UBTECH ROBOTICS reported its 2025 full-year financial results, with total revenue exceeding RMB 2 billion. Revenue from its full-size embodied intelligent humanoid robots surged by over 2,203% year-on-year, becoming the company's largest revenue source for the first time. This indicates that the humanoid robot sector is transitioning from speculative potential to tangible financial performance.
On March 31, UBTECH ROBOTICS released its annual performance report for 2025. As the company's full-size embodied intelligent humanoid robot business rapidly scaled, this leading player in the humanoid robotics field delivered a performance that has captured significant market attention.
According to the financial report, the company’s total revenue reached RMB 2.001 billion during the period, a year-on-year increase of 53.3%, ranking it first among global humanoid robot companies. Revenue from full-size humanoid robots alone skyrocketed more than 22-fold.
On the day following the earnings release, UBTECH's stock opened higher and continued to gain. By the close of trading on April 1, the company's share price stood at HKD 100, a sharp increase of 17.10%, pushing its total market capitalization above HKD 50 billion.
Humanoid robots have now become the true revenue driver. The most significant change in UBTECH's 2025 financial structure was not just the growth in revenue scale, but a clear shift in the center of revenue gravity.
The report revealed that UBTECH sold 1,079 units of its full-size embodied intelligent humanoid robots in 2025, a year-on-year increase of 35,866.7%. The company stated it has become the only enterprise globally to achieve annual deliveries of over a thousand full-size embodied intelligent humanoid robots.
Simultaneously, revenue from UBTECH's full-size embodied intelligent humanoid robot business leaped from RMB 35.619 million in 2024 to RMB 821 million in 2025, an increase of 2,203.7%. The company attributed this growth primarily to the comprehensive acceleration of large-scale scenario applications, successfully translating technological accumulation into large-volume order deliveries.
More notably, this business segment not only demonstrated rapid growth but has also become the core pillar of the company's revenue structure. In 2025, revenue from full-size embodied intelligent humanoid robots accounted for 41.1% of total revenue, surpassing traditional segments such as other intelligent robot products and solutions, as well as intelligent hardware equipment, claiming the top position for the first time.
For a robotics company long in a technology investment phase, this signifies that humanoid robots are no longer just a "future narrative" but have begun to genuinely serve as new quality productive forces, delivering value across various industries and acting as the main engine for the company's operational growth.
Additionally, non-full-size non-embodied intelligent humanoid robots also maintained steady growth, with annual sales reaching 12,759 units, a year-on-year increase of 62.2%, also ranking first globally. It is worth mentioning that a prospectus previously released by another firm indicated its humanoid robot shipments exceeded 5,500 units in 2025, primarily comprising smaller-sized humanoid robots.
The commercialization of humanoid robots is entering a deeper phase. In the humanoid robotics industry, the true watershed has never been merely the ability to create an "impressive robot," but rather the capability to integrate humanoid robots into actual work scenarios where they can consistently create value.
UBTECH's approach is to deploy humanoid robots directly into production lines, focusing first on solidifying their role in positions characterized by high repetition, high turnover rates, and significant management challenges.
In 2025, UBTECH continued to focus on industrial manufacturing scenarios. Its Walker series humanoid robots have been deployed in batches across industrial settings including automotive manufacturing, smart logistics, 3C electronics manufacturing, semiconductor manufacturing, and aviation manufacturing. This has achieved large-scale implementation described as "genuine work, truly usable, and highly effective," with a client portfolio covering multiple Fortune Global 500 companies.
By the end of 2025, UBTECH's order book continued to lead the global embodied intelligent humanoid robot industry, marking the transition of full-size embodied intelligent humanoid robots from the training and practice phase into formal commercial application.
Beyond industrial applications, UBTECH is accelerating the expansion of humanoid robots into broader scenarios. Applications have been realized in areas ranging from smart commercial services integrating "technology + humanities," to immersive guided tours combining "embodied intelligence + cultural tourism," and to sorting and handling tasks in logistics and warehouse settings.
Alongside performance growth, UBTECH continues to invest heavily in research and development. In 2025, the company's R&D expenditure exceeded RMB 500 million, accounting for 25.6% of its revenue. Of this, over RMB 270 million was invested in R&D for full-size embodied intelligent humanoid robots, while RMB 16 million was allocated to non-full-size non-embodied intelligent humanoid robots.
Over the past four years, the company's cumulative R&D investment has reached RMB 1.9 billion, covering aspects such as the brain, cerebellum, and body of humanoid robots. In contrast, many other companies in the industry focus more on developing the "cerebellum" with less investment in the "brain" aspects.
Latest data shows that UBTECH has been granted a total of 2,985 patents, including 1,742 invention patents and 508 overseas patents, ranking first globally in the number of humanoid robot patents. The company also leads in formulating several national standards for humanoid robots, continuously guiding the industry's technological development direction.
Focusing on core capability building, UBTECH advanced key technology clusters in 2025, including the "Embodied Brain," "Embodied Cerebellum," and "High-Performance Limbs." In the crucial embodied brain domain, the company open-sourced its self-developed embodied intelligent large model, Thinker, which secured nine global top rankings, establishing a physical AI foundation. It concurrently developed the closed-loop feedback visual-language-action model Thinker-VLA and the world model Thinker-WM for industrial embodied intelligent humanoid robots, constructing a complete embodied intelligent technology stack. This upgrades the Group Brain Network 2.0 and Co-Agent industrial collaborative intelligence, enabling humanoid robots to evolve from individual autonomy to collective intelligence.
At the hardware and perception level, the company iteratively released its fourth and fifth-generation dexterous hands, achieving sub-millimeter precision manipulation. Its self-developed human-like binocular vision technology achieved 99.5% accuracy in industrial scenarios, creating industrial robots with high visual precision. UBTECH pioneered a hot-swappable autonomous battery exchange system, enabling humanoid robots to perform autonomous battery swaps within three minutes and operate continuously 24/7, creating a new quality productive force that never stops.
Meanwhile, UBTECH's financial reserves provide support for future investments. As of the end of 2025, UBTECH held cash and cash equivalents of RMB 4.92 billion, indicating ample reserves primarily intended for investment in embodied intelligence.
It is also noteworthy that UBTECH previously completed the acquisition of a Shenzhen-listed company. The two parties plan to deepen industrial synergy to accelerate the commercial application of humanoid robots. Furthermore, UBTECH was successfully included in the Hang Seng Tech Index, the MSCI Global Small Cap Index, and the MSCI China Index in 2025.
In the past, market expectations for humanoid robot companies often centered on technology demonstrations, product launches, and scenario imagination. As the industry gradually enters a phase of distinguishing substance from hype, tangible orders, actual deliveries, and revenue performance are becoming the core metrics for evaluating these companies.
Transitioning from a "talking point" to a "selling point," the performance report delivered by UBTECH clearly demonstrates its leading position within the industry.
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