Group 1 - The event featured a race between the mascots "Xi Yang Yang" and "Le Rong Rong" and the humanoid robot Walker S, with "Le Rong Rong" winning in 1 minute and 56.20 seconds [1] - The humanoid robot's performance tested its visual perception and movement capabilities, requiring it to navigate complex environments and demonstrate control, agility, and endurance [1] - The humanoid robot also participated in the opening ceremony and assisted in award presentations during the boxing events [1] Group 2 - The mascots engaged in playful interactions during the race, which delighted the audience, showcasing their ability to perform dynamic movements [2] - The performance included choreographed actions like "chasing each other" to make the race more engaging for spectators [2] - Additionally, robotic dogs were utilized as javelin transporters, capable of running at speeds up to 6 meters per second, effectively reducing labor costs during the javelin events [2]

Core Viewpoint - The company, UBTECH, reported a total revenue of 1.305 billion yuan for 2024, marking a year-on-year increase of 23.7%, but continues to face significant losses, with a net loss of 1.16 billion yuan, although this represents a narrowing of 8.3% compared to the previous year [1][2] Revenue Breakdown - The revenue from educational robots and intelligent robot solutions was 363 million yuan, up 4.6% year-on-year [3] - Revenue from logistics intelligent robots and solutions decreased by 17.5% to 322 million yuan due to incomplete project deliveries [3] - Custom intelligent robots and solutions saw a significant increase of 126.1%, reaching 141 million yuan, attributed to new application scenarios and increased sales of humanoid robots [3] - Consumer-grade robot products generated 477 million yuan, an increase of 88.1%, driven by the launch of new consumer products [3] Market Performance - Domestic revenue was 877 million yuan, a 6.4% increase, while overseas revenue surged by 85.5% to 428 million yuan, accounting for 32.8% of total revenue [4] - The company’s overseas sales primarily consist of consumer-grade robots, including pet robots and lawn mowers [4] Profitability and Cost Structure - The gross profit margin decreased to 28.7%, down 2.8 percentage points from the previous year, primarily due to a shift in product mix towards lower-margin consumer-grade robots [5] - Operating costs rose from 611 million yuan in 2022 to 723 million yuan in 2023, with sales expenses increasing significantly from 373 million yuan to 506 million yuan, raising the sales expense ratio from 37.0% to 47.9% [5] Humanoid Robot Development - The company delivered only 10 humanoid robots in 2024, but remains committed to advancing this segment, with expectations for significant order deliveries by 2025 [6][12] - Collaborations with major automotive companies are in place, with plans for substantial deployments of humanoid robots in manufacturing settings [6] Executive Actions - Company executives initiated a stock buyback plan, indicating confidence in the humanoid robot sector and aiming to bolster investor sentiment [8][9] - The increase in accounts receivable and bad debt provisions raises concerns about cash flow and potential risks if humanoid robots do not perform as expected [11][12] Industry Context - The challenges faced by another unicorn in the humanoid robot sector, Dahua Robotics, highlight the financial pressures within the industry, emphasizing the need for UBTECH to navigate its growth and profitability carefully [12]