UBTECH Sees Phenomenal Growth, Earns CNY 1.055B in 2023
UBTECH, the first publicly listed humanoid robot company, has made significant strides in 2023, as indicated by its recently released annual financial report. The report, marking its first since its listing in December 2023, showcases a robust performance, with the company achieving a total annual revenue of CNY 1.055 billion, reflecting a 4.7% year-on-year growth. Adjusted EBITDA, while showing a loss of CNY 515 million, has narrowed compared to the previous year.
Growth in Key Segments
One of the notable highlights of UBTECH's success lies in its two primary business segments, which experienced substantial growth. Smart logistics, for instance, contributed CNY 389 million in revenue for the full year, marking an impressive 47.9% year-on-year increase. Similarly, consumer-level robots and other hardware contributed CNY 253 million in revenue, demonstrating a remarkable 91.5% year-on-year growth.
Investment in Research and Development
UBTECH's commitment to innovation is evident through its substantial investment in research and development (R&D). In 2023, the company allocated CNY 490 million to R&D, representing a 14.5% year-on-year increase. This investment accounted for 46.4% of the total operating income for the same period. With an average R&D investment of over 50% in the past four years, UBTECH has established a comprehensive technological foundation, underpinned by 12 years of R&D investment.
Patent Leadership and Technological Innovation
The company's focus on technological advancement is further underscored by its patent portfolio. As of December 31, 2023, UBTECH possessed over 2,100 robot and artificial intelligence-related patents, marking a significant increase of 31.25% compared to the previous year. Notably, UBTECH ranks first globally in the number of effective patents for humanoid robots, according to the "Humanoid Robot Technology Patent Analysis Report" released by the People's Daily Online Research Institute in 2023.
Advancements in Industrial Applications
UBTECH's endeavors extend beyond consumer products, with significant progress made in industrial applications of humanoid robots. The development of the industrial humanoid robot "Walker S" and collaborations with industry partners have facilitated the practical application of humanoid robots in various sectors, particularly in automotive manufacturing. "Walker S" has achieved remarkable milestones, including cooperating with humans to complete car assembly and quality inspection tasks on an automotive factory assembly line.
Global Acclaim and Market Penetration
Consumer-level robots developed by UBTECH have received global recognition, with products like the first-generation cat litter robots and the Cyclone Strong Suction Floor Sweeping Robot gaining popularity among users worldwide. Additionally, UBTECH's foray into intelligent logistics with products like the L4-level unmanned logistics vehicle "Chitu" reflects the company's commitment to technological innovation and market penetration across diverse sectors.
Future Outlook
With humanoid robots and artificial intelligence at its core, UBTECH remains dedicated to promoting their integration into various industries and households. The company aims to concentrate on three major areas: humanoid robots, multimodal perception and large-scale model technology, and embodied intelligence, to drive high-quality development and accelerate the formation of new productive forces.
International Expansion
As a global company, UBTECH is poised to optimize its international layout and expand into international markets to better serve global customers. With over 900 corporate clients and sales of over 760,000 robots in more than 50 countries and regions globally, UBTECH is well-positioned to capitalize on the burgeoning demand for humanoid robots and artificial intelligence solutions worldwide.
Market Performance
As of the time of writing, UBTECH's Hong Kong stock is priced at HKD 226.2 per share, with a total market value of HKD 94.584 billion.
UBTECH's remarkable performance in 2023 underscores its leadership in the field of humanoid robots and artificial intelligence, signaling a promising trajectory for the company's future growth and innovation.
[USD equivalent conversions: HKD 226.2 per share = $29.09 per share; HKD 94.584 billion market value = $12.21 billion market value]
