Leadshine Technology's net profit rose 86.80% in the first three quarters, with revenue accelerating for 7 consecutive quarters

On the evening of October 22, Shenzhen Leadshine Intelligent Control Co., Ltd. (hereinafter referred to as "Leadshine") released its 2026 third-quarter report. In the first three quarters, the company achieved operating revenue of 1.909 billion yuan, a year-on-year increase of 46.77%; it achieved net profit attributable to shareholders of 299 million yuan, a year-on-year increase of 86.80%. In the third quarter, it achieved operating revenue of 661 million yuan, a year-on-year increase of 61.70%; it achieved net profit attributable to shareholders of 106 million yuan, a year-on-year increase of 156.10%. The company has continued the trend of accelerating revenue growth for seven consecutive quarters since 2025. Among them, the servo system achieved cumulative operating revenue of 1.008 billion yuan from January to September, a year-on-year increase of 58.64%; in Q3 alone, it achieved operating revenue of 347 million yuan, a year-on-year increase of 66.47%. Image source: Leadshine announcement. The company stated that the performance growth was mainly due to: adhering to the main track of "intelligent manufacturing," advancing the "big track, big growth" strategy, the four major management measures continuing to take effect, and orders improving significantly; at the same time, actively expanding the auxiliary track of "pan-humanoid robots," with core components such as frameless torque motors, dexterous hands, and planetary/harmonic joint modules achieving market breakthroughs, and order scale and customer coverage increasing. Specifically, the AI industrial revolution, accelerated domestic substitution, and the development of strategic emerging industries drove rapid revenue growth; the company practiced "two improvements and two reductions" to hedge against raw material price increases, gross margin remained stable and rose slightly, management reform took effect, operating leverage was released, and profit growth was significantly higher than revenue. The company also continued to forge systematic capabilities around strategic strength, competitive strength, hit-product strength, collaborative strength, supply strength, and mechanism strength, increasing R&D, production capacity layout, and equity incentives to support medium- and long-term high-quality development. Regarding the robotics business, the company disclosed in an August 2026 investor interaction that it has entered the supply system of more than 80% of humanoid robot complete-machine manufacturers, with about two to three hundred large, medium, and small customers at home and abroad; mass-delivered products cover almost all categories, including frameless torque motors, planetary modules, harmonic modules, integrated wheel modules, coreless motors, low-degree-of-freedom dexterous hands, and 21-degree-of-freedom dexterous hands. The company's frameless torque motors have orders in hand exceeding 1 million units, and monthly deliveries exceeded 150,000 units, a record high; joint modules have orders in hand exceeding 60,000 units, and it is building automated production and manufacturing capacity of 3 million units per year. Planetary joint modules, harmonic joint modules, and high-degree-of-freedom dexterous hands have been successfully developed and achieved mass supply, obtaining orders from nearly 100 mainstream robot customers and beginning large-scale supply. The humanoid robot business, with accumulated strength, is achieving rapid performance breakthroughs and is opening up a second growth curve. Leadshine was founded in 1997 and has always adhered to the main course of motion control, building deep technical accumulation, brand influence, and a customer base in the automated motion control industry. In 2025, the company's small PLC growth rate ranked first nationwide, and its domestic brand ranking was among the top three for the full year. According to Leadshine's WeChat official account, on August 15, 2026, the groundbreaking ceremony for Leadshine's South China regional headquarters and humanoid robot core components R&D and intelligent manufacturing base was held at the Precision Intelligent Manufacturing Science and Technology Innovation Park in Dongguan Binhaiwan New Area, officially kicking off the company's large-scale mass-production capacity construction for motion control core components. The project will integrate the company's operating resources in South China, build a South China operations headquarters integrating operations management, R&D, and manufacturing, and focus on building an R&D and production base for motion control core components. In terms of products, on March 11, 2026, Leadshine launched the Mn-W series battery-free absolute servo motor. This product abandons the external battery box and adopts a built-in integrated multi-turn self-storage encoder and non-volatile memory chip, achieving truly battery-free, stable, and reliable operation. Regarding future development, Leadshine stated that it will adopt the development strategy of "1 major track, 2 major battlefields, 4 major growth engines": 1 major track means focusing on the "intelligent equipment motion control" industry; 2 major battlefields mean the main track of intelligent manufacturing and the auxiliary track of pan-humanoid robots; 4 major growth engines mean expansion into strategic emerging industries, machine substitution, import substitution, and the new robot track. The company's 2026 operating target is performance growth of 40%–50%, and it will continue to consolidate the "six-force flywheel" underlying growth engine. 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