Group 1 - The Wuhan Wuchuang Future Intelligent Investment Fund, with a total scale of 1 billion yuan, has been officially registered [1] - The fund is initiated by Wuchuang Investment, Wuhan Fund, and Changzheng Capital, with contributions from Wuhan Innovation Investment Group, Wuhan Industrial Development Fund, and Hubei Human-Robot Industry Investment Fund [1] - The first phase of the fund has a scale of 200 million yuan, managed by Wuchuang Capital, and it is the first municipal-level artificial intelligence industry fund in Wuhan [1] - The fund will focus on investments in cutting-edge technology fields such as artificial intelligence and humanoid robots [1]

Vi e w p o i n t | 23 Nov 2025 16:28:09 ET │ 12 pages China Humanoid Robot What's New from Citi 2025 Industrial Tour: Likely Exponential Production Growth in 2026 See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that ...

Xpeng Inc. (NYSE:XPEV) has said that it has three new Robotaxi models in the pipeline at the company's third-quarter earnings call amid an autonomous driving push.Three Robotaxi Models To Be Released Next Year"In 2026, XPeng plans to launch 3 Robotaxi models," Xpeng CEO and co-founder He Xiaopeng said during the earnings call with investors and analysts on Monday. The CEO added that the company's autonomous driving software does not "depend on high-definition maps or LiDAR."He said that the company's pilot ...

A Chinese Tesla rival is betting on huggability to take on Elon Musk's Optimus robot. EV startup Xpeng unveiled the latest version of its humanoid robot, called Iron, earlier this month, and CEO He Xiaopeng said the company wanted its bipedal bots to be "highly human-like."In an earnings call on Monday, he told analysts that Xpeng had found adding fake muscles and "bionic skin" to Iron made people more comfortable touching and even hugging the robot. "This is very exciting because traditional robots reall ...

Investment Rating - The investment rating for Lens Technology is "Buy" with a target price of Rmb38.00, indicating an expected share price return of 27.4% and an expected total return of 28.9% [7]. Core Insights - Key growth drivers for Lens Technology in 2026 include advancements in foldable phones, automotive laminated glass for new energy vehicles (NEVs), AI glass development, increased robot shipments, and faster SSD module assembly [1]. - The company anticipates significant revenue from humanoid robots, with projections of supplying over 10,000 units in 2026 and achieving breakeven at an annual production of 100,000 units [2]. - Lens Technology is also expanding its high-end smartphone offerings, expecting an increase in average selling price (ASP) due to new models and materials [4]. - In the automotive sector, the company plans to support over 1 million vehicles in 2026 with a targeted gross margin of 20-30% on its laminated glass products [5]. - The company is positioned to supply over 1 million AI edge devices in 2026, with ongoing negotiations for additional content and features [9]. - The valuation is based on a target price of Rmb38.00, supported by a projected 31% three-year earnings compound annual growth rate (CAGR) [14]. Summary by Sections Humanoid Robots - Lens Technology is supplying over 1,000 dexterous hands and 3,000 humanoid robots in 2025, with additional orders for 10,000 robot dogs, potentially generating hundreds of millions in revenue [2]. Server Products - The company's SSD products are currently undergoing verification, with expectations for completion in the coming months [3]. High-End Smartphones - The company expects an incremental content gain of less than $100 per foldable phone model in the second half of 2026, with positive shipment forecasts [4]. Automotive Sector - Lens Technology will have the capacity to support over 1 million vehicles in 2026, with ASPs ranging from Rmb3,000 to Rmb4,000 [5]. AI Edge Devices - The company is set to support over 300,000 Rokid AI glasses in 2025 and over 1 million in 2026, with ongoing negotiations for additional features [9].

在人形机器人领域，数据驱动的革命虽已到来，却始终受困于高效的数据采集框架。现有系统要么依赖昂贵且笨重的动作捕捉（ MoCap）设备，要么牺牲全身控 制能力换取便携性，难以实现规模化、高灵活性的开发。 近日，来自亚马逊 FAR、斯坦福大学、加州大学伯克利分校等机构的团队提出了 TWIST2 ， 这是 一套兼具便携性、可扩展性和全身体控能力的人形机器人遥操 作与数据采集系统。它不仅打破了动捕设备的束缚，还能让机器人自主完成折纸、踢箱子等复杂任务， 目前 相关 研究 成果已开源 。 ▍ 告别动捕， 1分钟部署的全身控制方案 传统人形机器人遥操作系统陷入两难：要么像 TWIST等方案那样，依赖专业动捕实验室实现全身控制，却无法便携部署；要么像AMO、CLONE等VR-based方案 那样追求便携，却只能实现局部身体控制，难以完成复杂协调任务。 | Humanoid Data | | | | Portability & Scalability | | Holistic Control | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

天眼查App显示，11月3日，甘肃人形机器人创新中心有限公司成立，法定代表人为贾乐，注册资本 1000万人民币，经营范围包括工业自动控制系统装置制造、智能机器人的研发、智能机器人销售等。股 东信息显示，该公司由甘肃华悦投资有限公司、甘肃华悦机器人科技合伙企业（有限合伙）、兰州城发 产业投资有限公司共同持股。 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the **China Industrial Technology** sector, focusing on companies involved in PCB, energy storage systems (ESS), consumer electronics, and industrial automation. Key Highlights 1. **3Q25 Results**: - Overall results were mostly in-line with sector averages showing revenue and operating profit growth of **+18%** and **+17%** year-over-year respectively [1] - Notable performance from major domestic PCB customers driven by AI applications, particularly from **Hans Laser** [1] - Growth in capital expenditures (capex) for batteries and consumer electronics [1] - Resilient market share gains in the industrial automation (IA) segment, particularly for **Inovance** [1] 2. **Challenges Faced**: - Smaller players like **Pony Testing** and **HCFA** struggled with scaling and profitability [1] - Prolonged capex weakness in process automation markets such as steel and chemicals affected companies like **Baosight** and **Supcon** [1] - Temporary delays in defense orders impacted **AVIC Jonhon**, alongside high exposure to precious metals leading to margin deterioration [1] 3. **Margin Trends**: - Smaller players are more vulnerable in a deflationary environment with average selling price (ASP) pressures [2] - **AVIC Jonhon** faced margin deterioration due to precious metal price hikes [2] - Larger companies like **Sanhua** achieved margin beats through stringent SG&A cost control [2] - **Kstar** reported a gross profit margin (GPM) increase of over **3 percentage points** in its ESS segment due to a favorable product mix [2] Actionable Investment Ideas 1. **Buy Recommendations**: - **Hans Laser**: Strong demand in PCB and consumer electronics, with a **+96%** year-over-year growth in 3Q25 [3] - **Kstar**: Positive outlook with diversified customer base and robust ESS pipeline [3] - **Inovance**: Resilient momentum in industrial automation [3] - **Nari Tech** and **Centre Testing**: Defensive plays with stable margins [3] 2. **Sell Recommendations**: - **Raycus**: Limited military end-market sales [3] - **Baosight**: Continued weakness in domestic steel industry capex [3] - **Sanhua-A**: Potential profit-taking pressure due to overly optimistic market expectations [3] Sector Focus Areas 1. **AI Demand**: - **Hans Laser** is experiencing strong growth in PCB equipment sales due to capex expansion from key suppliers like **Victory Giant** for NVIDIA [6] - **Kstar** anticipates higher year-over-year sales growth in data center products driven by domestic and overseas orders [6] 2. **Energy Storage**: - **Sungrow** expects **40%-50%** global ESS installation growth in 2026, driven by renewable energy needs and market-driven policies in China [7] - **Kstar** aims to double its ESS sales growth in 2025, optimistic about demand outlook [7] 3. **Consumer Electronics**: - **OPT** anticipates stronger demand due to shifts in product form factors, particularly with Apple's upcoming products [8] - **Hans Laser** benefits from solid demand for iPhone 17 and next-generation smartphones [8] 4. **Overseas Expansion**: - **Hongfa** holds a dominant market share in HVDC relays and plans to expand capacity in Germany and Indonesia [10] - **Inovance** is also expanding overseas to support sales growth [10] Conclusion The China Industrial Technology sector shows a mix of strong growth opportunities, particularly in AI and energy storage, while facing challenges from smaller players and specific market weaknesses. Investment strategies should focus on larger, resilient companies with strong growth prospects while being cautious of smaller firms facing profitability issues.

Summary of UBTECH Conference Call Company Overview - **Company**: UBTECH - **Industry**: Humanoid Robots and Smart Service Robotics - **Market Position**: Leading player in China's humanoid robot and smart service robot market, with a diverse product portfolio including industrial, logistics, commercial, and educational applications [11][57] Key Insights Market Potential - **Global Humanoid Robot Sales**: Expected to reach 1 million units by 2030, driven by advancements in AI, 3D perception, control technologies, and declining costs of components [1][14] - **CAGR Forecast**: Anticipated 57% total revenue CAGR from 2025 to 2028, with humanoid robots contributing 66% of total sales by 2028, up from 21% in 2025 [3][30] Financial Projections - **Revenue Estimates**: Projected sales of HK$1,958 million in 2025, increasing to HK$4,958 million by 2027 [9] - **Net Income**: Expected to improve from a loss of HK$1,234 million in 2023 to a loss of HK$156 million by 2027, with a break-even point anticipated by 2028 [4][31] - **Valuation**: Price Objective (PO) set at HK$187, indicating a 34% upside potential from the current price of HK$140 [1][32] Product Development and Partnerships - **Walker-Series Deployment**: As of 2025, Walker-series humanoid robots deployed in major auto factories including BYD and FAW-Volkswagen, with strategic partnerships formed with Foxconn and SF Express [2][29] - **AI Network Development**: Introduction of BrainNet, an industrial-use AI network enabling collaboration among multiple humanoid robots [2] Sales Growth and Market Dynamics - **Sales CAGR for Humanoid Robots**: Expected 131% CAGR for humanoid robot sales from 2025 to 2028, with significant order backlog of over RMB600 million [3][30] - **ASP Reduction**: Anticipated average annual ASP reduction of 25% for Walker-series and 13% for Tiangong-series humanoid robots, driving demand growth [30] Risks and Challenges - **Market Risks**: Potential slower development of humanoid robots, increased competition, and technological complexities [1][3] - **Production Constraints**: Near-term production capacity constraints for key components may impact growth [48] Additional Insights - **Long-term Demand Drivers**: Aging population, labor shortages, and technological improvements are expected to drive demand for humanoid robots [46][49] - **Global Market Leadership**: The US and China are leading in humanoid robot technology, with different focuses on software and hardware integration [55][56] Conclusion UBTECH is positioned for significant growth in the humanoid robot market, with strong revenue projections and a robust product pipeline. The company is leveraging strategic partnerships and technological advancements to enhance its market presence, while also navigating potential risks associated with competition and production challenges.

Core Insights - The humanoid robot market is rapidly evolving, with significant involvement from companies like Nvidia, Tesla, Hyundai's Boston Dynamics, and Foxconn, indicating a shift from science fiction to practical applications in robotics [1][2]. Nvidia - Nvidia is set to enhance its robotics offerings starting in 2024, leveraging generative AI to expand capabilities in humanoid robot development [5][6]. - The company provides a comprehensive suite of software, hardware, and tools for the end-to-end development of humanoid robots, making it a key player in the market [6]. - Nvidia's platform is utilized by numerous companies developing humanoid robots, positioning it as a primary investment opportunity in this sector [8][9]. Tesla - Tesla is developing the Optimus humanoid robot, with CEO Elon Musk outlining a production timeline that includes a capacity of 1 million units by late next year [10][15]. - Despite Musk's history of optimistic timelines, the company has made significant progress in showcasing prototypes [12][13]. Hyundai and Boston Dynamics - Hyundai acquired an 80% stake in Boston Dynamics, which has a history of developing advanced robots like the Atlas and Spot [14][16]. - Boston Dynamics is expected to be a growth catalyst for Hyundai, although U.S. investors face challenges in accessing shares directly on the Korea Exchange [17]. Foxconn - Foxconn, known for its automation in electronics manufacturing, has partnered with Nvidia to integrate AI technologies into its operations [18][20]. - The company plans to deploy humanoid robots at its new smart-manufacturing plant in Houston, Texas, utilizing Nvidia's AI technology [21].