In the first half of 2026, the humanoid robotics sector posted results where doubling revenue was the norm—UBTECH Robotics saw revenue surge 104.2%, Dobot Robotics grew 106.6%, and Luoshi Robotics expanded 135.8%. However, amid this industry-wide growth clamor, SIASUN Robot & Automation and Huarobot delivered contrasting results.

Looking at revenue scale, the seven firms have formed three distinct tiers. The top tier, exceeding RMB 1 billion, includes four companies: SIASUN leads with revenue of RMB 1.451 billion, yet it is the only one among the seven with negative revenue growth at -12.57%, trapping itself in a spot of being first in scale but last in growth. Geek+ follows closely with RMB 1.284 billion, up 25.3% year-on-year, driven by its global footprint where overseas revenue accounts for over 70%. UBTECH ranks third with RMB 1.269 billion, up 104.22%, benefiting as its full-size humanoid robot revenue share jumped from 6.1% to 46.5%. Unitree Robotics sits fourth with RMB 1.152 billion, climbing 48.54%, although this marks a sharp slowdown from its 332.64% growth in 2025.

The second tier, ranging from RMB 300 million to 500 million, includes Dobot at RMB 415 million, up 136%, and UBTECH's peer, whose revenue reached RMB 316 million, up 106.6%, both achieving double-digit multiples of growth. The third tier, below RMB 200 million, consists solely of Huarobot, with revenue of just RMB 174 million, a marginal 0.6% increase, nearly stagnant against the sector's rapid expansion. When ranked by revenue growth, Luoshi at 136% leads, followed by Dobot at 106.6%, UBTECH at 104.2%, Unitree at 48.5%, Geek+ at 25.3%, Huarobot at 0.6%, and SIASUN at -12.57%. The three fastest-growing companies all share a common driver—the scaling of embodied intelligence operations—while the two slowest are precisely those where embodied intelligence has yet to generate meaningful revenue.

The contrast in profitability is even more striking. Among the seven, only Unitree has achieved large-scale profitability, posting net income attributable to parent of RMB 274 million, a year-on-year surge of 955.59%. Yet its net profit excluding non-recurring items fell 19.34%, and its selling expenses jumped around 250%, raising questions about earnings quality. Luoshi posted a net loss of RMB 79 million, though it narrowed, with gross margin improving from 22.3% to 29.8% as scale effects emerge. UBTECH recorded a loss of RMB 339 million for the period, also narrowing, while its gross margin rose sharply by 9.7 percentage points to 44.7%. Geek+ reported a loss of RMB 177 million, which widened, but its adjusted net loss narrowed, and excluding research for embodied intelligence, its actual deficit has contracted significantly. Dobot's loss expanded to RMB 108 million, primarily due to a surge in R&D spending. Huarobot's loss widened to RMB 57 million, squeezed by stalled revenue and slumping margins. SIASUN's net loss attributable to parent reached RMB 189 million, also widening, marking it as the deepest loss among the seven, with a gross margin of just 16.53%, the lowest of the group.

Overall, the robotics industry is showing typical signs of polarization, widespread losses, and heavy investment in R&D. Unitree has turned profitable first but faces earnings quality pressures, Luoshi is hovering just above the break-even line, UBTECH and Geek+ are nearing the inflection point, while Dobot, Huarobot, and SIASUN remain mired in losses. Among the seven listed robotics firms, SIASUN sits at the bottom with a 16.53% gross margin, far below the industry average of about 37.5%, trailing even Luoshi's second-lowest margin of 29.8% by over 13 percentage points, and nearly 40 points behind Unitree, which holds the top margin at 56.01%.

A gross margin is a direct reflection of product competitiveness and pricing power. A 16.53% margin means that for every RMB 100 in revenue, SIASUN has less than RMB 17 to cover selling, administrative, and R&D expenses and generate profit—while UBTECH achieves 44.7% and Dobot 47.4% in the same period, leaving SIASUN with a severely cramped profit space. Yet, in the first half of 2026, SIASUN's R&D expenses hit RMB 148 million, a substantial 58.33% year-on-year increase, intensifying the conflict between rigid costs and thin margins. More critically, when rivals hold gross margins above 40%, they can readily launch price wars or channel incentives to grab market share; SIASUN has almost no room to cut prices. Should the industry enter a price competition phase, SIASUN with only 16.53% margins would be hit first, facing a dilemma of losing market share without cuts or losing money with them. This excessively low gross margin is systematically eroding SIASUN's competitive buffer and its strategic flexibility.