China's Ubtech nets $113m in orders for humanoid robots in 2025

UBTech Robotics, a Shenzhen-based robotics firm, has secured over 800 million yuan (US$113 million) in orders for its Walker S2 humanoid robot in 2025.

Recent deals include a 159 million yuan (US$22.4 million) order from a company in Zigong, Sichuan, and a 250 million yuan (US$35.2 million) contract in September from an unnamed Chinese enterprise.

UBTech launched the Walker S2 for industrial use in July and plans to begin mass production and delivery in mid-November.

The company, which listed in Hong Kong in 2023, reported H1 2025 revenue of 621 million yuan (US$87.5 million), up 27.5% year-on-year, but posted a net loss of 440 million yuan (US$62 million).

UBTech expects to deliver over 500 industrial humanoid robots this year.

Shares in UBTech have risen over 150% in 2025, closing at HK$133 (US$17) on November 11.

🔗 Source: South China Morning Post

🧠 Food for thought

Implications, context, and why it matters.

Walker S2’s 800m order book misses contract and revenue timing

UBTECH pegs the Renminbi (RMB) 800 million Walker orders to a 159 million yuan Zigong contract 1. It lists a 250 million yuan procurement 2, a 126 million yuan Guangxi deal, and a 32 million yuan auto deal 3.
Filings omit units and pricing, while deposits or phased delivery plans are missing too 4 1 3. Timing lines such as “expected to be delivered this month” leave revenue recognition and cancellation risk murky.
The Zigong project builds a “Humanoid Robot Data Collection Center,” not a plant 4. Funding sources or any subsidy mechanism for this public procurement remain undisclosed.
UBTECH targets 500+ deliveries this year 4 but booked 50 million yuan in H1 humanoid revenue against a 440 million yuan net loss 2.

Humanoid scale-up opens supply for reducers and sensors at non-listed firms

Walker S2’s autonomous battery swapping system 4 lets the robot change batteries without help. Around-the-clock use boosts demand for high-cycle-life batteries and hot-swap connectors.
Leaderdrive makes harmonic reducers (precision gearboxes used in robot joints for high-torque, low-backlash motion) and holds 15% global share 5. RV reducer (a type of cycloidal reducer widely used in industrial robots) suppliers such as Zhejiang Shuanghuan already ship to Tesla’s Optimus 5 and could gain orders as UBTECH targets capacity above 1,000 units a year 4.
Keli Sensing and Changzhou Kunwei make force or torque sensors (devices that measure forces and twisting loads at a robot’s wrist for precise manipulation) priced 30% below ATI Industrial Automation equivalents 5. Factory deployments lift demand for safety validation, electromagnetic compatibility checks, and standards approvals beyond consumer-robot certifications.