UBTECH ROBOTICS (09880) rose nearly 5% again, with the stock up 2.7% to HK$102.7 at the time of writing, and a turnover of HK$627 million. On the news front, on April 1, UBTECH disclosed its 2025 performance. In 2025, the company's full-size embodied intelligent humanoid robots (non-remote control, non-toy, height above 160cm) became its largest revenue source, generating revenue of RMB 820 million, a year-on-year increase of 2203.7%. Sales volume reached 1,079 units, up 35866.7% year-on-year. The company's R&D expenditure in 2025 exceeded RMB 500 million, accounting for 25.4% of revenue, of which over RMB 270 million was invested in the R&D of full-size embodied intelligent humanoid robots. J.P. Morgan released a research note stating that UBTECH held an investor meeting following the earnings report. Management has positioned 2026 as the year of "large-scale commercialization" and has significantly raised the shipment target for the Walker S series humanoid robots from 2,000-3,000 units to 5,000 units, with production capacity planning further geared towards 10,000 units. The report cited UBTECH management emphasizing that while government orders remain a key driver, they also acknowledged the need to shift towards more industrial and overseas deployments to demonstrate the sustainability of the business model.