China’s humanoid robots: UBTech scores US$112 million in factory orders

Chinese companies are populating factory floors with human-shaped robots, according to Shenzhen-based UBTech Robotics, which claims to have racked up orders worth more than 800 million yuan (US$113 million) for its Walker S2 model this year.

The robot maker said on Monday that it secured an order worth 159 million yuan from a company in Zigong, in southwest China’s Sichuan province – its second-largest single order, following one for 250 million yuan in September.

UBTech, which in 2023 became the first robotics company listed in Hong Kong, launched its industrial-use Walker S2 in July, touting it as the world’s first humanoid robot that can swap its own batteries. The company posted a video on Tuesday announcing that would start mass production and delivery of the Walker S2 in mid-November.

The company has disclosed a slew of new contracts and partnerships, including a 126 million yuan deal with a data-collection centre project in southern China’s Guangxi autonomous region, the 250 million yuan contract from an unnamed “major Chinese enterprise” for “embodied intelligence humanoid robot products and solutions”, and a nearly 100 million yuan procurement deal from Miee Auto, a vehicle exporter backed by the Hubei provincial government.

Buoyed by these deals and the sector’s momentum, UBTech’s share price has gained more than 150 per cent this year, closing at HK$133 on Tuesday. Brokerages including Citi and JPMorgan maintain “buy” ratings on the stock, with price targets above HK$170.

In the first half of 2025, UBTech reported revenue of 621 million yuan, up 27.5 per cent from a year earlier, and a gross profit of 217 million yuan, up 17.3 per cent. However, it still posted a net loss of 440 million yuan, though the figure narrowed 18.5 per cent from a year earlier.

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