Shenzhen Dobot (2432) H2 2025 earnings summary

Executive summary

• Achieved record revenue of RMB492.2 million in 2025, up 31.7% year-over-year, driven by strong growth in six-axis cobots and rapid expansion of embodied AI robots.

• Net loss narrowed to RMB84.0 million, an 11.9% improvement from 2024, reflecting increased scale and operational efficiency.

• R&D investment surged 59.7% to RMB114.7 million, supporting innovation in embodied AI and new product launches.

• Expanded global presence, with notable growth in Germany, Thailand, South Korea, and deepened market penetration in China, Europe, and Asia-Pacific.

• Marked the first year of mass production and commercialization for embodied AI robots, establishing a full-scenario product matrix.

Financial highlights

• Revenue: RMB492.2 million, up 31.7% year-over-year; gross profit: RMB226.7 million, up 30.3%.

• Gross profit margin: 46.1%, down 0.5 percentage points due to higher domestic revenue share.

• Net loss: RMB84.0 million, improved from RMB95.4 million in 2024.

• Adjusted net loss (non-IFRS): RMB49.6 million, up 36.1% due to increased R&D investment.

• Total assets: RMB3,102.8 million; total equity: RMB2,622.6 million; gearing ratio: 15.5%.

• Cash and cash equivalents: RMB580.3 million; bank borrowings reduced to RMB71.8 million.

Outlook and guidance

• Focus on building a “one brain, multiple bodies” embodied intelligence matrix, integrating robotic arms, humanoid, and multi-legged robots.

• Targeting deep scenario-based implementation in industrial, commercial, and educational sectors for scalable replication.

• Plans to further expand global market coverage and replicate successful localized operations.

• Continued prioritization of R&D and product innovation to maintain technological leadership.