Minieye Technology Co Ltd (2431) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 30.2% YoY to RMB449.953m; gross margin improved to 17.9%, and loss for the period narrowed to RMB159.912m.

• Growth was led by intelligent components and solutions and rapid driverless expansion; R&D spending and operating cash outflow also increased.

Financial highlights

• Revenue was RMB449.953m; gross profit rose 55.6% to RMB80.529m, with gross margin at 17.9% versus 15.0%.

• Operating loss narrowed to RMB154.507m from RMB162.389m; loss for the period was RMB159.912m versus RMB162.287m, and loss attributable to owners was RMB156.429m.

• Adjusted net loss, excluding RMB7.542m of share-based payment, was RMB152.370m versus RMB142.550m; basic and diluted loss per share remained RMB0.38.

• R&D expenses rose 33.0% to RMB126.5m; selling expenses fell 36.8% to RMB33.7m, while G&A was broadly stable at RMB59.4m.

Outlook and guidance

• iPilot design wins have estimated full-lifecycle order value of RMB1bn or more, with mass production scheduled to begin sequentially in H2 2026.

• Priorities include scaling driverless logistics, expanding autonomous bus commercialization, advancing physical AI and large models, and reusing L2+ capabilities for L4.

• Overseas growth focus spans Asia-Pacific, Europe and the Middle East; partnerships and joint ventures will support hardware sales, algorithm licensing and mobility services.