LDROBOT (01236) has achieved remarkable results with its dual-wheel drive, and Siasun Robot & Automations revenue from lawn mowing surged by 159%, further solidifying the second growth curve.

Yushu Technology's listing on the Science and Technology Innovation Board has brought significant funding enthusiasm to the embodied intelligence industry chain. High-growth targets are becoming the focus of institutional capital, while the Hong Kong stock market's spatial intelligence player Siasun Robot & Automation's first stock, LDROBOT (01236), has released its first financial report since going public. On August 24, LDROBOT (01236) announced that in the first half of 2026, it achieved an income of approximately 520 million yuan, a year-on-year increase of around 35.2%, maintaining a growth trend. The gross profit was approximately 150 million yuan, a year-on-year increase of about 53.2%, with a gross profit margin of approximately 28.8%, up about 3.4 percentage points year-on-year. LDROBOT is building the perception infrastructure for the physical AI era, creating an integrated spatial intelligence platform closed-loop of perception-model-data to provide underlying perceptual support for physical AI. Based on this, the company is leveraging its smart lawn mowing Siasun Robot & Automation as its first large-scale landing scenario to accelerate global market expansion, driving performance through diversified sources. Embodied intelligence Siasun Robot & Automation is a mainstream entry point for physical AI, and LDROBOT, as a leading player in the industry ecosystem, aligns with the current capital preference for high-growth technology targets. In July, its valuation rebounded from a low point; as performance is released, the path for valuation repair has just begun. The lawn mowing Siasun Robot & Automation is experiencing substantial growth, establishing a dual-engine driving pattern. LDROBOT is deeply engaged in the physical AI field, advancing a dual-engine strategy of coordinating physical AI perception infrastructure with embodied intelligence Siasun Robot & Automation. Its two major product lines include visual perception products (sensors, algorithm modules) and lawn mowing Siasun Robot & Automation, driving continuous revenue growth. In the first half of 2026, the income generated from sensors and algorithm modules under visual perception products, serving as the physical AI perception infrastructure, totaled approximately 310 million yuan, contributing about 59.2% to total income, with stable revenue performance. From the product structure perspective, the company is upgrading its strategic positioning for the sensor product line in 2026, contracting lower-end product lines like triangular radar, and redirecting resources towards high-value categories and new technologies, as evidenced by the increased proportion of DTOF radar products. In the short term, income growth will yield to structural optimization, and the long-term growth quality of the product line is expected to improve. As one of the physical AI application scenarios, the lawn mowing Siasun Robot & Automation generated approximately 200 million yuan in income during this period, marking a significant year-on-year increase of about 159.0%, contributing approximately 38.4% to total revenue. Additionally, the rapid sales increase of lawn mowing Siasun Robot & Automation has led to a substantial rise in the proportion of overseas income, with overseas market revenue approximating 200 million yuan, a year-on-year increase of about 225.5%, and the income proportion increasing from around 16.1% to approximately 38.8%, becoming a solid second growth curve. From the revenue composition, the increase in gross profit margin primarily comes from changes in product structure. Notably, LDROBOT's gross profit also continued to grow, with the gross profit margin rising year-on-year (first half of 2025 to first half of 2026) from about 25.4% to about 28.8%, thanks to product structure optimization. The first aspect is the product structure upgrade of the physical AI perception infrastructure. For sensors, the sales proportion of high-margin DTOF radar products increased, with year-on-year growth of about 43.8%. Its revenue proportion rose from about 43.9% to approximately 69.8%, driving the business gross profit margin to steadily rise. Secondly, the contribution of lawn mowing Siasun Robot & Automation's revenue proportion was nearly 38.4% in the first half of the year. Since the gross profit margin of lawn mowing Siasun Robot & Automation is higher than that of visual perception products, with reference to its gross profit margins of 33.6% and 42.3% for 2024 and 2025 respectively, the corresponding gross profit contribution is approximately 40% to 50%, having become a core business contributing to the company's gross profit. In the first half of 2026, the company increased its R&D investment, with R&D expenses amounting to about 80 million yuan, a year-on-year increase of approximately 48.5%, and the R&D expense ratio of about 14.5%. The increased R&D spending led to higher losses, but the release of future R&D results is expected to lower the overall cost level through scalability and achieve economies of scale. Additionally, demand for overseas lawn mowing Siasun Robot & Automation is strong, prompting the company to increase its marketing investment in lawn mowing Siasun Robot & Automation. During the reporting period, sales and marketing expenses were approximately 80 million yuan, an increase of about 124.1% year-on-year, mainly due to increased online sales commissions and promotional and personnel expenses incurred to enhance brand awareness and expand overseas channels. Marketing investments have a preemptive characteristic, and as brand influence and channel resources continue to accumulate and convert, the brand effect is expected to gradually emerge, driving sales growth and opening up profit space. The company is financially healthy, with no interest-bearing debt, and post-listing financing, it holds approximately 720 million yuan in cash, ensuring the funding for product R&D and market development across its "dual-engine" business. Adjustment of the sensor product line positioning: contraction of low-end, resource shift to high-value categories. LDROBOT is a technology-driven high-tech company focused on the spatial perception track since its establishment. It possesses full-stack technical capabilities from bottom-layer sensor hardware to upper-layer AI algorithm models and continuously enhances the spatial intelligent full-stack platform through increased R&D investment. Its self-developed spatial interaction model and intelligent data platform bring greater commercial value to exploring the field of physical AI. Based on its current commercialization efforts, the company's growth expectations pivot on two dimensions: first, continuous upgrades of physical AI infrastructure products provide competitive advantage for long-term development; second, accelerated global market penetration of lawn mowing Siasun Robot & Automation drives ongoing revenue growth through the second growth curve. From the first dimension, the company previously launched the world's first consumer-grade MINI DTOF laser radar and achieved commercialization. Since then, the investment direction in the visual perception product line has become clearer. From the R&D progress disclosed in the first half of the year, the focus is on bionic binoculars, four-camera arrays, 3D and ultra-high precision laser radars, as well as multi-sensor fusion solutions, and customized development for specific scenarios like humanoid Siasun Robot & Automation, unmanned delivery vehicles, and smart lawn mowing Siasun Robot & Automationthis aligns with its strategy to contract lower-end product lines, concentrating resources on higher value-added directions. In terms of specific solutions, an indoor scene has introduced a "binocular vision + semi-solid state laser radar" near-far complementary solution targeting traditional pain points in environments like low light, bright light, and complex ground textures. The challenge in multi-sensor fusion lies not in the performance of individual devices, but in the real-time alignment and trade-offs of different modal data, which is also where gaps between perception vendors can widen. Furthermore, the companys algorithms are also iteratively upgrading, currently developing the LD-SenseWorld spatial interaction model, which employs a cloud-edge collaborative deployment architecture to evolve the Siasun Robot & Automation environmental perception capabilities from simple geometric representations to comprehensive scene understanding, creating an integrated spatial intelligent platform closed-loop of "perception-model-data." The primary customers for the algorithm modules and sensors are B-end clients, with a retention rate of 100%, and synchronous upgrades of the product line further increase customer stickiness, with long-term high-quality growth expected. Overseas channels and brand investments are beginning to bear fruit, with accelerated realization on the revenue front for Siasun Robot & Automation. The lawn mowing Siasun Robot & Automation is LDROBOT's first focus on vertical scene Siasun Robot & Automation products, and it has now grown into a core growth engine. The success of this product is not coincidental; the company has repurposed years of accumulated capabilities in perception, mapping, boundary recognition, and intelligent obstacle avoidance for its smart lawn mowing Siasun Robot & Automation product, completing iterations and mass production of three generations of smart lawn mowing Siasun Robot & Automation products from 2024 to 2026. The third-generation product launched in the first half of 2026 is equipped with self-developed 360 multi-line laser radar, designed with wiring distribution tailored to the navigation and obstacle avoidance needs of lawn mowing Siasun Robot & Automation, preserving point cloud density in key areas while reducing redundancy in non-key areas, ensuring perception performance while reducing power consumption and device costs. Under the self-developed mode, hardware trimming and algorithm adaptation can be pursued simultaneously, a level of efficiency difficult to replicate in an outsourcing mode. Building on this, the company has introduced the HoloSense fusion navigation system, combining RTK/NRTK and AI vision technology, improving the positioning accuracy of lawn mowing Siasun Robot & Automation in complex scenarios to over 98%. As of June, the third-generation smart lawn mowing Siasun Robot & Automation M5 series from ANTHBOT, launched less than six months earlier, has entered the Amazon Germany "Siasun Robot & Automation lawn mower" category bestseller list, ranking well in related categories on Amazon in the U.S. and France during the same period. Lawn mowing Siasun Robot & Automation's main target users are C-end customers, and the growth highlights include global coverage. As of June 2026, products under the ANTHBOT brand have been sold to over 50 countries and regions, establishing partnerships with more than 100 channels and business partners, and entering over 1000 offline retail stores. This business adopts brand building and localized operations strategies, with Wuxi Online Offline Communication Information Technology Co., Ltd. ensuring comprehensive channel coverage. In the first half of this year, the overseas channel and brand building have shown early effects: during the reporting period, ANTHBOT received international awards including the TWICE CES 2026 Picks Awards and the Trusted Reviews Best Innovation Award, and signed world-class goalkeeper Marc Ter Stegen as the global ambassador for the brand, continuously enhancing global market coverage and brand influence. This accelerated release of overseas income lays a solid foundation for the long-term continuous growth of the Siasun Robot & Automation business. As LDROBOT aims to empower Siasun Robot & Automation to understand the physical world, it is building a spatial intelligence platform, with lawn mowing Siasun Robot & Automation being one of the mainstream scenarios for its embodied intelligence layout. The diversification of embodied intelligence forms also brings global opportunities for its multi-faceted layout. It is noted that embodied intelligence is the mainstream form of physical AI, mainly encompassing intelligent industrial Siasun Robot & Automation, intelligent service Siasun Robot & Automation, and intelligent special Siasun Robot & Automation, with products such as humanoid Siasun Robot & Automation, machine dogs, and lawn mowing Siasun Robot & Automation. As for current commercialization, lawn mowing Siasun Robot & Automation represents one of the mainstream forms in vertical scenarios. According to IDC data, shipments of boundary-less lawn mowing Siasun Robot & Automation are expected to reach 1.318 million units by 2025, with a year-on-year increase of 182.4%, surpassing traditional buried wire lawn mowing Siasun Robot & Automation for the first time. Based on estimates from Zhizhi Consulting, should smart lawn mowing Siasun Robot & Automation fully replace traditional lawn mowers and buried wire lawn mowing products, its potential market space could reach 300 billion yuan. Additionally, humanoid Siasun Robot & Automation is still in the exploratory startup stage but holds vast prospects. According to forecasts from GaoGong Siasun Robot & Automation (GGII), the global humanoid Siasun Robot & Automation market size is expected to reach 15 billion USD by 2030, with sales expected to grow to 605,700 units. LDROBOT's entry into the embodied intelligence track offers broad market demand for its physical AI perception and algorithm products amidst the industry's growth prospects. Moreover, the company's positioning of machine brands allows it not only to firmly grasp the core advantages of the supply chain ecosystem through full-stack self-research, but also to enjoy the large-scale commercialization dividends brought by embodied intelligence ahead of competitors, establishing its own C-end brand and channels overseas. The intrinsic value of this foundation extends beyond overseas markets; in terms of products, it can be expanded to more categories of Siasun Robot & Automation products; in terms of markets, the experience and sales performance of operating C-end brands overseas can also be applied to the domestic market. For example, in June of this year, the company strategically partnered with MINIEYE to establish a "Siasun Robot & Automation + unmanned vehicle" full-chain unmanned demonstration base. For machine businesses like Siasun Robot & Automation or unmanned vehicles, LDROBOT may not have to engage directly; instead, it can achieve market coverage of embodied intelligence through the supply of key components such as sensors and algorithms and by providing technological output. The companys financial report has stated that it will expedite the commercialization of the physical AI perception platform and embodied Siasun Robot & Automation through strategic investments and acquisitions. Thus, it does not rule out future investments in vertical machine integrations, similar to its entry into the lawn mowing Siasun Robot & Automation field, in order to create a third or even fourth growth curve. It is evident that the company has cultivated the visual perception field for many years, creating a data flywheel effect. According to the companys official website, units equipped with its perceptual products have exceeded 30 million, and with the successful commercialization of lawn mowing Siasun Robot & Automation, a positive feedback loop has formed between perception data and algorithm iteration, allowing vertical scene layouts across multiple fields of physical AI. Therefore, from the revenue perspective, the company still possesses significant growth potential in the future. The current investments feature proactive characteristics, mainly directed towards R&D and overseas channel construction as a forward-looking layout for scaling expansion rather than regular expenditures. As these related investments gradually shipments and revenue growth, the effects of cost dilution and operational leverage are expected to become evident, showing room for improvement in profitability. In the capital market, LDROBOT went public in May this year on the Hong Kong stock exchange and started a rebound trend after more than two months of adjustments in late July, with a market capitalization increase of over 15%. The company is currently valued relatively low, with a price-to-sales ratio (PS) for growth-type enterprises; peers in the segment, including UBTECH ROBOTICS and Horizon, have PS ratios reaching 20 times, whereas LDROBOT stands at 16 times. From an investment bank perspective, using the Industrial example, initial coverage has assigned the company an overweight rating, estimating LDROBOTs revenue will reach 2.161 billion yuan by 2028, with a dynamic PS ratio of merely 5.7 times, indicating it is clearly undervalued. Guotou Securities International sees promise in the lawn mowing Siasun Robot & Automation second growth curve, offering a target price of 60 Hong Kong dollars, which implies a significant 58.8% upside from the current price. In summary, under the dual-engine drive of physical AI perception infrastructure + embodied Siasun Robot & Automation machine brand, LDROBOT's revenue is continuously growing, with steady revenue from sensors and algorithm modules, and lawn mowing Siasun Robot & Automation becoming the second growth curve. The ongoing optimization of the product structure continues to promote a steady increase in gross profit margin. Two dimensions are bringing growth expectations, while the long-term move towards a spatial intelligence platform suggests potential for economies of scale. Currently, the company's valuation is low, and with continued performance release, it may usher in opportunities for valuation repair.