with some companies maintaining gross margins above 60% [10][12] Technological Advancements - The maturity of quadruped robot technology allows new entrants to bypass initial development challenges, focusing instead on productization and market needs [12][13] - AI advancements are expected to enhance the capabilities of quadruped robots, expanding their applications beyond mobility and load-bearing to include operational functions [13][20] Future Trends - The market is likely to see increasing specialization, with companies developing products tailored to specific applications, similar to trends observed in humanoid robotics [19][21] - Quadruped robots may evolve to serve as central nodes in smart ecosystems, integrating with AI software to enhance their functionality in various environments [19][20]