智通财经APP获悉，优必选(09880)再涨超5%，高见151.8港元创去年7月以来新高。截至发稿，涨 6.01%，报149.9港元，成交额11.58亿港元。 消息面上，9月29日，"优必选科技"微信公众号发消息称，日前，优必选智慧物流子公司UQI优奇与天 奇自动化工程股份有限公司正式签订采购合同。天奇股份将采购总价3000万元的优必选工业人形机器人 Walker S系列，该笔采购将于2025年12月31日前完成交付。优必选表示，加上本次订单，截至目前，优 必选Walker系列人形机器人已获得近4.3亿元合同。其中，不包括今年3月优必选与北京人形机器人创新 中心联合推出的全尺寸科研教育人形机器人天工行者的订单。 招商证券国际发表报告指，人形机器人链整机首推优必选。该行上调优必选目标价，由155港元升至172 港元，相当预测2026财年市销率的26.7倍，反映持续订单催化提估值，维持盈利预测不变。目前优必选 Walker系列人形机器人累计合同金额已近4.3亿元，其中9月获得的2.5亿元大单仍为全球最大人形机器人 订单。该行认为优必选近期订单、交付持续兑现，将加速其技术叠代，预计年底BOM成本降低20- 30%， ...

记者丨 赵云帆 编辑丨包芳鸣 （资料图） 9月29日，人形机器人上市公司优必选（09880.HK）宣布，公司智慧物流子公司UQI优奇与天 奇股份（002009.SH）正式签订采购合同。天奇股份将采购总价3000万元的优必选工业人形机 器人Walker S系列，该笔采购将于2025年12月31日前完成交付。 公开信息显示，天奇股份为A股知名自动化制造业解决方案供应商，客户涵盖比亚迪、吉利、 蔚来、赛力斯、理想、特斯拉、福特等国内外众多主流车企。天奇股份与优必选是关联紧密的 产业伙伴，两公司自2020年设立合资开始持续维持紧密合作，探索机器人在工业领域的应用。 业内知情人士指出，此举标志着双方的合作进入规模化新阶段。 值得注意的是，优必选自从2025年中报发布以来便不断披露获订信息，截至目前，今年公司新 获人形机器人订单金额合计超4.3亿元，其中包括上半年已经交付的5000万元订单。 在不断的订单与合作助攻之下，近期优必选二级市场股价也势如破竹。截至9月29日，9月以 来，优必选股价累计上涨47.75%，总市值已经来到667.31亿港元。 人形机器人订单接踵而至 2025年中报披露期过后，优必选开始陆续披露获得订 ...

21世纪经济报道记者 赵云帆 9月29日，人形机器人上市公司优必选（09880.HK）宣布，公司智慧物流子公司UQI优奇与天奇股份 （002009.SH）正式签订采购合同。天奇股份将采购总价3000万元的优必选工业人形机器人Walker S系 列，该笔采购将于2025年12月31日前完成交付。 公开信息显示，天奇股份为A股知名自动化制造业解决方案供应商，客户涵盖比亚迪、吉利、蔚来、赛 力斯、理想、特斯拉、福特等国内外众多主流车企。天奇股份与优必选是关联紧密的产业伙伴，两公司 自2020年设立合资开始持续维持紧密合作，探索机器人在工业领域的应用。 业内知情人士指出，此举标志着双方的合作进入规模化新阶段。 值得注意的是，优必选自从2025年中报发布以来便不断披露获订信息，截至目前，今年公司新获人形机 器人订单金额合计超4.3亿元，其中包括上半年已经交付的5000万元订单。 在不断的订单与合作助攻之下，近期优必选二级市场股价也势如破竹。截至9月29日，9月以来，优必选 股价累计上涨47.75%，总市值已经来到667.31亿港元。 2025年中报披露期过后，优必选开始陆续披露获得订单进展。 9月3日，优必选称获得某国 ...

Core Viewpoint - After securing a $1 billion strategic financing, UBTECH Robotics has received a new order worth 250 million yuan for humanoid robots, indicating positive momentum for the company [2][3]. Group 1: Recent Developments - UBTECH announced a procurement contract for humanoid robot products and solutions worth 250 million yuan, primarily for the Walker S2 industrial humanoid robot, with delivery set to begin this year [2]. - This order follows a previous contract with Meiyi (Shanghai) Automotive Technology Co., amounting to 90.51 million yuan, marking UBTECH's second significant order and setting a record for the largest order in the global humanoid robot sector [3]. - The Walker series has secured nearly 400 million yuan in contracts to date, including approximately 50 million yuan delivered in the first half of the year [6]. Group 2: Financial Insights - UBTECH's stock price has seen a decline from a peak of 328 HKD to 103.4 HKD as of September 3, with a current market capitalization of approximately 48.8 billion HKD [9]. - The company has completed five rounds of financing since its IPO, raising a total of about 4.538 billion HKD (approximately 4.146 billion yuan) [9]. Group 3: Market Position and Competition - UBTECH has established partnerships with several major automotive and logistics companies, including Dongfeng Liuzhou Motor, Geely, and SF Express, but its humanoid robot products are still in the proof-of-concept stage [10]. - The company faces competition from other humanoid robot startups, such as Yuzhu Technology and Zhiyuan Robotics, which have reported significant revenue and delivery growth [13]. Group 4: Technological Capabilities - As one of the earliest entrants in the humanoid robot market, UBTECH possesses comprehensive technical capabilities, including self-developed technologies like BrainNet 2.0 and Co-Agent for autonomous and collaborative operations [14]. - However, the company has yet to establish a supply chain price advantage, with the Walker S series priced above 900,000 yuan per unit, making it the most expensive humanoid robot in China [13]. Group 5: Future Outlook - UBTECH aims to deliver 500 industrial humanoid robots by the end of 2025, with revised shipment forecasts indicating potential deliveries of 2,000 to 3,000 units next year [7]. - The recent strategic partnership with Infini Capital for $1 billion in funding is expected to enhance UBTECH's market presence and support its expansion into the Middle East [9].

Core Viewpoint - The humanoid robot industry is accelerating its commercialization, with significant contracts and partnerships being established, indicating a strong growth trajectory for companies like UBTECH [1][4]. Group 1: Company Developments - UBTECH has secured a record contract worth 250 million yuan for its humanoid robot products, specifically the Walker S2 model, marking the largest contract in the global humanoid robot sector to date [1]. - The total value of contracts for UBTECH's Walker series has reached nearly 400 million yuan, including approximately 50 million yuan delivered in the first half of the year [1]. - The company is focusing on industrial applications, with the Walker S series entering a 2.0 phase, enabling multi-robot collaboration for various industrial tasks [3]. Group 2: Financial Implications - Citigroup has stated that if all of UBTECH's orders are delivered this year, the revenue forecast for 2025 could be adjusted upwards by about 8% [3]. - UBTECH's stock price experienced a significant increase following the announcement of the new contract, reaching a recent high of 112.3 HKD per share before closing at 102.5 HKD, with a market capitalization of 48.373 billion HKD [1]. Group 3: Strategic Partnerships - UBTECH has signed a strategic partnership agreement with Infini Capital for a total financing credit line of 1 billion USD, which includes various financing methods and aims to establish a joint venture in the Middle East [4]. - The partnership is expected to enhance UBTECH's capabilities in the humanoid robot supply chain and expand its market presence, particularly in the Middle East [4]. Group 4: Industry Trends - The humanoid robot industry in China is characterized by a focus on hardware development and practical applications, with an emphasis on cost reduction and scalability [5]. - Key milestones for the industry include reducing core component costs, achieving breakthroughs in embodied intelligence, and establishing a robust supply chain [5].

智通财经APP获悉，优必选(09880)高开逾6%，截至发稿，涨6.38%，报110港元，成交额7935.4万港 元。 目前，优必选已与比亚迪、东风柳汽、吉利汽车、一汽-大众青岛分公司、奥迪一汽、北汽新能源、富 士康、顺丰等新能源汽车制造、3C制造、智慧物流等领域的知名企业合作，工业人形机器人Walker S系 列进入全球最多工厂实训。 消息面上，9月3日，据优必选官微消息，继7月斩获近亿元的全球人形机器人企业最大单笔订单后，优 必选再次刷新纪录，获得某国内知名企业2.5亿元具身智能人形机器人产品及解决方案采购合同，该合 同以人形机器人Walker S2(具备自主热插拔换电系统)为主，优必选将在今年内启动该合同交付。这也是 截止目前全球人形机器人最大的合同。 据公开数据统计，截止目前，优必选Walker系列人形机器人已获得近4亿元合同(含H1已交付近5000万元 人形机器人订单)，这其中还不包括今年3月优必选与北京人形机器人创新中心联合推出的全尺寸科研教 育人形机器人天工行者的订单。 ...

Core Viewpoint - The company Youbixun has secured a significant contract worth 250 million yuan for humanoid robot products and solutions, marking the largest contract in the global humanoid robot sector to date [4][6]. Group 1: Contract Achievements - Youbixun has obtained contracts totaling nearly 400 million yuan for its Walker series humanoid robots, including a nearly 50 million yuan order delivered in the first half of the year [4][6]. - The recent 250 million yuan contract is a major milestone, following a previous record order of nearly 100 million yuan received in July [4][6]. Group 2: Technological Advancements - The Walker S2 humanoid robot features a pioneering autonomous battery swapping technology, enabling continuous operation 24/7 [5]. - The robot is equipped with BrainNet 2.0, an advanced AI technology that allows for both individual autonomy and collaborative evolution among multiple robots [6]. Group 3: Industry Collaborations - Youbixun has established partnerships with notable companies in various sectors, including BYD, Dongfeng Liuzhou Motor, and Foxconn, enhancing the deployment of its industrial humanoid robots in numerous factories globally [5].

Core Insights - The robot industry is experiencing significant growth, with a 27.8% year-on-year revenue increase in the first half of 2025, indicating a shift from technology showcase to mass production [1] - The price of humanoid robots is expected to decrease significantly, as evidenced by the launch of the R1 model at a starting price of 39,900 yuan [1][7] - Companies are focusing on practical applications and commercial viability, with a notable shift towards the cultural and tourism sectors, which now account for 60% of revenue for some firms [3][4] Industry Growth - The humanoid robot industry is projected to double its shipment volume annually in the coming years [6] - Companies like Yunmu Zhizao have seen a dramatic increase in revenue, from over 4 million yuan in 2024 to more than 55 million yuan in 2025, with expectations to exceed 100 million yuan for the year [3] Market Dynamics - The competition is intensifying, with companies needing to answer whether their orders can outpace technological advancements and if they are prepared for price competition [1] - The emergence of lower-priced humanoid robots, such as the R1, raises questions about potential price wars in the industry, although some industry leaders believe that price is not the primary constraint [7][8] Application and Commercialization - The commercial application of bipedal humanoid robots in industrial settings is still in its early stages, with most deployments being limited to specific job functions [4][10] - Companies like Qingtong Intelligent have deployed over 100,000 robotic products, with significant growth in overseas markets [5] Technological Challenges - The industry faces challenges related to the lack of operational data for industrial applications, which is crucial for developing effective models for humanoid robots [15] - The complexity of creating high-quality embodied intelligence is a significant barrier to mass production, requiring advancements in data collection and model training [15][16]

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]

Core Viewpoint - The article highlights the growth and strategic direction of UBTECH Robotics, emphasizing its advancements in humanoid robotics and the potential for commercialization in various industries [1][3][8]. Financial Performance - In 2024, UBTECH achieved total revenue of 1.305 billion yuan, representing a year-on-year growth of 23.7% [1] - The company invested 478 million yuan in R&D, accounting for 36.6% of its revenue [1] - Gross profit reached 374 million yuan, with a year-on-year increase of 12.4%, and losses narrowed by 8.3% compared to the previous year [1] Business Segments - The industry-customized robot business generated 140 million yuan in revenue, growing by 126.1% [1] - The consumer-grade robots and other smart hardware contributed 477 million yuan, with an 88.1% increase [1] - The AI education business brought in 363 million yuan, marking a 4.6% growth [1] Strategic Focus - UBTECH positions humanoid robots as a key element of "embodied intelligence" and aims to integrate these technologies into everyday life [3] - The company is committed to advancing humanoid robotics, multi-modal perception, and decision-making technologies [3] - UBTECH's management views humanoid robots as the ultimate form of embodied intelligence and a critical area for future productivity [3] Technological Advancements - UBTECH's BrainNet architecture and humanoid intelligent network central (loH) enhance the reasoning and skill capabilities of humanoid robots [4] - The company has received the Leading Technology Award at the World Internet Conference for its advancements in embodied intelligence technologies [6] - As of December 31, 2024, UBTECH holds 2,680 authorized patents, with over 500 new patents added in the past year [6] Market Position and Collaborations - UBTECH has established partnerships with major automotive companies, including Dongfeng Liuzhou Motor and BYD, to deploy humanoid robots in factories [7] - The company plans to deliver 20 humanoid robots to Dongfeng Liuzhou Motor and 500 humanoid robots to居然智家 by the end of 2025 [7] - UBTECH is recognized as a leading player in the humanoid robotics sector, drawing comparisons to Tesla during its early growth phase [7][8] Industry Recognition - UBTECH is the only Chinese humanoid robotics company included in Morgan Stanley's report on the humanoid robotics industry [8] - The company has received extensive coverage from multiple securities firms, reflecting a positive outlook on the humanoid robotics market [8]