Ubtech Robotics Corp (9880) H2 2024 earnings summary

Executive summary

• Revenue grew 23.7% year-over-year to RMB1,305.4 million, with gross profit up 12.4% to RMB374.0 million.

• Net loss narrowed to RMB1,159.9 million from RMB1,264.6 million in 2023.

• Significant R&D investment continued, with breakthroughs in humanoid robotics and AI technologies.

• Multiple industry awards and international expansion in education, logistics, and consumer robotics.

Financial highlights

• Gross profit margin declined to 28.7% from 31.5% due to a higher share of lower-margin consumer products.

• Adjusted net loss (non-GAAP) was RMB914.6 million; adjusted EBITDA (non-GAAP) was negative RMB608.5 million.

• Cash and cash equivalents rose to RMB1,191.0 million; external bank borrowings increased to RMB1,537.6 million.

• Gearing ratio improved to 71.6% from 73.3%; current ratio at 1.4x.

Outlook and guidance

• Focus on advancing humanoid robot R&D, multimodal AI, and commercialization across industrial and consumer sectors.

• Plans to iterate Walker series robots, enhance BrainNet architecture, and expand L4 autonomous logistics vehicles.