2 Billion RMB ($277.8M) Revenue! UBTECH, the First Humanoid Robot Stock, Surpasses Unitree

Recently, Unitree Robotics garnered significant industry attention with an annual revenue of 1.708 billion RMB. However, this record was broken in less than two weeks by UBTECH, the "First Humanoid Robot Stock." According to UBTECH’s official 2025 financial report, the company’s annual revenue surpassed 2 billion RMB( approx. $277.8 million), making it currently the world’s largest humanoid robot OEM by revenue scale.

 

I. Full-Sized Robots Explode: UBTECH Delivers Its Commercialization Scorecard

 

Founded in 2012 by James Zhou and listed in Hong Kong in 2023, UBTECH is currently the world’s only listed pure-play humanoid robot company, earning it the label of the First Humanoid Robot Stock. The Walker series is UBTECH’s most representative humanoid product line; it has undergone multiple iterations and possesses capabilities in walking, obstacle avoidance, stair climbing, and basic human-robot interaction.

 

The 2025 financial report shows that the company's annual revenue exceeded 2 billion RMB, with total gross profit reaching 750 million RMB, a year-on-year increase of 101.5%. The core engine driving these results is the explosive growth of the full-sized embodied robot segment: this sector generated 820 million RMB in annual revenue, a staggering year-on-year increase of 2,203.7%. Sales volume skyrocketed by 358 times, with 1,079 units accumulated throughout the year. Sales of non-full-sized embodied intelligent humanoid robots also continued to rise, exceeding 12,000 units for the year.

 

 

Source：UBTECH

 

This leap in scale primarily stems from the concentrated release of demand for large-scale deployment in industrial scenarios. UBTECH’s Walker series industrial humanoid robots have entered factory environments such as automotive manufacturing and 3C electronics. In the second half of 2025, the 1,000th Walker S2 industrial robot rolled off the production line. Last November, the company won the bid for the Humanoid Robot Data Collection and Training Center project in Jiujiang, Jiangxi, with a bid amount of 143 million RMB. As of that month, the total order value for the Walker series in 2025 had reached 1.3 billion RMB.

 

Source：UBTECH

On the R&D front, UBTECH invested approximately 508 million RMB in embodied intelligence and robotics technology in 2025. During the same period, Unitree Robotics' R&D expenses for the first three quarters were less than 100 million RMB, showing a significant gap between the two. To date, UBTECH holds a total of 2,985 authorized patents, ranking first among humanoid robot manufacturers globally. Its self-developed embodied “brain,” Thinker, took first place in nine benchmark tests across dimensions such as planning, visual positioning, 3D spatial understanding, and multi-modal comprehensive understanding.

 

It is worth noting that UBTECH has not yet achieved a break-even point. The revenue growth brought by rapid expansion has not yet covered the continuously rising R&D and operating expenses. How to transform technical accumulation into a sustainable profit model is the core challenge this listed company must face in its next phase.

 

II. The End of Year One for Mass Production: Moving into the "Deep Water" of Commercialization

 

Behind UBTECH’s 2 billion RMB revenue is a microcosm of the entire humanoid robot industry transitioning from technical verification to large-scale commercialization.

 

In terms of application, the factory floor has become the most certain landing scenario at this stage. The "Top Ten Potential Application Scenarios for Humanoid Robots" released by the Chinese Institute of Electronics at the 2025 World Robot Conference identified ten directions: general industrial operations, automotive manufacturing, 3C manufacturing, shipbuilding, petrochemicals, power production, emergency safety, commercial services, home services, and agricultural production, providing a roadmap for commercial implementation.

 

As a fellow top-tier OEM, Unitree Robotics achieved an annual revenue of 1.708 billion RMB in 2025 and remains one of the few consistently profitable OEM enterprises in China. Unitree’s strategy of using cost-effective products to simultaneously penetrate both consumer and industrial markets stands in stark contrast to UBTECH’s strategy of focusing deeply on full-sized industrial robots, together outlining two distinct commercialization paths for the industry.

 

Looking at the global landscape, the commercialization of humanoid robots accelerated overall in 2025. According to the "2026 Global Humanoid Robot Market Analysis" released by IDC, total global humanoid robot shipments in 2025 were approximately 18,000 units, with market revenue of about $440 million—a year-on-year increase of approximately 508%, signaling an explosive growth phase. Chinese manufacturers hold a leading position due to their complete industrial supply chains, while international manufacturers generally remain in the pilot and early deployment stages.

 

In the mid-to-long term, mainstream institutions continue to revise their expectations for this sector upward. According to a 2025 report by Markets and Markets, the global humanoid robot market is expected to grow from $2.92 billion in 2025 to approximately $15.26 billion by 2030, with a CAGR of about 39.2%. Morgan Stanley has extended the timeline further, predicting that by 2050, the total market size for humanoid robots (including supply chains and service systems) will exceed $5 trillion, potentially reaching twice the size of the current automotive industry.

 

However, beneath these prosperous expectations, the industry still faces deep bottlenecks. Embodied AI models are not yet fully mature, mass production stability needs improvement, and the cost of data collection in real-world scenarios remains high, restricting the speed at which the "brain" can truly land. Industry insiders generally believe that 2026 will be a critical juncture for industry consolidation. Companies without core technical barriers or clear business models will face accelerated exit. This second-half competition, centered on technical strength and scenario implementation, has already begun.