UBTech is an established robotic company based in the PRC, dedicated to the design, production, commercialization, sales and marketing and research development (R&D) of smart service robotic products and services. Our offerings, ranging from consumer-level robots and appliances, enterprise-level smart service robotic products and services tailored for education, logistics and other sectors, are equipped to different extent with smart features that sense, interact, analyze and process human instructions and external environment such as mapping, temperature measurement and facial recognition. According to Frost & Sullivan, we are the No. 3 in the smart service robotic products and services industry in China (in terms of revenue) in 2022 with a market share of 2.8%, and China’s No. 1 provider of education smart robotic products and services (in terms of revenue) in 2022 with a market share of 22.5%.
During the Track Record Period, we generated revenue of RMB740.2 million, RMB817.2 million, RMB1,008.3 million, RMB283.5 million and RMB261.1 million in FY2020, FY2021, FY2022, 6M2022, and 6M2023, respectively, primarily from the sales of the following smart service robotic products and services:
(i) Education smart robotic products and services: During the Track Record Period, our education smart robotic products and services accounted for 82.7%, 56.5%, 51.2% and 29.0% of our total revenue in FY2020, FY2021, FY2022 and 6M2023, respectively. Our education smart robotic products and services are sold to government educational bureaus. They are used as teaching tools to assist students in STEAM curricula learning such as AI and programming learning, rather than just common hardware including computers and projectors, in the teaching process. For example, students can learn AI knowledge and apply programming skills learned from our AI education curriculum and command and control our smart robotic products such as uKit through our AI education software such as uCode and uPython to give them instructions to perform specific tasks. Our education smart robotic products and services mainly include (a) smart robotic products including humanoid Yanshee, Alpha Mini (education) and uKit and Jimu series (education), which are devices that can interact with students to perform certain functions on default or enhanced functions such as dancing based on the codes or commands written or designed by the students or end-users during their learning process; (b) software such as AI smart education platform for coding and programming learning; and (c) ancillary services such as providing support for teacher training and operation and utilization of our products and services;
(ii) Logistics smart robotic products and services: During the Track Record Period, our logistics smart robotic products and services accounted for 1.7%, 23.3%, 26.1% and 29.4% of our total revenue in FY2020, FY2021, FY2022 and 6M2023, respectively. Our logistics smart robotic products and services are designed for enterprises with large factories and warehouses, such as new energy vehicle manufacturers. Our major products include automated guided vehicles (AGVs) and automated mobile robots (AMRs) under our Wali (瓦力) Series which can deliver components, semi-finished products and finished products to designated places within the production facilities or warehouses. We also provide software and ancillary services to our customers, including WMS (Warehouse Management System) and MES (Manufacturing Execution System), which can also be connected to our customers’ in-house system platforms to achieve more comprehensive products and services offerings;
(iii) Other sector-tailored smart robotic products and services: During the Track Record Period, our other sector-tailored smart robotic products and services accounted for 5.2%, 11.0%, 8.2% and 8.5% of our total revenue in FY2020, FY2021, FY2022 and 6M2023, respectively. This segment comprises of smart robotic products and services covering various use scenarios including schools (e.g. for greeting and sanitisation purpose), hospitals, airports, train stations, shopping malls, banks and electrical substations to provide services such as guiding assistance, reception, sanitation, security patrol, safety inspection and monitoring of environmental conditions. Our major products offered mainly include Cruzr series, Walker series, and ADIBOT series; and
(iv) Consumer-level robots and other hardware devices: During the Track Record Period, our consumer-level robots and other hardware devices accounted for 8.4%, 8.3%, 13.1% and 32.6% of our total revenue in FY2020, FY2021, FY2022 and 6M2023, respectively. This segment refers to the sales of robotic products with AI-functions that are consumer grade and mass market level such as computer vision and voice interaction to consumers for household use. Our major products offered include AiRROBO vacuum cleaner, AiRROBO cat litter box and Alpha Mini (non-education) series.
For FY2020, FY2021, FY2022, 6M2022 and 6M2023, we incurred net losses of RMB707.0 million, RMB917.5 million, RMB987.4 million, RMB515.2 million and RMB547.9 million, respectively.
We are committed to R&D and delivery of smart service robotic products and services and we self-developed a full stack of (i) robotic, (ii) AI that are consumer grade and mass market level and (iii) integrated robotic and AI technologies for application in a range of enterprise-level and consumer-level use scenarios across various sectors. Our AI technologies include (i) computer vision technology which allows our smart service robotic products to identify objects and recognize human-beings, and (ii) voice interaction technology which allows our smart service robotic products to process voice and complete tasks that involve the interaction with voices of users.
Meanwhile, leveraging the technical knowledge gained in our R&D process, we are able to and have expanded our offerings to a diversity of other smart service robotic products, devices and services to end-users for use scenarios in different sectors in response to market conditions. For example, in 2017, we started offering education smart robotic products and services by providing interactive, programmable and/or codable smart robotic products in default scenarios, and further developed to offer comprehensive products and services offerings comprising AI education software (such as uCode — a graphical block-based visual programming tool for students aged 7 to 14 years old; and uPython — a programming tool for Python robot beginners) and teaching materials, curriculum design and other ancillary services. Since 2020, we further offered logistics smart robotic products and services such as logistics smart robots capable of accurate goods transportation and automated storage and retrieval system, in light of, among other factors, the rising demand for new energy vehicles, the transformation of manufacturing industry in China and increasing labor cost, which allowed us to apply our technologies for warehousing logistics and delivery purposes.
Source: Ubtech Robotics (09880) Prospectus (IPO Date : 2023/12/19) |