{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","ticker":"9880.HK","updated_at":"2026-07-12T05:01:57.817638+00:00","canonical":"https://valuechain.wiki/ubtech","same_as":["https://finance.yahoo.com/quote/9880.HK"],"citable":"밸류체인 그래프 기준 UBTech의 직접 연결 기업은 5곳(관계 기준 공급 4·매출 1)이고, 사슬을 2차까지 넓히면 15곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, UBTech Robotics is directly linked to 5 companies (4 supply, 1 revenue relationships) and reaches 15 companies within two hops; the links are backed by 8 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"중국 휴머노이드 OEM(Walker S2)","kicker_en":"China humanoid OEM (Walker S2)","lead":"중국 대표 휴머노이드 기업. 2025년 11월 산업용 휴머노이드 Walker S2 양산·인도 개시, 누적 수주 8억 위안+. 2025 상반기 매출 6.21억 위안, 휴머노이드 매출이 +2,204%로 전사 41%. BYD·지리·폭스콘 등이 공장에 도입. 2026년 5,000대 생산 목표. 테슬라 외 휴머노이드 수요 정점.","lead_en":"China leading humanoid firm. It began mass production and delivery of the industrial humanoid Walker S2 in Nov 2025, with 800M+ yuan in cumulative orders. H1 2025 revenue 621M yuan, with humanoid sales up 2,204% to 41% of revenue. BYD, Geely and Foxconn deploy them in factories. Targeting 5,000 units in 2026. A humanoid demand apex beyond Tesla.","segments":{"fy":2025,"parts":[{"desc":"산업용 휴머노이드(Walker S2). 양산·인도를 시작한 성장 주력으로, 완성차·전자 공장 도입이 매출의 폭발적 성장을 이끈다.","name":"산업 휴머노이드(Walker S2)"},{"desc":"소비자 로봇(UWORLD). 가정·엔터테인먼트용 로봇으로, 휴머노이드와 다른 소비 수요선.","name":"소비자 로봇(UWORLD)"},{"desc":"교육·서비스 로봇. 초기 사업 기반으로, 브랜드·유통을 떠받치는 안정 매출축.","name":"교육·서비스 로봇"}],"total":"20.01억 위안 (2025, +53.3%)","concentration":"휴머노이드가 최대 매출원(풀사이즈 +2,204%)·2026년 5천대·BYD·지리·폭스콘 공장. BYD·지리·폭스콘 공장. 2026년 5천대."},"segments_en":{"fy":2025,"parts":[{"desc":"Industrial humanoids (Walker S2) — the growth flagship now in mass production and delivery, where adoption at automaker and electronics plants drives explosive revenue growth.","name":"Industrial humanoids (Walker S2)"},{"desc":"Consumer robots (UWORLD) — home and entertainment robots, a consumer demand line distinct from humanoids.","name":"Consumer robots (UWORLD)"},{"desc":"Education and service robots — the early-business base, a stable revenue axis underpinning brand and distribution.","name":"Education/service robots"}],"total":"RMB 2.001bn (FY2025, +53.3%)","concentration":"Humanoid the top revenue source (full-size +2,204%); 5,000 units in 2026; BYD/Geely/Foxconn plants. BYD/Geely/Foxconn factories; 5k units in 2026."},"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":3,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":3,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":3,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":3,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"planet-labs","name":"플래닛랩스","name_en":"Planet 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Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":3,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":3,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":3,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":3,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"apple","name":"Apple","name_en":"Apple","tier":2,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":2,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":2,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":2,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"foxconn","name":"Foxconn","name_en":"Foxconn (Hon Hai)","tier":1,"returns_yearly":{"2021":-5.1,"2022":2.8,"2023":7.8,"2024":80.1,"2025":26.9,"2026":10.9}}],"benefiting":[{"slug":"harmonic-drive","name":"Harmonic Drive","name_en":"Harmonic Drive Systems","tier":1,"returns_yearly":{"2021":-42.7,"2022":-2.5,"2023":-16.1,"2024":24.9,"2025":-23.8,"2026":132.3}},{"slug":"nidec","name":"Nidec","name_en":"Nidec","tier":1,"returns_yearly":{"2021":-26.8,"2022":-28.4,"2023":-21.9,"2024":-1.7,"2025":-17.4,"2026":20.6}},{"slug":"catl","name":"CATL","name_en":"CATL","tier":1,"returns_yearly":{"2021":67.4,"2022":-21.4,"2023":-40.6,"2024":74.5,"2025":39.4,"2026":1.2}},{"slug":"inovance","name":"Inovance","name_en":"Inovance Technology","tier":1,"returns_yearly":{"2021":-5.1,"2022":19.2,"2023":-20.9,"2024":8.4,"2025":24.8,"2026":-14.4}},{"slug":"yunnan-energy","name":"Yunnan Energy (Enjie)","name_en":"Yunnan Energy New Material (SEMCORP)","tier":2,"returns_yearly":{"2021":92.8,"2022":-38.6,"2023":-72.6,"2024":-29.2,"2025":76.4,"2026":7.5}},{"slug":"tinci","name":"Tinci Materials","name_en":"Tinci Materials","tier":2,"returns_yearly":{"2021":68.3,"2022":5.6,"2023":-61.4,"2024":-0.7,"2025":124.2,"2026":-1}},{"slug":"ronbay","name":"룽바이커지(容百科技)","name_en":"Ronbay Technology","tier":2,"returns_yearly":{"2021":96.6,"2022":-39.1,"2023":-63.6,"2024":12.3,"2025":47.7,"2026":-12.9}},{"slug":"chunbo","name":"천보","name_en":"Chunbo","tier":2,"returns_yearly":{"2021":40.4,"2022":-7.3,"2023":-65,"2024":-55.6,"2025":59.1,"2026":-37.6}},{"slug":"enchem","name":"엔켐","name_en":"Enchem","tier":2,"returns_yearly":{"2022":-37.4,"2023":173.9,"2024":-20.5,"2025":-26.1,"2026":-76.7}},{"slug":"btr-new-material","name":"BTR New Material","name_en":"BTR New Material Group Co., Ltd","tier":2,"returns_yearly":null}],"analysis":"투자 논점은 테슬라 옵티머스 외 산업용 휴머노이드 양산의 선두주자로서 수주가 실적으로 실현되느냐다. 2025년 11월 산업용 Walker S2 양산·인도를 시작해 누적 수주 8억 위안+, 상반기 휴머노이드 매출이 +2,204%로 전사 41%까지 올랐고 BYD·지리·폭스콘 공장이 도입처다. 다만 하모닉 감속기·니덱 모터·CATL 배터리·이노반스 서보를 사서 조립하는 구조라, 2026년 5,000대 목표 달성이 부품 공급·수율에 묶여 공급단이 본주보다 먼저 움직였다. 2025년 급등 뒤 2026년 되돌림은 양산 기대가 선반영됐다가 실현 속도에 대한 의구심이 반영된 결과다.","analysis_en":"The thesis is whether UBTech, a front-runner in mass-producing industrial humanoids beyond Tesla's Optimus, converts orders into earnings. It began mass production and delivery of the industrial Walker S2 in November 2025, with 800M-yuan-plus cumulative orders and humanoid revenue up 2,204% to 41% of the total in H1, adopted at BYD, Geely and Foxconn plants. But as an assembler buying harmonic reducers, Nidec motors, CATL batteries and Inovance servos, its 2026 target of 5,000 units is tied to component supply and yield, so the supply side moved ahead of its stock. The 2025 surge and 2026 give-back reflect production hopes priced in, then doubt about the pace of realization.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"Harmonic Drive","counterparty_slug":"harmonic-drive","confidence":"high","metric":null,"note":"Walker S2 관절에 하모닉 감속기 채택.","note_en":"Adopts harmonic reducers in Walker S2 joints.","sources":[{"stance":"confirms","publisher":"Humanoid Guide","publisher_en":"Humanoid Guide","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://humanoid.guide/ubtech-humanoid-revenue-surges-in-2025-results/","title":"UBTech 2025 휴머노이드 매출 +2204%","title_en":"UBTech humanoid revenue surges +2204% in 2025","excerpt":"Walker S2 관절에 하모닉 감속기 채택.","excerpt_en":"Adopts harmonic reducers in Walker S2 joints."},{"stance":"confirms","publisher":"PR Newswire","publisher_en":"PR Newswire","kind":"news","lang":"en","published_at":"2025-11-01","url":"https://www.prnewswire.com/news-releases/ubtech-humanoid-robot-walker-s2-begins-mass-production-and-delivery-with-orders-exceeding-800-million-yuan-302616924.html","title":"UBTech Walker S2 양산·수주 8억 위안+","title_en":"UBTech Walker S2 mass production, 800M+ yuan orders","excerpt":"Walker S2 관절에 하모닉 감속기 채택.","excerpt_en":"Adopts harmonic reducers in Walker S2 joints."},{"stance":"confirms","publisher":"UBTech/HKEX","publisher_en":"UBTech/HKEX","kind":"filing","lang":"en","published_at":"2025-08-26","url":"https://ir.ubtrobot.com/","title":"UBTech 회사·IR(HKEX 9880)","title_en":"UBTech company/IR (HKEX 9880)","excerpt":"UBTech 연차·IR: 상반기 매출 ¥621M, 휴머노이드 41%.","excerpt_en":"UBTech annual/IR: H1 revenue ¥621M, humanoid 41%."}]},{"direction":"revenue","counterparty":"Foxconn","counterparty_slug":"foxconn","confidence":"high","metric":null,"note":"폭스콘 공장 물류에 휴머노이드 공급.","note_en":"Supplies humanoids for Foxconn factory logistics.","sources":[{"stance":"confirms","publisher":"SCMP","publisher_en":"SCMP","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.scmp.com/tech/tech-trends/article/3332372/chinas-humanoid-robots-get-factory-jobs-ubtechs-model-scores-us112-million-orders","title":"UBTech, BYD·지리·폭스콘 공장 수주 $112M","title_en":"UBTech scores $112M factory orders (BYD, Geely, Foxconn)","excerpt":"폭스콘 공장 물류에 휴머노이드 공급.","excerpt_en":"Supplies humanoids for Foxconn factory logistics."}]},{"direction":"revenue","counterparty":"BYD·지리 등 완성차 공장 (휴머노이드)","counterparty_slug":null,"confidence":"high","metric":null,"note":"BYD·지리·FAW 등 완성차 공장에 산업 휴머노이드 공급.","note_en":"Industrial humanoids to automaker factories (BYD, Geely, FAW).","sources":[{"stance":"confirms","publisher":"UBTech 2025 연간실적","publisher_en":"UBTech FY2025 results","kind":"news","lang":"en","published_at":"2026-03-30","url":"https://autonews.gasgoo.com/articles/icv/ubtech-2025-report-card-revenue-from-full-size-humanoid-robots-grows-over-22-fold-2039900685372407808","title":"UBTech 2025 연간실적 — ubtech 실적","title_en":"UBTech FY2025 results — ubtech results","excerpt":"2025 총매출 20.01억위안(+53.3%), 휴머노이드 최대 매출원","excerpt_en":"FY2025 total revenue RMB 2.001bn (+53.3%)"},{"stance":"confirms","publisher":"SCMP","publisher_en":"SCMP","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.scmp.com/tech/tech-trends/article/3332372/chinas-humanoid-robots-get-factory-jobs-ubtechs-model-scores-us112-million-orders","title":"UBTech, BYD·지리·폭스콘 공장 수주 $112M","title_en":"UBTech scores $112M factory orders (BYD, Geely, Foxconn)","excerpt":"BYD·지리·FAW 등 완성차 공장에 산업 휴머노이드 공급.","excerpt_en":"Industrial humanoids to automaker factories (BYD, Geely, FAW)."},{"stance":"confirms","publisher":"Humanoid Guide","publisher_en":"Humanoid Guide","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://humanoid.guide/ubtech-humanoid-revenue-surges-in-2025-results/","title":"UBTech 2025 휴머노이드 매출 +2204%","title_en":"UBTech humanoid revenue surges +2204% in 2025","excerpt":"BYD·지리·FAW 등 완성차 공장에 산업 휴머노이드 공급.","excerpt_en":"Industrial humanoids to automaker factories (BYD, Geely, FAW)."}]},{"direction":"cost","counterparty":"CATL","counterparty_slug":"catl","confidence":"mid","metric":null,"note":"휴머노이드 전원에 CATL 배터리 채택.","note_en":"Adopts CATL batteries for humanoid power.","sources":[{"stance":"confirms","publisher":"NotebookCheck","publisher_en":"NotebookCheck","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://www.notebookcheck.net/CATL-beats-Tesla-to-humanoid-robots-matching-skilled-worker-performance-in-mass-EV-battery-production.1188790.0.html","title":"CATL Moz 휴머노이드 배터리 공장 투입","title_en":"CATL Moz humanoid in battery factories","excerpt":"휴머노이드 전원에 CATL 배터리 채택.","excerpt_en":"Adopts CATL batteries for humanoid power."}]},{"direction":"cost","counterparty":"Nidec","counterparty_slug":"nidec","confidence":"mid","metric":null,"note":"휴머노이드 관절 모터·액추에이터 조달.","note_en":"Sources humanoid joint motors and actuators.","sources":[{"stance":"confirms","publisher":"Morgan Stanley","publisher_en":"Morgan Stanley","kind":"research","lang":"en","published_at":"2025-01-01","url":"https://advisor.morganstanley.com/john.howard/documents/field/j/jo/john-howard/The_Humanoid_100_-_Mapping_the_Humanoid_Robot_Value_Chain.pdf","title":"휴머노이드 가치사슬 지도(서보·감속기)","title_en":"Mapping the humanoid robot value chain","excerpt":"휴머노이드 관절 모터·액추에이터 조달.","excerpt_en":"Sources humanoid joint motors and actuators."}]},{"direction":"cost","counterparty":"Inovance","counterparty_slug":"inovance","confidence":"mid","metric":null,"note":"휴머노이드 서보·모션제어를 이노반스에서 조달.","note_en":"Sources servo and motion control from Inovance.","sources":[{"stance":"confirms","publisher":"Robotics & Automation News","publisher_en":"Robotics & Automation News","kind":"news","lang":"en","published_at":"2025-09-25","url":"https://roboticsandautomationnews.com/2025/09/25/inovance-technology-targets-humanoid-robot-components-and-bolsters-core-plc-business/94751/","title":"Inovance, 휴머노이드 부품·서보 진출","title_en":"Inovance targets humanoid components and servo","excerpt":"휴머노이드 서보·모션제어를 이노반스에서 조달.","excerpt_en":"Sources servo and motion control from Inovance."}]},{"direction":"cost","counterparty":"AI칩·센서·제조 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"AI 컴퓨팅·센서·조립.","note_en":"AI compute, sensors and assembly.","sources":[{"stance":"confirms","publisher":"Humanoid Guide","publisher_en":"Humanoid Guide","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://humanoid.guide/ubtech-humanoid-revenue-surges-in-2025-results/","title":"UBTech 2025 휴머노이드 매출 +2204%","title_en":"UBTech humanoid revenue surges +2204% in 2025","excerpt":"AI 컴퓨팅·센서·조립.","excerpt_en":"AI compute, sensors and assembly."}]}]}