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]

腾讯的Robotics X实验室携手越疆科技，开启了一场关于人形机器人智能控制技术与AI大模型应用的联合开发之旅。这不仅是技术的强强联合，更 是对未来人形机器人智能交互和自主决策能力的一次大胆探索，为产品的商业落地筑牢了技术根基。 人形机器人商业化进程正加速推进，万亿级赛道即将迎来全面爆发。 这并非夸大其词，而是有多重事实支撑： 随着政策加码、技术迭代与巨头入场，掌握核心技术的企业有望开启主升浪。经深度复盘，梳理出三家机构重仓、业绩高增的核心标的： 华为昇腾AI与优必选的深度合作，更是聚焦于人形机器人的"大脑"核心，AI算力与操作系统的融合创新，将加速Walker X等产品规模化落地的步 伐。 与此同时，北京、上海等地纷纷出台人形机器人专项扶持政策，从"以旧换新"补贴到纳入机器人领域的全方位支持，政策的东风为行业的发展提 供了强大的助力，让企业能够在创新的道路上更加稳健地前行。 据权威机构预测，到2030年，全球人形机器人市场规模将达到万亿级别，而当前，行业正处于从0到1的关键渗透期。 作为人形机器人传感器领域领军者，一季度业绩大增2815%，且正推进股权并购协议。若并购成功，技术协同效应显著，当前股价处于低 ...

人形机器人系列（九）： 从Components到Functions，看手 眼协作、大小脑协同的投资机会 长江证券研究所机械研究小组 2025-05-06 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师 赵智勇 分析师 倪蕤 分析师 刘晓舟 SAC执业证书编号：S0490517110001 SAC执业证书编号：S0490520030003 SAC执业证书编号：S0490524030001 SFC执业证书编号：BRP550 分析师及联系人 %% %% research.95579.com 2 01 人形机器人产业快速推进，仍存 在应用痛点 02 Functions仍有瓶颈约束，视觉+ 运控+手眼协同为重要细分架构 目 录 %% research.95579.com 3 01 人形机器人产业快速推进，仍存在应用痛点 %% %% %% %% %% %% research.95579.com 4 人形机器人首先是要造好一个人形机器人本体 01 ➢ 2022年10月特斯拉提出人形机器人OPtimus硬件设计方案，遵循第一性原理，包括14个旋转 ...