Citi Research’s July 20, 2025, report maintains UBTECH Robotics (9880.HK) “Buy/High Risk” rating, with a HK$98 target based on a 21x 2025 P/S ratio. Walker S2 introduces adaptive battery replacement, lighter design, and cost optimization, saving RMB 30,000/unit; a RMB 90.5M order signals strong demand. Humanoid robotics to contribute 17% of revenue by 2026, with breakeven expected by 2027. R&D costs and competition pose risks.