A set of figures in the Frost & Sullivan report becomes interesting when viewed together.
In the first half of 2026, global humanoid robot sales volume reached 36,000 units with a revenue of USD 540 million, already surpassing the full-year 2025 figures of 35,000 units and USD 500 million. Ranked by revenue, the top five are all Chinese companies, collectively capturing 57.4%. However, another figure was not highlighted—the top five companies sold a combined 32,721 units, accounting for 91% of global sales volume.
91% of sales volume yields only 57.4% of revenue. The top five are telling five different stories.
01. UBTECH: Only 921 Out of 16,123 Units Are Full-Size
Revenue of CNY 620 million, market share of 16.5%, and sales volume of 16,123 units. These three figures rank first, but they do not tell the same story.
What truly secures the first place is the Walker S2, a full-size humanoid robot, with 921 units sold, generating CNY 590 million in revenue at a unit price of approximately CNY 600,000. This robot has entered Airbus's aviation manufacturing production line, secured long-term agreements with BYD, Geely, and FAW-Audi, and the 10,000-unit-level factory in Liuzhou just commenced production in September. It is currently the only company that has turned full-size embodied intelligence into auditable revenue.
However, behind the word "auditable" lies a first-half loss of CNY 339 million, negative operating cash flow for three consecutive years, and accounts receivable of CNY 2.225 billion—equivalent to 1.75 times the revenue for the same period. The vast majority of the 16,123 units come from non-full-size product lines.
02. AgiBot: From 1,000 to 20,000 Units in 15 Months
Revenue of CNY 610 million, market share of 16.1%, and sales volume of 7,850 units.
The 1,000th unit rolled off the production line in January 2025, the 10,000th in March 2026, the 15,000th in June, and the 20,000th in September. A tenfold leap in 15 months.
Supporting this speed is a full-form-factor matrix: Yuanzheng handles bipedal full-size, Lingxi handles half-size, Jingling handles wheeled dual-arm, Kutuo handles quadruped, and the dexterous hand is spun off for independent sales. The wheeled Jingling G2 processes about 3,000 units per shift at Longqi's Nanchang factory with a connection success rate of 99.99%; the Lingxi X2 is regularly on duty for over 10 hours across 100 Aishida stores.
The official narrative consistently uses "mass production and roll-off," never separately disclosing the gap between shipments and roll-offs. Moreover, from 2023 to 2025, the net profit attributable to the parent company was CNY -103 million, CNY -95.36 million, and CNY -83.54 million.
03. Unitree: The Price Disruptor Still Owes a Debt to the Brain
Revenue of CNY 580 million, market share of 15.3%, and sales volume of 4,900 units.
Unitree's self-developed component rate exceeds 90%, with externally purchased component costs accounting for only 14% to 18% of total costs—it builds its own motor production lines instead of buying finished motors. The average price of humanoid robots dropped from CNY 593,400 in 2023 to CNY 166,400 in 2025, and the R1 was further reduced to CNY 29,900. Motion control has indeed reached a world-class level: the H1's running speed broke through 10 meters per second, and the 2026 Spring Festival Gala featured the world's first fully autonomous humanoid robot cluster martial arts performance.
However, the prospectus is very straightforward: during the reporting period, the self-developed general embodied large model has not yet been applied to robot products at scale. In humanoid revenue, scientific research and education account for 73.6%, while industrial applications account for only 9.01%, and over half of this 9.01% is corporate guided tours. The amount truly flowing into intelligent manufacturing and inspection is CNY 15.7 million.
The part with the highest self-developed rate is the body; the brain is still catching up.
04. GALBOT: 308 Units Sold for CNY 210 Million
Revenue of CNY 210 million, market share of 5.5%, and sales volume of 308 units.
With a sales volume of 308 units, less than a fraction of UBTECH's, its revenue ranks fourth. The contrast comes from the unit price: a Yibin state-owned asset platform won a bid for 500 units at CNY 236 million, and nearly 100 units were deployed on CATL's production lines for 7x24 autonomous operations.
The technological foundation is synthetic data—the GraspVLA grasping success rate is 98.3%, with synthetic data accounting for over 99%. Wang He himself spoke very frankly: they do not pursue showing off by walking like humans. This is a company that uses scarce but high-priced deliveries to first occupy scenarios.
The risk lies in the same place: CATL is both the lead investor in Series B and the largest customer, while Meituan is both a shareholder and a pharmacy channel.
05. Leju Robotics: 3,988 Out of 4,656 Units Are Small Educational Robots
Revenue of CNY 150 million, market share of 4.0%, and sales volume of 3,540 units.
CNY 150 million ranks fifth, and the sales volume of 3,540 units looks solid, but when put together with the prospectus, the structure becomes clear: the 4,656 units in 2025 under the Sullivan criteria exactly equal 577 Kuafu units, 91 Roban units, and 3,988 Aelos small educational robots. The full-size Kuafu has only 577 units.
More importantly, the source of revenue: in the Kuafu series in 2025, data collection accounts for 44.94%, scientific research and education 32.50%, and commercial services 18.68%, while industrial manufacturing is only CNY 6.89 million, accounting for 3.88%.
The country's first 10,000-unit-level humanoid production line in Foshan commenced production in March, rolling off one unit every 30 minutes; however, in the first half of 2026, its actual shipments under the full-size caliber were 650 units. There is still a gap between capacity and shipments.
The Rankings Are Based on Revenue, and Revenue Requires Scrutinizing Its Sources
Sullivan categorizes humanoid robot applications into four types: entertainment performances, scientific research and education, data collection, and production operations. Among them, production operations have the fastest growth rate—USD 47 million for the full year of 2025, and USD 78 million in the first half of 2026, surpassing the previous full year by 65.9% in just half a year.
This category is precisely the one with the smallest proportion among these top five companies.
The 57.4% is real, and the 91% sales concentration is also real. But there is still a gap between "the top five are all Chinese companies" and "Chinese humanoid robots are already running in production operations." The rankings can answer who sells the most and who sells at the highest price, but they cannot answer what the robots are actually doing.
This article is compiled based on publicly available online information, for reference only, and does not constitute investment advice.