Soaring by 2203%, the "No. 1 stock in the humanoid robot industry" has temporarily resolved the "crisis".
The future is already here, just not evenly distributed.
The market potential for humanoid robots has been unleashed, and in the future, the valuation of enterprises will be directly linked to their revenue scale.
Actually, since the industry's explosive growth in 2023, in just two years, the humanoid robot track has become extremely crowded. By the end of 2025, there were over 150 humanoid robot enterprises in China, more than half of which were startups or companies entering the field through cross - border expansion.
Against this backdrop, the elimination competition in the humanoid robot track will intensify further, and the advantages of leading enterprises will also be magnified simultaneously.
On March 31, Ubtech Robotics, a leading robot enterprise listed on the Hong Kong Stock Exchange, released its full - year performance report for 2025. The financial report shows that in 2025, Ubtech achieved revenue of 2.001 billion yuan, a year - on - year increase of 53.3%; gross profit was 754 million yuan, a year - on - year increase of 101.6%; net loss was 789.8 million yuan; net loss attributable to the parent company was 703 million yuan, and the loss margin narrowed.
In terms of gross profit margin, Ubtech's gross profit margin in 2025 was 37.7%, a year - on - year increase of 9 percentage points.
The biggest highlight of Ubtech's financial report comes from its intelligent humanoid robot products and solutions. From the perspective of revenue structure, this segment has become Ubtech's largest source of income, accounting for 41% of the total revenue.
The financial report shows that in 2025, the company's full - size embodied intelligent humanoid robots (non - remote - controlled, non - toy, over 160 cm in height) generated revenue of 820 million yuan, a year - on - year increase of 2203.7%; the sales volume reached 1,079 units, a year - on - year increase of 35,866.7%. Both revenue and sales volume ranked first globally. Based on this estimate, the average selling price of full - size embodied intelligent humanoid robots is about 760,000 yuan per unit.
The sales volume of non - full - size, non - embodied intelligent humanoid robots (including remote - controlled, pre - programmed, and toy types, under 160 cm in height) was 12,759 units.
According to the latest report from IDC, in 2025, the global shipment of humanoid robots was close to 18,000 units, a year - on - year increase of 508%, and the market scale was about 440 million US dollars, mainly applied in fields such as cultural and entertainment performances, scientific research and education, and data collection. Ubtech is the only enterprise globally that achieved an annual delivery volume of over a thousand full - size embodied intelligent humanoid robots.
Affected by the better - than - expected financial report, Ubtech's stock price soared by over 17% the next day, and its total market value reached HK$50.3 billion.
The Gift of the Industry Upturn
Data shows that Ubtech was founded in 2012 and is a provider of intelligent service robots and solutions.
After its establishment, Ubtech mainly focused on the field of humanoid robots. Over the past decade, it has successively launched products such as the small robot Alpha, humanoid robots Walker, Walker X, and Walker S. Its core products cover enterprise - level and consumer - level intelligent robots and solutions.
According to media reports, Zhou Jian, the founder of Ubtech, was originally an outsider in the industry. He graduated from the College of Wood Science and Technology of Nanjing Forestry University with a bachelor's degree and accumulated his first pot of gold by running an automated equipment business.
In 2008, inspired by Japanese small humanoid robots, Zhou Jian began to independently develop domestic robots. After breaking through the key component of robot joint servo steering gears, he founded Ubtech in 2012.
In the early days of its establishment, Ubtech's main product was an educational robot about 40 cm in height.
As is well - known, in the early stage of an industry, "burning money" is inevitable, the difficulty of financing is generally high, and the valuation level is not too high. Therefore, it was not until 2016 that Ubtech officially entered the field of large - scale humanoid robots. At the same time, it established research institutes in Shenzhen and Beijing, focusing on engineering implementation and motion control algorithm research respectively.
However, it was not until August 2021 that Elon Musk first announced the "Tesla Bot" plan, claiming to build a general - purpose, bipedal humanoid robot to undertake dangerous, repetitive, and boring work. Only then did the humanoid robot track begin to attract wide attention from the market.
In September 2022, Musk officially unveiled the prototype of Optimus. At that time, he said bluntly that the future production volume of humanoid robots was expected to reach millions of units, and the price after mass production was expected to be much lower than that of cars.
With the support of such an industry upswing, capital poured in crazily. The humanoid robot track became a popular track overnight and entered the fast lane of development. In December 2023, Ubtech took advantage of the trend to list on the Hong Kong Stock Exchange, becoming the "first humanoid robot stock." Three months after listing, the company's total market value once exceeded HK$130 billion.
However, it is worth noting that such a glorious moment did not last long. With the subsequent disclosure of financial reports and the successive reduction of holdings by core shareholders after the lifting of the restricted - share lock - up period, Ubtech's stock price once fell by over 80%, and the market value was close to HK$20 billion at its lowest.
In addition, Zhou Jian terminated the concerted action relationship with Zhao Guoqun, Xia Yongjun, Wang Lin, Xiong Youjun, Xia Zuoquan, and Shenzhen Smart Preferred Investment Partnership. Since Zhou Jian directly and indirectly holds about 23.49% of the company's shares and his voting rights in the company are less than 30%, the company has become a company without a controlling shareholder, which has further put pressure on the company's stock price. To stabilize market sentiment, Zhou Jian also made a commitment not to reduce his holdings within 12 months.
At that time, an industry insider said, "If Tesla announces the cessation of humanoid robot R & D, the entire humanoid robot track may suffer a heavy blow."
It was not until 2024 that Unitree Robotics became popular, and the humanoid robot track regained popularity. Ubtech also seized this opportunity to catch a break. Coupled with the favorable development of the industry, in October 2025, Ubtech's stock price reached a maximum of HK$161, nearly four times the lowest price.
Performance is King
In 2025, the continuous influx of capital made robot enterprises no longer worry about funding problems for the time being.
So, how to explore a high - quality commercial monetization path has become a common problem faced by humanoid robot enterprises. Fortunately, some leading enterprises have already provided answers.
According to the annual report data, in 2025, Ubtech delivered 1,079 full - size humanoid robots. The Walker S series of industrial humanoid robots have been mass - deployed in industrial scenarios such as automobile manufacturing, intelligent logistics, 3C electronics manufacturing, and semiconductor manufacturing, mainly undertaking three types of work: handling, sorting, and quality inspection.
From the perspective of revenue structure, the revenue from full - size embodied intelligent humanoid robots was 820 million yuan, which is the company's core source of income; the revenue from other intelligent robot products and solutions was 629 million yuan; the revenue from other intelligent hardware devices was 499 million yuan. It should be noted that as the company's second - largest source of income, the business of other intelligent robot products and solutions not only failed to grow but also declined; although the third - largest source of income increased slightly, the growth rate was almost negligible.
In other words, the growth of the company's overall revenue in 2025 was entirely driven by the single business line of humanoid robots.
From the perspective of geographical distribution, Ubtech's revenue in the Chinese mainland was 1.526 billion yuan, and its revenue in Hong Kong and overseas was 475 million yuan. The domestic revenue accounted for more than 70%.
In terms of R & D, Ubtech has always maintained a relatively high R & D investment intensity. In 2025, the R & D investment exceeded 500 million yuan, accounting for 25.4% of the revenue. In terms of cash reserves, as of the end of 2025, Ubtech held 4.92 billion yuan in monetary funds. The company said that the subsequent funds will be mainly invested in the field of embodied intelligence.
After the release of the financial report, Citigroup issued a research report saying that Ubtech's gross profit margin increased by 9 percentage points year - on - year to 37.7%, higher than the bank's forecast of 30.1% and the market forecast of 31.3%; the revenue from humanoid robots soared 22 times year - on - year to 820 million yuan (with a cumulative delivery of 1,079 units), 61% higher than the bank's original estimate of 508 million yuan (725 units). The bank expects Ubtech's stock price to react positively to this better - than - expected 2025 performance and reiterates a "buy" rating, citing its first - mover advantage in the humanoid robot industry and giving a target price of HK$155.
The report points out that the improvement of Ubtech's gross profit margin is mainly due to the humanoid robot business, whose gross profit margin reached 54.6%. The company also revealed that in 2025, the gross profit from the humanoid robot business reached 448 million yuan, a year - on - year increase of 15.7 times, accounting for 59% of the company's total gross profit.
On April 1, at the company's performance briefing, Ubtech's management predicted that the company's gross profit margin will continue to increase in 2026. Although it may not achieve an increase of 9 percentage points, it is expected to reach a range of 40% to 43%.
Kanjian Finance believes that from the financial report data, the sharp increase in Ubtech's humanoid robot business data is mainly due to the low base in the previous year. And from the overall operating situation, the company's revenue growth rate still needs continuous observation. Generally speaking, as the humanoid robot market enters the elimination stage, accurately targeting the user group is crucial for enterprise development.
From the perspective of the industry trend, the room for trial - and - error of enterprises has been significantly reduced, and the industry has officially entered the performance realization period. The market's assessment criteria for enterprises will become more and more strict, especially in the Hong Kong stock market. Failing to meet the performance data will have a relatively serious impact on enterprises. From this perspective, we believe that Ubtech still faces considerable performance pressure in 2026, and as the industry elimination competition continues to intensify, the market will also put forward higher requirements for the enterprise's profitability.
This article is from the WeChat official account "Kanjian Finance" and is published by 36Kr with authorization.