COMPANY PROFILE / DRONES AND ROBOTICS
UBTech Robotics
A Hong Kong-listed company that grew up on education robots and has moved its weight to full-size humanoids for factories
UBTech Robotics (Shenzhen) was founded in 2012 and listed on the Main Board of the Hong Kong Stock Exchange on 29 December 2023. It began with educational robots and home devices, but since 2025 it has built full-size humanoid robots for factories (such as the Walker S2) into its main source of revenue. The company reports selling 1,079 full-size humanoids in 2025 and 921 in the first half of 2026. Revenue for the first half of 2026 (unaudited) was CNY 1,269.1 million, 2.04 times the same period a year earlier, of which full-size humanoids were 46.5%. Losses continue, however (CNY 789.8 million in 2025 and CNY 338.8 million in the first half of 2026), and in March 2026 the company acquired a listed maker of garden machinery and automotive parts, which changed its revenue mix. This profile sets these out within the company’s filings on HKEXnews. Order values and “world first” statements are treated as company claims; research-firm estimates are not used. Checked 25 October 2026.
- UBTech in 30 seconds, and where it stands in drones and robotics
- The logo and how the name is written
- Where the company sits in the drones and robotics field
- Scale (limited to the robotics business)
- Resources committed to robots
- What it has done so far
- What comes next
- What the company is aiming for in drones and robotics
- Map of partnerships in drones and robotics
- Technology, products and services
- The risks this company carries
- Glossary / References / Claim-to-source audit
1. UBTech in 30 seconds, and where it stands in drones and robotics
(Shenzhen UBTech Technology joint-stock company)Established in China on 31 March 2012, later converted to a joint-stock company and listed in Hong Kong in 2023. The largest shareholder is the founder, Zhou Jian (23.5% at end-2025); there is no ultimate controlling shareholder
(29 December 2023)Net proceeds of the IPO were HK$931.21 million (fully used). In 2025 it raised more through three placings
Industrial & specialist robots (secondary)Full-size humanoids were 41% of 2025 revenue (our calculation); logistics and education robots are the secondary type. The classification is ours
H1 2026: 921Units tied to revenue from products and services combined. Third-party estimates are not used
UBTech is a company that grew up on education and home devices and in 2025 made full-size humanoid robots for factories its main business. Full-size humanoids went from about 3% of revenue in 2024 (CNY 35.6 million) to 41% in 2025 (CNY 820.6 million) and 46.5% in the first half of 2026 (CNY 590.3 million) Sourced. But the company keeps losing money, and in the first half of 2026 its cash fell from CNY 4,887.9 million to CNY 2,325.6 million after paying for an acquisition. Its filings also contain no order values and no buyer names; the April 2025 voluntary announcement reported a procurement contract from an automobile-factory buyer without value or counterparty Sourced. The company itself describes its factory deployments as a framework that combines “teleoperation validation, data acquisition and model training”. This profile separates the fact that humanoid production has ramped up quickly from the parts (autonomous versus remote operation, order values) that lie outside the disclosures.
2. The logo and how the name is written
A note on names: the English name is UBTECH ROBOTICS CORP LTD (also written UBTech or UBTECH); the Chinese name is Shenzhen Youbixuan Keji Gufen Youxian Gongsi (our pinyin). The humanoid product names Walker (two-legged, for factories and business use), Cruzr (wheeled) and U1 (an ultra-realistic humanoid) are not company names. The company reports humanoid revenue in two groups: “full-size embodied intelligent humanoids” and “non-embodied humanoids” (small ones for chat and education). “Embodied intelligence” means AI in a robot that has a body and learns by acting in the real world.
Official site: https://www.ubtrobot.com/en/ (the logo is the header image of the official site; it is white, so it is shown on a dark background)3. Where the company sits in the drones and robotics field
See also our explainers on humanoid robots, warehouse and logistics robots, and teleoperation and data collection. UBTech’s revenue falls into five groups: full-size humanoids (for factories, business and research), non-embodied humanoids (small, for education and home), education and logistics robots, home devices (pet products, vacuums and so on) and, since April 2026, garden machinery, automotive and hydraulic components. The groupings are ours, not the company’s own Our calculation.
4. Scale (limited to the robotics business)
Amounts are in CNY million. Figures for 2024 and 2025 come from the annual results announcement; first-half 2026 figures are unaudited interim results Sourced.
| Item (CNY million) | 2024 | 2025 |
|---|---|---|
| Revenue | 1,305.4 | 2,001.0 (+53.3%) |
| of which full-size humanoid products and services | 35.6 | 820.6 (+2,203.7%) |
| of which non-embodied humanoids | 41.6 | 48.0 |
| of which other robot products and services | 756.6 | 628.7 |
| of which other smart devices | 469.0 | 499.2 |
| Gross profit (margin) | 374.0 (28.7%) | 753.8 (37.7%) |
| R&D expense (share of revenue) | 478.1 (36.6%) | 507.5 (25.4%) |
| Loss for the year | (1,159.9) | (789.8) |
| Capital expenditure | 400.4 | 613.5 |
| Item (CNY million) | H1 2025 | H1 2026 (unaudited) |
|---|---|---|
| Revenue | 621.5 | 1,269.1 (+104.2%) |
| Full-size humanoids | 38.2 (6.1%) | 590.3 (46.5%) |
| Non-embodied humanoids | 26.8 (4.4%) | 32.7 (2.6%) |
| Other robots | 302.8 (48.7%) | 245.8 (19.4%) |
| Other smart devices | 252.0 (40.5%) | 259.4 (20.4%) |
| Garden machinery, automotive and hydraulic components | – | 139.2 (11.0%) |
| Gross profit (margin) | 217.3 (35.0%) | 566.9 (44.7%) |
| R&D expense (share of revenue) | 218.3 (35.1%) | 303.1 (23.9%) |
| Loss for the period | (440.0) | (338.8) |
| Adjusted EBITDA (company’s non-GAAP measure) | (321.8) | (174.1) |
| Credit impairment losses | 1.3 | 91.1 |
Cash at the end of June 2026 was CNY 2,325.6 million, down from CNY 4,887.9 million at the end of 2025; the company says the main reason was the CNY 1,665.3 million paid for the acquisition. Borrowings were CNY 997.3 million. Gross accounts receivable were CNY 2,225.1 million (CNY 1,679.6 million after a CNY 545.5 million bad-debt provision), of which CNY 767.9 million is older than one year (CNY 542.5 million older than two years) Sourced.
The unit count for full-size humanoids goes with revenue from products and services combined. The company reports full-size humanoid revenue as products plus services and gives unit sales alongside (1,079 in 2025, 921 in the first half of 2026), but it does not disclose a price per unit or the split between machines and services (operation, data collection and so on). It also says credit impairment losses in the first half of 2026 (CNY 91.1 million, about 70 times the prior year) rose because it changed the method of calculating expected credit-loss rates Sourced. This article does not judge the “quality” of the units (real operation versus trial or research use); it only sets out the company’s statements.
5. Resources committed to robots
The table shows whether the four points (people, money, outside investments and acquisitions, and ties with universities and public bodies) could be confirmed in the filings.
| Type of resource | Details | Class |
|---|---|---|
| People | 2,550 at end-2025 (2,545 in mainland China, mostly at the Shenzhen head office) and 2,744 at end of June 2026. Total staff cost was CNY 914.6 million in 2025 (CNY 940.7 million in 2024, lower mainly because of less share-based pay); employee benefit expense was CNY 484.9 million in the first half of 2026. The number of R&D staff could not be confirmed | Sourced (R&D headcount not confirmed) |
| Money: R&D and capital spending | R&D was CNY 507.5 million in 2025 (25.4% of revenue) and CNY 303.1 million in the first half of 2026 (23.9%). Capital expenditure was CNY 613.5 million in 2025 (the Shenzhen headquarters building, a Hangzhou Lin’an project, a Jiujiang industrial park, Wuxi UQI PARK and others) | Sourced |
| Money: financing | Net IPO proceeds in 2023 were HK$931.21 million (fully used). In 2025 it ran three placings of new H shares, with net proceeds of HK$876.32 million (February), HK$2,410.26 million (July) and HK$3,055.71 million (November), about HK$6.34 billion in all (our calculation). Of the November proceeds, HK$2,291.78 million is earmarked for investment in or acquisition of upstream and downstream targets, and HK$1,756.50 million had been used by the end of June 2026 | Sourced |
| Outside investments and acquisitions | It bought 29.99% of Zhejiang Fenglong Electric (Shenzhen-listed; garden machinery, hydraulic controls, automotive parts) in March 2026 and a further 13.02% in April, reaching 43.01%. The total was CNY 1,665.3 million in cash, consolidated from April 2026; the company says the aim is to strengthen humanoid mass production, cost and reach. In January 2026 it agreed to set up a partnership with Liuzhou industrial funds (CNY 660 million in total, of which the company contributes CNY 300 million) | Sourced |
| Universities, research bodies and public bodies | With the China Vocational and Technical Education Society (under the Ministry of Education) it launched a “production-process industrial humanoid data collection center” initiative (28 institutions in the initial build, first half of 2026). With Shenzhen Polytechnic University it set up what it calls the first embodied-intelligence industry institute at a vocational undergraduate university in China. Universities including CUHK, Beihang and Wuhan support its Thinker Cosmos developer community. The company says it takes part in drafting national humanoid-robot standards (Technical Requirements for Humanoid Robots, Parts 5 to 7) | Sourced (company statements) |
The main products are summarized below from the company’s results materials (checked 25 October 2026). Specifications and capabilities are all company stated values.
| Product or facility | Type | Main specifications and record (company statements) | Stage | Reference |
|---|---|---|---|---|
| Walker S2 | Two-legged humanoid for factories (3rd generation) | Autonomous battery swap in 3 minutes and 24-hour continuous operation, a 52-degree-of-freedom torso, 15 kg payload handling. Mass production and delivery began in 2025; the company describes “1,000-unit-level small-scale mass production” | On sale (mass production began 2025) | Reference 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf |
| 4th-generation factory humanoid | Two-legged humanoid | Aerospace-grade lightweight materials cut total weight by more than 15%, and battery replacement takes 2 minutes. Developed in the first half of 2026 | In development (H1 2026) | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf |
| Cruzr S2 / Cruzr Y1 | Wheeled humanoid (factory use) | Waist-folding mechanism, 15 kg payload. Cruzr Y1 uses domestic computing chips and, the company says, can carry out perception, decision, grasping and placing on its own in mixed-material settings | On sale (Y1 rolled out in H1 2026) | Reference 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf |
| Walker C1 | Two-legged humanoid for business use | 3D-printed lattice structures serve as “muscle structures”; 53 degrees of freedom. For guiding, reception, education and research | On sale (announced H1 2026) | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf |
| U1 series | Ultra-bionic humanoid | Male and female forms, 88 degrees of freedom overall, 19 active degrees of freedom in the face. For business and home companionship | Announced (H1 2026) | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf |
| Chitu unmanned logistics vehicle, Wali series | Logistics robots | Chitu rolled off the line at Foxconn’s Zhengzhou plant and global pre-sales began. The company reports project deliveries of wheeled humanoids to OPmobility, Jabil, Foxconn and Honda, among others | On sale (H1 2026) | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf |
| Thinker, Thinker-WM, Thinker-VLA | Embodied-AI models | Thinker 1.0 was released in H1 2026 and, the company says, ranked first on nine leaderboards. Model weights are published on GitHub and Hugging Face. The success rate of VLA loading and unloading in the lab is 75% | Released (Thinker) / being improved | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf |
| Dexterous hands (4th and 5th generation) | Components | The 4th generation has 11 degrees of freedom and a worm-gear drive with 12.5 N at the fingertip; the 5th has 19 degrees of freedom with tactile and visual sensors | In development and fitted | Reference 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf |
“World first”, “world number one” and “leading in order volume” are the company’s own wording. Annualized capacity for full-size humanoids at the end of 2025 was over 6,000 units (company statement), and the first-half 2026 results mention an “annual production target of 10,000 units”. Both are company capacity and targets; independent verification could not be confirmed.
Claims about operation are set out too. The company says its full-size humanoid “services” follow a loop of demand assessment, solution design, teleoperation validation, data acquisition and model training, and that it completed cross-region teleoperation tests over wireless links. Multi-robot work in factories (moving boxes, sorting, parts assembly, quality inspection) is described as “field trials”, and the success rate of VLA loading and unloading in the laboratory was 75%. It also says its robots served as guides at the China Pavilion of the 2025 Osaka Expo and received more than 1.9 million visitors. Unit counts, hours and independent verification cannot be confirmed for any of this. Please read these as company claims Sourced.
6. What it has done so far
| When | What happened | Meaning |
|---|---|---|
| March 2012 | Founded in Shenzhen as a limited company, later converted to a joint-stock company | It began with education and consumer robots |
| 29 December 2023 | Listed on the HKEX Main Board | Net IPO proceeds were HK$931.21 million |
| February, July and November 2025 | Three placings of new H shares; net proceeds about HK$6.34 billion in all (our calculation) | Funding for humanoid mass production and acquisitions |
| 27 April 2025 | Voluntary announcement of a procurement contract for Walker S1 and Walker C robots from an automobile-factory buyer, with an advance payment received (value and counterparty not disclosed) | Disclosed as its first procurement contract for industrial use |
| 2025 | Walker S2 announced and put into mass production and delivery. Full-size humanoid revenue CNY 820.6 million (23 times the prior year); 1,079 units sold | Revenue began to shift from education and consumer products to humanoids |
| December 2025 to April 2026 | Acquisition of Zhejiang Fenglong Electric (agreed December 2025, 29.99% in March 2026, a further 13.02% in April, 43.01% in total) | It took in a manufacturing base for garden machinery, hydraulics and auto parts |
| 22 January 2026 | Agreement to set up a partnership with Liuzhou industrial funds (CNY 660 million in total; the company contributes CNY 300 million) | Investment in the robot industry chain |
| First half of 2026 | Announced Cruzr Y1, Walker C1, the U1 series and a 4th-generation factory humanoid; released Thinker 1.0; sold 921 full-size humanoids | It widened the product range |
| July 2026 | 5,453,931 domestic shares converted into H shares and listed (H-share full circulation) | Tidying of the share structure |
| 28 August 2026 | Interim results: revenue CNY 1,269.1 million (+104.2%), loss CNY 338.8 million | Revenue doubled and the loss narrowed |
7. What comes next
in the second half of 2026Stronger world model; Thinker-VLA to improve long tasks and on-device inference
These are plans and targets set out by the company and are not facts that have been achieved Not yet confirmed. At an extraordinary general meeting on 26 August 2026, shareholders approved adjustments to how the November 2025 placing proceeds are used (details are in the company’s circular).
None of the following could be confirmed in the results announcements, interim report or voluntary announcement Not yet confirmed: order values and buyer names for full-size humanoids (the April 2025 contract also leaves value and counterparty undisclosed); the price per unit; the share of tasks done autonomously versus by teleoperation; numbers of robots in operation, hours of operation or independent verification at factories; the number of R&D staff; the future management policy for Fenglong. “World first” and “leading in order volume” are company claims that this article has not verified.
8. What the company is aiming for in drones and robotics
This part includes things the company has not said directly. It is inference within what the primary sources show, written with its grounds.
| What can be read | Primary-source grounds | Class |
|---|---|---|
| The center of revenue is moving from education and consumer products to humanoids for factories | Full-size humanoids were 2.7% of 2024 revenue, 41.0% in 2025 (our calculation) and 46.5% in the first half of 2026. Education robot products and services fell from 38.6% of revenue in H1 2025 to 9.6% in H1 2026 (old classification) | Sourced |
| Current practical use is at a stage supported by teleoperation and data collection | The company describes its deployment framework as including teleoperation validation, data acquisition and model training. The VLA success rate was 75% in the lab | Inference |
| The acquisition brings in mass-production and cost capability from outside | The directors cite integrating the target’s manufacturing strength, supply chain and customer base to improve competitiveness and cost structure. A business making 11% of revenue came with it | Inference |
| A stage of up-front investment that depends on raising capital | Net proceeds of the 2025 placings were about HK$6.34 billion in all; losses continue and cash fell in the first half of 2026 | Inference |
| It is trying to spread humanoids across factory, business and home uses | The first-half 2026 results describe factory (Walker S, Cruzr), business (Walker C) and business-and-home (U1) lines | Sourced |
The company says it is carrying its full-size humanoid “services” to large-scale deployment through a closed loop of demand assessment, solution design, teleoperation validation, data acquisition and model training. The same document gives the VLA loading-and-unloading success rate as 75% in the laboratory and says teleoperation tests were run across regions over wireless links Sourced. From this, this article reads the position as: “work on the factory floor is at a stage that mixes processes operated remotely by people with processes done autonomously by AI, and the company is collecting data to raise the autonomous share.” The share itself is not disclosed and could not be confirmed Not yet confirmed.
9. Map of partnerships in drones and robotics
10. Technology, products and services
| Layer | Main products | What the results materials and official sources say |
|---|---|---|
| Bodies | Full-size humanoids: Walker S / S1 / S2, Walker C1, Cruzr S2 and Y1, U1. Small: Yanshee, AI Wukong and others | Spread over factory, business and home uses. The company describes itself as an embodied-intelligence ecosystem platform and physical-AI terminal company |
| AI and software | Thinker (foundation model), Thinker-WM (world model), Thinker-VLA, BrainNet 2.0 and Co-Agent (multi-robot coordination), ROSA (its own robot software) | Four technology clusters: “embodied brain, humanoid cerebellum, high-performance body and swarm intelligence”. Model weights and training tools are published to attract developers |
| Services and data | Operation services, data collection centers, teleoperation validation | Factory tasks such as handling, sorting, loading and unloading, and depalletizing. Data collection sites in several regions |
| Education and logistics | Education: Yanshee, UGOT, UDECA. Logistics: Wali series, Chitu | Shipments of logistics robots in 2025 were nearly 3,000 units (over 60 cities and regions in 6 countries; company statement) |
| Home devices and components | Smart pet products, vacuum and pool-cleaning robots / garden machinery, automotive and hydraulic components (Fenglong) | In H1 2026, other smart devices were 20.4% of revenue and garden machinery and related parts 11.0% |
The weight-reduction claim: for the 4th-generation factory humanoid the company says “aerospace-grade lightweight materials” cut total weight by more than 15% and shortened battery replacement to 2 minutes. The material types (aluminum alloy, magnesium alloy, carbon fiber and so on) are not stated and could not be confirmed Sourced. A heavier robot needs more power to walk and takes a bigger shock when it falls (see our explainers on structural materials and on power sources for robots and drones).
3D-printed lattices: the company says the Walker C1 uses 3D-printed lattice structures as its “muscle structures”. A lattice arranges material as a mesh to combine lightness with shock absorption Sourced.
Joint parts: the company says the Cruzr Y1 uses “integrated harmonic joints”. A harmonic (strain-wave) gear is a reducer that deforms a thin metal gear to slow rotation; it is compact and has little backlash (see our explainer on reducers and gears). The 4th-generation hand uses a worm gear (a screw-like gear) to give 12.5 N at the fingertip, and the 5th-generation hand has 19 degrees of freedom with tactile and visual sensors Sourced.
The face: the U1 has 19 active degrees of freedom in its face and, the company says, “multi-material process optimisation” brings it closer to human expressions, but the materials (silicone and so on) are not stated Not yet confirmed.
11. The risks this company carries
| Risk | Details | Class |
|---|---|---|
| Continuing losses | Loss of CNY 789.8 million in 2025 and CNY 338.8 million in the first half of 2026 (down from CNY 440.0 million a year earlier). Adjusted EBITDA was also negative, at CNY 174.1 million, in the first half of 2026 | Sourced |
| Undisclosed order details | Order values, buyers, price per unit and operating status are not in the results materials, and “leading in order volume” is a company claim. The April 2025 contract also leaves value and counterparty undisclosed | Sourced |
| Receivables and credit risk | Gross accounts receivable at end of June 2026 were CNY 2,225.1 million against a bad-debt provision of CNY 545.5 million; CNY 767.9 million is older than one year. Credit impairment losses were CNY 91.1 million in the first half of 2026 (method changed) | Sourced |
| Rising inventory | Inventories rose from CNY 576.5 million at end-2025 to CNY 985.5 million at end of June 2026 | Sourced |
| Falling cash and borrowings | Cash fell from CNY 4,887.9 million (end-2025) to CNY 2,325.6 million (end of June 2026). Borrowings were CNY 997.3 million; all the equity of a subsidiary, its real estate and some patents are pledged for bank loans | Sourced |
| Integrating the acquired business | Garden machinery, automotive and hydraulic components made 11% of revenue in H1 2026. Synergy with humanoids is the company’s explanation; results could not be confirmed | Sourced |
| Technology maturity | The VLA loading-and-unloading success rate is 75% in the lab. The company describes factory deployment as a framework that includes teleoperation validation | Sourced |
| No controlling shareholder | The largest shareholder, Zhou Jian, holds 23.5% (end-2025) and there is no ultimate controlling shareholder. He is both chairman and chief executive, which the company discloses as a departure from the corporate governance code | Sourced |
12. Glossary
- Full-size humanoid
- A humanoid robot of roughly human size. The company reports its revenue separately as “embodied intelligent humanoids”.
- Non-embodied humanoid
- A small humanoid for chat and education. The company’s own category, reported apart from full-size humanoids.
- Embodied intelligence
- AI in a robot that has a body and learns by acting in the real world.
- VLA / world model
- VLA links images, words and actions. A world model predicts how the world changes.
- Teleoperation
- A person operating a robot from a distance. It is also used to collect task data.
- BrainNet / Co-Agent
- The company’s software for dividing up and coordinating work among several robots.
- Adjusted EBITDA
- A non-GAAP measure shown by the company: loss with interest, tax, depreciation and impairments added back.
- Placing
- Raising money by selling new shares to selected investors. UBTech did this three times in 2025.
- H share
- A share of a mainland-China company listed in Hong Kong.
- Major transaction
- Under Hong Kong listing rules, a deal that is large relative to the company; it needs an announcement and shareholder approval.
13. References
- UBTECH ROBOTICS CORP LTD Interim Results Announcement for the six months ended June 30, 2026 (HKEXnews, 28 August 2026, unaudited). Revenue, profit, revenue by product, full-size humanoid unit sales, the acquisition, cash and use of proceeds for the first half of 2026. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf
- UBTECH ROBOTICS CORP LTD Interim Report 2026 (HKEXnews, 24 September 2026). Headcount at 30 June 2026 (2,744), the balance sheet, ageing of accounts receivable, the Fenglong acquisition and the H-share full circulation. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0924/2026092401451.pdf
- UBTECH ROBOTICS CORP LTD Annual Results Announcement for the year ended December 31, 2025 (HKEXnews, 31 March 2026). 2025 revenue and loss, unit sales, annualized production capacity, headcount, incorporation and listing. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf
- UBTECH ROBOTICS CORP LTD Major Transaction announcement on the acquisition of 29.99% of a Shenzhen-listed company (HKEXnews, 24 December 2025). Terms of, and reasons for, the Zhejiang Fenglong Electric acquisition. https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1224/2025122401520.pdf
- UBTECH ROBOTICS CORP LTD Voluntary announcement: first procurement contract for embodied intelligent humanoid robots for industrial manufacturing (HKEXnews, 27 April 2025). The buyer and contract value are not disclosed. https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0427/2025042700001.pdf
- UBTECH Robotics Official website (source of the logo image; company and product names checked 25 October 2026). https://www.ubtrobot.com/en/
14. Claim-to-source audit
| Claim in the text | Class | Source |
|---|---|---|
| Legal name, incorporation (31 March 2012), listing (29 December 2023), largest shareholder (Zhou Jian, 23.5%), sites, 2,550 employees at end-2025 | Sourced | Reference 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf |
| 2,744 employees at 30 June 2026, employee benefit expense, balance sheet (receivables, inventories, cash) | Sourced | Reference 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0924/2026092401451.pdf |
| 2025 revenue, profit, revenue by product, R&D, capital spending, 1,079 full-size humanoids sold, 12,759 non-embodied humanoids, about 3,000 logistics robots, annualized capacity over 6,000 | Sourced | Reference 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf |
| H1 2026 revenue, profit, revenue by product, 921 full-size humanoids sold, adjusted EBITDA, cash, borrowings, 3,112 patents | Sourced | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf |
| H1 2026 products (Walker C1, U1, Cruzr Y1, 4th-generation, Chitu, Thinker), buyers, 75% VLA success rate, teleoperation tests, data centers | Sourced | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf |
| Ties with the China Vocational and Technical Education Society and Shenzhen Polytechnic University, Thinker Cosmos, role in standards | Sourced | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf Reference 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf |
| 2025 placings of H shares (three, net HK$876.32 million, HK$2,410.26 million and HK$3,055.71 million) and progress in use | Sourced | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf |
| Acquisition of Zhejiang Fenglong Electric (29.99% and 13.02%, CNY 1,665.3 million, reasons, consolidated from April 2026) | Sourced | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf Reference 4 https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1224/2025122401520.pdf |
| Liuzhou partnership (CNY 660 million in total, CNY 300 million from the company, 22 January 2026) | Sourced | Reference 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf |
| April 2025 procurement contract from an automobile-factory buyer (value and counterparty undisclosed; advance payment received) | Sourced | Reference 5 https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0427/2025042700001.pdf |
| Walker S2 specifications (3-minute battery swap, 24-hour operation, 52 degrees of freedom), start of mass production, Osaka Expo | Sourced | Reference 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf |
| Ageing of receivables, bad-debt provision, pledged assets, chairman and CEO roles | Sourced | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf Reference 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0924/2026092401451.pdf |
| Source of the logo image | Sourced | Reference 6 https://www.ubtrobot.com/en/ |
| Share of full-size humanoids (820.6 / 2,001.0 = 41.0%), 2.7% in 2024, total of the placings (about HK$6.34 billion), receivables older than one year | Our calculation | Our calculation from the results materials and interim report |
| The four-type classification of drone and robotics companies and UBTech’s position | Our calculation | Our own grouping; company names are examples from firms covered in this series |
| Order values and buyers for full-size humanoids, price per unit, autonomous versus teleoperated share, units in operation, hours and independent verification, R&D headcount | Not yet confirmed | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf Reference 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf |
| 10,000-unit annual production target, Thinker-WM 2.0 (H2 2026), PC30 pool robot mass production (by end-2026), 10 million data items a year | Not yet confirmed | Reference 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801691.pdf Reference 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf |
| The shift from education and consumer products to factory humanoids, current use supported by teleoperation and data collection, the acquisition to bring in manufacturing and cost capability, investment that depends on raising capital | Inference | Our own interpretation of the figures and statements in the results materials and announcements |
| A materials engineer’s view (lightweight materials, 3D-printed lattices, harmonic gears, the face) | Explainer | Commentary: a general technical explanation; figures are company stated values that this article has not verified |
Last updated 25 October 2026 / Troy Technical
Figures in this article come from the interim results announcement, interim report, annual results announcement and announcements that UBTECH ROBOTICS CORP LTD filed on the Hong Kong Stock Exchange (HKEXnews), and from the company’s official website. No research-firm estimates or press-based figures (including estimates of shipments or order values) have been used. “World first”, “leading in order volume” and similar statements are company claims and are not verified here. Passages marked “Inference” are this article’s interpretation of primary sources, not statements made by the company. Share prices, valuations and investment decisions are not addressed.