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UBTECH优必选 9880
Country国家 China中国
Systems系统 Work工作 · Integration集成 · Muscle肌肉 · Brain大脑
Bottlenecks瓶颈 P11 Generalisable VLA policies可泛化的 VLA 策略 · P13 Dexterous manipulation灵巧操作 · P14 Actuators, reducers, encoders执行器、减速器与编码器 · P17 Integration, uptime, service集成、在线率与服务 · P18 Vertical workflow ROI垂直工作流 ROI
Market cap市值 Live, via TradingView.实时数据，来自 TradingView。
Walker industrial humanoids, logistics robots and commercial service robots.
Walker 工业人形、物流机器人与商用服务机器人。
What it doesWalker industrial humanoids, logistics robots and commercial service robots.
在干什么Walker 工业人形、物流机器人与商用服务机器人。
Name sheetUBTECH Robotics
Why it mattersThe public window onto the whole conversion chain (order to acceptance to cash collection to repeat order to unit gross margin) and the only listed sample for judging the quality of humanoid orders.
为何重要观察“订单—验收—回款—复购—单机毛利率”整条转化链的公开窗口，是判断人形订单质量的唯一上市样本。
Caveat
FY2025 revenue was RMB 2.001bn (+53.3%) with humanoid revenue of RMB 821m (+2,203.7%) on 1,079 full-size humanoid units, a net loss of RMB 790m (narrowed 32%), gross margin of 37.7% (+9pts), an adjusted EBITDA loss of RMB 438m and period-end cash of RMB 4.888bn; Walker S2 entered mass delivery in November 2025. Two flags.
The claim that Walker S2 monthly capacity exceeds 1,000 units is design capacity, not output. And the same source reports both 1,079 units sold and full-year deliveries exceeding 500 units.
Sold, delivered, and recognised are three different numbers, and shipments may include channel or internal units, so neither unit figure should be relied on without the annual or interim report. The H1 2026 interim was not published as of 2026-08-14 and is due at the end of August.
Return −18.91%; monitor dilution.
风险提示
FY2025 收入 20.01 亿元（+53.3%），人形机器人收入 8.21 亿元（+2,203.7%），全尺寸人形出货 1,079 台，净亏损 7.90 亿元（收窄 32%），毛利率 37.7%（+9 个百分点），经调整 EBITDA 亏损 4.38 亿元，期末现金 48.88 亿元；Walker S2 于 2025 年 11 月进入批量交付。两个标记：其一，“Walker S2 月产能超过 1,000 台”是设计产能，不是产量；其二，同一来源既称“2025 年销售 1,079 台”，又称“全年交付超过 500 台”。
销售、交付与确认收入是三个不同的数字，且出货可能包含渠道或内部机台；因此在拿到年报或中报之前，这两个台数均不可依赖。截至 2026-08-14，2026 年中期业绩尚未公布，应于 8 月底前披露。
回报 −18.91%，须监控稀释。
ProductWalker industrial humanoids, logistics robots, and commercial robots
Value accrualPotential transition from hardware to software, maintenance, and task data if deployments repeat
Key riskFY2025 revenue RMB2.00bn (+53%); full-size embodied-intelligence revenue RMB821m, but group net loss RMB790m. Decompose announced orders into acceptance, cash collection, repeat orders, and unit gross margin; monitor dilution.
Bottlenecks瓶颈 P11 Generalisable VLA policies可泛化的 VLA 策略 · P13 Dexterous manipulation灵巧操作 · P14 Actuators, reducers, encoders执行器、减速器与编码器 · P17 Integration, uptime, service集成、在线率与服务 · P18 Vertical workflow ROI垂直工作流 ROI
- Class
- public
- Country
- CN
- HQ
- Shenzhen, China
- Layer
- Humanoid OEM / Application
- Systems
- work · body · muscle · brain
- Caveat stance
- avoid
- Ticker
- 9880
- Exchange
- HKEX
- Purity
- High
- Valuation tier
- 2
- Last verified
- 2026-08-12
- Confidence note
- High
- Sources
- S-PUB-021
- Translated fields
- what_it_does_en · why_it_matters_en · caveat_en
- Chain position
- midstream
COMPANY RESEARCH公司研究 Commercial evidence商业证据 Expand +展开 + Collapse −收起 −
- Customer and task
- 客户与任务
- Not yet assessed in this structured record.本结构化记录尚未评估。
- Deployment and payment
- 部署与付款
- Not yet assessed in this structured record.本结构化记录尚未评估。
- Task results and human assistance
- 任务结果与人工协助
- Not yet assessed in this structured record.本结构化记录尚未评估。
- Cost and repeat purchases
- 成本与复购
- Not yet assessed in this structured record.本结构化记录尚未评估。
- What the evidence cannot establish
- 证据的局限
- Not yet assessed in this structured record.本结构化记录尚未评估。