UBTECH Robotics优必选
LatestMain-board listing on HKEX (9880.HK, Dec 29, 2023)
Market cap about HKD 44.5B (Jul 2026, institutional estimates); several institutions raised target prices to HKD 184.77-190
UBTECH Robotics Corporation Limited
The first humanoid robotics stock; 1,079 full-size humanoids delivered in 2025 with revenue ranking No. 1 among humanoid companies worldwide; 2026 shipment target 5,000 units
数据截至2026-08-19
About
UBTECH was founded in Shenzhen in 2012 by Zhou Jian and listed on the Hong Kong Stock Exchange on December 29, 2023, becoming the first humanoid robotics stock (9880.HK). Its product lines cover industrial (Walker S1/S2), commercial service (Walker C1, Cruzr), research (Tiangong Xingzhe) and education (Alpha, UGOT) scenarios. 2025 revenue was RMB 2.001B, with full-size humanoid revenue of RMB 821M and 1,079 units sold — No. 1 in revenue among humanoid companies globally; the Walker series booked over RMB 1.3-1.4B in orders for the year and entered production-line training at BYD, Geely and others. Its self-developed Thinker foundation model was open-sourced in January 2026 and ranks No. 1 globally on 9 authoritative benchmarks. The 2026 shipment target was raised to 5,000 units, Walker S2 monthly capacity exceeds 300 units, and strategic partnerships were signed with Siemens and Honda Trading.
Technical Approach
Full-stack technology: servo actuators (1 million units produced by 2018), reinforcement-learning gait training, the Thinker embodied intelligence brain, Swarm Brain Network 2.0 (multi-robot collaboration with a Co-Agent dual loop) and a simulation platform. The Thinker model, at under 10B parameters, delivers task planning, spatial intelligence, temporal understanding and visual grounding, and has been open-sourced together with the Thinker Cosmos developer community; product lines cover industry, commerce, education, logistics, eldercare and consumer.
Commercialization（5）
- 2025 results (disclosed Mar 31, 2026): revenue RMB 2.001B (+53.3%), gross profit RMB 754M (37.7% margin), net loss RMB 790M (continuing to narrow); R&D spend over RMB 500M (25.4% of revenue)
- Humanoid business: full-size (160cm+) humanoid revenue RMB 821M (+2,203.7%), 1,079 units sold (+35,866.7%), now the largest revenue source (over 40% of total); average price about RMB 760K per unit
- Orders: 2025 Walker series orders over RMB 1.3-1.4B (a RMB 250M global-largest humanoid contract in September, RMB 126M in October, RMB 159M in November, etc.); entered production-line training at BYD, Geely, Audi FAW, Foxconn, Dongfeng Liuzhou Motor, FAW-Volkswagen and others
- 2026 targets: 5,000 units shipped (raised sharply from 2,000-3,000, +400%), capacity plan of 10,000 units; gross margin target 43-45%
- Capacity: Walker S2 monthly capacity over 300 units; the Jiangsu base is under accelerated construction
Position & Strengths（4）
- The world's first listed humanoid robotics company; No. 1 in 2025 revenue among global humanoid companies; 1,079 units shipped, close to Unitree's humanoid revenue scale
- Differentiation: the richest product lines (full coverage of industry/commerce/education/logistics/eldercare/consumer); leadership in standard-setting (spearheaded the first national humanoid robot standards and two more national technical standards); full-stack technology plus the Swarm Brain Network
- Honors: Fortune China Tech 50 (2024), World Internet Conference Leading Science and Technology Award (2024, the first ever given to a humanoid robot), China Patent Gold Award (2018) and others
- Capital endorsement: Citi reiterated Buy with a target price raised to HKD 190; Guotai Haitong and several other institutions raised targets to HKD 184.77