Ubtech's Humanoid Bet Shows Early Signs of Payoff, Even as Losses Persist
Published on 08/29/2026 at 15:02 | Editorial boerse-global.de
The numbers coming out of Shenzhen are hard to ignore. Ubtech Robotics doubled its first-half revenue to 1.27 billion yuan, a 104.2 percent jump year on year, while narrowing its net loss by 23 percent to 339 million yuan. The headline figure that captures the imagination, though, is the 1,445 percent surge in sales of full-size humanoid robots — a category that generated 590 million yuan on shipments of just 921 units.
That growth story is underpinned by the UWORLD U1 series, which has racked up 13,361 orders since its June launch. The consumer-facing U1 Pro variant, priced at 169,800 yuan (roughly $30,000), accounts for more than 13,000 of those bookings, with deliveries scheduled to begin on September 16. Management is targeting production capacity of 50,000 units by the end of 2026.
A Mixed Revenue Picture
Not all of the top-line growth comes from robotics. The company booked 139 million yuan from landscaping and automotive components, a legacy of its March acquisition of Fenglong Shares. That diversification muddies the core narrative somewhat, though the robotics division remains the primary engine.
Group gross margin improved to 44.7 percent, up 9.7 percentage points from the prior year. Research and development spending topped 300 million yuan in the half, and the company says it now holds 3,112 patents. Adjusted EBITDA remains negative at minus 170 million yuan, though that loss narrowed by 45.9 percent.
Standing Out in a Crowded Field
Counterpoint Research ranks Ubtech fourth globally by humanoid robot shipments, with a 4.4 percent market share in the first half — a period in which the overall market expanded by 300 percent. The company claims the highest unit volume in the segment worldwide, having shipped 16,123 humanoid units in total.
The competitive landscape is heating up. Chinese automakers BYD and Chery are pouring resources into their own robotics initiatives, and the country's industry ministry expects annual production to exceed 100,000 humanoid robots in 2026, up from an estimated 18,000 to 20,000 units last year.
The Unitree Shadow
Ubtech's results invite direct comparison with rival Unitree Robotics, which went public in Shanghai in mid-August. Unitree's first-half revenue reached 1.152 billion yuan, up 48.38 percent — respectable growth, but well short of Ubtech's pace. Its gross margin slipped to 56.01 percent from 60.7 percent, and adjusted net profit declined in both quarters of the half.
The contrast extends to R&D: Unitree invested just 136 million yuan and holds 262 patents, a fraction of Ubtech's outlay. Analysts quoted in Chinese media frame the two companies as pursuing divergent strategies — Ubtech chasing scale and product breadth, while Unitree grapples with a post-IPO valuation reset that has left its shares roughly 44 percent below their peak.
That IPO also rattled the sector. On August 19, Ubtech's stock dropped 10.4 percent in a broad sell-off of loss-making Chinese robotics names triggered by Unitree's blockbuster listing. The shares have since recovered some ground, closing Friday at 9.65 euros, up 4.7 percent on the day.
Orders From Government and Industry
Beyond the financials, Ubtech has been lining up fresh business. The Guangxi regional government placed an $18 million order for humanoid robots and associated hardware destined for a new robotics training center. The company's Walker S robots continue to perform quality inspections alongside human workers at NIO's Hefei plant.
At the World Robot Conference in Beijing, Ubtech showcased a coordinated production line in which nearly a dozen humanoid robots handled materials and stacked boxes without human oversight — a demonstration aimed at selling entire automated processes rather than individual machines.
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The company also introduced the Cruzr Y1, a wheeled humanoid targeting industrial automation in factory settings.
Market Skepticism Lingers
For all the operational momentum, the share price tells a more cautious story. The stock remains 33 percent below its level at the start of the year and trades 43 percent under its 52-week high of 17.00 euros, reached on January 19. Friday's close of 9.65 euros sits just under 2 percent below the 50-day average of 9.89 euros.
The board met on August 21 to discuss an equity incentive program for core personnel, an effort to retain technical talent as the company scales production. It's a reminder that executing on the capacity build-out — and converting order momentum into profitability — remains the central challenge. The market, still wary of cash-burning robotics stocks after Unitree's debut, appears to be waiting for proof that the growth can translate into sustainable returns.
