UBTECH submits the exam: 1,079 humanoid robots sold, revenue of 820 million yuan, accounting for 41.1%; the company still lost 789 million yuan | Yangtze River Delta Capital Bureau

Investing in stocks, just look at the Golden Kylin Analyst Reports—authoritative, professional, timely, comprehensive, helping you uncover potential thematic opportunities!

Text | Sina Finance Shanghai Station, Shili

March 31, 2026, UBTECH released its 2025 full-year performance report. This company, dubbed the “No. 1 Stock in Humanoid Robots” by the market, delivered a compelling performance: total revenue of 2B yuan, up 53.3% year-over-year; gross profit of 753.8 million yuan, up 101.6%, with gross margin rising to 37.7%; meanwhile, net loss still reached 789 million yuan, narrowing by 32.0% compared to the previous year.

What is truly repeatedly mentioned is not these overall figures, but a more tangible business curve. In 2025, UBTECH delivered a total of 1,079 full-sized embodied intelligent humanoid robots, generating revenue of 820 million yuan, accounting for 41.1% of total revenue. This business grew by 2203.7% year-over-year, becoming the company’s most core growth driver.

When these robots are included in the financial report scope, their prices also become more concrete. Based on disclosed data, the unit price of UBTECH’s full-sized humanoid robots is approximately 760k yuan.

At the same time, the company launched humanoid robot products for scientific research and educational scenarios, with official prices around 299k yuan, while the Walker series products aimed at industrial scenarios generally command higher market prices. Different price tiers outline a layered structure of humanoid robots from “entry-level display” to “industrial application.”

Around this core business, UBTECH repeatedly emphasizes “landing” in its financial report. Its Walker series industrial humanoid robots have entered scenarios such as automobile manufacturing, smart logistics, 3C electronics, semiconductors, and aerospace manufacturing, undertaking tasks like handling, sorting, and quality inspection. They have also entered universities and scientific research systems for data collection and teaching platform construction.

But if we look at the “1,079 units” figure within a broader industry context, this number itself appears restrained. For an industrial product, a thousand units signifies moving from validation to deployment, but there is still a gap before truly scaling up. UBTECH has achieved a “from 0 to 1” stage, but the path from “1 to 10” has yet to unfold.

In terms of business structure, UBTECH’s other segments still provide support. Education, logistics, and other intelligent robot products and solutions generated revenue of 629 million yuan, accounting for 31.4%; smart hardware devices contributed revenue of 499 million yuan, accounting for 24.9%; and non-embodied intelligent humanoid robot products and solutions sold 12.7k units in the year, amounting to 47.96 million yuan, accounting for 2.4%. But whether in growth rate or proportion, humanoid robots have become the company’s most core focus.

Another clear trend is also evident. Despite gross profit doubling, the company still recorded a net loss of 789 million yuan for the year, with cash and cash equivalents of 4.92 billion yuan, indicating it remains in a stage of continuous investment.

From the results, UBTECH has advanced humanoid robots from launch events and promotional videos to measurable commercial deliveries, achieving thousands of units in deployment. But when a device costing several hundred thousand yuan is truly placed into factory scenarios, it faces not just technical validation but more direct commercial testing.

The hardest part of humanoid robots has never been selling the first thousand units, but making the same customer willing to buy the second thousand.

		Sina Statement: This message is reprinted from Sina cooperative media. Sina.com publishes this article to convey more information and does not imply endorsement of its views or verification of its descriptions. The content is for reference only and does not constitute investment advice. Investors operate at their own risk.

Massive information, precise interpretation, all on Sina Finance APP

Editor: Chang Fuqiang