LDROBOT (Shenzhen LDRobot Co., Ltd.) released its unaudited results for the six months ended 30 June 2026.
Core financials • Revenue increased 35.22% year-on-year to RMB522.54 million, driven by rapid expansion of overseas business and the scaling of the intelligent robot lawn-mower line. • Gross profit grew 53.22% to RMB150.58 million; gross margin improved 3.4 ppts to 28.8% as higher-margin DTOF LiDAR and lawn-mower products lifted the mix. • Reported net loss widened to RMB42.10 million (1H 2025: RMB13.78 million) due to higher R&D and marketing spending. • Adjusted net loss, which excludes RMB15.25 million of share-based payments and RMB11.34 million of listing expenses, stood at RMB15.51 million versus an adjusted profit of RMB2.18 million a year earlier.
Segment performance • Visual perception products contributed 59.2% of revenue, down from 79.4% a year ago, reflecting the group’s evolving mix. – Sensor revenue declined 9.60% to RMB206.30 million after the planned phase-out of low-end triangulation LiDAR; DTOF LiDAR now represents 69.8% of sensor sales (1H 2025: 43.9%). – Algorithm modules rose 31.16% to RMB102.91 million, supported by a 27.6% increase in average selling price. • Robot lawn mowers surged 159.10% to RMB200.68 million, lifting their share of group revenue to 38.4% (1H 2025: 20.1%). • Other income streams, primarily materials sales, delivered RMB12.64 million.
Geographic split • Domestic (Mainland China) revenue was RMB319.57 million, down 1.39%. • Overseas revenue climbed 225.48% to RMB202.97 million, representing 38.8% of group sales, on broader channel coverage across 50-plus countries.
Expense and profit drivers • Selling and marketing expenses more than doubled to RMB81.04 million, reflecting intensified global branding and channel expansion for the ANTHBOT lawn-mower line. • R&D spending increased 48.52% to RMB75.73 million as LDROBOT invested in new sensors, fusion perception technologies and third-generation lawn-mower models. • Administrative expenses rose 33.81% to RMB44.75 million, primarily due to higher share-based compensation.
Balance sheet and liquidity • Total assets expanded to RMB1.58 billion (31 Dec 2025: RMB675.00 million) following the May 2026 Hong Kong listing, which raised net proceeds of HK$806.80 million (RMB698.90 million). • Cash and cash equivalents stood at RMB720.77 million, up from RMB119.38 million at end-2025. • Debt-to-asset ratio improved to 31.8% (end-2025: 45.5%); the group remains debt-free, with lease liabilities representing a 2.5% gearing ratio. • Net operating cash outflow narrowed to RMB66.50 million (1H 2025: RMB104.80 million), aided by working-capital timing effects.
Capital allocation Planned use of IPO proceeds remains unchanged: 45% for R&D, 30% for production capacity, 10% for brand and international expansion, 10% for working capital, and 5% for potential investments. As of 30 June 2026, RMB18.50 million had been deployed; RMB788.30 million remains earmarked for future deployment through 2030.
Strategic focus Management reiterated its “dual-engine” strategy of developing physical-AI perception infrastructure alongside full-stack embodied intelligent robots. Near-term priorities include: 1) expanding multi-modal perception capabilities, 2) scaling the ANTHBOT lawn-mower business in Europe and North America, 3) pursuing strategic investments and M&A to enhance technology and channels, and 4) reinforcing talent and R&D to support long-term growth.
No interim dividend was declared for the period.