Shares of Ubtech Robotics surged for a second straight day as deliveries of its life-size humanoid companion robot began reaching Chinese households on September 16, extending a rally that has pushed the stock up roughly 12% in two sessions. The question for investors: whether 13,000 deposits and a brand-new factory can turn a company that still loses hundreds of millions of yuan per half into a profitable consumer robotics pioneer.
Over 13,000 Buyers Put Down Cash, but the Deposits Are Small and Refundable
More than 13,000 buyers paid a 3,000 yuan deposit — roughly $415 — to reserve a unit.
The lineup spans three models priced between 119,800 yuan (~$16,500) and 990,000 yuan (~$135,000). If every order converts at the entry price, that backlog represents about ¥1.6 billion in potential revenue — more than all of Ubtech's sales in the first half of 2026. But the order total has not been independently verified, and the deposits are refundable , meaning cancellation risk is real — especially since early buyers are already flagging that the delivered robot differs from polished marketing renders.
A New Factory Can Build Robots Fast; Selling Them Is Harder
Ubtech began operations at a new smart factory in Liuzhou on September 12, designed to produce more than 10,000 humanoid robots annually.
The line can complete one robot every 10 minutes. That capacity exists for industrial models, not the companion robot, but it signals Ubtech's intent to scale manufacturing across its lineup. Planned capacity does not guarantee output; actual production depends on orders, parts supply, and demand.
Revenue Is Soaring — Losses Persist
First-half 2026 revenue doubled to ¥1.27 billion, with humanoid robot sales jumping 1,445% to ¥590 million — now nearly half the company's total. Yet the net loss was still ¥339 million , and R&D spending rose 39% to ¥303 million, consuming about 24% of revenue.
The market cap hovers around $5.5 billion on trailing revenue of just $379 million — a price-to-sales ratio above 14x that prices in enormous growth.
Early Customer Complaints Could Undercut the Story
At the June launch event, the flagship model's movements appeared stiff, described by one observer as resembling "a marionette." For a product sold on emotional companionship, perception matters. If return rates climb, the revenue upside embedded in 13,000 orders evaporates quickly — and with it, the stock's momentum.