# CMS Keeps UBTECH ROBOTICS as Industry Top Pick; Target Price Raised to HKD172

September 30, 2025 (Hong Kong) – China Merchants Securities (CMS) has reaffirmed UBTECH ROBOTICS (09880.HK) as its top pick in the humanoid robotics sector, raising the company’s target price from HKD155 to HKD172. The upgrade reflects CMS’s confidence in UBTECH’s strong order momentum and strategic positioning in the AI-driven robotics market.

“UBTECH ROBOTICS stands out in the humanoid robotics segment, supported by robust order growth and a clear path to scaling its AI and humanoid solutions,” said a CMS analyst.

Key Highlights

• Strong Valuation Metrics: The revised target price corresponds to a 26.7x price-to-sales multiple for UBTECH’s projected FY26 performance, reflecting healthy investor sentiment.

• Sector Focus: CMS highlighted investor interest in AI-driven robotics and autonomous technologies, with UBTECH being a leader in humanoid robots.

• Market Opportunities: The company’s products, including the Walker series and CRUZR, cater to education, healthcare, and commercial applications, providing diversified revenue streams.

• Roadshow Feedback: During recent investor roadshows in South Korea, CMS noted significant enthusiasm for UBTECH’s AI robotics solutions, especially in sectors like smart driving, SoC technologies, and integrated autonomous systems.

What This Means

UBTECH ROBOTICS’ reaffirmation as CMS’s top pick signals strong market confidence in its ability to maintain growth and capitalize on expanding demand for humanoid robotics. The company is well-positioned to leverage technological advancements and solidify its leadership in the AI-driven robotics sector.