Nine trading sessions after its debut, Unitree Technology's share price has nearly halved. On August 31, the stock touched an intraday low of RMB 555.8 per share, roughly half of its RMB 1,100 opening price on the first day of trading on August 19. The company, once celebrated as the "first humanoid robot stock," has seen its market value shrink by more than RMB 200 billion within days, prompting investors to reconsider a fundamental question: what is a humanoid robot company really worth, and are these robotics firms actually making money?
As the 2026 interim reporting season draws to a close, some answers are beginning to emerge. After reviewing the semi-annual reports of UBTech Robotics, Unitree Technology, Geek+, Luoshi Robotics, Dobot, and Huayan Robot, a clear picture emerges: even within the same robotics boom, some companies are reaping substantial profits, others post doubled revenues with widening losses, and still others are making massive bets that may only pay off a decade from now. The true divergence in China's robotics industry may only be starting.
Who Leads the Pack, and Who Is Falling Behind?
Revenue figures among the six companies already show a clear multi-tier structure. In the top tier (over RMB 1 billion), Geek+ leads with RMB 1.284 billion, thanks largely to its global expansion — over 70% of its first-half revenue came from overseas, where gross margins reached 46.2%. UBTech Robotics follows closely with RMB 1.269 billion, and Unitree Technology ranks third with RMB 1.152 billion. All three belong to the "10-billion club," yet their growth trajectories differ dramatically.
Unitree Technology posted full-year 2025 revenue growth of 332.64%, but that figure plunged to 48.54% in the first half of 2026. The company attributes the slowdown to a higher revenue base, a cooling industry environment, and intensifying competition. UBTech Robotics, by contrast, maintained 104.22% growth — well ahead of Unitree's 48.54% and Geek+'s 25.29%. At this pace, UBTech is almost certain to overtake Geek+ in second-half revenue. In the middle tier (RMB 300-500 million), Luoshi Robotics recorded RMB 415 million in revenue with 135.8% growth — the fastest among the six — while Dobot reported RMB 316 million, up 106.63%. In the bottom tier (below RMB 200 million), Huayan Robot reported just RMB 174 million in revenue, a meager 0.6% year-on-year increase, suggesting stagnation. In an industry-wide high-growth environment, that figure stands out starkly. Its collaborative robot segment generated RMB 133 million, up only 8.3%, while core motion component revenue of RMB 40.3 million declined year on year.
Ranking the six by revenue growth rate from highest to lowest: Luoshi (135.8%) > Dobot (106.6%) > UBTech (104.2%) > Unitree (48.5%) > Geek+ (25.3%) > Huayan (0.6%). Notably, the three fastest growers — Luoshi, Dobot, and UBTech — all point to the same driver: embodied intelligence. Meanwhile, the two slowest — Geek+ and Huayan — have yet to generate meaningful revenue from embodied intelligence. This technology is rapidly becoming the dividing line that separates leaders from laggards.
Same Revenue, Different Fortunes: Profits vs. Losses
Even among companies at the RMB 1 billion threshold, profitability contrasts are the most striking story of this earnings season. Unitree Technology is the only one of the six to achieve scale profitability, posting net profit attributable to shareholders of RMB 274 million. However, its non-GAAP net profit fell 19.34% year-on-year to RMB 244 million, driven by a sharp rise in operating expenses — sales expenses surged roughly 250%, while R&D expenses climbed about 152%. This suggests Unitree's revenue growth relies heavily on marketing.
Companies approaching the breakeven point include UBTech Robotics and Luoshi Robotics, both showing clear narrowing of losses. UBTech posted a net loss of RMB 339 million, narrowing 23% year-on-year, with adjusted EBITDA of negative RMB 174 million, improving 45.9%. Luoshi Robotics narrowed its net loss to RMB 79 million, down 12.6%, while adjusted net profit turned positive at RMB 18.4 million. Excluding one-off items, Luoshi's core business has achieved self-sustaining cash generation.
On the flip side, Dobot is a textbook case of "rising revenue, widening losses" — revenue doubled, yet net losses expanded 163.8% from RMB 40.9 million to RMB 108 million, driven primarily by increased R&D investment in embodied intelligence (RMB 100 million in the first half) and foreign exchange losses. Geek+ saw its net loss widen 268.1% to RMB 177 million, but that was largely due to RMB 105 million in forex losses (versus a RMB 77.39 million gain a year earlier); excluding these factors, adjusted net loss actually narrowed 32.1% to RMB 60.61 million. Huayan Robot posted a net loss of RMB 56.9 million, nearly tripling from RMB 19.17 million a year earlier. With stagnant revenue and mounting losses, Huayan is the most precarious of the six.
Across the sector, rising R&D expenses are the primary factor eroding profits of listed robotics companies. UBTech invested over RMB 300 million in R&D in the first half, up 38.9% year-on-year, with 1,103 R&D personnel and an R&D expense ratio of about 24%. Dobot's R&D spending jumped 148.4% to RMB 102 million, raising its R&D ratio from 26.7% to 32.1%, with funds directed mainly at embodied intelligence. Luoshi Robotics also significantly increased R&D spending to support rapid growth in embodied intelligence robot sales. Meanwhile, Unitree Technology, once criticized for low R&D intensity, has accelerated its spending — RMB 136 million in the first half of 2026 is already close to its full-year 2025 level. The industry-wide consensus is clear: even at the cost of short-term profits, companies must defend their technological position, because with humanoid robot technology still undecided, falling behind on R&D means not just losses, but elimination.
Embodied Intelligence Is the Growth Engine, But Results Vary Widely
This earnings season sends a clear signal: China's robotics industry is at a pivotal transition from industrial automation to embodied intelligence. A "dual-engine" model is becoming increasingly evident — quadruped robots, industrial robots, and collaborative robots serve as cash cows providing stable cash flow, while humanoid and embodied intelligence products act as the second growth curve, growing rapidly but from a still-small base. However, the performance of this "second curve" varies drastically across companies.
UBTech Robotics leads both in scale and growth within embodied intelligence. It sold 921 full-size embodied intelligence humanoid robots in the first half, generating RMB 590 million in revenue, up 1,445% year-on-year and accounting for 46.5% of total revenue — the highest proportion among the six. The segment's gross margin reached 66.8%, implying an average selling price of around RMB 640,000 per unit, with a profit of roughly RMB 420,000 per robot sold. Unitree Technology, anchored by its quadruped robot base, is gradually extending into industrial scenarios and full humanoid machines. While the company did not separately disclose humanoid robot revenue for the first half of 2026, it noted that revenue growth was primarily driven by expanding downstream applications and sustained market demand. For reference, humanoid robots accounted for 51.78% of Unitree's 2025 revenue.
Luoshi Robotics saw its embodied intelligence business explode — revenue in this segment jumped from just RMB 400,000 in the first half of last year (0.2% of revenue) to RMB 139 million this year, expanding its share to 33.5% and making it the company's second-largest business. Industrial robots and flexible collaborative robots together account for roughly two-thirds of its revenue. Dobot's six-axis collaborative robots remain its core revenue source at RMB 197 million, 62.2% of the total; embodied intelligence robot revenue reached RMB 45.23 million, up over 20 times year-on-year, lifting its share from 1.4% to 14.3%. Geek+ and Huayan Robot did not disclose embodied intelligence revenue in their interim reports, but both are actively positioning themselves. Geek+ invested RMB 44.5 million in embodied intelligence R&D in the first half, with core products such as robotic arm picking stations and the Gino 1 humanoid robot already securing order partnerships. Huayan Robot, meanwhile, has chosen a differentiated path — focusing on core motion components for embodied intelligence as an upstream supplier. However, this business is still in small-batch production and has yet to contribute scale revenue, with meaningful contributions expected only in the second half.
Ranked by embodied intelligence revenue share from highest to lowest: Unitree (51.78%, full-year 2025) > UBTech (46.5%) > Luoshi (33.5%) > Dobot (14.3%) > Geek+ and Huayan.
A Three-Dimensional Snapshot of the Industry
Combining revenue scale, profitability quality, and embodied intelligence positioning, the strategic profiles of the six companies come into sharp focus. UBTech Robotics — large revenue base (RMB 1.269 billion), fast growth (104%), clear loss narrowing, and the deepest embodied intelligence deployment — represents the best of both size and future potential, a prime example of "workforce robots in high demand." Unitree Technology — large revenue (RMB 1.152 billion), the only one with scale profits (RMB 274 million), but slowing growth (48.5%) and declining non-GAAP net profit — is the most profitable today but must answer whether its high growth can be sustained. Geek+ — the largest revenue (RMB 1.284 billion), steady growth (25.3%), and operational improvement masked by forex losses — is the most globalized player (over 75% overseas revenue) but needs a clearer story in the embodied intelligence wave. Luoshi Robotics — fastest growth (135.8%), positive adjusted profit, and the highest embodied intelligence revenue share (33.5%) — is a dark horse excelling in both growth and quality, though its revenue base remains relatively small. Dobot — doubled revenue (106.6%), explosive embodied intelligence growth (20x), but widening losses (163.8%) — exemplifies "the highest cost of betting on the future," with its A+H dual listing signaling a need for more capital. Huayan Robot — stagnant revenue (+0.6%), widening losses, and no scale embodied intelligence revenue — is the laggard, facing a tough position as the industry races ahead.
The robotics competition has shifted from "who can build robots" to "who can make money from robots." Revenue scale determines current industry standing, profitability quality determines whether a company can sustain its run, and the depth of embodied intelligence deployment determines who secures a ticket to the next era. Six companies, six paths — the 2026 interim reports are just one checkpoint in a long race. Who will have the last laugh remains to be seen.
Disclaimer: This article reflects the author's views only. Market risk exists; investment should be cautious. Under no circumstances does the information or opinions expressed herein constitute investment advice to any person.