🤝UBTECH & Honda Trading: Making History Together
We are excited to announce that UBTECH, through our smart logistics subsidiary UQI, has signed a strategic cooperation agreement with Honda Trading (CHINA) Co., Ltd.
Together, we will explore the deployment of humanoid robots and autonomous logistics vehicles in industrial manufacturing, warehousing and logistics scenarios. We will jointly promote the practical application and deployment of embodied AI, building a smarter and multi-agent manufacturing future.
#UBTECH #Honda #HumanoidRobots #embodiedAI #Industrial #AutonomousVehicles #SmartManufacturing
UBTECH just dropped its 2025 numbers—and humanoid robots are officially carrying the business.🤖📊
Revenue hit ¥2.001B RMB (~$291M), up 53% YoY, while net loss narrowed to ¥790M (~$115M). More importantly, full-size humanoids are now the largest revenue segment, not a future bet.
That segment alone brought in ¥821M (~$120M), up 2203.7%, with 1,079 units shipped. The Walker S2 has moved past pilot scale into real deployment across automotive manufacturing, smart factories, and logistics.
Margins are improving fast. Gross profit reached ¥754M (~$110M) with a 37.7% margin (+9 pts), driven by higher-value humanoid systems. At the same time, R&D and sales ratios dropped significantly—early signs that scale is starting to work.
But the model isn’t fully closed yet. Operating cash flow is still negative at -¥784M (~$114M), and receivables climbed to ¥1.842B (~$268M), with nearly 29% provisioned for bad debt. In other words, demand is there—but collection and cash conversion remain real constraints.
The structure is shifting: China mainland still dominates (¥1.526B / ~$222M), while overseas grows steadily (¥475M / ~$69M). Meanwhile, capex is ramping (¥614M / ~$89M) to build out production capacity.
Bottom line: UBTECH is transitioning from an R&D-heavy robotics company into a delivery-driven industrial player. Humanoids are no longer a concept—they’re generating real revenue at scale. The next challenge is turning that scale into durable cash flow and profit.
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