Review of 36 listed robotics companies: humanoid robots account for more than half of revenue at Unitree and UBTECH, while profits diverge
36家敲钟的机器人公司：赚钱能力差距巨大，商业化也不玩花架子了
What happened
QbitAI ROBO reviewed financial reports from at least 36 robotics-related companies listed in mainland China or Hong Kong: 18 deliver complete robots and application solutions, while 18 provide systems and components. Unitree generated about RMB 868 million from humanoid robots in 2025, about 51.1% of its revenue. UBTECH generated about RMB 821 million from full-size embodied-intelligence humanoid robots, about 41.0%. Unitree reported about RMB 278 million in net profit attributable to shareholders, while UBTECH reported a net loss of about RMB 703 million.
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