Shenzhen Dobot (2432) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB316.3 million, up 106.6% year-over-year, driven by strong growth in six-axis cobots and embodied AI robots.

• Gross profit doubled to RMB149.8 million, with a stable gross margin of 47.4%.

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

• R&D expenses surged 148.4% to RMB101.6 million, supporting breakthroughs in proprietary embodied large models and product innovation.

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

Financial highlights

• Revenue: RMB316.3 million (H1 2026), up from RMB153.1 million (H1 2025).

• Gross profit: RMB149.8 million, gross margin 47.4% (48.9% excluding inventory impairment).

• Net loss: RMB107.9 million (H1 2026) vs. RMB40.9 million (H1 2025).

• Adjusted net loss (non-IFRS): RMB64.0 million, up from RMB22.9 million.

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

Outlook and guidance

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

• Accelerate global expansion, deepen presence in Europe, Americas, and Asia-Pacific, and strengthen localized operations.

• Enhance talent acquisition and equity incentives to support innovation and industrial deployment.