UBTech sold 921 full-size humanoids in six months

UBTech Robotics reported first-half 2026 revenue of RMB 1.27 billion (about $188.5 million) on August 28, up 104.2% year on year, with full-size humanoid robots becoming the company's largest revenue line for the first time. That category brought in RMB 590.3 million (about $87.6 million), up 1,445% from RMB 38.2 million a year earlier and 46.5% of group revenue, on 921 units sold — a volume increase of 1,946.7%. That 921 is the full-size embodied-intelligence line specifically; across all humanoid categories UBTech reports 16,123 units for the half, up 268.3%.

Mix did the work on margin. Gross profit rose 160.9% to RMB 566.9 million and gross margin gained 9.7 percentage points to 44.7%, which UBTech attributes to the higher-margin humanoid business carrying more of the total.

Still loss-making, by less

Loss for the period narrowed 23.0% to RMB 338.8 million (about $50.3 million); the loss attributable to owners of the parent was RMB 311 million, down 24.7%. Adjusted EBITDA loss came down to RMB 174.1 million from RMB 321.8 million. R&D spending rose 38.9% to RMB 303.1 million, or 23.9% of revenue, which the company ties to continued full-size humanoid development.

The deployment list is unglamorous and that is the point: material handling, loading and unloading, sorting, palletizing and depalletizing, in automotive plants, logistics and aviation. Airbus bought Walker S2 units in January 2026 for early-stage testing under a partnership on humanoids in aircraft manufacturing. UBTech says it validated several of these applications during the half by combining teleoperation with vision-language-action models — the same two-track approach China's robot data factories are built around.

Three product families, one balance sheet

UBTech launched the wheeled Cruzr Y1 for manufacturing and warehousing, the bipedal Walker C1 for commercial services and research, and the U1 series for companionship in the first half — industrial, commercial and household lines running at once. On the software side it released Thinker 1.0, its embodied foundation model, along with Thinker-WM, a world model, and Thinker-VLA; BrainNet 2.0 and Co-Agent handle multi-robot coordination. The company also took a 43.01% controlling stake in Shenzhen-listed Zhejiang Fenglong Electric, consolidated from April and contributing RMB 139.2 million of revenue from garden machinery and automotive and hydraulic components, and set up a chip joint venture with GPU developer MetaX.

Why it matters

921 units is a real number in a sector that mostly publishes cumulative shipment claims — AgiBot's 15,000th robot, Figure's production rate — without the accounts underneath. UBTech is listed, so the units come attached to gross margin, loss and R&D intensity, and the picture they make is coherent: humanoids at 44.7% gross margin, sold in the hundreds, against a cost base that still runs a nine-figure annual loss.

The 10,000 figure for 2026 needs reading carefully: it is a full-size capacity target, not a delivery commitment, and the gap between 921 shipped and 10,000 buildable is exactly the distance the sector keeps mistaking for demand. Watch the Fenglong acquisition and the MetaX venture instead. Both are moves toward owning component and silicon cost, which is what decides whether a 44.7% margin survives volume.

Note: RMB figures converted at about RMB 6.74 to the dollar, the August 2026 average used in the source reporting.