The Zhitong Finance App learned that Great Wall Securities released a research report saying that it covered Xiangong Intelligence (06106) for the first time and gave it an “increase” rating, predicting that in 2026-2028 the company's operating income would be 6.72/9.40/1,251 billion yuan, respectively, the net profit to the mother would be -0.39/0.00/0.73 billion yuan, and EPS would be -0.36/0.00/0.66 yuan/share, respectively. The corresponding PS was 8.6/6.2/4.6 times. The company is deeply involved in the robot circuit and is expected to benefit from the continuation of the Chinese robot market Expanding, the bank is optimistic about the scarcity and platform attributes of the company's general robot operating systems and AI brains.
The main views of Great Wall Securities are as follows:
A scarce platform-based leader in the global robot controller field
The company uses self-developed robot brains as the core to build a “controller+software+robot” one-stop platform; according to the company's prospectus, the company ranked 7th in the global industrial intelligent robot market and 3rd in the domestic industrial intelligent robot market, with corresponding market shares of 1.1% and 2.5% in China. According to statistics on the shipment volume of industrial intelligent robots equipped with the company's controllers, the company ranking rose to second place in the world and second in China in 2025, with a global and domestic market share of 7.7% and 14.6% respectively; in terms of robot controller sales alone, the company topped the global and domestic markets in 2025, with market shares reaching 24.8% and 45.2% respectively, and the controller sector has built a strong leading edge.
Revenue continues to grow rapidly, and the company's profit inflection point is getting closer
At the revenue level, the company's revenue increased from 184 million yuan to 442 million yuan in 2022 and 2025, maintaining a rapid growth trend of more than 30% for three consecutive years. On the profit side, net profit returned to mother in 2025 was 47 million yuan. According to the company's 2026 semi-annual report, the company's losses continued to narrow during the reporting period, with the current loss of 37.9 million yuan recorded by shareholders vested in equity, 25.1% narrower than 50.6 million yuan in the same period last year. After adjustments, non-international standard net losses fell back to 11 million yuan, a year-on-year decrease of 50.1%; gross margin increased from 45.4% to 46.6%, and product profit levels steadily increased. The basic loss per share narrowed from 0.53 yuan to 0.38 yuan.
The company has a forward-looking layout of smart tracks with card slots, which is expected to open up a second growth curve
In terms of technology cards, the SRC5000 launched by the company is the world's first integrated physical intelligent controller, successfully overcoming the technical difficulties of hand-eye and foot collaborative control, and has built a complete technical architecture integrating perception and decision-making execution. In terms of product layout, the company launched a full-body intelligent robot series equipped with SRC-5000 in 2025, and a humanoid robot X1-PRO (wheeled omnidirectional chassis, can be bent at 45°) and robot dog. In May 2025, the dedicated chassis C1-D and AI delivery robot for humanoid robots was released The P300 forms a complete layout of “emblematic brain+body”; on the data barrier, according to the company's official website, the company has accumulated more than 500,000 hours of multi-modal real machine data, relying on the installed scale of more than 50,000 controllers.
Risk warning: Industry sentiment falls short of expected risk; risk of business structure optimization falling short of expectations; risk of technology iteration; risk of market expansion falling short of expectations.