UBTech sells 1,079 full-size humanoids in 2025 as robot revenue rises 22-fold to RMB820.6 million

In 2024 UBTech Robotics booked RMB35.6 million from full-size humanoid robots. In 2025 the same line brought in RMB820.6 million from 1,079 machines, the Shenzhen company said in annual results filed with the Hong Kong stock exchange on 31 March 2026, and walking, two-armed robots overtook logistics robots and consumer hardware to become its largest revenue segment.

The filing matters beyond one company because full-year unit sales and revenue for humanoids, stated under exchange disclosure rules, are rare. Most of UBTech's rivals in China and the United States are private and report demonstrations, pilot sites and funding rounds rather than shipments. The 2025 accounts show what a year of real deliveries looks like, and also how much it cost to get there.

Revenue rose by half while the loss shrank by a third

Group revenue rose 53.3% to RMB2,001.0 million from RMB1,305.4 million, the company said. Gross margin widened by 9 percentage points to 37.7%, and gross profit roughly doubled to RMB753.8 million. The net loss narrowed to RMB789.8 million from RMB1,159.9 million, and the adjusted, non-IFRS loss fell to RMB690.5 million from RMB914.6 million. Basic loss per share was RMB1.55, against RMB2.67 a year earlier. The board recommended no dividend.

Full-size humanoids produced 41.0% of group revenue, by ROBOTNESS calculation (RMB820.6 million divided by RMB2,001.0 million). Dividing that revenue by the 1,079 units sold gives an average of about RMB760,000 per robot, a figure that blends Walker S2 sales with other full-size models and any services booked in the segment. The smaller lines moved less. Non-embodied humanoids, UBTech's term for its compact, non-industrial humanoid products, sold 12,759 units for RMB48.0 million, up 15.3%. Other intelligent robots fell 16.9% to RMB628.7 million, which the company put down to project timing, and other hardware rose 6.4% to RMB499.2 million.

Walker S2 moved from field trials to a production line

UBTech said Walker S2 entered mass production and delivery during 2025, which it described as the shift from field trials to commercial use. The robot has a bionic torso with 52 degrees of freedom, carries loads of up to 15 kilograms and can swap its own battery in three minutes, allowing 24-hour operation, according to the filing. By the end of the year the company had annualised capacity for more than 6,000 full-size humanoids. It named automotive manufacturing, smart manufacturing and logistics as the main fields of deployment. The announcement named no customers and gave no figure for orders on hand.

Founded in 2012 and listed in Hong Kong in December 2023, UBTech had 2,550 full-time staff at the end of 2025, all but five of them in mainland China, and held 2,985 granted patents, 508 of them overseas. Research and development spending rose 6.1% to RMB507.5 million, which fell to 25.4% of revenue from 36.6%. The growth was paid for with equity. UBTech placed new H shares three times in 2025, at HK$90.00 in February, HK$82.00 in July and HK$98.80 in December, raising RMB5,779.9 million in total. Cash and cash equivalents stood at RMB4,887.9 million at year-end against RMB1,191.0 million a year earlier, while operating activities used RMB784.1 million. The balance sheet also carried RMB117.0 million in deposits for the purchase of shares in Zhejiang Fenglong Electric, the Shenzhen-listed company UBTech went on to control.

The battery swap is the commercial argument

A humanoid that stops to recharge for hours occupies a line position it cannot fill. UBTech's design lets Walker S2 walk to a station, exchange its own pack and return, so one robot can in principle cover consecutive shifts. Fifty-two degrees of freedom means 52 independently driven joints across legs, waist, arms and hands, each needing its own electric actuator, reducer and sensor. The joint count drives both what the robot can do and what it costs to build, which is why the revenue per unit matters as much as the unit count.

Rivals raise more and disclose less

Among Chinese peers, Unitree Robotics listed on Shanghai's STAR Market in August 2026, and AgiBot said in April 2026 that its 2025 revenue had passed RMB1 billion, ROBOTNESS reported at the time. LimX Dynamics raised US$200 million in a Series B in February 2026. In the United States, Figure AI raised US$1 billion at a US$39 billion post-money valuation in September 2025 and Apptronik closed a US$520 million Series A extension in February 2026. None of the private rivals publishes segment revenue on UBTech's basis, which makes its filing the closest thing the sector has to a public benchmark for price and volume.

What the filing leaves open

Three gaps stand out. The announcement gives no order backlog, so 2026 revenue cannot be read from it. The 1,079 units sold equal 18.0% of the year-end capacity of 6,000, a gap the company will need to close to make the new lines pay. Selling, administrative and R&D expenses together reached RMB1,314.1 million, against gross profit of RMB753.8 million, so the business still depends on the equity market. At the 2025 rate of operating cash outflow, year-end cash covers about six years and three months, a cushion that holds only if burn does not rise with volume.