Excelland Robotics (EXCELLAND ROBOT, 03231) released its unaudited interim results for the six months ended 30 June 2026, detailing mixed performance across its business segments.

Revenue climbed 12.4% year on year to RMB154.38 million, driven by solid contributions from robotic product sales and service models. However, a faster rise in costs and strategic spending compressed profitability: gross profit retreated 23.0% to RMB17.17 million, reducing the gross margin to 11.1% (1H 2025: 16.2%). Higher research and development outlays, listing-related expenses and increased finance costs resulted in a net loss of RMB79.96 million, an 81.0% widening from the prior-year period.

Segment performance was uneven: • Sales of robotic products and repair services advanced 35.6% to RMB84.27 million, propelled by strong demand for the Yoxiaogu cleaning series (revenue +184.2% to RMB21.55 million) and the Yoshop vending robots (+58.9% to RMB42.29 million). Yomie delivery robots fell 47.9% to RMB10.76 million amid weaker hotel demand, while Yodee revenues were broadly stable at RMB5.40 million. • AI vision model solutions generated RMB39.50 million, down 17.3%, reflecting project-phase fluctuations. • Robot-as-a-Service income grew 35.6% to RMB26.49 million, aided by higher uptake of intelligent cleaning and on-demand delivery services. • Rental income contracted 48.1% to RMB4.11 million as the company encouraged customers to shift from renting to purchasing.

Operating cash outflow reached RMB79.00 million, while capital expenditure rose to RMB19.17 million. Total assets stood at RMB419.13 million; total liabilities increased 50.8% to RMB377.23 million, leading to shareholders’ equity of RMB41.90 million, down 65.6% from year-end 2025. The balance sheet showed net current liabilities of RMB41.89 million. Cash and cash equivalents improved to RMB53.21 million (+144.5%) after additional borrowing; interest-bearing debt expanded to RMB249.68 million.

During the period, Excelland rolled out two new delivery robot models, Yomie M7 and Yomie MX, and secured a 12-month contract to supply Yoxiaogu C50 cleaning robots to metro stations in a major Chinese city. Management reiterated plans to broaden product applications, enhance R&D in vision-language models, and accelerate overseas expansion, targeting markets including Thailand, Japan and South Korea.

No interim dividend was declared. The company completed its Hong Kong IPO on 9 September 2026, raising net proceeds of approximately HK$576.60 million; funds remained unutilised as of the reporting date.