Swancor Advanced Materials Co.,Ltd. reported a net loss of 167 million yuan for the first half of 2026, swinging from a profit of 29.9 million yuan in the same period last year, as the company aggressively invested in its consumer-grade embodied intelligent robotics division.
Revenue for the half-year reached 803 million yuan, up 2.42% year-on-year, while the company's core materials business remained stable. The sharp turnaround in profitability was driven by heavy upfront spending on the new robotics segment, which accounted for the bulk of the company's 180 million yuan in total R&D expenditure鈥攁 738.66% increase from the prior year. Of that, 164 million yuan was directed toward the consumer-grade embodied intelligent robotics business, representing over 90% of total R&D investment.
The robotics business is operated under the brand Qiyuan Robotics, which has launched two personal robot products this year: the Qiyuan Q1, positioned as a DIY-character robot for development, tech toys, and home companionship, and the Qiyuan T1, a deformable robot capable of switching between wheeled humanoid and quadruped forms for scenarios including home companionship, outdoor travel, and mobile photography. A Qiyuan Robotics representative said the company is advancing the business across product development, industrialization capabilities, and offline channels, emphasizing that future differentiation will hinge on software, user interaction, and co-creation ecosystems.
Commercialization efforts are expanding offline, with two experience stores opened in Hangzhou and Wuhan on August 9, following earlier announcements of stores in Shanghai, Shenzhen, Xi'an, Guangzhou, and Xiamen. The company views these stores as direct customer touchpoints that will feed back into product iteration, aiming to build a complete "product-experience-user-channel" business loop. However, the robotics business remains in a "investment-first, revenue-later" phase, with 164 million yuan in R&D spending in the first half and 210 million yuan in customer deposits not yet recognized as revenue. The company cautioned that the business is still in the R&D and application verification stage, with mass production some time away, and it cannot yet predict the impact on 2026 revenue or profit.
To lock in its core team, Swancor Advanced Materials has proposed a new equity incentive plan, granting 8.07 million restricted shares (about 2% of total shares) at an initial grant price of 91.85 yuan per share. The plan covers 347 employees, or 51.26% of the workforce, excluding directors and senior management. Performance targets require that by 2026, new business revenue from after the company's control change must account for no less than 25% of total revenue, with at least 100 new patent applications and R&D spending no less than 40% of new business revenue. By 2027, new business revenue must grow at least 160% from the 2026 base, rising to 700% by 2028, with corresponding increases in patent filings and R&D spending.
Shares of Swancor Advanced Materials closed at 167.33 yuan on August 14, giving the company a market capitalization of 67.49 billion yuan.