机器人成为2025年投资热词。日前举行的香港国际AI艺术节，更成为市场与公众关注的焦点。 在本次AI艺术节上，有全感官沉浸式展、机器人乐队、人机棋艺对弈、仿生机器人……在这场以"预见 未来：现实与无界"为主题的盛会中，演绎精彩的，变成了一个个人工智能与艺术创意融合的作品与场 景。 可以说，此次活动让机器人成为投资风口的底色愈发鲜明。市场热度已通过数据直观印证，国证机器人 产业指数年内累计上涨33.5%，这一聚焦人形机器人本体及核心零部件的指数成份股中，人形机器人含 量高达 80%，领跑同类指数，机器人ETF易方达（159530）等相关产品也持续获得资金青睐。 中国基金报和易方达基金指数研究员深入此次活动现场，解码这场科技盛宴背后的技术跃迁与投资机 遇。 机器人嘉年华 亮点纷呈 本届艺术节堪称机器人技术的"集中秀场"，其中"机器人嘉年华"板块汇集了宇树科技、优必选等30余家 机器人企业的100多台机器人。 在这里，见到宇树科技机器人舞蹈！ 运货机器人！ 从整个展会来看，不管是AI艺术的创新表达，还是机器人的硬核技术，都充分展示出科技赛道的活 力。 机器人乐队可以演奏超过百只曲子。 还有熊猫造型的机器人打太极拳！ ...

机器人成为 2025 年投资热词。日前举行的香港国际 AI 艺术节，更成为市场与公众关注的焦 点。 在本次 AI 艺术节上，有全感官沉浸式展、机器人乐队、人机棋艺对弈、仿生机器人 …… 在 这场以 " 预见未来：现实与无界 " 为主题的盛会中，演绎精彩的，变成了一个个人工智能与 艺术创意融合的作品与场景。 可以说，此次活动让机器人成为投资风口的底色愈发鲜明。市场热度已通过数据直观印证 ， 国证机器人产业指数 年内累计 上涨 33.5 % ，这一聚焦人形机器人本体及核心零部件的指数 成份股中 ，人形机器人 含量高 达 80% ，领跑同类指数 ， 机器人 ETF 易方达（ 159530 ） 等相关产品 也持续获得资金青睐。 中国基金报和易方达基金指数研究员深入 此次活动 现场，解码这场科技盛宴背后的技术跃迁 与投资机遇。 机器人嘉年华 亮点纷呈 本届艺术节堪称机器人技术的 " 集中秀场 " ，其中 " 机器人嘉年华 " 板块汇集了宇树科 技、优必选等 30 余家机器人企业的 100 多台机器人。 在这里，见到宇树科技机器人舞蹈！ 还有熊猫造型的机器人打太极拳！ 机器人乐队可以演奏超过百只曲子。 还有可爱的悟空机器 ...

Core Viewpoint - Jianyin International has issued a report rating UBTECH as "Outperform" and raised the target price from HKD 115 to HKD 125, citing strong performance in the first half of the year with a 27.5% year-on-year revenue increase and significant cost reductions [1] Financial Performance - UBTECH's revenue for the first half of the year increased by 27.5% year-on-year [1] - The company has seen revenue growth in both educational and consumer robots [1] - The first half revenue typically accounts for only 35% of the annual total, indicating potential for significant improvement in the second half [1] Future Outlook - The company is expected to improve significantly in the second half of the year, with a break-even point anticipated [1] - The delivery of humanoid robots is set to expand in the second half, contributing to the expected performance improvement [1] - The report highlights the compelling narrative and scarcity of the investment opportunity in UBTECH [1]

Key Points - The article highlights the recent trends in investment opportunities across various sectors, including new consumption, hard technology, and healthcare [1] - It provides a detailed overview of significant financing activities that occurred in the week from May 24 to May 30 [3] New Consumption Sector - LeXiang Technology, a domestic smart robotics company, announced the completion of a hundred million-level angel+ round financing, led by JinQiu Fund, with participation from existing shareholders [2][4] - DiGua Robotics, a subsidiary of Horizon Robotics, completed a $100 million Series A financing round, attracting numerous investment institutions [2][7] Hard Technology Sector - Guorui New Materials announced the completion of several hundred million yuan in Series B financing, with investments from multiple venture capital firms [2][11] - Chip source new materials completed Series C financing, exclusively funded by Xiaomi's equity investment fund [2][20] Healthcare Sector - Chenglian Technology, a digital oral healthcare company, successfully completed nearly 200 million yuan in B+ round financing, bringing its total financing to over 500 million yuan [2][27] - Shenzhen Yuru Cheng Dental Materials Co., Ltd. completed a new round of financing worth several tens of millions of yuan, led by Zijin Port Capital [2][29]

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]