Ubtech Robotics Corp (9880) H2 2025 earnings summary

Executive summary

• Revenue surged 53.3% year-over-year to RMB2,001.0 million, driven by rapid growth in full-size embodied intelligent humanoid robot products and services, which became the largest revenue source.

• Gross profit more than doubled to RMB753.8 million, with gross margin rising to 37.7% from 28.7% due to a favorable revenue mix.

• Net loss narrowed to RMB789.8 million from RMB1,159.9 million, reflecting improved operating leverage and expense control.

• Significant technological advancements and commercialization in industrial humanoid robots, with mass production and large-scale scenario applications.

• No final dividend was declared for 2025.

Financial highlights

• Full-size embodied intelligent humanoid robot revenue soared 2,203.7% to RMB820.6 million, with sales volume up 35,866.7% to 1,079 units.

• Non-embodied intelligent humanoid robot revenue grew 15.3% to RMB48.0 million.

• Other intelligent robot products and services revenue declined 16.9% to RMB628.7 million due to delayed project deliveries.

• Other intelligent hardware devices revenue increased 6.4% to RMB499.2 million.

• Adjusted net loss (non-GAAP) was RMB690.5 million; adjusted EBITDA (non-GAAP) improved to negative RMB437.5 million.

Outlook and guidance

• Continued investment in R&D and mass production of new Walker S series industrial humanoid robots, with focus on lightweight design, system stability, and multi-scenario integration.

• Expansion of industrial vertical domain datasets and multi-modal perception technologies to support large-scale deployment.

• Ongoing development of group intelligence, end-to-end motion control, and autonomous navigation for both humanoid robots and L4 autonomous vehicles.

• Strategic goal to accelerate commercialization and expand applications from industrial to commercial and household scenarios.