The Zhitong Finance App learned that on August 27, Woan Robot (06600) released its financial report for the first half of 2026, achieving revenue of 522 million yuan, an increase of 31.8% over the previous year. It is worth noting that the simultaneous revenue volume of the three new humanoid family robot Onero H1, the motion robot AceMate, and the companion robot Kata Friends contributed 65.4% of the revenue growth of AI embodied home robot system products, which became an important driving force for the company's revenue growth, indicating that the new personalized smart products are entering the commercial implementation stage at an accelerated pace.
In fact, the Reclining Robot is a pioneer in the “one-brain polymorphic” architecture. With its self-developed brain OneModel as the core, it continues to promote the commercialization of embedded intelligent technology, achieve efficient reuse and continuous evolution of intelligent capabilities, and create multiple growth points.
First, the company built a core technical barrier around the “model+ontology+data” architecture, which is the technical foundation for exploring commercialization of embodied intelligent scenarios and creating multiple growth curves.
On the model side, the company released OneModel 1.7 FrontoStria-RL in May of this year to further open up world understanding, task planning, skill scheduling, action execution and actual deployment feedback, and promote the sharing of unified model capabilities among different robot entities through reinforcement learning and reuse of successful experiences. On the robot side, the company adheres to “algorithm-defined hardware” and deeply integrates AI vision, decision control, and robots to improve operation accuracy, generalization capabilities and reliability in complex environments while reducing dependence on high-cost sensors. Relevant capabilities have been applied to the humanoid family robot onero H1 and supported its commercial delivery. On the data side, the company relies on a self-developed intelligent training center and self-developed collection equipment to build a multi-level data collection system such as first-perspective, UMI portable collection, and remote operation of real machines, to continuously flow the robot's operation data and execution feedback back to OneModel, gradually forming a closed technical loop where “model - body - data - scene” mutually reinforces each other.
Second, the company has built a multi-product collaboration system with the family scenario as the core. Through independent R&D, strategic investment, and mergers and acquisitions, the company continues to expand diverse application scenarios such as family services, sports and health, and intelligent companionship, and accelerates the evolution to a platform-based personalized intelligent ecosystem.
Lian'an continues to expand high-value scenarios. In terms of family services, Woan won the bid for the first embedded intelligent data infrastructure project in Shenzhen, with a bid amount of 449.532 million yuan, which is currently the largest order for the personalized smart home scenario. In August 58, he formally signed a strategic cooperation framework agreement with the same city to explore life service scenarios and continuously enrich scenario-side commercialization opportunities. In terms of sports and health, Acemate helped launch the world's first robotic tennis training ground, and has covered more than 1,100 standard tennis courts in cities such as Beijing, Shenzhen, Shanghai and Guangzhou, and has entered scenes such as stadiums, schools, clubs, and professional events. In terms of intelligent companionship, the company cooperated with Shanghai Children's Medical Center to explore the application of KATA Friends in non-diagnostic treatment scenarios such as child health science popularization and emotional relief, and further expand the application boundaries of physical intelligence.
At the same time, the company focuses on the “sleeping safety chain”, focusing on terminal actuators, end-side AI computing, real-world data, model training and global channels. It has successively invested in many robot industry chain enterprises such as Huiling Technology, Advance Time and Space, and continues to promote the acquisition of Nanoleaf to enhance robot execution, calculation, data and overseas channel capabilities, and provide support for OneModel iteration, multi-form product development and global commercialization.
Notably, the global revenue structure for sleeping robots in the first half of 2026 was more diversified. During the reporting period, Asia, Europe and North America were the company's main markets. Among them, the European and North American markets had the most outstanding growth. Revenue increased by 97.5% and 85.7% year on year, respectively, and revenue from the Asian market also increased 6.6% year on year. With the rapid growth of the European and North American markets, the combined revenue share of the two increased from 28.8% in the same period last year to 42.1%, while the share of revenue in the Asian market fell from 70.9% to 57.4%.
In the first half of 2026, Reclining Robot achieved gross profit of 263 million yuan, an increase of 22.5% over the previous year. While revenue and gross profit continued to grow, Woan Robots' gross margin in the first half of the year was 50.4%, down 3.8 percentage points from the same period last year, mainly affected by the weakening exchange rate of major settlement currencies such as yen and US dollar against RMB.
Affected by exchange rate fluctuations and increased investment in forward-looking R&D, the company recorded a loss of approximately RMB 38.29 million during the period. Among them, the net exchange loss was about $42.73 million, mostly due to exchange rate conversion effects generated by Hong Kong dollar bank deposits formed from raised funds. By the end of June 2026, the total cash and bank balances and structured deposits of Woan Robot was about 1.6 billion yuan. Sufficient liquidity provided strong support for continued R&D investment and business expansion.
Technological innovation is the core driving force for the development of the robot business, and the company continues to increase investment in personalized intelligence research and development. In the first half of the year, the company's R&D expenditure reached 102 million yuan, a sharp increase of 73.3% over the previous year; R&D investment intensity rose to 19.5%, up 4.7 percentage points year on year, focusing on OneModel model training, and further increasing investment in AI computing power, data collection resources and R&D teams to continue to consolidate the “One Brain Polymorphic” technology foundation, strengthen the core capabilities of personalized intelligence, and fuel new product iteration and commercialization. The company's technical strength and product innovation ability have also been recognized by professional organizations. It was selected as LeaderRobot's 2026 Top 50 Smart Enterprise List, and was awarded the LeaderRobot “Humanoid Robot Commercial Implementation Pioneer Award” and the 12th Chapek Award “Annual Technological Innovation Product Award”.
With its strong fundamentals, CICC has gained more interest from investment banks. Among them, CICC Research reports that CICC Research reports that it is a representative enterprise of household AI robots. It focuses heavily on home scenarios, increases investment in the main body, data, and models, and gives it a “outperforming industry” rating and a target price of HK$140.0. The current price is HK$57.65, with a premium space of 142.8%. Huatai Securities, in its first coverage report released in June of this year, positioned the company as a “pioneer in implementing smart home-use smart scenarios”, believing that the three growth curves are expected to resonate. Closed technology loops and real home scenario data accumulation will provide important support for the commercialization and long-term growth of new products, and give a “buy” rating and a target price of HK$142.50.
As the world's first AI-enabled home robotics technology company, Woan Robotics has been listed for less than eight months now. It has been included in industry theme indices such as the Hang Seng Hong Kong-US Robotics Theme Index, the CSIC Hong Kong-Hong Kong Stock Connect Robotics Theme Index, the Solactive Global Humanoid Robot Index, Indxx Global Robotics and Artificial Intelligence Theme Index, and will soon be upgraded from the Hang Seng Composite Small Cap Index to the Hang Seng Composite Mid-Cap Index. The index coverage level and market investability have been further improved.
Overall, the first half of 2026 is an important stage in which the intelligent business of sleeping robots accelerates into large-scale commercial realization. The three new products were launched simultaneously, the “model-ontology-data-scenario” technology continued to be improved in a closed loop, applications such as family services, sports health, and intelligent companionship were implemented at an accelerated pace, and industrial chain collaboration and global market layout continued to deepen. As OneModel continues to iterate, the scale of new product delivery expands, and more scenarios are replicated, Reclining Robot is expected to further unleash platform-based synergies, drive technological advantages into a driving force for continuous growth, and open up long-term growth space for intelligent commercialization.