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.
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About 99% of my revenue is automotive bearings - brake-system bearings alone are near 79% - and my stated identity is still to become a globally competitive auto-bearing maker. So when a sell-side map files me under 'rotary actuators,' understand the distance: that leg is the smallest, earliest part of my business, it is not yet broken out as a revenue line, and you will not find the word 'humanoid' anywhere in my filings. What I am building is real and inside-out - the cross-roller and flexible bearings that sit inside a reducer are in production, the harmonic reducer itself has its second production phase done, and the full actuator module is research-reserve complete but not yet in production. I am financially healthy - about a 22% net margin, operating cash flow above net profit, net cash, a clean unqualified audit. The watch-item is the cycle, not the balance sheet: net profit fell 9.2% for the year and 15.6% in the first quarter of 2026, but revenue kept growing the whole time - so the pressure is on margin, not demand.
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About 71% of my revenue is overseas — 557.14 million yuan, up 5.24% — making me the most export-weighted of my Chinese peers. Domestic revenue fell 5.67% to 231.04 million yuan. I run bases in Zhejiang Xinchang and Thailand Ayutthaya, completed a third Thailand phase in 2025, and am building a Michigan plant where foundations are complete and production is pending. In November 2025 I agreed to a 24.34% stake in a precision-bearing maker as a tuck-in, not a reducer or actuator acquisition.
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.
About 99% of my revenue is automotive bearings, and my stated identity remains becoming a globally competitive auto-bearing maker — robot components is an expansion, not a reinvention. In FY2025, brake-system bearings were ¥620.21M (78.69%, up 1.49%, gross margin 32.41%), transmission-system ¥101.68M (12.90%, up 11.93%), power-system ¥47.99M (6.09%), non-automotive ¥11.53M (1.46%). Overall gross margin ~32%, high for an auto-parts maker, reflecting aftermarket/hub-bearing mix and export-weighted book.
The harmonic-reducer and robot‑components leg is genuine and partly in production, but it is not yet a broken‑out revenue line – the roughly 99% automotive‑bearing split absorbs it, so it is not yet a sized business. Across our filings the words ‘humanoid’ and ‘dexterous hand’ do not appear. We frame the robot side as industrial – high‑precision parts for core motion joints, smart‑terminal equipment, machine tools, medical devices and automation lines – and describe the field as still in its nascent stage. Whether the leg becomes a separate disclosed business remains an open question.
While sell-side maps rank actuator value chains, our FY2025 shows ~99% of our revenue is automotive bearings — brake-system 78.69% (¥620.21M), transmission 12.90%, power 6.09%, non-auto 1.46%. Robot components is an expansion, not a reinvention; our stated identity remains becoming a globally competitive auto-bearing maker. Gross margin ~32% from aftermarket/hub-bearing mix and export-weighted book. The robot leg absorbs into the 99%, not a broken-out line.