UBTECH's humanoid robot revenue last year was 800 million yuan, accounting for 40%, with recent stock prices remaining sluggish.

Questioning AI · Is the low stock price related to the commercialization process of embodied intelligence?

Humanoid robots have become the primary source of revenue for UBTECH (9880.HK) for the first time.

According to the annual report released by UBTECH on the evening of March 31, by 2025, the company’s full-size embodied intelligent humanoid robots (height above 160cm) will generate revenue of 821 million yuan, a year-on-year increase of 2203.7% from 35.62 million yuan in 2024, accounting for 41.1% of total revenue. Correspondingly, the sales volume of humanoid robots is 1,079 units.

The annual report discloses that this batch of delivered humanoid robots covers industrial scenarios such as automotive manufacturing and logistics, mainly engaged in handling, sorting, and quality inspection—aiming to “solve core issues such as high personnel turnover, management difficulties, and repetitive work in these positions.”

UBTECH disclosed that the gross profit margin of full-size embodied intelligent humanoid robots is 54.6%, while the overall product line’s gross profit margin is 37.7%, a year-on-year increase of 9 percentage points. The company stated that the increase in gross margin is due to structural changes in revenue, with high-margin full-size embodied intelligent humanoid robots and solutions becoming the largest revenue source.

The high gross profit margin of humanoid robots is also reflected in the recent prospectus of Yushu Technology. Data shows that from January to September 2025, the gross profit margin of the company’s humanoid robot products reached 62.91%.

Overall, in 2025, UBTECH’s total revenue reached 2B yuan, a year-on-year increase of 53.3%. The annual loss was 790 million yuan, narrowing by 31.9%; adjusted EBITDA loss was 438 million yuan, narrowing by 28.1%.

In 2025, UBTECH’s R&D expenditure was 507 million yuan, accounting for 25.36% of revenue. Among them, R&D investment in full-size embodied intelligent humanoid robots exceeded 270 million yuan. In comparison, Yushu Technology’s R&D investment was relatively restrained, with 90.2094 million yuan from January to September 2025, accounting for 7.73% of revenue.

The financial report also shows that by the end of 2025, UBTECH held 4.92B yuan in cash and equivalents, a significant increase of 301.94% compared to the end of 2024. UBTECH stated that the company’s capital reserves are sufficient and will mainly be invested in embodied intelligence.

Earlier on March 12, UBTECH officially took control of Shenzhen-listed company Fenglong Co., Ltd. (002931.SZ), becoming its new controlling shareholder. This capital operation made UBTECH the “first stock in humanoid robot H+A.” The company said that after the acquisition, it will deepen industrial synergy in humanoid robots.

However, UBTECH’s recent Hong Kong stock price performance has been sluggish. Since late February, UBTECH’s stock price has fallen from over 140 HKD to 85.4 HKD on March 31, dropping below the issuance price of 90 HKD per share. As of the close on March 31, UBTECH’s market capitalization was 43 billion HKD (about 38 billion RMB).

Written by: Yang Liu, Nandu N Video Reporter