Tear off the industry's "emperor's new clothes", and the revenue of Ubtech's embodied humanoids has increased by 2,203.7%.

On March 30, Ubtech Robotics, the so - called "first stock of humanoid robots", released its 2025 performance announcement.

Data shows that in 2025, Ubtech Robotics achieved a revenue of 2.001 billion yuan, a year - on - year increase of 53.3%, demonstrating high growth potential. During the same period, the gross profit reached 754 million yuan, a year - on - year increase of 101.56%, with a corresponding gross profit margin of 37.7%, indicating a significant improvement in profitability.

However, the expansion of scale is not the whole story. The special feature of this financial report is that the company's full - size embodied intelligent humanoid robot business has witnessed an all - round explosion.

In the past year, driven by the wave of physical AI, the market has been waiting for a verification signal of the "commercial implementation" of humanoid robots, and Ubtech Robotics' financial report provides the answer. In 2025, the revenue from Ubtech Robotics' full - size embodied intelligent humanoid robots was 821 million yuan, a year - on - year surge of 2203.7%.

The explosion of the core business has released two positive signals. Firstly, the humanoid robot industry has reached a crucial turning point for commercial application and "value realization". Secondly, over the past 14 years, Ubtech Robotics' profound accumulation in the field of embodied intelligence has been successfully transformed into the ability to deliver large - scale orders, driving the company into a new stage of high - growth.

Boosted by strong performance, the company's stock price continued to rise in the two trading days after the release of the financial report, with a cumulative increase of nearly 20%. Citigroup also raised its target price for Ubtech Robotics from HK$155 to HK$190 and reaffirmed its "Buy" rating.

So, what is the underlying logic behind the explosion of Ubtech Robotics' business? Does it have investment value?

Qualitative Change in Revenue Structure

The biggest highlight of this financial report is that there has been a qualitative change in Ubtech Robotics' revenue structure. The full - size embodied intelligent humanoid robot business has grown significantly and has become the company's largest source of revenue.

According to the financial report data, in 2025, the shipment volume of Ubtech Robotics' full - size embodied intelligent humanoid robots reached 1,079 units, a year - on - year increase of 35,866.7%, driving the revenue to grow from 36 million yuan to 821 million yuan in 2025, with a year - on - year growth rate of 2203.7% and accounting for 41.1% of the total revenue.

Meanwhile, due to the higher value of full - size embodied intelligent humanoid robots, with a gross profit margin of 54.6%, as the revenue share increases, the company's comprehensive gross profit margin has also risen from 28.7% to 37.7%, and its profitability has entered an upward channel.

The growth of the full - size embodied intelligent humanoid robot business benefits from the full - speed acceleration of the company's large - scale scenario applications in the past year. According to the financial report, currently, more than 80% of Ubtech Robotics' product application scenarios are targeted at the industrial field, mainly focusing on automotive manufacturing, intelligent logistics, 3C electronics manufacturing, semiconductor manufacturing, aviation manufacturing, industrial data collection and other fields with strict requirements for autonomy, stability, accuracy and safety. The customer matrix covers many Fortune Global 500 companies such as Texas Instruments, Airbus, BYD, Foxconn and Audi FAW.

The reason why these giants are willing to pay is that Ubtech Robotics' full - size embodied intelligent humanoid robots have a "brain", can independently recognize, make decisions and execute tasks, and have the ability to solve core pain points such as high personnel turnover, high management difficulty and high work repetition in workstations such as handling, sorting and quality inspection.

In the handling scenario, Walker S2 has the ability to make independent decisions on unpacking and palletizing, control the whole - body linkage and avoid obstacles in narrow areas, and can complete the handling of multi - layer and multi - row dense material boxes. In the sorting scenario, Walker S2 can achieve stacking and grabbing in a constrained environment and operate flexible materials, and can handle complex processes such as flow rack sorting and bolt protective sleeve peeling. In the quality inspection scenario, Walker S2 has both visual and operational abilities, can complete the detection of material completeness, plug - in quality inspection and air - conditioning leakage detection, and is in real - time connection with the production system, realizing the closed - loop management of quality data.

Breaking Away from "Remote - Controlled Toys" and Redefining Industry Standards

The explosion of Ubtech Robotics' full - size embodied intelligent humanoid robot business is not simply a category expansion, but a redefinition of the standard of humanoid robots from "remote - controlled toys" to "production tools".

In the financial report, Ubtech Robotics put forward the standard for humanoid robots. Non - remote - controlled, non - toy humanoid robots with a height of over 160 cm are defined as full - size embodied intelligent humanoid robots, while remote - controlled, pre - programmed humanoid robots with a height of less than 160 cm are non - full - size non - embodied intelligent humanoid robots. Most humanoid robots in the market belong to the latter, but the industry often confuses remote - controlled toys with humanoid robots.

Although these products are anthropomorphic in form, they still rely on pre - programming or remote control in essence and execute fixed action flows. Although the implementation threshold is low, due to the lack of environmental understanding and autonomous decision - making ability, they are mostly limited to simple scenarios such as performances and greetings, with low unit value and an obvious growth ceiling.

Ubtech Robotics' core value comes from its global leadership in the full - size embodied intelligent humanoid robot track. According to the disclosure, the company is the only global enterprise that has achieved large - scale delivery of full - size embodied intelligent humanoid robots, with real revenue and high gross profit.

Different from the above - mentioned humanoid robots, full - size embodied intelligent humanoid robots are over 160 cm tall. They not only have a human - like form but also a "body - embedded brain". Therefore, they can operate autonomously like humans without remote control and achieve in - depth understanding and autonomous decision - making in complex and dynamic environments.

For this reason, the R & D and implementation thresholds for full - size embodied intelligent humanoid robots are extremely high, but they can be adapted to more valuable application scenarios, and the corresponding unit value is also higher. According to the financial report data, if calculated based on the sales volume of 1,079 units and the revenue of 820 million yuan, the average unit value is as high as 760,000 yuan.

So, why can Ubtech Robotics be the first to realize value? Behind this is the software - hardware collaborative barrier built by the company's continuous high - intensity R & D. In 2025, the company's R & D investment exceeded 500 million yuan, of which the investment in the full - size embodied intelligent field exceeded 270 million yuan, nearly 16 times that of non - embodied products in the same period.

This huge R & D investment has been transformed into real technological advantages and engineering capabilities. At the software level, based on hundreds of millions of high - quality industrial scenario data, Ubtech Robotics has independently developed several large models, including the open - source embodied intelligent large model Thinker, which has won nine global first - places and is the foundation for building physical AI. There is also the closed - loop feedback visual - language - action model Thinker - VLA and the world model Thinker - WM for industrial embodied intelligent humanoid robots.

The upgraded Group Brain Network 2.0, equipped with the self - developed collaborative agent Co - Agent and Thinker - VLM, endows robots with fast - response, precise spatial perception, environmental cognition and forward - looking decision - making abilities, which can be regarded as the industrial version of lobsters, enabling robots to form team cooperation.

The self - developed humanoid binocular vision technology has higher accuracy than RGBD cameras, achieving an accuracy rate of 99.5% in industrial scenarios, allowing robots to have sharp eyesight.

At the hardware level, Ubtech Robotics has launched the fourth - generation and fifth - generation dexterous hands with 19 fully - driven active rotation degrees of freedom. Combined with tactile and visual multi - modal sensors, the accuracy of industrial operations has been significantly improved. At the same time, it has innovatively defined the body hot - swap autonomous power - changing system. When the robot runs out of power, it can complete the power - changing process by itself in 3 minutes, laying the foundation for 7×24 - hour continuous operation.

Overall, the large - scale revenue generation of full - size embodied intelligent humanoid robots marks that Ubtech Robotics has achieved a key leap from "technological show - off" to "value realization". Relying on its software - hardware collaborative capabilities, the company has not only built a deep technological moat but also locked in the premium dividends of the trillion - level market in the process of moving towards AGI.

Defining the End - Game of Physical AI with a "Super Brain"

The essence of this premium dividend is that the focus of competition in the humanoid robot industry is shifting from "physical development" to "brain evolution".

In the past year, the evolution speed of humanoid robots has been obvious to all. From the boxing demonstration of Unitree Robotics' robots to the smooth football - playing actions of Expedition A1, embodied intelligence is carrying the market's great expectations for physical AI in an unprecedented way.

However, upon closer inspection, it is not difficult to find that most humanoid robots in the market are still lingering in light - weight scenarios such as entertainment performances. "Good - looking but not practical" is the core bottleneck hindering their large - scale commercialization.

The key constraint behind this is that most robot companies have fallen into the "cerebellum shortcut" in reality. That is, they overly rely on high - frequency sensor feedback and complex dynamic algorithms to pursue the motion control of robots while ignoring the understanding of instructions themselves. A robot that can dance smoothly is very visually impactful, but in fact, this "development" is the result of high - level pre - setting, and the robot cannot understand the underlying task requirements.

For robots to work in large - scale scenarios, they must have a key ability: to understand human language and perform human tasks. This requires endowing them with a powerful "body - embedded brain" so that they can accurately understand language, the environment and task objectives, and shift from "working according to pictures" to "executing after understanding".

Different from most companies in the market that focus on the "cerebellum", while deeply cultivating motion control, Ubtech Robotics has proactively tilted its core resources towards the "brain" in the long - term. In four years, the company's cumulative R & D investment has exceeded 1.9 billion yuan, covering the planned funds of its peers for embodied large models in the next few years. This has also helped Ubtech Robotics achieve a key position in the future "intelligence competition" of humanoid robots.

As the core engine of the "super brain", Ubtech Robotics has built the embodied intelligent large model Thinker based on self - developed algorithms and rich scenario data. This model has the ability to execute physical - level tasks such as task instruction understanding, environmental perception, decision - making and task planning, and can provide strong "brainpower" for humanoid robots from "moving" to "understanding". It has won 9 first - places in the global authoritative list of embodied intelligent brain models with parameters below 10B (10 billion).

It is worth mentioning that the core competitive advantage of Thinker lies in the authenticity of its training data. This model is trained and optimized based on hundreds of millions of high - quality industrial data accumulated by the Walker S series, which is homologous to the real - world scenario distribution and can be directly translated into the efficiency and stability of robots in factory operations.

In addition, by introducing RAG (Retrieval - Augmented Generation) technology, Ubtech Robotics has achieved rapid training for professional jobs, significantly improving the decision - making ability and generalization ability of robots in multiple workstations, laying the foundation for the large - scale application of full - size embodied intelligent humanoid robots.

In summary, the explosion of Ubtech Robotics' full - size embodied intelligent humanoid robot business is not only a breakthrough in the company's performance but also marks that the industry has officially bid farewell to the "show - field" and entered the first year of industrial commercialization. Facing future industrial battles, the key to victory in the competition has evolved from "physical flexibility" to a deep - seated game of "brain intelligence".

With its long - term accumulation in embodied intelligent models and the "feeding" of hundreds of millions of real industrial data, Ubtech Robotics has built a deep competitive barrier. The abundant monetary fund reserve of 4.92 billion yuan provides sufficient guarantee for its subsequent model iteration.

Looking forward, in the golden track of physical AI, the company not only enjoys the scarce premium as an industry leader but also gains a first - mover advantage through the qualitative change in its revenue structure, showing strong growth certainty and profit elasticity. Benefiting from this, the company is expected to enter the Davis double - click stage under the resonance of performance and valuation, and its long - term investment value will be further highlighted.