On March 31, UBTECH unveiled its 2025 annual report, showing that its annual revenue surpassed 2 billion yuan for the first time, reflecting a 53.3% year-on-year growth. Within this, the humanoid robot segment emerged as the leading revenue generator, contributing 821 million yuan—a remarkable 22-fold increase compared to the previous year. Its share of total revenue rose from 2.7% in 2024 to 41.1%. The company delivered 1,079 full-sized humanoid robots, achieving a gross margin of 54.6%. While revenue climbed, UBTECH’s losses contracted, with a net loss of 790 million yuan, nearly one-third lower than in the previous year. By the end of the year, the company had around 4.9 billion yuan in cash reserves, bolstered by three H-share placements that raised a total of 5.8 billion yuan. Currently, UBTECH’s production capacity exceeds 6,000 units, though capacity utilization still has potential for improvement.

Meanwhile, Elephant Robotics also released its financial results, reporting 492 million yuan in revenue for 2025 and a net loss of 84.05 million yuan, as it pursues a global expansion strategy. Despite both companies remaining unprofitable, they maintain solid cash reserves and continue to invest heavily in R&D. It is worth noting that discrepancies exist in humanoid robot shipment figures reported by different institutions, as the industry currently lacks standardized quantification methods. UBTECH’s customer revenue streams are relatively diversified, though its accounts receivable balance remains substantial, with extended payment collection cycles. At present, the humanoid robot sector encompasses over 140 Chinese enterprises, each with unique business focuses, making the establishment of a sustainable commercial closed-loop (a self-contained business model) the top priority.