We disclose and quantify humanoid revenue, not positioning. We have secured AI-robot orders as customers shift toward mass production, broken out separately from industrial robots. But social implementation among the makers we target has slowed considerably versus our initial expectations. We were too dependent on a single AI robot; the new plan diversifies away from that. AI robots remain a small, early part of the business; industrial robots and semiconductor equipment are the volume today.
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My full-year revenue was 788.17 million yuan, up 1.79%. Net margin near 22% on gross margin around 32%, with operating cash flow of 185.81 million yuan exceeding net profit. The balance sheet is net cash: 1,076.81 million yuan cash against a single 223.56 million yuan long-term loan, debt ratio 27.18%, equity around 73%. Receivables 266.8 million yuan, 98.16% aged under one year, export receivables insured. Standard unqualified audit, signed April 2026.
My net profit fell 9.17% for the full year and 15.55% in Q1 2026, but revenue grew 8.75% in H1 and 8.72% in Q1 2026 — so the pressure is on margin, not volume. Quarterly profit ran 46.5, then 52.7, then 40.6, then 32.8 million yuan; the full-year turn came from a weak Q4 (down roughly 38% year-over-year). Gross margin was roughly flat (+0.16 point), pointing the decline below the gross line to operating expenses from capacity build-out and rising research spend. Weighted ROE has stepped down over three years, from 18.15% to 11.45% to 9.64%. The watch-item is the cycle, not the balance sheet.
Sling enters the rotary-actuator layer from the precision bearing it already owns, and it climbs the layer inside-out - three products, deepest-first by maturity. My reducer-specific cross-roller and flexible bearings are in production. The harmonic reducer completed second-phase production by period-end. The integrated actuator module - combining reducer, frameless motor, servo driver, encoder, brake - is research-reserve complete but not yet in production.