UBTECH Robotics HK SDR 10to1: China's full-stack humanoid robot company

UBTECH Robotics HK SDR 10to1 (SGX: HUUD) - Not Rated

Shenzhen-based robotics company

UBTECH Robotics is a Shenzhen-based robotics company listed in Hong Kong, with products spanning humanoid robots, education, logistics automation and consumer smart devices. 

UBTECH has already worked with customers including BYD, Foxconn, Geely, Audi-FAW, FAW-Volkswagen, Airbus and Texas Instruments, while also serving education and consumer markets through AI teaching tools, robotics kits and smart home devices. 

Humanoid robot segment is the biggest revenue contributor in FY2025

UBTECH operates across four main segments, but the biggest shift in FY2025 was the rapid growth of full-size humanoid robots, which became its largest revenue contributor at RMB820.6 million, or 41.1% of revenue. 

The rest of the business comprises other intelligent robot products and services such as education and logistics robots at 31.4% of revenue, consumer smart home and pet hardware at 24.9%, and smaller non-embodied humanoid robots at 2.4%.

FY2025 revenue rose 53%

UBTECH’s FY2025 revenue grew 53.3% year on year to RMB2.0 billion, driven mainly by the ramp-up in humanoid robot deliveries, with second-half revenue more than doubling from the first half. 

Gross margin improved to 37.7% from 28.7%, helped by the humanoid robot segment’s higher 54.6% margin, while net loss narrowed 32% to RMB790 million.

Net cash position

The company continues to invest heavily in R&D and capacity expansion, supported by RMB4.82 billion of cash, recent equity fundraising and a US$1 billion strategic financing credit line from Infini Capital.

China leads early adoption of humanoid robots globally

The humanoid robot market appears to be reaching an early commercial inflection point, with global shipments estimated at 16,000 units in FY2025 and China accounting for more than 80% of delivered units, according to Counterpoint Research.

UBTECH’s next milestones are delivery growth and customer validation

The company has guided for 5,000 humanoid robot deliveries in 2026 and 10,000 in 2027, supported by contracted orders of more than RMB1.1 billion by late 2025, while deployments with Airbus and a RMB264 million China-Vietnam border security contract point to broader use cases beyond factories. 

Price-to-sales valuation above peers’ average

UBTECH trades at a premium valuation, with its price-to-sales multiple of about 26.5 times well above the robotics peer median of around 6.3 times. 

As the company remains loss-making, the stock is being valued less on current profits and more on expectations that its humanoid robot business can scale rapidly over the next few years.

Key risks

Key risks include slower-than-expected humanoid robot adoption, execution challenges in scaling production, continued losses and potential dilution, as well as policy and geopolitical uncertainty.

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