The gap between Ubtech Robotics’ operational story and its market valuation has rarely looked wider. On Friday, the Shenzhen-listed company’s shares jumped 7.6 percent to EUR 9.48 after its first-half report confirmed what investors had been waiting years to see: the humanoid robot business is no longer a promise, but a measurable revenue stream.
The headline figures are striking. Revenue for the first half of 2026 climbed 104.2 percent to RMB 1.269 billion, while gross profit advanced 160.9 percent to RMB 567 million. The gross margin widened by 9.7 percentage points to 44.7 percent. Net losses, meanwhile, narrowed by 23.0 percent to RMB 339 million — the company remains in the red, but the burn rate is improving faster than in previous periods.
The Humanoid Division Has Overtaken the Legacy Business
Dig beneath the top line and the real shift comes into focus. Sales of full-sized humanoids with embodied intelligence surged 1,445.0 percent to RMB 590 million, a figure that now represents 46.5 percent of total revenue — up from just 6.1 percent a year earlier. That makes the humanoid unit the company’s single largest revenue source, having overtaken its traditional product lines in the space of twelve months.
Unit volumes tell the same story. Ubtech shipped 16,123 humanoid robots in total during the period, up 268.3 percent year on year. Of those, 921 were full-sized models — an increase of 1,946.7 percent. Adjusted EBITDA losses narrowed by 45.9 percent, which management attributes to simultaneous improvements in revenue scaling and earnings quality.
The production ramp is accelerating accordingly. Ubtech has set a target of 10,000 full-sized humanoids per year and is working with Siemens on digital tools for robot design and manufacturing to support that scale-up. Research spending rose 38.9 percent to RMB 303 million in the first half, with 1,103 engineers now on the payroll. The company also raised its registered capital by roughly 5 percent to RMB 440 million in early August.
Order Books Fill Ahead of September Deliveries
Forward indicators look equally encouraging. The company says its new product line has collected more than 13,000 orders across various distribution channels, with first deliveries scheduled for September 16. Media reports put pre-orders for the U1 series specifically at 13,361 units, also with deliveries starting mid-September.
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On the partnership front, Ubtech signed a memorandum of understanding with Singtel on August 26 at the World Robot Conference. The two companies plan to jointly develop enterprise applications that combine Ubtech’s humanoids with Singtel’s 5G network and corporate customer base. That follows a strategic cooperation agreement with Hitachi (China) signed in May, adding another name to a growing roster of international industrial partners.
For the second half, Ubtech plans to expand its Walker S industrial model while developing Walker C and the U1 series for commercial, educational and household applications. The Thinker-WM world model is slated for a version 2.0 release, accompanied by improvements in multi-robot coordination.
The Share Price Remains a Different Story
Despite Friday’s jump, the equity has yet to reflect the operational momentum. The stock still trades 44 percent below its 52-week high of EUR 17.00, reached in January, and is down 34 percent since the start of the year. Annualized volatility over the past 30 days stands at 57 percent — a sign that the market has not yet translated the operational progress into a stable re-rating.
The gap to the 200-day moving average of EUR 12.03 remains 21 percent, suggesting the medium-term downtrend has not fully run its course. Reuters, assessing the sector in late August, described China’s humanoid industry as still early in its development, pointing to an RMB-denominated tender from the Guangxi provincial government worth USD 18 million — in which Ubtech participated — as evidence of demand.
For shareholders, the central question is whether the current order growth can convert into sustainable profitability over the coming quarters. The first-half numbers offer the clearest evidence yet that the company’s bet on humanoids is beginning to pay off financially — but the market, for now, appears to be waiting for more.
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