Ubtech's Humanoid Sales Surge to Record Levels, Yet the Market Remains Unmoved

Ubtech's humanoid shipments top global rivals, revenue doubles, yet shares stay 33% below start of year as losses persist.

The numbers are hard to argue with. Ubtech Robotics shipped more humanoid robots in the first half of its fiscal year than any other manufacturer worldwide, and its top line grew at triple-digit speed. And yet the company's stock continues to trade roughly a third below where it started the year — a disconnect that says as much about the competitive landscape in Chinese robotics as it does about the company's own fundamentals.

The Shenzhen-based group reported interim results on Friday showing total revenue of 1.27 billion yuan for the six months to 30 June, a jump of 104.2 percent year on year. Sales of humanoid units reached 16,123, up 268.3 percent — a figure the company claims is the highest in the world for the segment. The full-sized humanoid category was the standout performer: revenue there surged 1,445 percent to 590 million yuan on shipments of 921 units. Group gross margin widened by 9.7 percentage points to 44.7 percent.

That growth has a cost, however. Ubtech ploughed more than 300 million yuan into research and development during the period and now holds 3,112 patents, but its adjusted EBITDA remained negative at minus 170 million yuan. The loss did narrow by 45.9 percent, offering some evidence that the path to profitability is at least heading in the right direction.

An order book that dwarfs last year's sales

The results landed just as Reuters reported that Ubtech secured new orders worth at least $123 million in the fourth quarter of last year from Chinese state-owned enterprises for humanoid hardware and related technology. The figure is striking for one simple reason: it exceeds the company's entire humanoid revenue for 2025, which came to $122 million.

For investors, the implication is that demand from the state sector is accelerating in a way that could eventually translate into a much larger recurring revenue base. Whether those orders are already showing up in the accounts is a question the interim numbers will now be scrutinised for.

A tale of two strategies

The comparison with rival Unitree Robotics, which listed in Shanghai in mid-August, is instructive. Unitree reported first-half revenue of 1.152 billion yuan, up 48.38 percent — a considerably slower pace than Ubtech's. Its gross margin also slipped to 56.01 percent from 60.7 percent, and adjusted net profit declined in both quarters of the half. Unitree spent just 136 million yuan on R&D and holds 262 patents, a fraction of Ubtech's outlay.

Analysts cited in Chinese media see the two companies pursuing fundamentally different approaches. Ubtech is betting on scale and product breadth; Unitree, despite its premium valuation, has seen its shares fall around 44 percent from their peak since the listing. Capital rotation toward the newly listed rival was blamed for sector-wide pressure on Ubtech's stock in mid-August — a technical, rather than fundamental, headwind.

Consumer push gathers pace

A key growth driver is the U1 series, priced at roughly $30,000 in retail. The U1 Pro variant sells for 169,800 yuan and has already attracted more than 13,000 orders, with deliveries scheduled to begin on 16 September. The company has also introduced the Cruzr Y1, a wheel-based humanoid aimed at industrial automation in factory settings.

On the technology front, Ubtech used the World Robot Conference in Beijing to showcase the Walker C1, a humanoid designed for services and public spaces, and unveiled its own industrial robots for commercial tasks the day before. A partnership with semiconductor maker BASiC Semiconductor, announced on 19 August, targets the joint development of silicon carbide components for humanoid platforms — a move that could improve drive-system efficiency over the longer term.

Market shrugs at the news flow

Despite the flurry of announcements, the share price response has been muted. The stock closed Friday at 9.65 euros, up 4.7 percent on the day — though the secondary report puts the closing price at 9.55 euros, a 3.7 percent gain. Either way, the weekly advance was modest at 3.8 percent, and the 30-day gain stands at 4.9 percent. The shares remain 33 percent below their start-of-year level and trade 43 percent beneath the 52-week high of 17.00 euros set in January.

The broader backdrop offers some encouragement. Chinese automakers including BYD and Chery are pouring resources into their own robotics divisions, and the country's industry ministry expects annual production of more than 100,000 humanoid robots in 2026, up from an estimated 18,000 to 20,000 units in 2025. Ubtech's interim numbers position it as the volume leader in that expanding market for now. The question is whether the market will start paying attention.