[Edaily Reporter KIM YOON-JEONG ] Hana Securities assessed that ROBOTIS(108490)has returned to a growth trajectory in the second quarter thanks to increased actuator shipments and is expected to benefit from the restructuring of the U.S. and Chinese robotics supply chains. However, the firm pointed out that the widening losses at ROBOTIS, which oversees the autonomous robot business, remain a concern.

On the 18th, Park Chan-sol, an analyst at Hana Securities, stated, “We believe foreign investors’ interest in ROBOTIS is likely to increase in the second half of this year as the separation of U.S. and Chinese supply chains and the concept of ‘strategic assets’ by country become increasingly important.”
According to Analyst Park, ROBOTIS’ second-quarter revenue reached 15.4 billion won, a 95.1% increase year-over-year, while operating profit rose 722.9% to 2.0 billion won. Although the company posted an operating loss in the first quarter due to factors such as performance bonuses paid from the disposal of treasury stock, it returned to its previous operating profit growth trajectory in the second quarter.
Actuator shipments are also growing rapidly. Hana Securities estimated actuator shipments for the first half of this year at 235,000 units. Considering that last year’s annual maximum production capacity (CAPA) was 300,000 units, the firm concluded that production capacity has been expanded domestically. Currently, the factory in Uzbekistan is not in operation. For the full year, the firm forecasts shipments of over 500,000 actuators.
However, product pricing was deemed disappointing. It is estimated that the average selling price (ASP) of actuators fell significantly as the proportion of small actuators for the Reachy Mini increased. Analyst Park predicted, “In the second half of the year, the ASP is expected to rebound as the proportion of Y- and high-performance X-series high-end product lines increases.”
The losses at ROBOTIS, which oversees the autonomous robot business, were cited as a concern. ROBOTIS posted revenue of 550 million won and an operating loss of 6.7 billion won in the first half of the year. The deficit is widening as spending on R&D and labor costs increases.
Hana Securities projected that even if ROBOTIS achieves an annual profit of 8 billion to 10 billion won this year, ROBOTIS AI is likely to post an annual loss of 12 billion to 14 billion won. ROBOTIS AI plans to use a portion of the 88.7 billion won raised from CEO Kim Byung-soo’s sale of his ROBOTIS shares—announced on the 6th—to cover operating expenses.
Analyst Park noted, “Since profitability is unlikely during the next two to three years—a period of proactive investment in the business—this is expected to act as a significant drag on investors who invested based on ROBOTIS’ actuators.” He added, “Given that the subsidiary’s robotic delivery business has an attractive business model, finding a way to quickly escape its loss-making structure will be a key challenge in 2027.”
The competition in robotics technology between the U.S. and China was assessed as a new growth opportunity. In the U.S., the need to build a local factory is being discussed in relation to securing FCC certification. Hana Securities believes that, depending on the stance of U.S. regulatory authorities in the second half of this year, ROBOTIS may decide to construct a U.S. production base to integrate into the local supply chain. Analyst Park stated, “We believe that establishing local production facilities would enable faster growth in the U.S.”
In China, the firm anticipates benefits from the expansion of the humanoid robot ecosystem. Analyst Park assessed, “We believe ROBOTIS is the biggest beneficiary in the domestic robotics sector from the IPOs of Unitree and Agibot, as well as the expansion of China’s robotics ecosystem.”
Hana Securities estimated that Unitree and Agibot are either using or researching ROBOTIS products. In addition, ROBOTIS products are being supplied to Chinese research institutes and hand-technology companies. Hana Securities assessed that the company could benefit from an average annual growth rate of 300–400% in China over the next three years, noting that this potential was partially confirmed by the growth rate of sales to China in the first half of this year.
For the second half of the year and beyond, the firm cited not only the decoupling of U.S. and Chinese supply chains but also the expansion of peer multiples following the IPOs of Chinese humanoid robot companies as factors driving stock price momentum.