Abstract:
After the market opened on September 2, Yushu Technology’s stock price fell, with an intraday drop of more than 4%, falling below 550 yuan/share for the first time, and closing at 550.37 yuan/share at noon. Compared with the opening high of 1,100 yuan per share on the first day, Yushu Technology's share price halved on the 11th trading day, and its market value evaporated by more than 200 billion yuan. Behind this "cut in half" is also the market's re-examination of the valuation logic of the humanoid robot industry.
Sales are breaking, but stock price support is insufficient
The reporter noticed that a number of robot companies have recently disclosed their "report cards" for the first half of this year. The revenue scale of humanoid robot body manufacturers Yushu Technology and UBTECH has both reached the 1 billion yuan level; the embodied intelligence business expanded by many industrial robot companies has achieved significant growth.
Judging from the data disclosed by Yushu Technology and UBTECH, the most intuitive signal is that the sales of humanoid robots have increased.
According to Yushu Technology’s listing announcement, from January to June this year, the company achieved revenue of 1.152 billion yuan, a year-on-year increase of 48.54%. Yushu Technology said that this is mainly due to the gradual enrichment of downstream application scenarios of humanoid robots and the continued prosperity of market demand, and the revenue of humanoid robot products has maintained relatively rapid growth. The sales poster released by the company shows that as of May this year, a total of about 11,000 bipedal dolls have been produced off the production line; as of July, a total of 18,000 bipedal humanoids of multiple models have been produced.
Youbixuan’s 2026 semi-annual report shows that the company’s total revenue was 1.27 billion yuan, a year-on-year increase of 104.2%. Among them, full-size embodied intelligent humanoid robots generated revenue of 590 million yuan, a significant year-on-year increase of 1,445.0%; sales volume was 921 units, a year-on-year increase of 1,946.7%. According to reports, the company’s total sales of humanoid robots were 16,123 units, a year-on-year increase of 268.3%.
The embodied intelligence-related businesses of industrial robot companies are also experiencing growth.
For example, from January to June this year, Yuejiang Technology achieved operating income of approximately 316 million yuan, a year-on-year increase of 106.6%; embodied intelligence business revenue exceeded 45 million yuan, a year-on-year increase of more than 20 times.
Luoshi Robot’s revenue in the first half of the year reached 415 million yuan, a year-on-year increase of 135.8%. Its products mainly include industrial robots, flexible collaborative robots and embodied intelligent robots. Luo Shi said that sales of robot products increased from over 4,000 units in the same period last year to over 13,000 units in the first half of this year. The company's embodied intelligent robot business has made important progress, with sales growing rapidly and revenue of 139 million yuan, accounting for 34% of total revenue.
At present, the performance releases of these companies have not had a significant boost to stock prices. Flush iFind data shows that in the past six months, the stock prices of some companies have retreated to varying degrees in the secondary market, such as Youbixuan, Yuejiang Technology, etc.
Shen Meng, executive director of Chanson Capital, said that for the robot sector, investors are speculating more on concepts. A major factor supporting its valuation is optimism driven by policies. At present, robots have limited improvements in productivity efficiency. In these cases, changes in performance have limited impact on the secondary market.
According to a report released by Counterpoint Research, in the first half of this year, the combined proportion of entertainment, commercial performance, and science, education and data mining in global humanoid robot shipments has declined, but is still more than 60%; the proportions of intelligent manufacturing and warehousing and logistics have increased, reaching 13% and 5% respectively.
Profitability is still a problem, so bet heavily on the “brain”
Although the revenue of these companies is growing, they are all facing pressure on profitability.
In the first half of this year, the losses of UBTECH, Yuejiang Technology, and LuoShi Robot were 339 million yuan, 108 million yuan, and 79 million yuan respectively. Among them, the losses of UBTECH and LuoShi Robot have narrowed.
Yushu Technology is one of the few robotics companies that has achieved profitability. From January to June this year, the company achieved a net profit attributable to the parent company of 274 million yuan, and net profit after deducting non-attributable profits to the parent company was 244 million yuan, a year-on-year decrease of 19.34%.
There is a data behind this profitability that deserves attention. Compared with Ubiselect, Yuejiang Technology, etc., Yushu Technology has a smaller employee scale. The number of employees reached 516 at the end of 2025. The revenue for that year was 1.699 billion yuan, and the per capita income was 3.2932 million yuan. The "small but refined" structure provides support for Yushu Technology to achieve profitability in the context of rising R&D investment and labor costs.
In the first half of this year, these companies have increased their R&D investment. For example, Yushu Technology said that R&D expenses will increase significantly year-on-year in the first half of 2026. The company continues to increase investment in technology research and development and new product development in areas such as robot body and structure research and development, embodied intelligent large models, and motion control algorithms, and continues to expand its research and development team, resulting in a year-on-year increase of RMB 82.0374 million in current research and development expenses.
Ubiselect’s R&D investment reached 303 million yuan, a year-on-year increase of 38.9%, mainly due to the continued increase in R&D investment in full-size embodied intelligent humanoid robot products. Yuejiang Technology also mentioned that due to the rapid development of key technologies and embodied intelligent robots, investment in recruiting R&D talents and R&D materials has increased. In the first half of this year, R&D investment was 102 million yuan, a year-on-year increase of 148.4%.
According to the content of the financial reports, the research and development of these companies mostly revolves around the direction of embodied large-scale models. At this stage, the robot "brain" is not smart enough, which is still a major reason restricting large-scale application.
Betting on “brain” has become the consensus of leading companies. Among the funds raised from the IPO of Yushu Technology, the amount invested in intelligent robot model research and development projects exceeded 2 billion yuan. UBTECH also regards the commercialization of embodied intelligent humanoid robot technology and AI technology as a breakthrough direction. It expects that its annual R&D investment in 2026 will reach 700 million yuan.
Comments