UBTECH Sold 921 Full-Size Humanoids in H1, Revenue Still Unprofitable
UBTECH Robotics (HKEX: 9880) posted first-half 2026 results on 28 August. The Hong Kong filing is the primary source. Full-size “embodied intelligence” humanoid products and solutions brought in RMB 590.3 million, up 1,445.0% from RMB 38.2 million a year earlier, on 921 units sold, up 1,946.7%.
Group operating revenue was RMB 1,269.1 million, up 104.2% from RMB 621.5 million. Gross profit was RMB 566.9 million, up 160.9%. Gross margin moved to 44.7% from 35.0%. The period still lost RMB 338.8 million, a 23.0% narrower loss than RMB 440.0 million a year ago.
MarketScreener, citing S&P Capital IQ, reports a smaller net-loss figure of CNY 311.48 million versus CNY 413.65 million. When the two disagree, use the issuer’s filing: RMB 338.8 million “loss for the period.”
What 921 units actually are
The filing splits the humanoid mix. Around manufacturing and warehousing it lists Cruzr Y1, a wheeled humanoid. For commercial service and education it lists Walker C1, a biped. For commercial and consumer companion use it lists the UWORLD U1 ultra-bionic series. Those are the bodies behind the 921 count, not a single SKU.
Quartr’s English recap of the same interim pack adds: R&D spend RMB 303.1 million, up 38.9%, but down as a share of revenue to 23.9%. Cash and cash equivalents RMB 2,325.6 million as of 30 June 2026. Authorized patents 3,112 at period-end, 4.2% more than year-end 2025, including 530 overseas, per the Chinese filing.
Walker S2, the industrial biped on UBTECH’s product page, is the factory face of that mix. The page claims a dual-battery hot-swap in about three minutes, 15 kg payload, and a waist that rotates ±162°. Treat those as product-page specs, not H1 audited metrics.
What this is not
U1 consumer bookings from the June launch (more than 13,000, in earlier coverage) are a different pile. The filing is H1 through 30 June. Deliveries of that consumer series were described as starting later. Do not fold pre-orders into the 921 shipped units.
BigGo’s English recap converts the group top line to about $188.8 million and the humanoid line to about $87.8 million. Those dollars are the outlet’s conversion, not the filing’s.
The company is still losing money. Margin is better. Volume on the full-size line went from a rounding error to hundreds of machines in six months. That is the fact pattern.
A Human’s Take
Nine hundred and twenty-one full-size bodies in a half year is a factory number, which is rarer than another demo reel. It is also still a money-losing factory. I care whether those 921 units are doing a shift or sitting in a data-collection hall. The filing gives the SKU mix and the revenue. It does not give hours worked. Until it does, treat 1,445% growth as a shipment curve, not a labor-replacement curve.