UBTECH Robotics 2025 Results: Revenue Jumps 53%, Humanoid Robot Sales Surge 22-Fold, Annual Loss Narrows

UBTECH Robotics (UBTECH) released audited results for the year ended 31 December 2025. Revenue expanded 53.3% year-on-year to RMB 2.00 billion, driven by a sharp shift toward full-size embodied intelligent humanoid robots.

Revenue from these Walker-series humanoids and related services leapt 2,203.7% to RMB 820.56 million, accounting for 41.1% of total sales and overtaking all other business lines. Logistics and education robots contributed RMB 628.66 million and RMB 47.96 million respectively, while other smart hardware (including lawn-care, pool and pet devices) added RMB 499.21 million.

Gross profit more than doubled to RMB 753.83 million, lifting gross margin 9 percentage points to 37.7% on a more favourable product mix. Operating leverage improved: selling expenses fell to 23.5% of revenue (2024: 40.1%), while R&D held at RMB 507.48 million yet declined to 25.4% of revenue (2024: 36.6%).

The group’s net loss narrowed to RMB 789.82 million from RMB 1.16 billion a year earlier. On an adjusted basis (excluding RMB 99.30 million of share-based payments), the loss was RMB 690.52 million.

UBTECH ended the year with RMB 4.89 billion in cash and cash equivalents, bolstered by a series of HK-listed share placings that raised about HK$7.30 billion in 2024-2025. Interest-bearing debt declined to RMB 1.12 billion, cutting the gearing ratio to 16.0% (2024: 71.6%).

Capital expenditure rose 53.2% to RMB 613.50 million, reflecting construction of facilities in Shenzhen, Hangzhou, Jiujiang and Wuxi. Headcount stood at 2,550 employees; total remuneration costs fell 2.8% to RMB 914.60 million due to lower share-based expenses.

Operationally, UBTECH began mass production of its third-generation Walker S2 humanoid robot, reaching annualised capacity above 6,000 units and booking 1,079 shipments in 2025. Key technology milestones included the launch of BrainNet 2.0, the Co-Agent dual-cycle AI framework, and the open-sourcing of the Thinker vision-language model for industrial robotics.

Looking ahead, management will prioritise: 1) further R&D and mass production of Walker-series humanoids for industrial, commercial and educational markets; 2) expansion of multi-modal industrial datasets; 3) iteration of large-model perception and world-model technology; 4) continued development of group-intelligence decision systems and end-to-end motion control; and 5) wider deployment of embodied navigation and L4 autonomous logistics vehicles.

No final dividend was proposed for 2025.