Gasgoo Munich-UBTECH (09880.HK) released its 2026 interim results. Revenue hit 1.269 billion yuan, up 104.2% year-on-year. Gross profit climbed to 567 million yuan, a 160.9% surge, lifting the overall gross margin to 44.7% — an increase of 9.7 percentage points.Net loss for the period stood at 339 million yuan, narrowing by 23.0% from a year earlier. Adjusted EBITDA losses also shrank by 45.9%, signaling a dual boost in revenue scale and profit quality as the path to profitability narrows.The full-size embodied intelligent humanoid robot division emerged as the core growth engine in this report. First-half revenue for the unit surged 1,445.0% to 590 million yuan. Its share of total revenue leaped from 6.1% a year ago to 46.5%, formally eclipsing traditional business lines as the company's top revenue source.Breaking that down by application, 21.247 million yuan came from the education sector, while 569 million yuan was generated by custom solutions for other industries.Accordingly, UBTECH sold 921 full-size embodied intelligent humanoid robots in the first half — a 1,946.7% annual jump. Total sales across all humanoid robot categories reached 16,123 units, up 268.3%.Image Source: UBTECHRevenue from other intelligent robot products and solutions fell 18.8% to 246 million yuan, accounting for 19.4% of the total. Of this, 137 million yuan came from the logistics sector and 96.726 million yuan from education.This structural shift marks UBTECH's accelerated transition from a consumer and education-focused robot maker to a high-value embodied intelligent humanoid robotics enterprise.In June 2026, UBTECH unveiled three new products: the industrial embodied intelligent robot Cruzr Y1, the commercial service humanoid robot Walker C1, and the hyper-bionic humanoid robot U1. These cover three core scenarios: industrial manufacturing, commercial service, and home consumption.The U1 is powered by UBTECH's proprietary Resonance-LM emotional large model. On the hardware front, it features an industry-first "dual-pivot + four-bar linkage" bionic cervical structure. Paired with a 33-axis facial tendon network and 19 active degrees of freedom for flexible facial muscles, it can display rich, subtle human-like micro-expressions. Relying on millisecond-level eye tracking and high-sensitivity sound source localization, the robot responds promptly to user commands.According to previously released official data, cumulative orders for the U1 series across all online and offline channels have surpassed 13,361 units.However, while the near-half revenue share from full-size humanoids confirms that demand in enterprise industrial and commercial scenarios is rapidly unlocking, UBTECH remains in a strategic investment phase and has yet to turn a profit. Realizing scale effects and profitability will take time. For the first half, R&D expenses reached 303 million yuan, up 38.9%, with an R&D staff headcount of 1,103.
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