温馨提示 ： 点击下方图片，查看运营团队6月最新原创报告（共235页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 知识星球"机器人头条" ，后添加（ 微信号：lietou100w ）微信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 上一篇写宇树和智元的文章，因为聊太多被官方投诉、删稿了；今天写一下智元和优必选，简单聊一下，更深解读请前往 "机器人头条"知识星球 查看相应文章。 相较于[智元机器人]及其代表的火爆的人形机器人市场，[优必选]略显落寞。 近日，一向看好[优必选]的花旗银行，发布最新研报再一次下调了优必选25年和26年的出货量，从500/3000台下调至300/1000台，主要原因有两点：1） 人形机器人进展不如预期，原定于二季度实现的进展已推迟到三季度，包括[比亚迪]的订单和新一代工业机器人Walker S2发布；2）今年3月27日与东风柳汽签约，将在 上半年完成在其汽车制造工厂内部署20台Walker S1，如今没有交货，部分机器人仍属于POC阶段。 [优必选]已经不止一次延期交付了；2024年 8月，优必选科技副总裁、研究院执行院长焦继超向媒体透露，优 ...

Flash | 25 Jun 2025 11:59:50 ET │ 12 pages UBTECH Robotics (9880.HK) Industrial Tour Tracker 2025 | Back-Loaded Humanoid Robot Delivery in 2025 CITI'S TAKE We met with UBTECH in Shenzhen on the first day (24 Jun) of our China Industrial Plant Tour. The key takeaways from our discussion with management are: 1) while YTD progress on the humanoid robot business seems to be behind schedule, management maintained that the 2025 shipment guidance of 300–500 units not only could be met but could also be overly achi ...

Summary of the Conference Call for UBTECH Robotics Company Overview - UBTECH Robotics is a leader in the humanoid robotics industry, established in 2012, focusing on service robots and intelligent solutions design, production, commercialization, and sales [10][12][24] - The company has built strong partnerships with major clients such as Tianqi, Liuzhou Automobile, and Geely, which has facilitated the training of its robots in these clients' factories [2][3][10] Industry Position - UBTECH is recognized as a top player in the domestic humanoid robotics sector, having made significant advancements in research and development over the years [3][8] - The company has a first-mover advantage, having showcased its technology on major platforms like the Spring Festival Gala in 2016 [4][12] Product Development and Orders - The product line has evolved from Walker X to Walker S1, Walker S2 (2025), and plans for Walker S3 (2026), demonstrating consistent technological upgrades [2][3] - In 2025, UBTECH secured orders for 500 humanoid robots from Juran Home, with a target of 10,000 units, and a deployment plan for 20 Walker C1 industrial robots with Dongfeng Liuzhou [2][5][6] Market Expansion and Projections - The company anticipates a production volume of 300-500 units in 2025, with expectations for accelerated market share growth in 2026 [2][6] - Revenue projections for 2027 are estimated at 1.9 billion, 2.8 billion, and 3.6 billion yuan, with year-on-year growth rates of 45%, 49%, and 40% respectively [4][9] Software and Technology Innovations - UBTECH is enhancing its software capabilities through data collection from industrial applications, which is expected to facilitate rapid market share expansion [6][22] - The introduction of group intelligence technology in 2025 aims to improve collaboration in high-demand industrial scenarios [7][22] Competitive Landscape - The global humanoid robotics market is rapidly evolving, with competitors like Tesla and Yushutech launching new products, indicating a dynamic industry environment [17] - UBTECH's valuation of 35 billion HKD is relatively low compared to international peers, suggesting significant growth potential [4][8][24] Policy and Industry Support - National policies, such as the "14th Five-Year" robotics development plan, are expected to drive growth in the humanoid robotics sector, with government emphasis on innovation and technology breakthroughs [16] Conclusion - UBTECH Robotics is positioned for substantial growth in the humanoid robotics market, supported by strong partnerships, innovative product development, and favorable industry policies, with a clear path towards profitability and market leadership in the coming years [9][24]

优必选（9880.HK）发布2024年业绩，1）营收：24全年实现营收13.05亿元，同比增长23.7%，显著高于 2023年4.7%的增长率，主要受益于消费级机器人和行业定制智能机器人业务的大幅增长。2）利润：24全 年实现毛利3.74亿元，同比增长12.4%，但整体毛利率为28.7%，同比下滑2.8pct，主要系公司收入结构变 化，毛利率较低的消费级机器人收入占比上升。3）净利润：24全年归母净亏损11.6亿元，同比收窄 8.3%。 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 产品量产、部署及交付。2）C端智慧硬件领域，将持续推动智能家居产品的开发，如猫砂机器人及即将推 出的智能割草机器人M10，并计划扩展至M20、M30等更高端型号，瞄准欧美市场的广阔需求。3）人工智 ...