Ubtech Robotics Corp (9880) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 surged 104.2% year-over-year to RMB1,269.1 million, driven by rapid adoption of full-size embodied humanoid robots and the acquisition of Zhejiang Fenglong Electric Co., Ltd.

• Gross profit rose 160.9% to RMB566.9 million, with gross margin improving to 44.7% from 35.0% due to a favorable shift in revenue mix.

• Operating loss narrowed by 36.4% to RMB279.1 million, and net loss decreased 23% to RMB338.8 million, reflecting improved scale and cost control.

• Adjusted EBITDA loss improved to RMB174.1 million from RMB321.8 million year-over-year.

• Major acquisition of Zhejiang Fenglong Electric expanded business scope to garden machinery, automotive, and hydraulic components.

Financial highlights

• Full-size embodied humanoid robot revenue soared 1,445.0% year-over-year to RMB590.3 million, with sales volume up 1,946.7%.

• Other smart robot products and services revenue declined 18.8% to RMB245.8 million, mainly due to lower education sector sales.

• Garden machinery, automotive, and hydraulic components contributed RMB139.2 million following the Fenglong acquisition.

• R&D expenses increased 38.9% to RMB303.1 million, reflecting continued investment in humanoid robotics.

• Selling and administrative expenses as a percentage of revenue dropped significantly due to revenue growth.

Outlook and guidance

• Focus remains on expanding embodied humanoid robots across industrial, commercial, educational, and household scenarios.

• Continued investment in R&D, platformization, and developer ecosystem to drive large-scale adoption.

• Plans to enhance multi-modal perception, large model technology, and end-to-end motion control.