Hong Kong Stock Robot "Twin Giants" Annual Report: Revenue Growth is Significant, Profitability Still Early

Ask AI · Why loss-making companies have plenty of cash, and how do financing strategies support growth?

Reporter Zheng Chengye

On the evening of March 31, Ubtech (9880.HK) released its 2025 annual results announcement. The day before, Ucan Robotics (02432.HK) also published its 2025 annual results announcement. The annual performance reports of two Hong Kong-listed robotics companies were presented to investors at the same time.

Data show that in 2025, Ubtech generated full-year revenue of RMB 2.001 billion, up 53.3% year over year. Of that, revenue from humanoid robots was RMB 821 million, accounting for more than 40% of total revenue—within one year, it rose from the smallest business segment to the company’s largest source of revenue. In 2025, Ucan Robotics’ full-year revenue was RMB 492 million, up 31.7%. Its cooperative robots cumulative units shipped surpassed 100,000, with products sold to more than 100 countries and regions worldwide.

Ubtech transformed its humanoid robot business from a small side operation into a revenue pillar, while Ucan Robotics expanded its cooperative robots’ sales globally. The two companies appear to be taking very different paths. But they also share some common ground—for example, both are still losing money. In 2025, Ubtech recorded a net loss of RMB 790 million, while Ucan Robotics’ net loss was RMB 84.05 million.

In addition, both companies hold cash far exceeding their revenue: as of the end of 2025, Ubtech held nearly RMB 4.9 billion in monetary funds, while Ucan Robotics held about RMB 2.4 billion. This is related to the companies’ refinancing: over the past year, Ubtech conducted three rounds of H-share placements, raising a total of about HK$6.5 billion (about RMB 5.8 billion); Ucan Robotics conducted two rounds, raising a total of HK$1.8 billion.

With revenue rising quickly and financing continuing, where exactly are the two companies positioned right now in the hot robotics track?

Different ways to make money

In 2024, Ubtech’s revenue structure was still highly dispersed. At the time, its largest revenue source was intelligent robot products and solutions, including logistics robots and education robots, among others. Revenue from full-size humanoid robots was only RMB 35.62 million, accounting for just 2.7% of total revenue.

But in 2025, Ubtech’s revenue from full-size humanoid robots soared to RMB 821 million, up 2,203.7%, and its share of total revenue jumped from 2.7% to 41.1%, becoming the company’s largest revenue source.

According to information in the annual report, throughout 2025, Ubtech delivered 1,079 full-size humanoid robots. Its Walker S-series industrial humanoid robots had already entered mass production in industrial scenarios such as automobile manufacturing, intelligent logistics, 3C electronics manufacturing, and semiconductor manufacturing. The work they mainly handle falls into three categories: handling, sorting, and quality inspection. From a geographic perspective, Ubtech generated revenue of RMB 1.526 billion from mainland China, and RMB 475 million from Hong Kong and overseas; revenue from within China accounted for more than 70%.

However, it is worth noting that in 2025, Ubtech’s revenue from other intelligent robot products and solutions fell to RMB 629 million, down 16.9% year over year. The annual report attributes this to the fact that some logistics projects were not completed and accepted for delivery at year-end, so revenue was not recognized.

Ubtech’s third-largest revenue source in 2025 was other intelligent hardware devices, with revenue of RMB 499 million, including consumer-grade products such as lawn mowers, pool robots, floor-cleaning robots, and smart cat litter boxes, up 6.4%. In addition, non-embodied intelligent humanoid robot revenue was RMB 47.96 million, up 15.3%.

In other words, Ubtech’s growth in 2025 was mainly driven by the humanoid robot business line; other businesses did not expand in parallel, and some even shrank.

As the revenue mix changed, gross margin rose accordingly. In 2025, Ubtech’s overall gross margin increased from 28.7% to 37.7%. A jump of 9 percentage points in gross margin is not common among hardware companies.

The main driver of the increase in gross margin is the humanoid robot business. According to the annual report, in 2025 Ubtech’s full-size humanoid robot business generated gross profit of RMB 448 million, with a gross margin of 54.6%. A product priced in the tens of millions and aimed at industrial customers such as automobile manufacturing and intelligent logistics achieved gross margin above 50%. In the current stage when humanoid robots are in short supply, Ubtech’s pricing power is not weak.

Meanwhile, losses are narrowing. In 2025, Ubtech recorded a net loss of RMB 790 million, narrowing 31.9% from RMB 1.16 billion in 2024, and its net loss attributable to the parent company was RMB 703 million. In terms of expenses, Ubtech’s selling expenses in 2025 were RMB 471 million, down 10.1% year over year, and their share of revenue fell from 40.1% to 23.5%. Administrative expenses were RMB 336 million, down 9.3%, and their share of revenue fell from 28.3% to 16.8%. R&D expenses were RMB 507 million, up 6.1%, and their share of revenue fell from 36.6% to 25.4%.

In short, the absolute amounts of both selling and administrative expenses declined, R&D increased slightly, and the proportion of the three expense categories relative to revenue improved across the board.

Revenue is rising, gross profit is increasing, and losses are narrowing—but the collection situation has not improved in step. By the end of 2025, Ubtech’s accounts receivable balance was RMB 1.842 billion, and after deducting allowance for impairment, it was RMB 1.302 billion. An accounts receivable balance of RMB 1.842 billion is already close to Ubtech’s full-year revenue scale.

In addition, changes in the aging structure explain even more. According to the 2025 annual report, Ubtech’s accounts receivable with aging of more than 3 years rose from RMB 80.877 million to RMB 342 million, an increase of more than three times.

Regarding customer structure, in 2024 Ubtech had two major customers whose combined contribution accounted for 33% of revenue, but in 2025 Ubtech had no single customer with a revenue contribution exceeding 10%. That means Ubtech’s dependence on large customers is declining and its revenue sources are becoming more diversified.

Now let’s look at Ucan Robotics.

In 2025, Ucan Robotics’ cooperative robotic arm business remained steady. Specifically, revenue from six-axis cooperative robots was RMB 302 million, accounting for more than 60% of total revenue, up 44.7%, and it was the company’s largest revenue pillar. Revenue from four-axis cooperative robots was RMB 92.95 million, down slightly by 3%. Revenue from compound robots was RMB 67.61 million, up 27.3%.

By application scenario, Ucan Robotics’ revenue from the industrial sector was RMB 279 million, up 39.4%, making it the core market. Revenue from the education scenario was RMB 167 million, up 13.7%. Revenue from the commercial scenario was RMB 44.94 million, up 75.7%, the fastest growth rate but with the smallest scale.

By region, Ucan Robotics’ revenue in mainland China was RMB 249 million, up 44.4%, while overseas revenue was RMB 243 million. In other words, the revenue scale from within and outside mainland China is basically the same.

Based on information in the annual report, Ucan Robotics’ products were sold to more than 100 countries and regions worldwide and served over 80 Fortune 500 companies. Its customers are diversified, and in 2025 no single customer contributed more than 10% of revenue. In addition, Ucan Robotics’ gross margin in 2025 was 46.1%, down slightly by 0.5 percentage points from 46.6% in 2024, mainly because the proportion of its domestic revenue—relatively lower in gross margin—increased.

From these data, it can be seen that the foundation of cooperative robots is solid, but Ucan Robotics also has ambitions.

In 2025, Ucan Robotics upgraded its positioning to “all-form embodied intelligent platform.” Within a year, it launched multiple products including the biped humanoid robot ATOM, the wheeled humanoid robot ATOM-W, and the six-legged robot Hexplorer.

The Ucan Robotics annual report shows that in 2025, its embodied intelligent robots generated full-year revenue of RMB 20.04 million, accounting for 4.1% of total revenue, up 418.8% year over year. The growth rate looks impressive, but the base was RMB 3.86 million in 2024.

Although revenue from embodied intelligence is still relatively small, Ucan Robotics’ rate of investment in this direction has accelerated quickly. In 2025, Ucan Robotics’ R&D expenses were RMB 115 million, up 59.7%. Of that, RMB 45.10 million was invested in embodied intelligence, accounting for 39.3% of total R&D. In the same period, selling expenses were RMB 182 million, up 32.1%. In addition, Ucan Robotics had an extra expenditure: other expenses of RMB 40.90 million, up sharply by 565.3%, mainly due to an increase of RMB 28.40 million in foreign exchange losses.

“Not short of cash” in hand

Both companies are still losing money, but neither is short on cash.

As of the end of 2025, Ubtech’s cash and cash equivalents were about RMB 4.888 billion. At the end of 2024, this figure was only RMB 1.191 billion. Over one year, the amount on the books increased by nearly RMB 3.7 billion. Meanwhile, Ubtech’s net cash outflow from operating activities was RMB 784 million. The company was still “bleeding” on operations, and the large increase in cash came from three rounds of H-share placements.

Ubtech carried out three placements in 2025, raising a total of about RMB 5.780 billion. This move significantly improved its balance sheet; its leverage ratio and liquidity ratio decreased noticeably, and its interest-bearing borrowings fell from RMB 1.538 billion to RMB 1.123 billion.

Ucan Robotics’ situation is similar.

As of the end of 2025, the cash and deposits held by Ucan Robotics totaled about RMB 2.4 billion, of which time deposits were RMB 1.845 billion. These cash balances also mainly came from its two placements during the year. Similarly, Ucan Robotics’ interest-bearing bank loans fell from RMB 218 million to RMB 71.83 million, and its asset-liability ratio fell from 35% to 15%.

In the robotics industry, there are not many companies that make money, but there are plenty that can raise funding. Ubtech completed three placements in one year, while Ucan Robotics did two placements in one year—its pace of issuing new shares is almost as fast as launching new products.

In addition, Ucan Robotics is also planning a second listing. According to public information, Ucan Robotics plans to issue no more than 48.8839 million shares on the GEM board of the SZSE, raising net proceeds of about RMB 1.2 billion, to be used for R&D and industrialization of multi-legged robots, improving and supplementing humanoid robot technology, and supplementing working capital, among other purposes.

After raising about HK$1.8 billion in Hong Kong shares that hasn’t been spent yet, it is now going to raise about RMB 1.2 billion again on the A-share market. For a company with annual revenue of less than RMB 500 million, its financing capacity is already running ahead of revenue.

Of course, with cash on hand, large capital expenditures also have support.

For example, Ubtech’s capital expenditures in 2025 were RMB 614 million, up 53.2% from 2024, mainly used for the construction of its Shenzhen headquarters building, Hangzhou An’ai project, Jiujiang industrial park, and Wuxi park. In addition, Ubtech is currently advancing the acquisition of FENGLONG Co., Ltd. (002931.SZ), a company listed on the SZSE, to lay out the upstream industrial chain of the humanoid robot sector.

It is worth mentioning that, according to information in Ubtech’s annual report, the company’s annualized production capacity for full-size humanoid robots has already exceeded 6,000 units. But in 2025, it delivered only 1,079 units, with capacity utilization below 20%. Judging from this, Ubtech is very optimistic about the future humanoid robot market. However, the longer production capacity remains idle, the greater the pressure from depreciation and maintenance costs.

Ucan Robotics’ investments, by contrast, are focused on investing and acquiring. In June 2025, Ucan Robotics acquired Hangzhou Xingsi Wujie Technology, a company that makes multi-legged biomimetic robots. In March 2026, Ucan Robotics also increased its capital by RMB 30 million to Guangdong Shengti Intelligent Technology Co., Ltd., taking a 10% stake.

In fact, in the humanoid robot industry, IDC—a market research institution—shows that in 2025, global shipments of humanoid robots were about 18,000 units, up 508% year over year. This growth rate looks fast enough, but global shipments of 18,000 units are clearly still an extremely early figure.

Also, rapid growth in shipments does not necessarily mean commercialization has fully taken off. Humanoid robots’ motion capabilities are improving quickly, but even when they need to reliably and repeatedly complete tasks such as handling, sorting, and quality inspection in factories, they still require large-scale data training and scenario adaptation.

A relevant executive from a leading humanoid robot manufacturer also told reporters that only by accumulating data through extensive real-robot practice can humanoid robot technology iterations be supported and the success rate of task execution be improved.

Qingtianzu Rental CEO Li Yiyan also shared a judgment with Economic Observer reporters: most humanoid robots today still operate at the level that requires human control and relies on code orchestration, and the stage where they can go into specific scenes and work independently has just begun.

For industry players like Ubtech and Ucan Robotics, capacity is ready, the product matrix is built, and the money has been raised—but whether the next orders can keep up becomes the question that must be answered.