Shenzhen Dobot (2432) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 surged 106.6% year-over-year to RMB316.3 million, driven by strong growth in six-axis cobots and embodied AI robots.

• Gross profit margin remained stable at 47.4%, with gross profit doubling to RMB149.8 million.

• Net loss widened to RMB107.9 million, mainly due to increased R&D investment and exchange losses; adjusted net loss was RMB64.0 million.

• Embodied AI business revenue soared over 20-fold to RMB45.2 million, now 14.3% of total revenue.

• Industrial sector remains the primary revenue source, accounting for 62.8% of product sales.

Financial highlights

• Six-axis cobot sales rose 110.4% to RMB196.9 million; four-axis cobots up 5.1% to RMB41.6 million.

• Revenue from industrial settings increased 142.4% to RMB196.6 million; education and commercial settings grew 26.9% and 84.1%, respectively.

• R&D expenses jumped 148.4% to RMB101.6 million, representing 32.1% of revenue.

• Selling and distribution expenses rose 57.7% to RMB129.6 million; administrative expenses nearly doubled to RMB53.8 million.

• Capital expenditure increased to RMB63.8 million, mainly for office and computing equipment.

Outlook and guidance

• Continued high R&D investment in embodied AI, focusing on model iteration, force control, and visual perception.

• Plans to accelerate global expansion, deepen market penetration in Europe, Asia-Pacific, and the Americas.

• Strengthening local operations and talent acquisition to support innovation and international growth.