RobotisRobotis 108490 ↗

Caveat

For Q2 2026 (three months to June 2026), disclosed via DART and reported in Korean financial press on 2026-08-17, consolidated revenue was KRW 15.37bn, up 95.1% year over year, and operating profit was KRW 1.98bn, up 722.9%, an operating margin that moved from roughly low single digits a year earlier to roughly 12.9%. Actuator sales were KRW 26.67bn for H1 2026, representing 97.99% of consolidated H1 revenue, effectively a single-product company.

Exports to China roughly tripled quarter over quarter in Q2 2026, and the company attributes the growth explicitly to humanoid-robot demand, unlike Nabtesco and Harmonic Drive Systems in Japan, both of which have declined to name humanoids as a driver in their own disclosures. Robotis states it supplies actuators to more than 70 customers globally, with a company-disclosed regional revenue split of roughly 40% domestic, 32% US and 12% China, a mix, not a named-customer breakdown.

In August 2026 Robotis showed its own humanoid platform, 'AI Sapiens,' at the World Robot Conference in Beijing to promote its forthcoming Dynamixel-Q actuator line, and is investing KRW 60bn to build a dedicated Dynamixel-Q factory in Uzbekistan aimed at China market entry, a capacity commitment, not yet capacity delivered or revenue. Robotis remains small in absolute terms: H1 2026 total revenue of roughly KRW 27.2bn implies a market capitalisation (KRW 3.84tn as of 2026-08-21) of roughly 70x annualised revenue, a rich multiple for a company whose customer base is still described qualitatively (research labs, prototype developers, an unnamed set of 70-plus clients) rather than through named industrial or humanoid-OEM supply contracts.

No single named humanoid customer or unit-volume figure has been disclosed.

风险提示

2026 年二季度（截至 2026 年 6 月的三个月），经 DART 披露并于 2026-08-17 由韩国财经媒体报道：合并收入 153.7 亿韩元，同比 +95.1%；营业利润 19.8 亿韩元，同比 +722.9%——营业利润率从上年同期的低个位数升至约 12.9%。2026 年上半年执行器销售额为 266.7 亿韩元，占合并收入的 97.99%——实质上是单一产品公司。

2026 年二季度对华出口环比增长约三倍，公司明确将这一增长归因于人形机器人需求，这与日本的纳博特斯克和哈默纳科不同——后两者在自身披露中均未将人形机器人列为驱动因素。Robotis 表示其执行器产品面向全球 70 余家客户，公司披露的地区收入结构约为：国内 40%、美国 32%、中国 12%——这是一个结构比例，而非具名客户明细。

2026 年 8 月，Robotis 在北京世界机器人大会上展示了自研人形机器人平台 “AI Sapiens”，以推广即将推出的 Dynamixel-Q 执行器产品线，并正投资 600 亿韩元在乌兹别克斯坦建设专用 Dynamixel-Q 工厂，目标是打入中国市场——这是产能承诺，尚非已交付的产能或收入。Robotis 绝对规模仍然很小：2026 年上半年总收入约 272 亿韩元，对应市值（截至 2026-08-21 为 3.84 万亿韩元）约为年化收入的 70 倍——对于一家客户基础仍以定性描述（研究实验室、原型开发者、未具名的 70 余家客户）而非具名工业或人形 OEM 供货合同来呈现的公司而言，这是一个偏高的倍数。

公司未披露任何具名人形客户或出货量数字。