UBTECH ROBOTICS released its 2026 interim report, highlighting a sharp top-line expansion driven by full-size humanoid robot deliveries and the first-time consolidation of Zhejiang Fenglong Electric.
Revenue doubled 104.2% year-on-year to RMB 1.27 billion, with full-size embodied humanoid robot sales and services leaping 1,445.0% to RMB 590.30 million (46.5% of total). Other smart robot products and services fell 18.8% to RMB 245.75 million, while non-embodied humanoid solutions rose 21.9% to RMB 32.73 million. Newly added garden machinery, automotive and hydraulic components contributed RMB 139.18 million following the Fenglong acquisition.
Gross profit climbed 160.9% to RMB 566.88 million, lifting gross margin 9.7 ppts to 44.7% thanks to a richer mix of high-margin humanoid robot revenue. Operating loss narrowed 36.4% to RMB 279.09 million and net loss contracted 23.0% to RMB 338.83 million. Adjusted EBITDA improved to a negative RMB 174.14 million versus a negative RMB 321.84 million a year earlier.
R&D expenditure increased 38.9% to RMB 303.10 million (23.9% of revenue) as the company advanced its Walker, Cruzr, U1 and BrainNet platforms. Selling expenses rose 6.5% to RMB 238.03 million on higher marketing outlays, while administrative expenses fell 19.3% to RMB 149.35 million mainly due to lower share-based payment charges.
Credit impairment losses expanded to RMB 91.07 million from RMB 1.30 million after the company adopted a migration-rate model for expected credit losses.
The cash position declined to RMB 2.33 billion from RMB 4.89 billion at end-2025, chiefly reflecting the RMB 1.67 billion cash purchase of a 43.01% stake in Fenglong Electric completed in March–April. Gearing eased to 13.3% (end-2025: 16.0%) with total borrowings reduced to RMB 997.33 million.
The board declared no interim dividend. Total capex commitments stood at RMB 614.00 million, largely for ongoing construction projects in Hangzhou and Wuxi.
No treasury shares were held, and the company confirmed full compliance with Hong Kong Listing Rules and Corporate Governance Code during the period.