Shangwei New Materials Posts H1 Net Loss of RMB167 Million, Targets 7-Fold Robot Revenue by 2028

Shangwei New Materials released its 2026 semi-annual report, showing a swing to a loss in the first half. During the reporting period, the company achieved operating revenue of RMB803 million, up 2.42% year on year. Net profit attributable to shareholders was -RMB166.54 million, down 656.97% year on year. After deducting non-recurring items, net profit attributable to shareholders was -RMB169.01 million, down 749.01% year on year. The company attributed the loss primarily to a significant increase in research and development expenses. R&D investment during the period totaled RMB180 million, of which RMB164 million was invested in the consumer-grade embodied intelligent robot business, accounting for approximately 91% of total R&D investment.

The company currently operates a dual-main-business structure of new materials and consumer-grade embodied intelligent robots. The new materials business remained stable, continuing to contribute revenue and profit, with a gross margin of 14.27% for its main business, up 0.13 percentage points year on year. The robot business is still in the research and application scenario validation stage and has not generated revenue or profit. On a quarterly basis, in the first quarter of 2026, operating revenue was RMB418 million, with a net loss attributable to shareholders of RMB41.07 million. In the second quarter, operating revenue was RMB385 million, with a net loss attributable to shareholders of RMB125 million, expanding by 205.51% quarter on quarter. Net operating cash flow was RMB208 million, up 41.20% year on year, mainly due to cash inflows from the new materials business and advance payments of RMB210 million received for the robot business.

The company announced a 2026 restricted stock incentive plan, proposing to grant 8,067,235 shares at a grant price of RMB91.85 per share. All assessment indicators are centered on the robot business, requiring that robot business revenue in 2028 grow by no less than 700% compared with 2026. It also set targets including new business revenue accounting for no less than 25% of total revenue in 2026, no fewer than 100 new invention patent applications, and R&D investment accounting for no less than 40% of revenue. The company has launched two consumer-grade embodied intelligent robot products, but neither has yet been shipped in volume.