JPM-CHINAHK FIRST TO MARKET Top Stories-20250729

At the forefront of a disruptive technology wave; initiate with OW

We initiate coverage of UBTech, a leading robotics company based in Shenzhen, China, with an Overweight(OW) rating. As a strategic early mover in the humanoid robot industry, UBTech boasts a robust customerbase, including over 10 clients in trial runs or with confirmed orders. Notable partners include industry giantssuch as BYD, Dongfeng Liuzhou Motor, Zeekr, Seres, Foxconn, and BAIC. The company’s strongrelationship with BYD, also headquartered in Shenzhen, benefits from substantial policy support from bothlocal and central governments. Our Dec-2026 price target is HK$135, implying approximately 50% potentialupside, based on a P/S methodology that reflects the industry’s nascent stage and high growth potential.