UBTech Walker S: orders, deliveries and what the Hong Kong filings show

UBTech's Hong Kong filings show that full-size humanoid robots became its largest revenue line in 2025: RMB820.6 million from 1,079 units sold, up from RMB35.6 million and roughly three units in 2024. For the first half of 2026 it reported RMB590.3 million from 921 units. The filings do not publish an order book, though, and the figures cover several models, not only Walker S.

Why the filings are worth reading

UBTech Robotics is listed on the Hong Kong Stock Exchange under stock code 9880. As a listed company it has to publish annual and interim results on the exchange's HKEXnews platform. Most humanoid developers are privately held and share only what they choose to, so these documents are a rare chance to check a humanoid maker's claims against reported revenue.

Two caveats apply from the start. The 2026 half-year figures are unaudited; the company says its audit committee reviewed them. And UBTech's own press releases, which carry most of the order news, are marketing documents, not regulatory filings.

The headline numbers

According to the annual results announcement for 2025, published on 31 March 2026:

• Group revenue rose 53.3% to RMB2,001.0 million, from RMB1,305.4 million in 2024.
• Revenue from full-size embodied intelligent humanoid robot products and services rose from RMB35.6 million to RMB820.6 million, which made it UBTech's largest revenue source.
• Sales volume in that category was 1,079 units, which the company describes as a 35,866.7% increase. That percentage implies about three units in 2024.
• Gross margin rose to 37.7%, but the group still made a loss of RMB789.8 million, down from RMB1,159.9 million.
• UBTech states that by the end of 2025 it had annualised production capacity of more than 6,000 full-size humanoids.

The interim results announcement for the six months to 30 June 2026, published on 28 August 2026, continues the trend:

• Group revenue was RMB1,269.1 million, up 104.2% on the same period of 2025.
• Full-size humanoid revenue was RMB590.3 million, 46.5% of the total, against RMB38.2 million a year earlier.
• Sales volume was 921 units. The reported growth rate of 1,946.7% implies about 45 units in the first half of 2025.
• The loss for the period fell to RMB338.8 million, and overall gross margin was 44.7%. The company attributes the higher margin mainly to the larger share of humanoid revenue.

What "full-size humanoid" covers

The humanoid category is not the same as Walker S. In a July 2026 release on its partnership with Hitachi, UBTech defines full-size embodied intelligent humanoids as robots taller than 160 cm that are neither remote-controlled nor toys. The same release says industrial uses accounted for more than 80% of 2025 sales.

The interim report lists several products in this category: the Walker S series for industrial work, the wheeled Cruzr Y1 for manufacturing and warehousing, the bipedal Walker C1 for reception, guided tours and education, and the U1 series aimed at companionship. The filings do not break units down by model. The 2025 annual results say Walker S2 entered mass production and delivery that year at what UBTech calls the "1,000-unit level", but this is not an audited count of Walker S2 deliveries.

Orders: what has actually been disclosed

The exchange filings contain far less order detail than the headlines suggest.

1. On 27 April 2025 UBTech published a voluntary announcement about a contract signed on 24 April 2025. An unnamed purchaser agreed to buy Walker S1 and Walker C robots for manufacturing and hospitality use in car factories, and UBTech said it had received an advance payment. Neither the contract value nor the number of units was disclosed.
2. The 2025 annual results say UBTech led the industry worldwide by order volume across automotive manufacturing, logistics and data centres. No total order figure is given, so this claim cannot be checked against the filing.
3. A company release about UBTech's inclusion in the HKEX Tech 100 Index cites an order worth more than RMB50 million, disclosed on 10 December, for Walker S2 robots. It also lists projects secured in November: RMB143 million for a humanoid data collection and training centre in Jiujiang, RMB264 million for border ports in Guangxi and RMB159 million for a data collection centre in Zigong. The release gives the day and month but not the year, and it names no customers.
4. In a release on European retail logistics, UBTech says its distributor for Germany, Switzerland and Austria, Terra Robotics, bought several dozen Walker S2 robots for a large pilot at ROSSMANN logistics centres. The robots are to handle material and sort goods.
5. The Hitachi release describes on-site operational testing of Walker S2 at a Hitachi Elevator workshop. That is a trial, not a disclosed fleet order.

Several of the largest figures are for projects such as data collection centres and port facilities. These may include robots, but they are not necessarily unit orders for Walker S.

Orders are not revenue

Under normal accounting, revenue is recognised when goods are delivered and accepted, not when a contract is signed. The 2025 annual results show this. Revenue from other intelligent robot products fell 16.9%, partly because some logistics and service projects contracted in 2025 had not been delivered and accepted by the year end.

The balance sheet offers one more clue. Contract liabilities, which broadly reflect payments received before delivery, rose from RMB91.1 million at the end of 2025 to RMB133.3 million at 30 June 2026. That figure covers the whole group, not just humanoids, and it is much smaller than the order values in the press releases.

This does not mean the orders are not real. It does mean headline order values are no guide to when, or whether, revenue will follow.

Reading between the lines

A few simple calculations from the reported figures help put the numbers in context. These are our arithmetic, not UBTech's statements.

• Deliveries were back-loaded. With about 45 units and RMB38.2 million in the first half of 2025, roughly 1,030 units and about RMB782 million fell in the second half.
• Revenue per unit is not a price. Dividing humanoid revenue by units gives about RMB760,000 for 2025 and about RMB641,000 for the first half of 2026. The category includes services and data-related work, so this is not a list price for any robot.
• Capacity is not demand. The interim report refers to an annual production target of 10,000 units, against reported capacity of more than 6,000 at the end of 2025. Units sold in the first half of 2026 were 921.
• Part of the revenue growth is acquired. The H1 2026 total includes RMB139.2 million from garden machinery, automotive and hydraulic components, after UBTech completed its stake in Zhejiang Fenglong Electric in March 2026.

The interim report also mentions teleoperation, which it uses to validate solutions and collect training data. That is common practice in the industry and a reminder that "embodied intelligence" in a filing does not mean every task is performed autonomously.

What the filings do not tell you

• How many of the units sold were Walker S2, Cruzr Y1, Walker C1 or U1.
• Who the customers are, beyond the names UBTech chooses to publish.
• How much of the humanoid revenue comes from hardware and how much from services or data centre projects.
• Any order backlog in currency or units.
• Uptime, reliability or productivity data from deployments.

For how UBTech's reported volumes compare with analyst estimates for the wider market, see our overview of humanoid shipments in 2025 and 2026. For what factory pilots have reported, see humanoids in car plants.

What this means for event organisers

• Walker S2 is built for industry. The filings describe deliveries mainly to factories, logistics and data collection. Event availability depends on what local suppliers actually hold, so check which humanoids you can hire today.
• Walker C1 is the model aimed at public-facing work. UBTech positions it for reception, guided tours and interactive display. Ask any supplier which model they are offering, not just the brand.
• Do not read prices from the results. Revenue per unit mixes hardware and services, and it says nothing about hire rates.
• Ask how the robot is controlled. UBTech uses teleoperation in its own work, and suppliers should state whether an operator is involved. Our guide to teleoperated or autonomous robots explains what audiences actually see.
• Treat order headlines with care. A pilot or project value is not the same as a proven fleet, so look for delivered units and named deployments.

Frequently asked questions

How many humanoid robots did UBTech sell in 2025?

UBTech's 2025 annual results report 1,079 full-size embodied intelligent humanoid robots sold, generating RMB820.6 million in revenue. The category covers several models, including the Walker S series and the wheeled Cruzr Y1. The filing does not split units by model, so it does not say how many were Walker S2.

Does UBTech publish a Walker S order backlog?

No. UBTech's annual and interim results do not state a total order backlog in currency or units. Order values come mainly from voluntary announcements and company press releases, and several of the larger figures are for projects such as data collection centres rather than plain robot unit orders. Revenue is recognised only after delivery and acceptance.

What did UBTech report for the first half of 2026?

The unaudited interim results for the six months to 30 June 2026 show group revenue of RMB1,269.1 million and full-size humanoid revenue of RMB590.3 million from 921 units. The group made a loss of RMB338.8 million. Part of the revenue growth came from Zhejiang Fenglong Electric, a newly acquired business that makes garden machinery and components.

Can I work out a Walker S2 price from UBTech's results?

Not reliably. Dividing humanoid revenue by units sold gives about RMB760,000 per unit for 2025, but that category also includes services and data-related projects as well as several robot models. The figure is an average across very different contracts. It is not a list price, and it says nothing about what a rental supplier charges for an event.

How this article was made: written by the humanoid4rent editorial team with AI assistance; every factual statement was checked against the sources listed below on 2026-11-05. Spotted an error? Write to info@humanoid4rent.com.