On May 12, Huawei and UBTECH Technology officially inked a comprehensive cooperation agreement in Shenzhen. The accord aims to foster innovative synergies in product technology R&D, scenario application, and industrial systems, with a particular focus on embodied intelligence and humanoid robots.

The agreement outlines that both parties will leverage Huawei's strengths in Ascend, Kunpeng, Huawei Cloud, and large models, along with its R&D and production supply expertise, in tandem with UBTECH's full-stack humanoid robot technology. This collaboration aims to enhance the efficiency and scalability of humanoid robots, transitioning them from laboratory innovations to industrial, household, and other real-world applications.

Huawei will utilize its comprehensive AI infrastructure to support UBTECH in establishing an embodied intelligence innovation center and developing a joint scenario-based demonstration solution for "humanoid robots + smart factories." Additionally, the two companies will collaborate on the development of household service humanoid robots, encompassing both bipedal and wheeled models.

Dissecting the UBTECH Robot Industry Chain

Upstream Suppliers

• Mechanical Component Suppliers: Leadshine Technology supplies precision harmonic reducers; Jingduan Technology provides planetary reducers; Sunway CoTech supplies metal structural parts; Siling collaborates on harmonic reducers.
• Electrical Component Suppliers: Mozart Electric offers coreless motors; Dechang provides frameless motors; Leadshine furnishes servo control systems; Rockchip supplies chips.
• Sensor Suppliers: Orbbec presents 3D visual perception solutions; Wanji Technology provides LiDAR products; Hanwei Technology and Fulai New Materials supply sensors such as electronic skin; Zhucheng Technology offers electronic connectors; Suntd supplies PCB products.

Midstream Manufacturers

• UBTECH itself: Responsible for the overall design, R&D, assembly, and testing of robots, UBTECH boasts full-stack humanoid robot technology and holds a technological edge with 2,680 patents.
• Joint Ventures: For instance, UBTECH and Tianqi Auto have jointly invested in Wuxi Uqi Intelligent Technology to collaborate in intelligent manufacturing, enhancing the efficiency and intelligence of the robot production process.

Downstream Applications and Partners

• Industrial Scenarios: Collaborating with automakers, UBTECH's products, Walker S1 and Walker C, are utilized for production line handling and commercial reception in automotive factories. The company also partners with Huawei to create a joint demonstration solution for "humanoid robots + smart factories."
• Household Scenarios: Working with Easyhome to develop smart furniture and home solutions, UBTECH plans to develop bipedal and wheeled household service robots in collaboration with Huawei.
• Technical Partners: Collaborating with iFLYTEK to leverage its speech recognition and natural language processing technologies for human-computer interaction and intelligent voice control; partnering with Huawei to enhance robots' intelligence and application scenarios through technologies like Ascend, Kunpeng, Huawei Cloud, and large models.

Profitability Analysis of Enterprises in the UBTECH Robot Industry Chain

Corporate profitability is typically gauged by the amount and level of corporate earnings over a specified period. This analysis delves into the company's profit margins.

This article, part of the "Profitability" section of the Enterprise Value series, selects 26 enterprises within the UBTECH robot industry chain as research samples, using metrics such as Return on Equity (ROE), Gross Margin, and Net Margin as evaluation criteria.

Note: The data is based on historical information and does not predict future trends; it serves for static analysis only and does not constitute investment advice.

No. 10 Lumoptix

• Industry Segment: Other Automation Equipment
• Profitability: ROE 2.70%, Gross Margin 34.66%, Net Margin 4.50%
• Performance Forecast: ROE has steadily declined to 2.70% over the past three years, with the latest forecast average at 4.30%
• Main Product: Machine vision products, accounting for 70.97% of revenue, with a gross margin of 36.40%
• Company Highlight: Lumoptix's wholly-owned subsidiary, Yuanke Vision, has launched the AI motion capture product FZmotion, whose solution already serves UBTECH.

No. 9 iFLYTEK

• Industry Segment: Horizontal General Software
• Profitability: ROE 3.21%, Gross Margin 42.63%, Net Margin 2.17%
• Performance Forecast: ROE has fluctuated between 3% and 4% over the past three years, with the latest forecast average at 5.18%
• Main Product: Smart education, accounting for 30.97% of revenue, with a gross margin of 54.94%
• Company Highlight: iFLYTEK specializes in core AI technology research, AI product development, and industry applications. The company holds shares in UBTECH.

No. 8 EDAW Technology

• Industry Segment: Printed Circuit Boards
• Profitability: ROE 4.07%, Gross Margin 33.32%, Net Margin 9.26%
• Performance Forecast: ROE has steadily declined to 4.07% over the past three years, with the latest forecast average at 6.32%
• Main Product: PCBA manufacturing services, accounting for 79.09% of revenue, with a gross margin of 30.52%
• Company Highlight: EDAW Technology specializes in PCB design and PCBA manufacturing services. Its robot clients include Unitree Robotics and UBTECH.

No. 7 Farben Information

• Industry Segment: Vertical Application Software
• Profitability: ROE 6.30%, Gross Margin 19.79%, Net Margin 3.03%
• Performance Forecast: ROE has steadily declined to 6.30% over the past three years, with the latest forecast average at 6.50%
• Main Product: Digital general technology services, accounting for 78.71% of revenue, with a gross margin of 19.52%
• Company Highlight: Farben Information provides professional software technology and solution services, with UBTECH as one of its current clients.

No. 6 Medidata Solutions

• Industry Segment: Vertical Application Software
• Profitability: ROE -28.58%, Gross Margin 13.65%, Net Margin -59.82%
• Performance Forecast: ROE's highest value over the past three years was 3.02%, with the latest forecast average at 9.00%
• Main Product: Photovoltaic cells, accounting for 36.18% of revenue, with a gross margin of -77.83%
• Company Highlight: Medidata Solutions specializes in clinical information system (CIS) series application software and overall clinical informatization solutions. The company has collaborated with UBTECH Technology to establish a medical humanoid robot venture.

No. 5 Shenzhen Technology

• Industry Segment: Consumer Electronics Components and Assembly
• Profitability: ROE 8.14%, Gross Margin 16.98%, Net Margin 7.33%
• Performance Forecast: ROE has fluctuated between 6% and 9% over the past three years, with the latest forecast average at 10.00%
• Main Product: High-end manufacturing, accounting for 55.93% of revenue, with a gross margin of 8.54%
• Company Highlight: Shenzhen Technology and UBTECH are strategic partners, with Shenzhen Technology currently producing the "Wukong" robot for UBTECH.

No. 4 Sunway CoTech

• Industry Segment: Other Automotive Parts
• Profitability: ROE 9.50%, Gross Margin 14.12%, Net Margin 5.34%
• Performance Forecast: ROE has fluctuated between 9% and 14% over the past three years, with the latest forecast average at 11.60%
• Main Product: Precision stamping molds and metal structural parts for new energy vehicles, accounting for 56.53% of revenue, with a gross margin of 13.21%
• Company Highlight: Sunway CoTech specializes in automotive hardware molds, parts, new energy metal products, robots, automation equipment, and robotic arms. The company supplies metal structural parts-related products to both UBTECH and Kuka.

No. 3 Vanward Electric

• Industry Segment: Bathroom Appliances
• Profitability: ROE 14.86%, Gross Margin 28.06%, Net Margin 8.96%
• Performance Forecast: ROE has fluctuated between 12% and 15% over the past three years, with the latest forecast average at 14.90%
• Main Product: Domestic hot water, accounting for 47.71% of revenue, with a gross margin of 33.94%
• Company Highlight: Shenzhen Songhe Growth Equity Investment Partnership, invested by Qianhai Equity Investment Fund, directly holds equity in UBTECH.

No. 2 Zhucheng Technology

• Industry Segment: Home Appliance Parts
• Profitability: ROE 10.65%, Gross Margin 24.97%, Net Margin 12.30%
• Performance Forecast: ROE has fluctuated between 8% and 19% over the past three years, with the latest forecast average at 12.59%
• Main Product: Home appliance connectors, accounting for 96.64% of revenue, with a gross margin of 25.35%
• Company Highlight: Zhucheng Technology specializes in the R&D, production, and sales of electronic connectors, as well as the design, manufacturing, and assembly of precision molds for electronic connectors. The company has established a collaboration with UBTECH.

No. 1 Far East Cable

• Industry Segment: Cable Components and Others
• Profitability: ROE -7.15%, Gross Margin 9.12%, Net Margin -1.26%
• Performance Forecast: ROE's highest value over the past three years was 13.75%, with the latest forecast average at 13.47%
• Main Product: Smart cable networks, accounting for 87.01% of revenue, with a gross margin of 10.16%
• Company Highlight: Far East Cable's flexible drag chain cables and robotic arm travel cables are widely used in high-end, specialized, and innovative fields, including the robotics industry. The company has established strategic cooperation with UBTECH.