UBTech Robotics doubled first-half 2026 revenue to 1.27 billion yuan. Its 28 August Hong Kong filing shows the growth engine switching from education robots to full-size humanoids working on factory floors. The company is still loss-making, and the market values it six times below Unitree.
Key takeaways
- H1 2026 revenue: 1,269.1 million yuan, up 104.2%
- Full-size humanoids: 590.3 million yuan revenue (+1,445%), 921 units sold
- Humanoid sales across all classes: 16,123 units (+268.3%)
- Gross margin 44.7%, against 35.0% a year earlier
- Net loss 338.8 million yuan, adjusted EBITDA?adjusted EBITDA: Earnings before interest, taxes, depreciation and amortisation, stripped of one-off items and non-cash costs. It shows how much cash the core operating business generates. -174.1 million yuan (45.9% improvement)
The factory replaces the classroom
Full-size humanoids now deliver 46.5% of revenue. UBTech sold 921, against 45 a year earlier — into material handling, loading and sorting.
The rest of the portfolio is shrinking. Revenue from other robots fell 18.8% to 245.8 million yuan, on a collapse in education (-49.1%). This is not growth added to the old business, but a swap.
| Segment | H1 2026 revenue | Change YoY |
|---|---|---|
| Full-size humanoids | 590.3 million yuan | +1,445% |
| Other robots | 245.8 million yuan | -18.8% |
| of which education robots | — | -49.1% |
In-house AI stack, first industrial buyers
Chinese media name Airbus, BYD, Foxconn and Sany Heavy Energy among buyers. The filing confirms deliveries to Foxconn, OPmobility, Jabil and Honda.
The Thinker base model and Thinker-WM world model took first place on the Libero benchmark?Libero benchmark: A benchmark for lifelong learning in robot manipulation. It measures how well a model transfers knowledge from earlier tasks to new ones. in the first half. Training rests on roughly 11 million real robot records, over 80% from production halls, not simulation. R&D spending hit 303.1 million yuan, 23.9% of revenue.
Unitree is valued six times higher
The net loss narrowed 23%, to 338.8 million yuan. Part of the growth is accounting: since April UBTech has consolidated?consolidation: Folding a subsidiary’s results in full into the group’s financial statements. The acquired company’s revenue then adds to group revenue. Fenglong (43.01% stake), a component maker adding 139.2 million yuan of non-robotics revenue.
Unitree posted 1.152 billion yuan of revenue and 274 million yuan of net profit. Strip out Fenglong and UBTech’s comparable revenue is slightly lower. Valuations diverge further: about 236.6 billion yuan against 42 billion Hong Kong dollars. The market pays for profitability, not volume.
| H1 2026 | UBTech | Unitree |
|---|---|---|
| Revenue | 1,269.1 million yuan | 1,152 million yuan |
| Net result | -338.8 million yuan | +274 million yuan |
| Valuation | about 42 billion HKD | about 236.6 billion yuan |
Why it matters
Humanoids have stopped being a trade-show act, but they are not yet a profitable business. UBTech has shown they can be sold in series and still lose money. The question is no longer whether robots enter factories, but at what scale unit cost falls below price. For the whole sector that shifts the centre of gravity from capability demos to manufacturing discipline. The sixfold valuation gap against Unitree is the market answer right now.
What next?
- Filing target: 10,000 humanoids a year, backed by a March 2026 framework deal with Siemens Industry Software
- Thinker-WM 2.0 announced for H2 2026
- Full-year 2026 R&D forecast: about 700 million yuan
