Ubtech net loss narrowed 9pc to 1b yuan

Ubtech Robotics (9880) said its 2024 net loss narrowed down by nearly 9 percent to 1.12 billion yuan (HK$1.2 billion) from a year prior, thanks to growing robot sales.

Revenues last year amounted to more than 1.3 billion yuan, up 23.7 percent year-on-year.

Specifically, revenue from education smart robotic products and services climbed by 4.6 percent year-on-year to 363.4 million yuan.

Other sector-tailored smart robotic products and services contributed a revenue of 140.7 million yuan, surging 126.1 percent from 2023.

Gross profit rose by 12.4 percent to 374 million yuan.

Research and development expenses decreased by 2.5 percent to 478.1 million yuan in 2024, primarily due to a decrease of 48.9 million yuan in share-based payment expenses. 

Meanwhile, net credit impairment losses rose by 7.6 percent to 156 million yuan, mainly due to the deferred payment from certain government-related customers.

Capital expenditure recorded 400.4 million yuan in 2024, mainly related to headquarters construction in Shenzhen, marking a decrease of 25.9 percent from the previous year.

The robot maker said it will continue to invest in the research and development of new models for the Walker series of industrial humanoid robots?

This came as Chinese policymakers have identified humanoid robots as one of the "new productive forces".

Ubtech Robotics said its board has considered and approved the proposed H share full circulation, with 5,453,931 domestic shares converted into H shares, while it will apply for the deal of such H shares on the main board of the Hong Kong Stock Exchange.

STAFF REPORTER