SWANCOR Advanced Materials posted a net loss of 422 million yuan in the first three quarters: the new materials business was profitable, while investment in the robotics business dragged down profit

On the evening of October 29, SWANCOR Advanced Materials released its 2026 third-quarter report. The financial report shows that the company's third-quarter revenue was 406 million yuan, down 18.04% year on year, and its net loss attributable to shareholders was 255 million yuan, down 933.49% year on year; revenue for the first three quarters was 1.209 billion yuan, down 5.51% year on year, and net loss attributable to shareholders was 422 million yuan, down 796.94% year on year.

SWANCOR Advanced Materials' main business is new materials, and this year it expanded into the consumer-grade embodied intelligent robotics business. Judging from the disclosed data, the company's investment in its new business is eating into the profits of its main business.

In the first three quarters, the company's new materials business operated steadily, with a gross sales margin of 14.42%, up 0.2 percentage points year on year; it achieved a net profit attributable to shareholders of 63.5181 million yuan, up 4.91% year on year. During the reporting period, the robotics business had not yet recognized revenue. The company said that its Qiyuan Q1 and Qiyuan T1 robots were officially released and put on sale on September 20 this year, and the products will begin to be delivered successively in October.

SWANCOR Advanced Materials mentioned that due to increased R&D investment, marketing investment and other factors in the robotics business, indicators such as total profit and net profit attributable to shareholders fell year on year.

In the first three quarters of this year, the company's overall R&D expenses reached 384 million yuan, up 1,182.01% year on year, accounting for 31.79% of total revenue. Among them, R&D investment in the consumer-grade embodied intelligent robotics business reached 360 million yuan. According to its financial report, as of the end of the reporting period, the company's consumer-grade embodied intelligent robotics R&D team had a total of 295 people, with more than 60% holding postgraduate degrees. In terms of selling expenses, SWANCOR Advanced Materials invested 109 million yuan in the first three quarters, compared with 29.0711 million yuan in the same period last year, up 274.96% year on year.

The reporter noted that in order to support the rapid development of the new robotics business, SWANCOR Advanced Materials also carried out fundraising.

According to disclosures in its financial report, in the first three quarters the company had received a 450 million yuan related-party loan from shareholder SWANCOR International Holding Co., Ltd., with a fixed annual interest rate of 1.7%, with principal and interest repaid in a lump sum at maturity. Calculated based on the consolidated balance sheet, the company's asset-liability ratio reached 67.64% in the first three quarters.

Previously, because some of its shares were acquired by Zhiyuan Robotics, SWANCOR Advanced Materials attracted considerable attention in the capital market and became a phenomenal "big bull stock" in the A-share market in 2025. Data from Tonghuashun iFind shows that the company's stock price has risen more than 50% in the past year.

At present, the development of SWANCOR Advanced Materials' consumer-grade embodied intelligent robotics business remains to be revealed and verified.

It is understood that the company is accelerating the formation of large-scale mass-production and delivery capacity. The two personal robots, Qiyuan Q1 and Qiyuan T1, saw their 5,000th robot roll off the production line one month after going on official sale.

At the product launch event on September 20 this year, Tian Hua, CEO of SWANCOR Advanced Materials, said in an interview that the commercial revenue of personal robots comes from sales of the robots themselves, content subscription applications and services. "The robot itself will be an entry point for AI, and the future 'sea of stars' lies in content and applications, which is also where Qiyuan is laying out its plans."

However, because the personal robot market is still in the initial exploration stage, consumers have not yet built up enough awareness of this product. In the view of industry insiders, this type of robot must solve users' pain points, that is, find applications in rigid-demand scenarios. If players can find and properly answer this question, the market will usher in sustained growth; otherwise, growth may peak.