Company Overview
| Field | Detail |
|---|---|
| Company | UBTECH Robotics Corp., Ltd. (Shenzhen) |
| Founded | 2012 |
| HQ | Shenzhen, Guangdong, China |
| Founder | Zhou Jian |
| Stock Code | 9880.HK (Hong Kong Stock Exchange) |
| Website | https://www.ubtrobot.com |
| Market Position | First publicly listed humanoid robot company globally |
Headquartered in Shenzhen, UBTECH focuses on the R&D and commercialization of humanoid robots and AI technologies. Its product lines span education, logistics, consumer services, and industrial manufacturing. In December 2023, UBTECH listed on the Hong Kong Stock Exchange’s main board, becoming the world’s first publicly traded company with humanoid robots as its primary business.
Core Products
Humanoid Robot Series:
- Walker S: Full-size industrial humanoid for intelligent manufacturing. Already deployed at Foxconn, BYD, and other factories for vehicle assembly, logistics sorting, and more. Total 2025 order value reached 1.1 billion RMB.
- Walker S2: Next-generation industrial humanoid that entered mass production in late 2025. Offers significant improvements in weight reduction, system integration, and operational stability over the Walker S.
- Tiangong Xingzhe: Full-size research and education humanoid for universities and research institutions.
- AI Wukong: Compact humanoid for the education market and home entertainment.
Education Robots:
- Yanshee and other programmable education robots targeting the K12 market.
Logistics and Service Robots:
- AGV/AMR units and delivery robots for commercial applications.
Financial Performance (FY2025)
| Metric | Value | YoY Change |
|---|---|---|
| Total Revenue | 2.001B RMB | +53.3% |
| Full-size Humanoid Revenue | 820.6M RMB | +2,203.7% |
| Humanoid Units Sold | 1,079 units | +35,866.7% |
| Gross Profit | 754M RMB | — |
| Net Loss | 790M RMB | Narrowed 31.9% |
2025 was a turning point. Full-size humanoid robot revenue jumped from near zero to 41.1% of total revenue — becoming the company’s largest single revenue stream. Humanoid sales went from single digits to over a thousand units, signaling that China’s humanoid robot industry has entered the “volume delivery” phase.
Funding and Listing History
Before its IPO, UBTECH completed multiple funding rounds with backing from Tencent, iFlytek, CDH Investments, and others. The company listed on HKEX in December 2023 at approximately 90 HKD per share, raising about 1 billion HKD.
In November 2025, UBTECH secured another 264M RMB in humanoid robot orders, bringing the total Walker series order book for 2025 to 1.1 billion RMB. The company has set a 2026 production capacity target of 10,000 units — a major leap from the current thousand-unit scale.
Competitive Position
UBTECH is the only publicly listed company globally with meaningful humanoid robot revenue. Compared to Unitree (privately held, quadruped-focused), UBTECH’s edge lies in:
- Public market advantages: As the “first humanoid robot stock” on HKEX, UBTECH enjoys stronger brand recognition and financing access.
- Commercial validation: 820.6M RMB in humanoid revenue with real customers and orders in hand.
- Diversified portfolio: From education to industrial to consumer — broader coverage than most peers.
The flip side: persistent losses (790M RMB net loss in 2025), relatively modest absolute revenue (2B RMB), and growing competitive pressure from Unitree, Agibot, and others racing toward their own IPOs.
Industry Outlook
Upside: UBTECH has the clearest industrial landing path — automotive and 3C electronics factories need massive production-line automation. If the Walker S2 ramp-up and 10,000-unit capacity plan execute well, 2026 revenue could double. First-mover advantage combined with production scale creates a moat that latecomers will struggle to cross.
Risks: Cash flow pressure from sustained losses; questions about overall humanoid profitability; stock price volatility and investor sentiment; whether core technologies (motion control, multimodal LLM) truly lead competitors like Unitree and Figure AI.
Watch Points: Actual Walker S2 delivery numbers; path to profitability timeline; long-term order lock-ins with automotive OEMs; progress on the in-house multimodal reasoning large model.