9880.HK

Robot manufacturer Ubtech Robotics Corp. Ltd (9880.HK) announced on Sunday its 2024 revenue grew 23.7% year-over-year to 1.3 billion yuan($180 million), as its loss narrowed by 8% to 1.16 billion yuan.

Revenue from the company’s education smart robotics products and services climbed 4.6% year-over-year to 363 million yuan, while logistics smart robotics products and services declined 17.5% to 322 million yuan. Consumer-level robotics and other hardware devices surged 88% to 477 million yuan. The company’s gross margin fell from 31.5% in 2023 to 28.7% last year.

Shares of Ubtech opened down 2.4% at HK$80.55 on Monday and continued to fall during the day, down 6.7% in the afternoon. The shares are down 62% from their 52-week high.

By Lau Chi Hang

To subscribe to Bamboo Works weekly free newsletter, click here

Recent Articles

Sante makes infant nutritional products

Sainte Nutritional nurtures Hong Kong IPO

The Qingdao-based maker of food for special medical purposes is challenging international firms that still dominate the China market but could face tariff uncertainties Key Takeaways: Sainte Nutritional has filed…
Illustration of the umbrella brand of Geely, which includes Zeekr, Volvo, Lotus.

Zeekr’s buyout stalls, and Chagee’s returns cool

A group of early investors in NEV maker Zeekr have protested a recent privatization bid for the company, saying it's too low. Will the buyer heed their complaints and raise its offer? And Chagee's maiden quarterly results show its revenue grew at just half the rate of its new store openings. What's behind the evaporting returns?