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Ubtech Robotics delivered robust 1H2026 results, with revenue more than doubling year-on-year to CNY1.27 billion and gross margin expanding 970bps to 44.7%. UBTRF's product mix shift toward full-sized humanoid robots, strategic M&A, and operating leverage are driving margin and profitability improvements. I expect UBTRF to achieve EBITDA breakeven in 2H2026 and turn earnings positive in FY27, supported by manufacturing scale, ecosystem expansion, and cost synergies.