Shangwei New Materials Reports Net Loss of 422 Million Yuan in First Three Quarters

First Finance 2026-10-29 23:08:23 Listen to News

Author: Hu Shujuan    Editor: Li Na

Shangwei New Materials mentioned that due to increased R&D investment and marketing investment in the robot business, indicators such as total profit and net profit attributable to shareholders have declined.

On the evening of October 29, Shangwei New Materials released its 2026 third-quarter report. The financial report showed that the company's third-quarter revenue was 406,000,000 yuan, a decrease of 18.04% year-over-year, and net loss attributable to shareholders was 255,000,000 yuan, a decrease of 933.49% year-over-year; revenue for the first three quarters was 1,209,000,000 yuan, a decrease of 5.51% year-over-year, and net loss attributable to shareholders was 422,000,000 yuan, a decrease of 796.94% year-over-year.

Shangwei New Materials' main business is new materials, and it has expanded into consumer-level embodied intelligent robot business this year. From the disclosed data, the company's new business is currently consuming the profit of its main business.

The new materials business of the company operated steadily in the first three quarters, with a sales gross margin of 14.42%, an increase of 0.2 percentage points year-on-year; attributable net profit was 63,518,100 yuan, representing a 4.91% year-on-year growth. During the reporting period, revenue from the robot business has not yet been recognized. The company stated that the Robot QiYuan Q1 and QiYuan T1 were officially launched and put on sale on September 20 this year, with products to be delivered sequentially starting in October.

Shangwei New Materials mentioned that due to increased R&D investment and marketing investment in the robot business, indicators such as total profit and net profit attributable to shareholders have declined.

This year, the company's overall R&D expenses reached 384,000,000 yuan in the first three quarters, an increase of 1182.01% year-over-year, accounting for 31.79% of total revenue. Among them, R&D investment in the consumer-level embodied intelligent robot business reached 360,000,000 yuan. According to its financial report, as of the end of the reporting period, the company's consumer-level embodied intelligent robot R&D team totaled 295 people, with more than 60% holding postgraduate degrees. In terms of sales expenses, Shangwei New Materials invested 109,000,000 yuan in the first three quarters, compared to 29,071,100 yuan in the same period last year, an increase of 274.96% year-over-year.

The reporter noted that in order to support the rapid development of the new robot business, Shangwei New Materials has also raised funds.

According to its financial report, the company has received 450,000,000 yuan in related-party loans from the shareholder Shangwei International Holding Co., Ltd. during the first three quarters, with a fixed annual interest rate of 1.7%, to be repaid with principal and interest at maturity. According to the consolidated balance sheet, the company's debt-to-asset ratio reached 67.64% during the first three quarters.

Previously, due to AGIBOT acquiring a portion of shares in Shangwei New Materials, the company attracted significant attention in the capital markets and became a phenomenon-level 'big bull stock' on the A-share market in 2025. Data from Tonghuashun iFind shows that the company's stock price rose by more than 50% over the past year.

Currently, the development of Shangwei New Materials' consumer-grade embodied intelligence robot business remains to be revealed and verified.

It is understood that the company is accelerating the formation of large-scale mass production and delivery capabilities. The QiYuan Q1 and QiYuan T1 personal robots reached their 5,000th unit after one month from official launch.

At the product launch event on September 20 this year, Tian Hua, CEO of Shangwei New Materials, stated in an interview that commercial revenue from personal robots comes from unit sales, content subscription applications, and services. 'The robot body will serve as an entry point for AI; the future 'vast ocean' lies in content and applications, which is also where Qi Yuan is laying its groundwork.'

However, as the personal robot market is still in its early exploratory stage, consumers have not yet developed sufficient awareness of this product. Industry experts believe that such robots must address users' pain points by identifying applications in essential demand scenarios. If any player can find and adequately answer this question, the market will experience sustained growth; otherwise, growth may reach its peak.

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