Yuejiang's revenue last year was 492 million yuan, an increase of over 30%, with the highest global shipment volume of collaborative robots.

On March 30, “the first listed company of collaborative robots” Shenzhen Yuejiang Technology Co., Ltd. (Yuejiang, 2432.HK) released its 2025 annual performance.

Full-year revenue was RMB 492 million, up 32.9%; net loss was RMB 84.047 million, narrowing by 11.9% year over year; gross profit was RMB 227 million, up 30.3%; gross margin was 46.1%; R&D investment was RMB 115 million, up 59.7%.

Yuejiang’s Chairman, Executive Director and General Manager, Liu Peichao, said that 2025 is a pivotal year for Yuejiang to upgrade from a leading enterprise in collaborative robots to an all-form-factor embodied intelligence platform strategy. The company’s collaborative robot business grew steadily, shipments rose to the No. 1 position globally, the cumulative global robot shipments exceeded 100,000 units, and the embodied intelligence robot business was comprehensively upgraded.

In terms of product revenue specifically, six-axis collaborative robots remained the company’s core business, with annual revenue of RMB 302 million, up 44.66%, and their share of total revenue rose to more than 60%. Four-axis collaborative robots generated revenue of RMB 92.951 million, down slightly by 3% year over year, accounting for 18.9%. Compound robots’ revenue was RMB 67.61 million, up 27.28%, accounting for 13.7% of total revenue. Embodied intelligence robots generated revenue of RMB 20.042 million; their share of total revenue increased from 1% last year to 4.1%.

Yuejiang said that the significant increase in six-axis collaborative robot revenue is, on the one hand, attributable to continuously enriching product types to bring new growth momentum; on the other hand, the expansion and deepening of application scenarios in core areas such as automobile manufacturing, 3C electronics, medical care, and commercial retail—especially the continued deepening in core scenarios such as loading/unloading, assembly, and inspection—also effectively drove sales.

By application scenario, the industrial scenario is Yuejiang’s core market. Revenue increased 39.4% year over year, accounting for 56.9% of total revenue. Education scenarios were next, with revenue up 13.7% year over year and accounting for 34% of total revenue. Revenue in commercial scenarios increased 75.7% year over year, and its share of total revenue improved from 6.9% last year to 9.1%.

In addition, Yuejiang’s sales and distribution expenses last year were RMB 182 million, up 32.1% year over year. Yuejiang said this was mainly because the company strengthened the expansion of its global sales channels, continuously expanded its sales and technical support teams, and accordingly increased employee compensation and travel expenses. At the same time, to enhance market influence and brand awareness, the company actively participated in exhibitions in vertical industries and increased investment in online marketing activities.

In terms of supply and sales, Yuejiang’s main customers, suppliers, and subcontractors are relatively dispersed and balanced. According to the annual report, in 2025 Yuejiang’s largest customer accounted for approximately 3.2% of total revenue, and the combined revenue from the top five customers accounted for approximately 10.9% of total revenue. The procurement amount from Yuejiang’s largest supplier and subcontractors accounted for approximately 13.2% of total procurement, and the combined procurement amount from the top five suppliers and subcontractors accounted for approximately 33.7% of total procurement.

In addition, Yuejiang has strong “interest” in embodied intelligence and humanoid robots. Last year, nearly 40% of its total R&D investment was used for embodied intelligence R&D, which is also the reason for the significant increase in R&D investment. At the same time, Yuejiang also stated that its R&D investment in the embodied intelligence field is currently at the initial stage, and it will continue to increase resource input in the future.

According to information provided, Yuejiang’s humanoid robots have been deployed in industrial, commercial, and education scenarios. In the industrial sector, humanoid robots were deployed in production scenarios such as the automobile industry chain. In the commercial sector, in Shenzhen K11 Cinema, a humanoid robot that produces popcorn made by the company itself was deployed. The robot autonomously sensed the environment for 14 consecutive hours, understood tasks, observed the counter, identified orders, judged the status, and efficiently completed the production of 1,000 cups of popcorn in a single day.

Meanwhile, Yuejiang is also planning to return to list in Taiwan (A-share listing). On March 13, Yuejiang previously released an announcement stating that it would convene an extraordinary general meeting on April 2 to deliberate on relevant proposals. According to the plan, Yuejiang intends to list on the Shenzhen Stock Exchange ChiNext market, issuing no more than 48.8839 million shares, raising net proceeds of approximately RMB 1.2 billion, mainly for research and industrialization of multi-legged robots, enhancement of humanoid robot technology, improvement of marketing capabilities, and supplementing working capital.

In 2025, Yuejiang conducted two discounted placements, raising HKD 1.022 billion in July and HKD 0.771 billion in November, totaling HKD 1.793 billion. The funds were all used to advance research into intelligent robot technology and product innovation, seek investment, acquisitions, and strategic alliance opportunities in the robot value chain and adjacent fields, strengthen sales channels, increase promotion, and replenish working capital and general corporate uses. According to the annual report, as of December 31, 2025, the above two tranches had been used for RMB 296 million, mainly for paying suppliers’ invoices and expenses, R&D innovation, investment and acquisitions, and strengthening channels. These uses are expected to be able to cover until the end of 2029.

Yuejiang management stated that in the future the company will focus on three major strategies. First, deepening technology and product iterations to achieve integrated development of high-dynamic mobility capabilities and precision operation capabilities. The company will further improve its all-form-factor embodied intelligence product matrix, including robotic arms, humanoids, and multi-legged robots, while adhering to the strategy of “generalization brain, diverse embodiments.” The company will define products around scenarios, roll out deeply adapted solutions for key industries, and promote embodied intelligence from technology validation to scenario-driven, urgent demand. Second, focusing on scenario deployment to promote scaled commercialization and industrialization of embodied intelligence. Third, using a dual-engine model to drive high-quality growth, steadily expanding global business.

As of the market close on March 30, Yuejiang’s share price closed at HKD 31.5 per share, down 3.96%.

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