Humanoid robot revenue soars 22 times, UBTECH's revenue surpasses 2 billion yuan but still incurs losses, and companies like Yushu Technology achieve multi-dimensional overtaking.

Ask AI · How does UBTECH’s high-margin business drive the narrowing of losses?

Hong Kong stock “the first listed company in humanoid robots” UBTECH (09880.HK) recently released its 2025 annual financial report. During the reporting period, the company achieved revenue of 2B yuan, a year-on-year increase of 53.3%; net loss of 790 million yuan, narrowed by 31.9% compared to 1.16 billion yuan in 2024. The full-size embodied intelligent humanoid robot business became the biggest highlight, with revenue reaching 820 million yuan, a surge of 2203.7% year-on-year, accounting for 41.0% of total revenue, indicating that the company’s commercialization process has entered a new stage.

From the capital market performance, the company’s stock price has been quite volatile. UBTECH’s listing issue price was 90 HKD per share, and the recent stock price once fell to 84.6 HKD per share, already in a break-even state. Notably, the stock price reached 156.4 HKD per share on February 20, and compared to that peak, the fluctuation range has nearly halved.

Revenue and gross margin both increase, losses continue to narrow

UBTECH’s financial performance in 2025 shows a clear improvement, with several key indicators exceeding market expectations. In terms of revenue, the full year achieved 2B yuan, up 53.3% from 1.31B yuan in 2024, making it the largest humanoid robot company by revenue globally. This growth mainly benefited from the explosive growth of the full-size embodied intelligent humanoid robot business and the sustained market advantage of non-full-size humanoid robot products.

In terms of profitability, although still operating at a loss, the loss margin has significantly decreased. In 2025, net loss was 790 million yuan, a reduction of 31.9% year-on-year; net profit attributable to parent company was a loss of 703 million yuan, narrowed by 37.4% from 1.12B yuan in 2024. The gross profit margin saw a remarkable increase, rising from 28.7% in 2024 to 37.7%, an increase of 9 percentage points, mainly driven by the high-margin full-size embodied intelligent humanoid robot products becoming the company’s primary revenue source. The total gross profit for the year was 754 million yuan, up 107.1% year-on-year, demonstrating the effectiveness of product structure optimization.

In terms of R&D investment, UBTECH continued to maintain high intensity, with R&D expenses reaching 860 million yuan in 2025, accounting for 43% of revenue, up 10.3% from 780 million yuan in 2024. The company stated that R&D investments mainly focus on iterative development of embodied intelligent technology, new models of the WalkerS series, and breakthroughs in core technologies such as swarm brain networks and collaborative intelligent agents.

Regarding cash flow, the net cash flow from operating activities in 2025 was -520 million yuan, an improvement from -884 million yuan in 2024; net cash flow from financing activities reached 5.86 billion yuan, mainly from multiple rounds of H-share placements, with total net fundraising exceeding 6.8 billion HKD.

Full-size humanoid robots as the core engine, accelerating industrial scene deployment

2025 was a year of fundamental change in UBTECH’s business structure, as the full-size embodied intelligent humanoid robot business officially moved from the “technology verification” stage to the “commercial landing” stage.

Data shows that revenue from full-size embodied intelligent humanoid robot products and solutions reached 820 million yuan, a year-on-year increase of 2203.7%, accounting for 41.0% of total revenue, becoming the company’s largest revenue source. The gross profit from this business was 448 million yuan, with a gross margin of 54.6%, becoming the main driver of gross profit growth. The total sales volume for the year was 1,079 units, mainly applied in new energy vehicle manufacturing, 3C smart manufacturing, smart logistics, and other industrial scenarios.

Non-full-size non-embodied intelligent humanoid robot business continued to maintain a leading position globally, with sales reaching 12,759 units in 2025, ranking first worldwide. Revenue from this segment was 780 million yuan, accounting for 39% of total revenue, a 12.1% increase year-on-year, with a gross margin of 28.9%, mainly targeting consumer and education markets.

Other businesses, such as intelligent service robots and solutions, generated revenue of 401 million yuan, accounting for 20% of total revenue, a 15.3% increase year-on-year, mainly used in commercial guide, corporate image display, and other scenarios. The company acquired a 29.99% stake in Zhejiang Fenglong Electric Co., Ltd. through a wholly owned subsidiary, with the transaction completed in March 2026.

It is noteworthy that UBTECH’s Liuzhou Robot Super Smart Factory is about to be fully operational, with a planned production capacity of 10k humanoid robots in 2026, laying a foundation for large-scale commercialization. Meanwhile, the company signed a strategic cooperation framework agreement with Siemens Industrial Software to jointly promote the deep application of humanoid robots in industrial scenarios.

“The first listed company in humanoid robots” industry position may be impacted

According to public information, UBTECH was founded in 2012 and listed in Hong Kong in 2023, becoming “the first listed company in humanoid robots.” It was also a regular guest on the Spring Festival Gala but has gradually faded out in recent years. As the humanoid robot boom heats up, its industry position is being challenged, especially as latecomers like Yushu Technology have already surpassed in multiple aspects.

For example, Yushu Technology was established in 2016. According to its IPO prospectus, in 2025, its revenue reached 10k yuan, a year-on-year increase of 335.36%; net profit after non-recurring gains and losses was about 600 million yuan, a 674.29% surge. Net profit jumped from a loss of 18.02 million yuan in 2023 to a profit of 77.5 million yuan in 2024, and further expanded to approximately 288 million yuan in 2025, achieving consecutive profitability.

In comparison, UBTECH’s losses from 2022 to 2025 were -987 million yuan, -1.71B yuan, -1.16 billion yuan, and -790 million yuan, with a total loss exceeding 4.2 billion yuan over the past four years.

Regarding humanoid robot deliveries, Yushu Technology shipped 5,500 units in 2025, ranking first globally; UBTECH’s full-size humanoid robot sales in 2025 were 1,079 units, making it the first company worldwide to achieve mass production and delivery of thousands of industrial humanoid robots, but its scale is significantly behind.

The difference in delivery scale reflects two different strategic paths in China’s humanoid robot industry: UBTECH focuses on industrial scenarios, targeting high-end manufacturing applications; Yushu plays the role of “popularizer” with cost-effective products, covering research, education, and consumer markets. However, industrial scenarios also bring greater accounts receivable pressure, with receivables reaching 1.98 billion yuan at the end of 2025, close to the annual revenue scale, with an allowance for bad debts at 28.7%, exerting some pressure on cash flow. Meanwhile, many competitors like Zhiyuan and Galaxy General are catching up. In contrast, the consumer market offers broader space.

At the performance conference, UBTECH founder, chairman, and CEO Zhou Jian stated, “We delivered 1,000 units last year. Whether in the industrial sector or other product areas, we believe the demand for humanoid robots will increase significantly. Our production capacity is planned to exceed 10,000 units, with a conservative target of over 5,000 units delivered annually.”