On December 1, UBTECH passed the hearing of the Hong Kong Stock Exchange and will be listed on the main board of the Hong Kong Stock Exchange, becoming the "first share of humanoid robots". According to the Sullivan report, UBTECH is one of the very few market participants in the global humanoid robot industry and took the lead in commercializing humanoid robots.
01 The company's business situation.
UBTECH is a well-known robotics company headquartered in China, dedicated to the design, production, commercialization, sales and marketing, and R&D of intelligent service robots and intelligent service robot solutions. According to Frost & Sullivan, UBTECH ranks third in China's intelligent service robot and intelligent service robot solution industry (in terms of revenue in 2022), with a market share of 28%；and China's largest provider of educational intelligent robots and intelligent robot solutions (in terms of revenue in 2022), with a market share of 225%。
The main business includes the following aspects:
1) Educational intelligent robots and intelligent robot solutions.
Revenue from educational robots and intelligent robot solutions accounted for 82% of total revenue in FY2020, FY2021, FY2022 and the first six months of 2023, respectively7%、 56.5%、 51.2% and 290%。
UBTECH's educational intelligent robots and intelligent robot solutions were sold to the ** Education Bureau. It can be used as a teaching tool to help students learn STEAM Xi, such as artificial intelligence and programming, and Xi, rather than just the general-purpose hardware (including computers and projectors) used in the teaching process.
2) Logistics intelligent robots and intelligent robot solutions.
The revenue of logistics intelligent robots and intelligent robot solutions accounted for 17%、 23.3%、 26.1% and 294%。UBTECH's logistics intelligent robots and intelligent robot solutions are designed and applied to large factories and warehouse enterprises such as new energy vehicle manufacturers.
3) Customized intelligent robots and intelligent robot solutions for other industries.
Revenue from customized intelligent robots and intelligent robot solutions in other industries accounted for 52%、 11.0%、 8.2% and 85%。This section covers various use cases such as schools (e.g. for greetings and cleaning), hospitals, airports, stations, shopping malls, banks and substations, providing guidance assistance, reception, hygiene, safety patrols, safety inspections and environmental condition monitoring.
4) Consumer-grade robots and other hardware devices.
Revenue from consumer-grade robots and other hardware devices accounted for 84%、 8.3%、 13.1% and 326%。This segment refers to the sale of robots equipped with consumer-grade and mass-market artificial intelligence functions, such as computer vision and voice interaction, for consumer home use. The main products offered include AirRobo Robot Vacuum, AirRobo Cat Litter Machine and Alpha Mini Wukong (non-educational) series.
02 Industry development.
According to Frost & Sullivan, the global market for intelligent service robots and intelligent service robot solutions has grown from US$11.4 billion in 2018 to US$23.5 billion in 2022 in terms of sales revenue, with a CAGR of 198%。Looking ahead, according to Frost & Sullivan, the global market size of intelligent service robots and intelligent service robot solutions is expected to reach US$62.8 billion, growing at a CAGR of 17. from 2022 to 2028, as the types and functions of intelligent service robots and intelligent service robot solutions expand and become more mature and flexible8%。
China** has launched a series of favorable policies, such as the "Robot + Application Action Implementation Guidelines" issued by the Ministry of Industry and Information Technology and several other China** departments in January 2023, to promote the development of the robotics industry. As a result, market participants in China's intelligent service robot and intelligent service robot solution industry have seen agglomeration and synergy. In addition, the strong market demand in China has provided more opportunities and confidence for intelligent service robots and intelligent service robot solutions to launch innovative products and services. According to Frost & Sullivan, in terms of sales revenue, China's intelligent service robots and intelligent service robot solutions market increased from RMB19.3 billion in 2018 to RMB51.6 billion in 2022, with a compound annual growth rate of 279%。
03 Financial Status.
In FY2020, FY2021, FY2022, the first six months of 2022 and the first six months of 2023, UBTECH's total revenue was RMB7402 million yuan, 817 yuan2 million yuan, 1,008 yuan3 million yuan, 283 yuan5 million and 261$1 million. The proportion of business situation is shown in the figure
In FY2020, FY2021, FY2022, the first six months of 2022 and the first six months of 2023, UBTECH incurred a net loss of RMB7070 million yuan, RMB 9175 million yuan, 987 yuan4 million yuan, 515 yuan2 million and RMB547$9 million.
In FY2020, FY2021, FY2022, the first six months of 2022 and the first six months of 2023, UBTECH's R&D expenditure was RMB4288 million yuan, 517 yuan1 million yuan, 428 yuan3 million yuan, 205 yuan0 million and RMB224$3 million. These R&D costs accounted for approximately 57 percent of the total revenue for the same period in the same year9%、 63.3%、 42.3%、 72.3% and 859%。
04 Shareholders and Financing.
After reading the prospectus, UBTECH's financing process is quite luxurious, and the valuation at the time of the last round of financing was more than 32 billion yuan.
Among the current shareholders, the founder Zhou Jian holds 2548% of the shares, BYD co-founder Xia Zuoquan holds 563% of the shares. In addition, Tencent and Qiming Venture Capital also hold more than 5% of the shares. State-owned background: Liuzhou Industrial Investment**, Jiujiang Industrial Investment**, and ICBC Shenzhen also hold some shares. Dinghui Investment, which mainly invested in the B round, should have withdrawn after 18 years.
05 Summary.
From the financial point of view, the company has been losing money, or relatively short of money, not listed to finance a wave is indeed a bit difficult, I am still skeptical about the profit prospects of this track.
Guotai Junan International is the sole sponsor, from the perspective of this sponsor brokerage, UBTECH is of average quality, and the big brokerages are not interested, or the company took the initiative to find this medium-sized one.
After reading the prospectus, there are still a lot of small flaws.
But from this point in time, the humanoid robot track is now a good time to go on the market, and the upcoming mass production of Tesla's humanoid robot may bring a wave of trends in the world.
In 2020, when Li Auto and Xiaopeng Motors were listed, they caught up with Tesla and the new energy track to soar, and the valuation took off directly at that time.
If it can be listed in the near future, it happens to meet the hype of the humanoid robot track, and I think it can be fried for a few days after the listing.
However, I think the track of robots is still not as good as new energy, and compared to new energy, it has really landed, unless robots are also rapidly commercialized on a large scale in the next few years, it is estimated that it is unlikely.
In the long run, if the robot industry does not develop, it is estimated that it is the peak of listing, think about SenseTime, the financing process is similar, the track prospects after listing are average, and there is no profit after the lock-up period is such a treatment.