From a backwater stock on the STAR Market to a humanoid robot darling: After its market capitalization surged 23-fold, what comes next for SWANCOR?

Before the humanoid robot story emerged, SWANCOR was the quintessential ‘top student in real economy, bottom-dweller in capital markets’ among A-share companies. A change of control triggered a legendary surge on the STAR Market. July 2025 marked the watershed moment in SWANCOR’s fate. Core members of Zhiyuan Robotics acquired control of the listed company via Zhiyuan Hengyue; Junhui ‘Zhihuijun’ assumed the role of chairman, completing a full management overhaul. The market instantly repriced the company—not as a chemical materials stock, but as a consumer-grade humanoid robotics play. This capital-market revaluation was nothing short of frenzied: • Pre-trigger market cap: RMB 2.4 billion • Peak market cap: RMB 58 billion • Maximum market cap increase: 23-fold • Pre-trigger share price: ~RMB 7.5 • Peak share price: RMB 102 • Maximum share price gain: ~12.6-fold A 12.6-fold share price surge and a 23-fold market cap surge represent one of the most extreme valuation leaps seen on the STAR Market in recent years. Critically, this extraordinary rally had zero connection to the company’s underlying operating performance. Throughout the entire rally, the robotics business generated zero revenue and zero profit—every bit of the appreciation stemmed purely from investor expectations priced into the C-end humanoid robotics sector: a textbook case of ‘logic-driven revaluation’ and ‘sector substitution’. The market completely discarded SWANCOR’s past—no longer valuing its wind-power resins, corrosion-resistant materials, or cyclical gross margins—focusing solely on its new identity: the only A-share listed platform for consumer-grade, home-use humanoid robots. Old businesses fueling operations; new赛道 burning cash for future upside Beneath this sky-high valuation, the company’s true operational reality was fully revealed in its 2026 semi-annual report. During the reporting period, revenue stood at RMB 803 million, maintaining steady growth—but net attributable profit plunged to a loss of RMB 167 million. Though the market appeared alarmed by the loss, it bore no relation to the traditional core business. SWANCOR’s existing advanced materials segment remained stably profitable; all losses stemmed exclusively from intensive investment in the robotics business. Total R&D expenditure for the half-year reached RMB 180 million, of which RMB 164 million was allocated entirely to Qiyuan Robotics—covering team building, product refinement, algorithm iteration, and production-line validation. Meanwhile, the company’s robotics products have already secured RMB 210 million in advance orders and prepayments—market enthusiasm far exceeding expectations. However, under accounting standards, deposits cannot be recognized as current-period revenue; thus, the books reflect ‘high input, zero realization, and temporary losses’. The underlying business model is crystal clear: the stable, cash-generating traditional materials business serves as the enduring financial backbone, fully funding SWANCOR’s second growth curve—the humanoid robotics initiative—betting manufacturing profits on AI-powered consumer hardware, the ultimate frontier. Partnering with Shangpin Home Collection: From speculative hype to tangible commercialization If the earlier surge was driven purely by expectations, the concrete move in September 2026 began grounding the narrative in reality. Qiyuan Robotics—a subsidiary of SWANCOR—joined hands with leading home-furnishing firm Shangpin Home Collection to jointly establish Shangyuan Zhiqi Robotics Co., Ltd., officially unlocking the hardest challenge in humanoid robotics: ‘entry into the household setting’. Both parties bring highly complementary strengths: Shangpin contributes its nationwide offline retail network, whole-home furnishing scenarios, direct-to-consumer (C-end) channels, and end-to-end delivery capabilities; SWANCOR supplies complete humanoid robot hardware, force-control technology, lightweight composite structural solutions, and mass-production manufacturing capacity.

SWANCOR’s net profit fell by 54%. With what does ‘Zhihuijun’ sustain a P/E ratio of 1,100x?

As the first annual report following the change of control, SWANCOR’s 2025 performance was far from ideal. Revenue and profit showed a stark divergence, revealing deteriorating profitability and unmet performance commitments—issues further exacerbated by the absence of tangible results from its new business. Consequently, the company’s elevated valuation lacks substantive earnings support. Financial statements show that the company achieved full-year revenue of RMB 1.797 billion, up 20.29% year-on-year; yet profitability came under severe pressure, with net attributable profit amounting to just RMB 41.09 million—a 53.67% decline year-on-year. Non-controlling interest-adjusted net profit plummeted 59.35% to RMB 32.66 million, while basic EPS dropped sharply by 54.55% to RMB 0.10. This ‘revenue growth without profit growth’ reflects persistent margin pressure. Extrapolating from quarterly data, SWANCOR posted a staggering RMB 19.60 million net loss attributable to shareholders in Q4 2025 alone—intensifying profit pressure at year-end and dragging full-year performance from positive to weak. Erosion of profitability is also evident in gross margin: overall gross margin declined 2.27 percentage points to 13.60%, with cost-of-sales increases in multiple business segments far outpacing revenue growth—wind turbine blade materials saw costs rise 44.83%, while circular-economy materials costs surged 276.63%. The company attributed these spikes primarily to higher per-unit ocean freight expenses. Regarding the sharp net profit decline, the company cited a confluence of three pressures: First, increased R&D investment in new materials and new businesses—R&D expenses totaled RMB 90.75 million in 2025, up RMB 21.24 million (30.56%) year-on-year; second, an impairment loss on its 23.81% equity stake in Anhui Meijia New Materials, a joint venture; third, a specific provision for credit impairment on accounts receivable from TPI Mexico, whose parent company TPI entered bankruptcy restructuring. Financial concerns extend beyond profitability. Financial expenses deteriorated markedly: they swung from RMB −13.31 million in the prior year to RMB 6.99 million—a sharp reversal driven largely by significantly increased foreign exchange losses, reflecting substantially heightened currency risk in overseas operations. Although cash flow improved—net cash flow from operating activities rose 268.51% year-on-year—the fundamental deterioration in profitability remains unchanged. More notably, the company failed to meet its performance commitments. Calculated on the original business basis, SWANCOR’s 2025 net attributable profit and non-controlling interest-adjusted net profit stood at RMB 51.57 million and RMB 43.15 million respectively—both falling short of the transferor’s promised targets of RMB 60 million and RMB 80 million. Performance commitment fulfillment rates were therefore only 53.93%. Per the signed ‘Share Transfer Agreement’, the performance-commitment party must compensate the company with RMB 36.85 million in cash. 01 Wind power drives growth; traditional businesses remain under pressure As a leading domestic enterprise in high-performance resin materials, SWANCOR holds a dominant position in the vinyl ester resin and wind turbine blade epoxy resin markets. In 2025, revenue growth was primarily fueled by the booming downstream wind power industry—China’s newly installed wind power capacity reached 76.3 GW, up 28.5% year-on-year—driving sustained demand for epoxy resins used in wind turbine blades.

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