SIASUN Robot Automation Co

Robot has released its 2026 interim report, with net profit attributable to the parent company at negative 189 million yuan, a widening of 93.7353 million yuan compared with the same period last year. The company's total operating revenue was 1.451 billion yuan, down 12.57 percent year-on-year. Net cash flow from operating activities was negative 433 million yuan, a decrease of 165 million yuan from the same period last year. The company's latest asset-liability ratio was 64.62 percent, up 1.16 percentage points from the previous quarter. Gross margin was 16.53 percent, rising for two consecutive quarters. Diluted earnings per share were negative 0.12 yuan.

During the online roadshow for its IPO on the STAR Market, Unitree Robotics founder Wang Xingxing responded to stock price speculation risks by saying he hopes investors will buy shares because they believe in the company's value, not for speculation. As the first pure-play humanoid robot stock on the A-share market, Unitree's listing is seen as setting a valuation anchor for the entire embodied intelligence industry, directly influencing the valuation logic and listing pace of other companies. Meanwhile, already-listed humanoid robot firms are experiencing extreme divergence. UBTECH Robotics saw its share price swing nearly 70 percent in half a year, with cumulative losses exceeding 5 billion yuan over six years. Several other listed robotics companies, including SIASUN, EFORT, and Seegrid, also face the dilemma of rising revenue but falling profits, or even persistent losses. Angel investor Guo Tao pointed out that the probability of Unitree's share price peaking around its listing is extremely high. If industrial application deployment falls short of expectations, the high-valuation bubble will continue to burst. The industry widely believes that Unitree's listing will accelerate the capitalization process, but it also forces all players' valuation logic to face a severe test of shifting from hype to substance, potentially triggering a new round of brutal elimination in the humanoid robot sector.