JPMorgan has released a research report stating that UBTECH ROBOTICS held an investor meeting following its earnings announcement. The company's management has designated 2026 as the year for "large-scale commercialization" and has significantly increased the shipment target for its Walker S series humanoid robots. The target has been raised from 2,000-3,000 units to 5,000 units, with production capacity planning now directed towards 10,000 units. JPMorgan maintained its "Overweight" rating on UBTECH ROBOTICS, with a target price of HK$169. The report cited UBTECH ROBOTICS management, who emphasized that while government orders remain a key driver, there is a recognition of the need to shift towards more industrial and overseas deployments to demonstrate the sustainability of the business model. Management expressed confidence in further improving gross margin, aiming to increase the group's gross margin to 43%-44% (compared to 37.7% in the 2025 fiscal year), and anticipates achieving breakeven earlier than the originally scheduled 2027 timeline.