Ubtech's 2024 annual report highlights a 23.7% revenue increase to 1.305 billion yuan, with significant R&D investment and advancements in humanoid robots and embodied intelligence. The company focuses on industrial and household applications, aiming for global leadership in AI and robotics.
Overview
On March 30, 2025, Ubtech unveiled its 2024 Annual Performance Report, showcasing significant milestones in its journey. The report highlighted a total annual revenue of 1.305 billion yuan, marking a 23.7% year-on-year increase. This growth underscores Ubtech's continuous upward trajectory. The company's R&D investment stood at 478 million yuan, representing 36.6% of the revenue, while the gross profit reached 374 million yuan, a 12.4% increase from the previous year. Notably, the net loss narrowed by 8.3%, reflecting improved financial health.
Key Financial Metrics
| Metric | 2024 Value | YoY Change |
|---|---|---|
| Total Revenue | 1.305B yuan | +23.7% |
| R&D Investment | 478M yuan | - |
| Gross Profit | 374M yuan | +12.4% |
| Net Loss | - | -8.3% |
Strategic Focus and Industry Contributions
Ubtech's humanoid robots, still in the early commercialization phase, are transforming various industries with their full-stack technology. The customized robot business contributed 140 million yuan, a 126.1% surge from the previous year. The consumer-grade robots and other smart hardware segment generated 477 million yuan, up 88.1%, while the AI education business brought in 363 million yuan, a 4.6% increase.
Future Strategy
In 2025, 'embodied intelligence' and 'smart robots' were highlighted in the government work report. Ubtech outlined its future strategy, focusing on embodied intelligence technology R&D and commercialization. The company aims to transition humanoid robots from industrial and commercial applications to household use. Ubtech positions itself as a technology pioneer, scenario definer, and ecosystem builder, deeply integrated into the national strategic blueprint.
Technological Innovations and Achievements
Ubtech's management views humanoid robots as the ultimate form of embodied intelligence, the best carriers of AI, and a forward-looking field in developing new quality productivity. The company has made significant strides in group intelligence technology, recently conducting the world's first multi-robot, multi-scenario, multi-task collaborative training at the ZEEKR 5G Smart Factory. This was made possible by Ubtech's BrainNet architecture and IoH (Intelligent Humanoid Hub), enhancing the reasoning capabilities of the super brain and the skill supply of the intelligent cerebellum. Ubtech's self-developed multi-modal reasoning large model enables humanoid robots to perform tasks with human-like common sense reasoning, efficiently decomposing, scheduling, and coordinating complex tasks among multiple robots.
Recognition and Breakthroughs
In 2024, Ubtech's key embodied intelligence technologies, including the general task planning large model, semantic VSLAM, and learning-based motion control, won the Leading Technology Award at the World Internet Conference, marking the first time a humanoid robot technology received this accolade. The company also achieved breakthroughs in linear joint technology, the third-generation pressure-sensitive dexterous hand, ROSA 2.0, position control, whole-body force control, reinforcement learning-based full-stack motion control, and a highly decoupled general dexterous operation software framework. By the end of 2024, Ubtech held 2,680 authorized patents, with 57.87% being invention patents, adding over 500 new patents compared to the previous year.
Industrial Applications and Market Leadership
Zhou Jian, founder, chairman, and CEO of Ubtech, stated that the application of humanoid robots in intelligent manufacturing has become a new high ground in global technological competition. Ubtech's industrial humanoid robots are being trained in more factories worldwide, competing with Tesla and Figure AI on the same track. The company is seizing the industrialization window to achieve practical applications, which could permanently address labor shortages, support new industrialization, and reshape the global manufacturing landscape. Ubtech has collaborated with renowned companies like Dongfeng Liuzhou, Geely, FAW-Volkswagen Qingdao, Audi FAW, BYD, BAIC New Energy, Foxconn, and SF Express, making it the only humanoid robot company with multiple automotive partnerships.
Order Deployments
Beyond factory training, Ubtech's humanoid robots have also received order purchases. Dongfeng Liuzhou plans to deploy 20 Ubtech industrial humanoid robots in 2025, aiming for the first batch of humanoid robots to enter automotive factories globally in the first half of the year. Juran Smart Home intends to purchase and deploy 500 Ubtech simulated humanoid robots by the end of 2025, with a target of selling 10,000 units during the cooperation period. Ubtech, in collaboration with the Beijing Humanoid Robot Innovation Center, launched the Tiangong Walker, a full-sized educational humanoid robot priced at 299,000 yuan, significantly lower than the 500,000 yuan average for similar products, reshaping the educational humanoid robot ecosystem with its high cost-performance ratio. Ubtech anticipates large-scale order deliveries for its industrial humanoid robots, Tiangong Walker, and simulated humanoid robots this year.
Market Valuation and Analyst Perspectives
As a leader in China's AI and humanoid robot sectors, Ubtech has become a focal point in the capital markets due to its full-stack self-developed technology and forward-looking industrial applications. Previously, Citi doubled its bullish outlook on Ubtech, likening it to the 'next Tesla', with a valuation comparable to Tesla's early days in the 2010-2011 electric vehicle nascent stage—when Tesla's Roadster delivered only 1,500 units annually but had a price-to-sales ratio of 24-25x. Morgan Stanley recently published a research report titled 'Humanoid Robots 100: Mapping the Value Chain', listing Ubtech as the only Chinese humanoid robot company in the rankings and one of the 'purest humanoid robot concept' stocks globally. Since its IPO, Ubtech has been covered by numerous securities firms, including Changjiang Securities, GF Securities, Guotai Junan Securities, Huatai Securities, Haitong Securities, Zheshang Securities, Zhongtai Securities, Northeast Securities, and Soochow Securities. The unanimous positive outlook from analysts is closely tied to the promising prospects of the humanoid robot industry, coupled with Ubtech's 2024 advancements in automotive applications, affirming the company's industry fundamentals and corporate fundamentals."