Luyuan Group Holding (Cayman) (2451) investor relations material

Executive summary

• H1 2026 revenue fell 20.4% YoY to RMB2,463.4m; profit attributable to owners was RMB75.1m versus RMB110.1m, amid weaker demand and investment in growth areas.

• Electric motorcycle sales rose 78.2% YoY to ~402,000 units, ranking first in PRC sales; overseas sales grew ~40% and robotics projects advanced toward commercialization.

Financial highlights

• Revenue was RMB2,463.4m versus RMB3,095.7m; gross profit was RMB340.0m versus RMB419.7m, and operating profit was RMB93.9m versus RMB118.1m.

• Profit attributable to equity holders was RMB75.1m versus RMB110.1m; basic and diluted EPS were RMB0.20 and RMB0.19, versus RMB0.29 and RMB0.28.

• Operating cash flow was RMB306.7m versus RMB815.5m; investing and financing cash outflows were RMB377.8m and RMB54.2m.

• R&D costs were RMB94.0m, down 9.8% YoY; R&D rose from 3.4% to 3.8% of revenue as resources shifted toward motorcycles and embodied robotics.

• Fair-value gains on FVTPL assets were RMB13.4m and government grants included in other income were RMB27.8m.

Outlook and guidance

• Strategy prioritizes domestic two-wheelers, overseas markets and embodied intelligent robotics, with R&D, manufacturing and brand building as core priorities.

• 2026 target: deliver over 100,000 planetary reduction joint modules and 10,000 complete units to Udeer; ~50% is expected in 2026 and the balance in H1 2027 after product upgrades slowed orders.

• Overseas plans include localization, certification and channel expansion; robotics commercialization will proceed cautiously through partners and application scenarios.

• R&D priorities include high-speed electric motorcycles, robotics, intelligent connectivity, power systems, batteries and charging technology.