UBTECH ROBOTICS (09880) saw its shares rise more than 11%. At the time of writing, the stock was up 11.24%, trading at HKD 95, with a turnover of HKD 286 million. The movement follows the company's release of its 2025 financial results, which showed total revenue of RMB 2.001 billion, a year-on-year increase of 53.3%. The gross margin improved from 28.7% in 2024 to 37.7% in 2025, an increase of 9 percentage points, while gross profit increased from RMB 374 million to RMB 754 million. Notably, full-size embodied intelligent humanoid robots (non-remote-controlled, non-toy, height above 160cm) became the company's largest revenue source, generating RMB 820 million in revenue, a surge of 2,203.7% year-on-year. Sales volume reached 1,079 units, an increase of 35,866.7% compared to the previous year. The company's R&D expenditure exceeded RMB 500 million, accounting for 25.4% of total revenue. Of this, over RMB 270 million was invested in the research and development of full-size embodied intelligent humanoid robots. Cumulative R&D investment over the past four years has reached RMB 1.9 billion. UBTECH ROBOTICS also disclosed that its cash and cash equivalents totaled RMB 4.92 billion, which will be primarily allocated towards advancing embodied intelligence technologies.