Physix Frontier · News Briefing Card (TMTPost · Oct 12, 2026)

Humanoid Robot Shipments Quadruple in H1, Still No Profitable Model

KEY FACTS

IDC counted nearly 25,000 humanoid robots shipped globally in the first half, up 432.1% year over year.
Frost & Sullivan counted 36,000 units shipped in the same period, generating $540 million in revenue, surpassing all of 2025 in just half a year.
UBTech lost 339 million yuan in the first half, yet ranked first globally with a 16.5% revenue market share.
Unitree shipped over 5,500 units in 2025, with a non-GAAP net margin of about 34.8%, driven mainly by half-size models.
Revenue from production and work scenarios reached $78 million in the first half, accounting for less than 15% of total industry revenue.

KEY DATA

nearly 25,000 unitsIDC H1 shipments

432.1%IDC YoY shipment growth

36,000 unitsFrost & Sullivan H1 shipments

$540 millionFrost & Sullivan H1 revenue

PHYSIX OBSERVATION

Shipments quadrupled, but full-size high-end models account for less than 30%, and revenue from robots actually working in factories is under 15% of the industry total. Low-priced models prop up volume, related-party transactions prop up the books, and the industry has yet to produce a profitable model. When looking at humanoid robots, don't be fooled by shipment growth rates; the full-size share, the stage of real-world deployment, and prices of comparable models are the true signals.

Source: TMTPost report