Ecovacs Robotics (603486) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 10.34 billion, up 19.18% year-over-year; net profit attributable to shareholders was RMB 1.25 billion, up 27.40% year-over-year.

• Gross margin was 48.5%, reflecting effective cost management amid rising raw material prices.

• Overseas revenue share rose to 49%, with Q2 overseas revenue surpassing domestic for the first time.

• Core brands Ecovacs and Tineco contributed 98.11% of total revenue.

Financial highlights

• Operating income: RMB 1.43 billion, up 29.34% year-over-year.

• Basic EPS: RMB 2.19, up 26.59% year-over-year.

• Net cash from operating activities: RMB 206 million, down 85.82% year-over-year due to prior period government subsidy receipts and increased inventory prepayments.

• Total assets: RMB 19.59 billion, up 12.38% from year-end 2025.

• Net assets: RMB 10.18 billion, up 12.61% from year-end 2025.

Outlook and guidance

• Company will continue to invest in AI-driven product innovation and global expansion.

• Focus on cost optimization, supply chain resilience, and high-quality growth in both domestic and international markets.

• Plans to further develop embodied intelligence and open-source robotics ecosystems.