Source: Company data, Bloomberg, CMBIGM estimates 27 Feb 2026 CMB International Global Markets | Equity Research | Company Update BOE Varitronix (710 HK) BOE Varitronix (710 HK) - 2025 new plant profitability 2025 preview: near-term earnings dragged by pricing pressure and new plant profitability BOEVx will report 2H25/FY25E results in mid-March, and we estimate FY25E revenue/net profit of HK$14,533mn/378mn (+8%/-3% YoY), implying 2H25E revenue/net profit of HK$7,863mn/198mn (+8%/-10% YoY), with profit main ...

Company Developments - BOE Technology Group has established a new subsidiary, Beijing BOE Robot, with a registered capital of 200 million yuan (US$28 million) to focus on robotics and AI software development [1] - BOE's shares in Shenzhen increased by 0.49% to close at 4.12 yuan, reflecting positive market sentiment towards its new venture [2] - BOE's largest customers include Apple and Huawei Technologies, indicating strong ties with major technology firms [5] Industry Trends - China accounted for 54% of global industrial robot deployments in 2024, with 295,000 industrial robots installed last year, marking the highest annual total on record [3] - The demand for robots in China is expected to continue growing, with a projected average growth rate of 10% annually until 2028 [4] - A Morgan Stanley report forecasts China's robotics market to grow at an annual rate of 23% to reach US$108 billion by 2028, up from US$47 billion in 2024 [4]