Nearly a year after Zhiyuan Robotics took control, Swancor Advanced Materials Co.,Ltd. has delivered its first half-year report following its foray into embodied intelligence. On August 17, the first trading day after the earnings release, shares initially dropped over 4% in early trading before staging a rapid rebound, closing at 171.38 yuan per share, up 2.42%, with a total market value of 69.1 billion yuan.
Financial data shows that in the first half of this year, Swancor Advanced Materials recorded operating revenue of 803 million yuan, up 2.42% year-on-year. However, net profit attributable to shareholders swung from profit to loss, reporting a deficit of 167 million yuan compared with a profit of 29.9 million yuan in the same period last year, a decline of 656.97%.
Notably, this earnings reversal was not caused by a slowdown in the core business but rather by losses stemming from the company's transformation. Founded in 2000 and listed on the STAR Market in 2020 after more than two decades of deep cultivation in high-performance composite materials, the company is a core supplier of wind turbine blade resins and corrosion-resistant specialty resins in China, holding a global leadership position in recyclable thermoset resin technology. However, due to cyclical fluctuations in the chemical industry and limited growth space in traditional sectors, the company urgently needed a second growth curve.
The turning point came in 2025. In July, the company announced a planned change of control, with Zhiyuan Robotics taking a stake through a combination of agreement transfer and partial tender offer. After share transfer registration was completed in September, Shanghai Zhiyuan Hengyue Technology Partnership (Limited Partnership) held 58.62% of the company's shares, making Deng Taihua the actual controller and Peng Zhihui the chairman. This marked the first acquisition case of a listed company in the A-share embodied intelligence sector.
Following the acquisition, Swancor Advanced Materials quickly established a dual-driven strategy of "green new materials plus consumer-grade embodied intelligence," clarifying differentiated positioning within the system. Zhiyuan Robotics focuses on general-purpose humanoid robots and industrial-grade scenarios, while Swancor Advanced Materials targets personal and household consumer-grade robotics, avoiding horizontal competition while creating industrial synergies.
This half-year report represents the first complete mid-term review after this capital and industrial integration. According to the financial report, the new materials main business, which remains the primary source of revenue and profit, maintained stable operations during the period. Specifically, environmentally friendly high-performance corrosion-resistant materials generated revenue of 339 million yuan, accounting for 42.26% of total revenue; wind turbine blade materials achieved revenue of 331 million yuan, up 11.89% year-on-year; new composite materials contributed 98 million yuan, up 11.1% year-on-year; and circular economy materials brought in 45 million yuan.
The new materials business also achieved breakthroughs in several emerging sectors. In the low-altitude economy, it supported the maiden flight of China's first 700kg-class all-composite light sport aircraft. In the marine sector, SWANCOR HYVER resin passed DNV and CCS certification, helping customers reduce costs by 10% to 15%. In the hydrogen energy field, resin for fuel cell stack core components has officially entered mass production. In overseas markets, recyclable material projects with international customers such as McLaren and Siemens Gamesa are steadily advancing through certification.
The robotics business is the core highlight of this half-year report and a key strategic move in the company's transformation. However, as a new business built from scratch, it has not yet generated revenue, while the expense growth from early-stage R&D investment and team expansion is directly pressuring profit margins. Financial data shows that total R&D expenses in the first half reached 180 million yuan, up 738.66% from 21 million yuan in the same period last year. Of this, R&D investment in the consumer-grade embodied intelligent robot business reached 164 million yuan, accounting for 91.1% of total R&D spending.
On the R&D and team front, as of the end of the reporting period, the consumer-grade embodied intelligent robot R&D team had grown to 180 members, including 11 PhDs and 110 master's degree holders, with master's and PhD holders accounting for over 67%. The team covers full-stack technical directions including AI large models, motion control, joint design, and interaction algorithms. In terms of intellectual property, the robotics business has filed a cumulative total of 88 patent applications, including 44 invention patents, with 67 new patent applications added in the first half. The research institute also published five frontier papers at top international conferences such as ICRA, continuously strengthening its technological reserves.
Currently, Swancor Advanced Materials has launched two robots, with product differentiation from Zhiyuan becoming increasingly apparent. The Qiyuan Q1 is a portable small full-body force-controlled humanoid robot standing approximately 88 centimeters tall, foldable into a backpack, targeting consumer-grade companionship and education scenarios. The Qiyuan T1 is an industry-first wheeled humanoid and quadruped cross-form switchable robot that debuted at the 2026 World Artificial Intelligence Conference (WAIC) in July, targeting home services, smart tracking, and outdoor companion scenarios.
Additionally, the half-year report disclosed that the company's current pipeline of in-development projects plans a total investment exceeding 446 million yuan, covering 12 projects including small humanoid robots, transformable robots, household large models, and basic software platforms. As of the end of the reporting period, cumulative investment reached 197 million yuan, with robotics-related projects accounting for over 177 million yuan. Further R&D investment will continue to be released in the future.
Beyond R&D expenses, team expansion and market development in the new business also drove period expenses higher. Selling expenses reached 31.33 million yuan in the first half, up 63.88% year-on-year, while administrative expenses hit 58.75 million yuan, up 108.31%, primarily driven by increases in labor costs, recruitment expenses, and marketing spending.
In stark contrast to the pressure on profit margins, the company's cash flow performed remarkably well, thanks to the stable cash generation of the traditional new materials business. In the first half, net cash flow from operating activities reached 208 million yuan, up 41.2% year-on-year. The company noted in its report that the new materials main business is operating steadily and continuously contributing positive cash flow, while the robotics business received approximately 210 million yuan in advance payments from customers.
As of the end of June, accounts receivable stood at 321 million yuan, down sharply by 41.53% from the beginning of the year. TPI MEXICO, an overseas customer with previous credit risk, completed its financial restructuring and continued to repay during the reporting period, leading the company to reverse 3.78 million yuan in bad debt provisions for accounts receivable. Driven by advance payments and performance compensation funds, the company's period-end cash balance reached 661 million yuan, up 117.09% from the beginning of the year.
Furthermore, the 2026 restricted stock incentive plan disclosed alongside the half-year report further converts the company's transformation ambitions into quantifiable assessment targets. Notably, the incentive plan's performance assessment completely excludes the traditional new materials business, anchoring entirely on revenue growth from the new robotics business. The 2026 targets require new business revenue to account for no less than 25% of total company revenue, no fewer than 100 new invention patent applications, and R&D investment to be no less than 40% of new business revenue. The 2027 targets require new business revenue growth of no less than 160% over 2026, no fewer than 200 new invention patent applications for the new business, and net R&D investment growth of no less than 100% over 2026. The 2028 targets require new business revenue growth of no less than 700% over 2026, no fewer than 400 new invention patent applications, and net R&D investment growth of no less than 300% over 2026.
The target of nearly sevenfold revenue growth in three years means the company must complete the leap of its robotics business from zero to large-scale deployment within just over two years, directly binding the pressure of transformation to the core team.