Executive Summary
UBTECH Robotics (HKEX: 9880), the world's first publicly listed humanoid robot company, reported its FY2025 full-year results on 31 March 2026, delivering record revenue of RMB 2.00 billion — up 53.3% year-on-year — alongside a dramatic narrowing of its net loss. The standout performance was its full-size embodied intelligent humanoid robot segment, which grew more than 22x to become the company's largest revenue contributor, reflecting the industry's decisive shift from pilot trials to commercial-scale manufacturing deployment.
Key Financial Metrics
| Metric | FY2025 | FY2024 / Change |
| Total Revenue | RMB 2,001.0M | +53.3% YoY |
| Gross Profit | RMB 753.8M | +101.6% YoY |
| Gross Margin | 37.7% | 28.7% in FY2024 |
| Net Loss | RMB 789.8M | vs. RMB 1,159.9M in FY2024 |
| Adj. Net Loss (Non-GAAP) | RMB 690.5M | vs. RMB 914.6M in FY2024 |
| Adj. EBITDA (Non-GAAP) | –RMB 437.5M | vs. –RMB 608.5M in FY2024 |
| R&D Expenditure | RMB 507.5M | 25.4% of revenue |
| Cash & Equivalents | RMB 4,887.9M | RMB 1,191.0M at end-2024 |
| Loss Per Share (Basic) | RMB 1.55 | RMB 2.67 in FY2024 |
Revenue Breakdown
UBTECH's revenue mix shifted dramatically in 2025, with full-size humanoid robots displacing logistics and education robots as the primary growth engine:
| Metric | FY2025 | FY2024 / Change |
| Full-size humanoid robots & services | RMB 820.6M (41.1%) | +2,203.7% YoY |
| Other intelligent robot products | RMB 628.7M (31.4%) | –16.9% YoY |
| Other intelligent hardware devices | RMB 499.2M (24.9%) | +6.4% YoY |
| Non-embodied humanoid robots | RMB 48.0M (2.4%) | +15.3% YoY |
| Others (raw materials, parts) | RMB 4.6M (0.2%) | +80.5% YoY |
The decline in 'Other intelligent robot products' (logistics and education) was primarily due to project delivery timing — contracts signed in 2025 had not yet reached formal customer acceptance by year-end.
Full-Size Humanoid Robots: The Breakout Segment
UBTECH shipped 1,079 full-size humanoid robots in FY2025 — a year-on-year increase of 35,866.7% — generating RMB 820.6M in revenue from this segment alone. The company achieved annualised production capacity of over 6,000 units by end-2025, and positions itself as the global leader in humanoid robot order volume.
The Walker S2, UBTECH's third-generation industrial humanoid robot, reached 1,000-unit-level small-batch mass production and was deployed across automotive manufacturing, smart logistics, 3C electronics, and semiconductor facilities. Key commercial clients include multiple Fortune 500 companies. The Walker S2 features:
52 degrees of freedom (DoF), stable load handling up to 15 kg across a 0–1.8m spatial range
Hot-swappable autonomous battery system enabling 24-hour continuous operation (3-minute swap time)
Fifth-generation dexterous hands with 19 fully-driven active rotational DoFs, tactile and visual multimodal sensors
BrainNet 2.0 + Co-Agent 'AI dual-cycle' architecture for group intelligence and autonomous task planning
The company also open-sourced its Thinker visual-language foundation model for embodied intelligence, and independently developed Thinker-VLA (vision-language-action model) and Thinker-WM (world model for industrial humanoid robots).
Technology & Intellectual Property
As of 31 December 2025, UBTECH held 2,985 granted patents — including 1,742 invention patents and 508 overseas patents — an 11.4% increase from end-2024. The company claims the world's largest humanoid robot patent portfolio and is leading the drafting of China's national humanoid robot standards, including Technical Requirements for Humanoid Robots Parts 5, 6, and 7.
R&D spend reached RMB 507.5M (25.4% of revenue), with staff remuneration accounting for RMB 409.4M of that total. While the ratio declined from 36.6% in FY2024 due to revenue scaling, absolute investment rose by RMB 29.4M.
Balance Sheet & Liquidity
UBTECH ended 2025 with a significantly strengthened balance sheet, driven by multiple share placements during the year totalling approximately HK$7.3 billion in gross proceeds:
February 2025: 10.16M H shares at HK$90.00/share (~HK$876M net)
July 2025: 30.16M H shares at HK$82.00/share (~HK$2,410M net)
November/December 2025: 31.47M H shares at HK$98.80/share (~HK$3,056M net)
Cash and cash equivalents rose from RMB 1,191.0M at end-2024 to RMB 4,887.9M at end-2025. The gearing ratio (interest-bearing borrowings + lease liabilities / total equity) fell sharply from 71.6% to 16.0%. The current ratio improved from 1.4x to 3.0x. No material contingent liabilities were reported.
Post-Reporting Period Events
Two material developments occurred after the 31 December 2025 balance sheet date:
January 2026: UBTECH entered a RMB 660M partnership with Liuzhou Industrial Holding Fund and Liuzhou Industrial Guidance Fund to invest in the intelligent robot industry chain, contributing RMB 300M.
March 2026: UBTECH acquired a 29.99% controlling equity stake in Zhejiang Fenglong Electric Co., Ltd. (SZSE-listed), with a partial offer underway for an additional 13.02% stake. This marks the company's first significant listed-company acquisition.
Outlook
Management has outlined six strategic technology priorities for 2026 and beyond: (1) embodied intelligent humanoid robot hardware iteration (Walker S series, new commercial/education versions); (2) industrial vertical-domain embodied intelligence datasets targeting 10M+ data points annually; (3) multimodal perception and large model technology; (4) embodied intelligence decision-making and group collaboration; (5) end-to-end motion control; and (6) L4-level autonomous logistics vehicle expansion from parks to open roads.
No dividends were recommended for FY2025.
Market Context
UBTECH's stock (9880.HK) traded at HK$97.85 as of the results date, reflecting a 1-year gain of approximately 22.6% — though well below its October 2024 peak near HK$155. The stock has retraced sharply from highs despite improving fundamentals, likely reflecting broader market sentiment toward China tech and humanoid robot valuations. Multiple institutional placings in 2025 at discounts to prevailing market prices have also weighed on near-term performance.
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