Ubtech sold products worth 1.3 billion yuan, and Unitree is gearing up for an IPO. Is this wave of humanoid robots just a false prosperity?

Ubtech is now extremely busy as orders for humanoid robots keep pouring in.

On November 28, Ubtech won the bid for the Humanoid Robot Data Collection and Training Center project in Jiujiang, Jiangxi, with a winning bid amount of 143 million yuan. On November 21, Ubtech won the bid for the Humanoid Robot Data Collection and Testing Center and the Artificial Intelligence Science and Innovation Education Demonstration Project in Fangchenggang, Guangxi, with a winning bid amount of 264 million yuan, once again breaking the world record for the highest order amount of humanoid robots. The order is expected to be delivered in December. At the beginning of November, Ubtech won the bid for the equipment procurement project of the Humanoid Robot Data Collection Center of Zigong Digital Investment in Sichuan, with a winning bid amount of 159 million yuan. The order is expected to be delivered within November.

In the past month, Ubtech alone has won three large orders totaling 566 million yuan. Previously, large orders worth over 100 million yuan also included a 126 million - yuan order won in October and a 250 million - yuan order signed in September. As of now, the total order amount of Ubtech's humanoid robots in 2025 has reached 1.3 billion yuan.

Ubtech previously stated that it expects to deliver more than 500 humanoid robots throughout 2025, and the annual production capacity will reach 1000 units. Currently, Ubtech's production capacity of humanoid robots has reached 300 units per month. Looking to the future, Ubtech's latest plan is to deliver approximately 5000 humanoid robots in 2026 and strive to achieve a delivery scale of 10,000 units by 2027.

The process of mass and continuous delivery of humanoid robots has reached an accelerated sprint stage.

(Image source: Ubtech)

What are the humanoid robots worth 1.3 billion yuan used for?

Lei Technology has sorted out Ubtech's current cumulative orders worth 1.3 billion yuan for humanoid robots this year.

It should be noted that Ubtech's current 1.3 - billion - yuan orders only include the Walker series of humanoid robots, which belong to the category of industrial/commercial humanoid robots under its brand. They do not include the full - size scientific research and education humanoid robot "Tianggong Xingzhe" and the small humanoid robot "AI Wukong".

The mass delivery of Ubtech's Walker series of humanoid robots began in late April this year, and it has only been 7 months so far. Previously, Ubtech's humanoid robots had entered several well - known automobile factories for practical training. As a subsequent development, in late April, Ubtech signed a procurement contract with relevant parties, and the humanoid robots were officially used in the production and manufacturing and commercial reception of automobile factories (including Dongfeng Liuzhou Motor), with an order amount of nearly 50 million yuan.

(Image source: Ubtech)

It is worth mentioning that Ubtech said that through the first - stage practical training completed in automobile factories (Geely, FAW - Volkswagen, BYD, Audi FAW, BAIC New Energy) and enterprises such as Foxconn, the humanoid robots solved the technical problems of the stability of algorithms and software systems in industrial scenarios, transitioned from single - machine autonomy to group intelligence, and carried out the world's first collaborative practical training with multiple robots, multiple scenarios, and multiple tasks.

(Image source: Ubtech)

According to Lei Technology's incomplete statistics, among Ubtech's current total orders of 1.3 billion yuan for humanoid robots this year, there are at least 9 sub - orders. Except for the first large order in the automobile industry signed in late April and the 90.51 - million - yuan procurement project won from Miyi Automobile in July, the remaining 7 orders occurred in the past 3 months.

The 9 sub - orders of Ubtech's humanoid robots can be divided into enterprise - domain customers and public - domain customers according to the major categories of buyers.

Enterprise - domain customers account for 5 orders. Among them, at least 4 are in the automobile industry, covering enterprises in fields such as automobile manufacturing, vehicle export, and intelligent logistics.

(Image source: Ubtech)

Why are the first wave of enterprise customers of humanoid robots highly concentrated in the automobile industry? After years of development, the form of automobile workshops has become a factory environment relatively close to "unmanned operation". Previously, industrial robots entered the factories, and now humanoid robots are entering. The automobile industry has always been at the forefront of "embracing unmanned work environments". This is the case for humanoid robots such as Optimus in Tesla factories, Figure in BMW factories, and Apollo in Mercedes - Benz factories.

Compared with industrial robots, humanoid robots are undoubtedly more suitable for workshop environments such as those in the automobile industry because the workshop itself is a working space "tailor - made" for humans, which has become the "greatest advantage" for humanoid robots to enter the workshop. Automobile factories, especially the general assembly workshops, have highly repetitive and heavy tasks, and the processes are relatively structured, which naturally makes them the best "test fields" for humanoid robots in the factory environment.

(Image source: Ubtech)

Public - domain customers account for 4 orders, all of which are large orders worth over 100 million yuan and occurred in October and November. The customer locations are Liuzhou, Guangxi; Zigong, Sichuan; Fangchenggang, Guangxi; and Jiujiang, Jiangxi in sequence.

Among them, 3 orders are related to the local humanoid robot data collection and training/testing centers. The remaining largest - amount order is related to projects such as passenger and personnel guidance at border ports, sentry patrols, logistics, commercial services and facility inspections at large - scale steel, copper, and aluminum production and manufacturing bases.

(Image source: Ubtech)

It should be added that as a strategic emerging industry, humanoid robots are strongly promoted by top - level design, and regions across the country are actively responding and taking rapid actions.

Currently, a large number of local humanoid robot platform companies have been established across the country, such as the Beijing Humanoid Robot Innovation Center, Humanoid Robot (Shanghai) Company, Zhejiang Humanoid Robot Innovation Center, Hubei Humanoid Robot Innovation Center, etc.

The Optics Valley Humanoid Robot 7S Store (Image source: Hubei Humanoid Robot Innovation Center)

The leading platform companies at the provincial level can naturally take the lead in researching, developing, and promoting local humanoid robot industrial chain products. However, most of the humanoid robot platform companies established in prefecture - level cities do not have such favorable and optional conditions. Therefore, choosing to directly purchase finished robots from enterprises such as Ubtech is a reasonable operating strategy.

The concept of humanoid robots has become a hot topic in the capital market

In addition to large customers in the enterprise and public domains, the first wave of large customers in the humanoid robot market is also in the capital market.

Before the "popular period" of humanoid robot orders, Ubtech had completed its listing plan in the capital market early on, known as the "first stock of humanoid robots", with a latest market value of HK$53.3 billion. On November 24, Ubtech successfully entered the MSCI China Index, further gaining recognition from the international capital market.

However, the capital market prefers new companies and new stories, especially those unproven. This year's favorite has become the currently more popular Unitree Robotics.

(Image source: Unitree Robotics)

On November 10, Unitree Robotics completed its IPO counseling in only 132 days, much faster than the average 6 - to 12 - month counseling period for A - share listings. According to the plan previously disclosed by the official, at the earliest, Unitree Robotics will officially submit its IPO prospectus before the end of this year and will then be listed on the A - share market.

According to earlier reports, after Unitree Robotics appeared on the Spring Festival Gala stage this year, it was frequently reported that the company was promoting its domestic IPO plan, which led to the transfer and crazy scramble of the company's original - share LP shares in the primary market, with high transfer and intermediary prices.

Besides Unitree Robotics, other star humanoid robot enterprises are also eager for the capital market.

Among them, Leju Robotics completed a nearly 1.5 - billion - yuan Pre - IPO round of financing on October 22, led by Shenzhen Investment Holdings. On October 30, Leju Robotics registered for counseling and plans to be listed on the A - share market.

(Image source: Leju Robotics)

ZhiYuan Robotics, founded by Peng Zhihui (also known as Zhihui Jun), a former "Genius Teenager" from Huawei, and established less than 3 years ago, is currently also in the IPO preparation stage and has been taking frequent actions recently.

(Image source: ZhiYuan Robotics)

On November 6, ZhiYuan Robotics completed a tender offer for the A - share listed company Shangwei New Materials, holding approximately 60% of its shares. On November 28, ZhiYuan Robotics also invested in a new embodied - intelligence startup: ZhiShen Technology.

The popularity of humanoid robots has also driven the hot performance of the entire robot industry in the capital market. According to statistics from IT Juzi, as of the end of August this year, the financing amount in the primary market of the domestic robot field has reached 38.6 billion yuan, about 1.8 times that of the whole of last year.

In addition to new startups preparing for listing, many large listed companies are also accelerating the mass production and delivery of humanoid robots. This not only allows them to catch up with the big hot topic in the capital market but also enables them to be the first to benefit from the application of cutting - edge technologies, killing two birds with one stone.

Tian Yuming, the dean of the AI Research Institute of Luxshare Precision, revealed that Luxshare Precision is expected to ship 3000 humanoid robots this year, "all for external customers". Specifically, in Luxshare Precision's current cooperation model, the robots are 100% owned by the customers. The company is mainly responsible for the manufacturing of core components and the assembly of the whole machine and is committed to participating in the formulation of product standards in this process.

The humanoid robot that previously sparked public debate about "whether there is a real person inside" has given XPeng Motors a lot of presence in this market. XPeng Motors' new - generation humanoid robot ‌IRON, designed with "extreme anthropomorphic" technology, is expected to achieve large - scale mass production by the end of 2026.