On March 31, 2026, UBTECH ROBOTICS released its full-year performance report for 2025. The company, often referred to as the "first listed humanoid robot firm," delivered a set of compelling results for the year: annual revenue reached ¥2.001 billion, a year-on-year increase of 53.3%; gross profit was ¥753.8 million, up 101.6% year-on-year, with the gross margin rising to 37.7%. However, the net loss still amounted to ¥789 million, narrowing by 32.0% compared to the previous year.
What has been repeatedly highlighted is not these overall figures, but a more specific business metric. In 2025, UBTECH delivered a total of 1,079 full-size embodied intelligent humanoid robots, generating revenue of ¥820 million, which accounted for 41.1% of total revenue. This business segment grew by 2203.7% year-on-year, becoming the company's most critical growth driver.
When these robots are viewed through the lens of financial reporting, their pricing becomes clearer. Based on disclosed data, the average revenue per full-size humanoid robot for UBTECH is approximately ¥760,000.
Additionally, the company's humanoid robot products designed for research and educational scenarios are officially priced at around ¥299,000, while the Walker series, targeted at industrial applications, generally commands higher market prices. These different price tiers outline a stratified structure for humanoid robots, ranging from "entry-level demonstration" to "industrial deployment."
Centered around this core business, UBTECH repeatedly emphasized "real-world implementation" in its financial report. Its Walker series of industrial humanoid robots have been deployed in sectors such as automotive manufacturing, smart logistics, 3C electronics, semiconductors, and aerospace manufacturing, performing tasks such as transporting, sorting, and quality inspection. They have also been integrated into universities and research institutions for data collection and educational platform development.
However, when the figure of "1,079 units" is placed within the broader industrial context, it appears modest. For an industrial product, a volume in the thousands signifies a transition from validation to initial adoption, but it still falls short of true mass-scale deployment. UBTECH has accomplished the "zero to one" phase, while the path from "one to ten" remains unexplored.
In terms of business structure, UBTECH's other segments continue to provide support. Educational, logistics, and other intelligent robot products and solutions generated revenue of ¥629 million, accounting for 31.4% of the total. Smart hardware devices contributed ¥499 million, making up 24.9% of revenue. Meanwhile, non-embodied intelligent humanoid robot products and solutions sold 12,700 units during the year, corresponding to revenue of ¥47.96 million, or 2.4% of the total. However, both in terms of growth rate and revenue share, humanoid robots have become the company's primary strategic focus.
Yet another trend remains evident. Despite a doubling of gross profit, the company still recorded a net loss of ¥789 million for the year, with cash and cash equivalents standing at ¥4.92 billion, indicating that it remains in a phase of sustained investment.
In summary, UBTECH has progressed humanoid robots from product launches and demonstration videos to measurable commercial deliveries, achieving deployment on a scale of over a thousand units. However, when a device priced at several hundred thousand yuan is placed into an actual factory setting, it faces not just technical validation but more direct commercial scrutiny.
The greatest challenge for humanoid robots has never been selling the first thousand units, but convincing the same customer to purchase the second thousand.
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