Ubtech Robotics: Strong Operating Momentum Meets a Bruised Chart

Ubtech Robotics sees 53% revenue growth and 23x jump in humanoid robot sales, but share prices fall as Unitree's $590M IPO threatens the sector; Forbes recognizes its AI leadership.

The contrasting forces shaping Ubtech Robotics right now are hard to ignore. The company wrapped up last week with a sharp share-price decline — a 5.59% slide to €11.41 in Germany and a 6.92% drop to HK$102.20 in Hong Kong — yet the underlying business is rapidly gaining traction. Full-year revenue surged 53.3% to 2.001 billion yuan, while sales of full-size humanoid robots and related services exploded from 35.6 million yuan to 820.6 million yuan. That kind of top-line acceleration would normally command a premium, but traders are fixated on technical damage and the looming threat of a major competitor’s stock-market debut.

Unitree Robotics plans to sell at least 40.4 million new shares on Shanghai’s STAR Market, targeting proceeds of 4.2 billion yuan (roughly $590 million). The Shanghai exchange is scheduled to review the listing on June 1, with actual trading expected to begin on June 5. Unitree intends to channel 2 billion yuan directly into developing large AI models and autonomous decision-making software — the so-called “robot brain” — signaling that cognitive capabilities, not just mechanical precision, are becoming the battleground in Chinese robotics. For Ubtech, which already invests over 500 million yuan annually in R&D (more than a quarter of sales), the IPO represents both a validation of the sector and a potential re-rating catalyst.

The case for Ubtech’s industrial strategy, however, received a fresh endorsement from Forbes China. The publication placed Ubtech on its “Top 50 Chinese AI Tech Companies” list, citing such criteria as technological depth, commercialisation, global expansion, and ecosystem building. The recognition shifts the narrative away from pure humanoid bots and toward embodied AI — machines that can operate in unstructured environments like factories and logistics hubs. Ubtech showcased exactly this approach at the World Smart Industry Expo in Tianjin, which opened on May 28, where its Walker S industrial humanoid robot was featured in a dedicated pavilion for AI and robotics.

Operational momentum is becoming tangible. Ubtech delivered more than 500 Walker S2 industrial robots last year and now has an annual production capacity exceeding 1,000 units. Order backlog from automotive, electronics, and other sectors stands at nearly 1.4 billion yuan. Gross profit doubled to 753.8 million yuan, pushing the margin higher, though the company still reported a net loss of 789.8 million yuan — an improvement from the 1.1599 billion yuan loss a year earlier. The financial trajectory is clearly improving, but profitability remains elusive.

Ubtech is also building for the long term. It recently formed a joint venture called Xixuan Chuangzhi Technology in Wuxi to develop specialised edge chips for intelligent robotics. The move secures the supply chain and deepens proprietary AI capabilities, putting Ubtech on a different footing from rivals like Unitree, which have historically optimised margins through motion control and mechanical design.

The macro backdrop adds another layer of uncertainty. China’s official manufacturing PMI slipped to 50.0 in May from 50.3 in April, while the sub-index for new orders fell to 49.9 — a contraction signal that could dampen industrial automation demand. The non-manufacturing PMI recovered slightly to 50.1. The RatingDog China General Manufacturing PMI, due on June 1 at 09:45 Beijing time, will provide the next immediate read on sentiment for robotics stocks.

Technically, Ubtech shares are under serious pressure. The stock is now 32.7% below its 52-week high of €16.95 from October 2025, and the weekly loss of 16.36% underscores the selling momentum. The 50-day moving average of €11.73 was breached on Friday, and the next critical support lies around HK$101.20. If that level holds, the Forbes recognition could refocus attention on the company’s rapid growth in humanoid robots. A break lower would confirm the weakness and open the door to a test of the 200-day average. With the Unitree IPO verdict imminent, the market is pricing in both opportunity and uncertainty — and Ubtech’s chart will be the first to reflect the outcome.