11月17日，第十五届全运会田径比赛迎来第三个比赛日。在正式开赛之前，广东奥林匹克体育中心上演了一场"人""吉"赛跑，十 五运吉祥物"喜洋洋""乐融融"与优必选人形机器人Walker S进行百米赛跑，最终吉祥物"乐融融"以1分56秒20获得冠军。 机器人操作者、深圳市优必选科技股份有限公司技术支持高级经理陈胜亚告诉南方财经记者，机器人跑步主要考验的是其视觉 感知能力和运动能力，需要识别外界的复杂环境并做出避障，对运动控制、舵机、关节爆发力、续航能力等都提出了要求。虽 然这次比赛以展示为主，相信在不远的未来，机器人将会参与真人百米赛跑。 据了解，这款人形机器人还在十五运会开幕式上，通过敲击青铜句鑃完成了一场"古今对话"表演，并在11月14日十五运会拳击 项目用于辅助颁奖，于11月5日和8日在主媒体中心用于迎宾礼仪。 在赛跑的过程中，"喜洋洋""乐融融"做出了转圈、跳动、你追我赶，并驻足等待人形机器人，与其互动，可爱的举动受到现场 观众的喜爱。 机器狗。谭砚文摄。 十五运会广州赛区体育展示与颁奖执行团队"乐融融"扮演者刘泽鑫告诉南方财经记者，因为百米的距离很长，因此与"喜洋 洋"扮演者设计了"你追我赶"等动作表演 ...

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]