The two-wheel drive of the Ledong Robot (01236) achieved remarkable results, and the revenue of lawnmower robots surged 159%, and the second growth curve continued to consolidate
Yushu Technology's listing on the Science and Technology Innovation Board has brought extremely high financial popularity to the physical intelligent industry chain. High-growth targets are becoming the focus of institutional capital attention, while the Hong Kong stock market's first stock of Space Intelligent Robots, Ledong Robotics (01236), which has a high growth standard, ushered in its first financial report since listing.
The Zhitong Finance App learned that on August 24, Ledong Robot (01236) released its results for the first half of 2026, achieving revenue of about 520 million yuan, an increase of about 35.2% over the previous year, maintaining the growth trend. Gross profit was about 150 million yuan, up about 53.2% year on year, and gross margin was about 28.8%, up about 3.4 percentage points year on year.
Ledong Robot has built the sensing infrastructure for the physical AI era, built a closed loop spatial intelligence platform integrating “perception, model, and data”, and provided underlying sensing support for physical AI. Based on this, the company uses an intelligent mowing robot as the first large-scale implementation scenario to accelerate global market expansion and release performance with multiple drivers.
Embodied intelligent robots are the mainstream entry point for physical AI. As a leading player in the AI application era, Ledong Robotics is in line with current capital allocation preferences for high-growth technology targets. Valuation bottomed out in July and rebounded. With the release of performance, the path of valuation repair has only just begun.
The volume of lawnmower robots increased, and a two-wheel drive pattern took shape
The Zhitong Finance App learned that Ledong Robotics is deeply involved in the field of physical AI and promotes the two-wheel drive strategy of promoting the collaborative development of physical AI perception infrastructure and full-body intelligent robot machines. The two major product lines include visual perception products (sensors, algorithm modules) and the two-wheel drive performance of lawnmower robots continues to grow.
In the first half of 2026, sensors and algorithm modules in visual perception products, as physical AI perception infrastructure, achieved a total revenue of about 310 million yuan, a total revenue contribution of about 59.2%, and stable revenue performance. Looking at the product structure, the company is undergoing a strategic positioning upgrade of the sensor product line in 2026, shrinking low-end product lines such as triangular radars, and leaning resources towards high-value categories and new technology products, which is fully confirmed by the increase in the share of DTOF radar products.
The revenue growth rate gave way to structural optimization in the short term, and the long-term growth quality of the product line is expected to improve
As one of the physical AI layout scenarios, the lawnmower robot's revenue during the period was about 200 million yuan, a sharp increase of about 159.0% over the previous year, and the revenue contribution increased to about 38.4%. Furthermore, the rapid sales volume of lawnmower robots led to a sharp increase in overseas revenue share. Overseas market revenue was about 200 million yuan, up about 225.5% year on year, and the revenue share increased from about 16.1% to about 38.8%, making it a solid second growth curve.
In terms of revenue composition, the increase in gross margin is mainly due to changes in product structure
It is worth noting that the gross profit of Ledong Robotics also continued to grow. The gross margin ratio (first half of 2025 → first half of 2026) increased from about 25.4% to about 28.8%, thanks to product structure optimization driving a steady increase in gross margin.
The first is the product structure upgrade of physical AI sensing infrastructure. In terms of sensors, the share of sales of DTOF radar products with high gross margins increased by about 43.8% year-on-year in the first half of the year, and the revenue share increased from about 43.9% to about 69.8%, driving a steady rise in the gross margin of the business.
Second, the revenue contribution of lawnmower robots in the first half of the year was close to 38.4%. Since the gross margin of lawnmower robots is higher than that of visual perception products, the gross margins of lawnmower robots in 2024 and 2025 are 33.6% and 42.3% respectively. The corresponding gross profit contribution is about 40% to 50%, which has become the core contribution business of the company's gross profit.
In the first half of 2026, the company increased its R&D investment. During this period, R&D expenses were about 80 million yuan, an increase of about 48.5% over the previous year, and the R&D expenditure ratio was about 14.5%. Losses increased due to R&D investment, but later, with the release of R&D results, scale growth will reduce the overall cost level, thereby achieving a scale effect.
In addition, demand for overseas lawnmower robots is strong, and the company's investment in marketing and promotion of lawnmower robots increased. During the reporting period, the company's sales and marketing expenses were about 80 million yuan, an increase of about 124.1% over the previous year, mainly due to an increase in online sales commission expenses, as well as an increase in promotion and personnel expenses to enhance brand awareness and expand overseas channels. Marketing investment has proactive characteristics. As brand influence and channel resources continue to accumulate and transform, the brand effect is expected to gradually emerge, driving sales growth and opening up profit space.
The company is financially healthy and has no interest-bearing debt. After the listing and financing, cash on hand reached about 720 million yuan, which guarantees product development and market development for various “two-wheel drive” businesses.
Sensor product line positioning adjustment: low-end contraction, resource shift to high-value categories
Ledong Robotics is a technology-driven high-tech company. Since its establishment, it has locked the spatial perception circuit, has full-stack technical capabilities from lower-level sensor hardware to upper AI algorithm models, and has continuously improved the spatial intelligence full-stack platform through increased investment in R&D. The company's self-developed spatial interaction model and intelligent data platform bring greater commercial value to exploring the field of physical AI.
Based on the current commercialization business, the company's growth expectations have two main dimensions: first, the continuous upgrading of physical AI infrastructure products brings competitiveness to long-term development; second, the global market for lawnmower robots accelerates, and the second is that the growth curve continues to contribute to performance growth.
Looking at the first dimension, the company launched and commercialized the world's first consumer-grade MINI DTOF lidar. Since then, the direction of investment in the visual perception product line has been quite clear. Judging from the R&D progress revealed in the first half of the year, the focus is on categories such as binocular bionics, four-eye matrices, 3D and ultra-high-precision lidar, as well as multi-sensor fusion solutions, and customized development for specific scenarios such as humanoid robots, unmanned delivery vehicles, and intelligent lawn mowers — this is a two-sided approach to shrinking the low-end product line, all focusing resources in the direction of higher added value.
Specifically, at the solution level, the indoor scene introduced the “binocular vision+semi-solid state lidar” near-long range complementary solution, which targets traditional pain point environments such as dark light, strong light, and complex ground textures. The difficulty of multi-sensor fusion is not the performance of a single device, but the real-time alignment and trade-off of data in different modes. This is also where the perception is widening the gap between manufacturers.
Furthermore, the company's algorithms are also being iteratively upgraded. It is developing an iterative LD-SenseWorld spatial interaction model, using a cloud-based collaborative deployment architecture to promote the evolution of robot environmental perception capabilities from simple geometric representation to comprehensive scene understanding, and create a closed loop of “perception-model-data” spatial intelligence platform. The main customers for algorithm modules and sensor products are B-side, with a 100% customer retention rate. Simultaneous product line upgrades further enhance customer stickiness, and long-term high-quality growth can be expected.
Overseas channel and brand investment saw initial results, and the robot revenue side accelerated delivery
The lawnmower robot was the first robot with a vertical layout for Ledong robots, and has now grown into a core growth engine. The success of this product is no accident. The company reused the sensing, mapping, boundary recognition and intelligent obstacle avoidance capabilities accumulated over many years into intelligent mowing robot products, and completed the iteration and mass production of three generations of intelligent mowing robot products from 2024 to 2026.
The third-generation product launched in the first half of 2026 is equipped with a self-developed 360° multi-line lidar. The wiring distribution is redesigned according to the navigation and obstacle avoidance requirements of lawnmower robots. Point cloud density is preserved in key areas, and redundancy is reduced in non-critical areas to ensure sensing effects while reducing power consumption and device costs. In the self-developed mode of the whole machine, hardware cutting and algorithm adaptation can be promoted simultaneously. This is an efficiency that is difficult to replicate in external sampling mode. Based on this, the company combined RTK/nRTK and AI vision technology to launch the Holosense integrated navigation system, which increased the positioning accuracy of the mowing robot to more than 98% in various complex scenarios.
As of June, the ANTHBOT third-generation intelligent mowing robot M5 series, which had been launched for less than half a year, entered the best-selling list in the “robot lawn mower” category on Amazon in Germany. During the same period, it also ranked among the top categories in Amazon's US and French sites.
The main target users of lawnmower robots are C-side. The highlight of growth is global coverage. As of June 2026, Ledong's brand ANTHBOT products have been sold to more than 50 countries and regions, established cooperation with more than 100 channels and business partners, and entered more than 1,000 offline retail stores. The business adopted brand building and localized operation, with omni-channel coverage of online and offline networks. Overseas channels and brand building saw initial results in the first half of this year: during the reporting period, ANTHBOT won international awards such as TWICE CES 2026 Picks Awards and Trusted Reviews Best Innovation Award, and signed the world's top goalkeeper Marc ter Stegen (Marc ter Stegen) as the brand's global ambassador to continuously enhance global market coverage and brand Influence, accelerated release of overseas revenue, and laid a solid foundation for the long-term continuous growth of the robot machine business.
Moving towards a spatial intelligence platform, clearly underestimated or ushered in restoration
The goal of Ledong Robotics is to enable robots to understand the physical world and create a spatial intelligence platform. Lawnmower robots are one of the mainstream scenarios of the company's embodied intelligent layout, and the diversification of physical intelligence forms has also brought global opportunities to its diverse layout.
The Zhitong Finance App learned that physical intelligence is the mainstream form of physical AI, mainly including intelligent industrial robots, intelligent service robots, and intelligent special robots. Specific products include humanoid robots, robot dogs, and other types of robots such as mowing. As far as current commercialization is concerned, lawnmower robots are one of the mainstream forms in vertical scenarios. According to IDC data, shipments of borderless mowing robots reached 1.38,000 units in 2025, an increase of 182.4% over the previous year, surpassing traditional wire-embedded mowers for the first time. According to data estimates, if intelligent mowers completely replace traditional mowers and wire-embedded mowers, their potential market space could reach 300 billion yuan.
Furthermore, humanoid robots are currently in the early stages of exploration, but the prospects are broad. According to GGII (GGII) forecasts, the global humanoid robot market is expected to reach 15 billion US dollars by 2030, and the sales scale will grow to 605,700 units.
Ledong robots have entered the physical intelligence circuit, and the industry's growth prospects have brought broad market demand for its physical AI sensing and algorithm products. At the same time, the company lays out a complete machine brand. On the one hand, it can firmly grasp the core advantages of the supply chain ecosystem through full-stack self-research, and on the other hand, take the lead in enjoying large-scale commercialization dividends brought by physical intelligence with excellent product strength, and establish its own C-side brands and channels overseas. The value of this foundation is not limited to overseas; in terms of product, it can be extended to more categories of robot machines; in terms of market, the C-side brand operating experience and sales track record accumulated overseas also applies to the domestic market.
For example, in June of this year, the company collaborated on an innovative strategic partnership with Youjiao to build a “robot+unmanned vehicle” full-link unmanned demonstration base. In the complete machine business such as robots or unmanned vehicles, Ledong Robotics does not have to personally invest in the market, but rather achieves market coverage of embodied intelligence through the supply of key components such as sensors and algorithms. Of course, the company's financial report states that it will accelerate the commercialization of physical AI sensing platforms and physical robots through strategic investment and mergers and acquisitions. Therefore, Zhitong Finance App believes that the company will continue to invest in complete machines in the vertical field in the future, creating a third or even fourth growth curve.
As can be seen, the company has been deeply involved in the field of visual perception for many years and has already produced a data flywheel effect. According to the company's official website, robots equipped with its sensing products have accumulated over 30 million units. In addition, the lawnmower robot has been successfully commercialized, forming a positive cycle between perception data and algorithm iteration, and vertical scene layout can be achieved in various fields of physical AI.
Therefore, from a revenue perspective, the company still has plenty of room for growth in the future. However, the current investment has a proactive character. It mainly invests in R&D and overseas channel construction. It is a preliminary layout for scale expansion, rather than a recurring expenditure. As related investment gradually translates into increased shipments and revenue, the effects of cost dilution and operating leverage are expected to show, and there is room for improvement in profitability.
In the capital market, Ledong Robot was listed on the Hong Kong stock market in May of this year. After more than two months of adjustments, it bottomed out in late July, and its market value increased by more than 15%. Currently, the company's valuation is low. Based on the PS valuation of growing companies, the PS value of the segmented robot circuit, including Preferred Choice and Horizon, has reached 20 times, while the company is 16 times; from an investment banking perspective, Societe Generale Securities, for the first time, it was covered to give the company an “increase” rating of 8%, and the dynamic PS value is only 5.7 times, which is clearly undervalued; SDIC Securities is optimistic about the second growth curve of the lawnmower robot, which overflows the target price of HK$60, which is 58.8.8.over the current price.
Overall, under the two-wheel drive of the “physical AI sensing infrastructure+physical robot complete machine brand”, the revenue of Ledong robots continues to grow, revenue from sensors and algorithm modules is steady, lawnmower robots have become the second growth curve, and product structure optimization continues to drive a steady increase in gross margin. The two dimensions bring growth expectations, while moving towards a spatial intelligence platform in the long term, economies of scale can be expected. Currently, the company's valuation is low, and as performance continues to be released, the valuation will also usher in repair opportunities.