Recent media reports indicate that Zhiyuan Lingxi X2 robots have appeared at several offline stores of Aishida Co.,Ltd. (002403.SZ), launching a three-day livestream shopping guide activity.
The secondary market's reaction was far more volatile than the robots in the stores. On September 6, the company issued an abnormal trading announcement after its closing price deviation accumulated over 20% for two consecutive trading days, and then issued another announcement after its cumulative decline deviation exceeded 20% for three consecutive trading days. Nevertheless, from September 1 to September 30, Aishida's stock price still rose 9.53% during the period.
Aishida began laying out its presence in the humanoid robot sector this year and signed a comprehensive strategic cooperation agreement with Zhiyuan Innovation in July. However, while concept enthusiasm heats up, the company's financial data presents a different picture: as of September 6 this year, the company's embodied intelligent robot business had generated only 137,200 yuan in revenue, contributing negligibly to overall revenue. Against the backdrop of still being in a state of significant loss in the first half of the year, Aishida's transformation narrative is facing a reality check.
Embodied Intelligence Revenue Falls Short of 200,000 Yuan
Data shows that from the beginning of this year to the end of September, Aishida's stock price declined 19.59% during the period. However, looking solely at September's stock performance, a notable rebound occurred due to heightened interest in the humanoid robot concept.
Specifically, on September 3 and September 4, Aishida's closing price deviation accumulated over 20% for two consecutive trading days, constituting abnormal stock trading fluctuations. On September 4, Aishida closed at the daily limit of 11.28 yuan. However, the stock price subsequently fell continuously starting September 9, closing down 9.08% at 12.41 yuan that day; on September 10, it continued to fall 5.72% to 11.70 yuan; and on September 11, it further hit the daily limit down, closing at 10.53 yuan. Due to the cumulative closing price decline deviation exceeding 20% for three consecutive trading days, Aishida issued another abnormal stock price fluctuation announcement on the evening of September 11.
The sharp stock price fluctuations stem from Aishida being labeled as an "embodied intelligence concept stock." Aishida officially entered the humanoid robot business this year. In July, the company signed a comprehensive strategic cooperation agreement with Zhiyuan Innovation. In the future, Zhiyuan will open its quadruped robot supply chain supporting channel to Aishida, export the corresponding embodied intelligence technology system, and help Aishida build a localized service team. The company also stated in its semi-annual report that it will work with partners to advance business layout in directions such as robot manufacturing, deployment system construction, and embodied intelligence scenario development.
However, in the announcement released on September 6, Aishida admitted that the embodied intelligent robot cooperation project is a newly developed business for the company, still in its infancy, and the sales revenue already generated is still low, at only 137,200 yuan, with uncertainties existing in technology iteration, project implementation, and commercialization. This revenue volume is almost negligible compared to Aishida's first-half revenue scale of 1.351 billion yuan. The company also stated that it expects this business will not have a significant impact on the company's financial condition and operating results for this year.
If we shift our gaze from robot livestreaming back to the financial statements, Aishida's true situation is not optimistic. In the first half of this year, the company's revenue grew 6.38% year-on-year, but net profit attributable to shareholders showed a loss of 93.4142 million yuan, compared to a positive net profit of 2.7955 million yuan in the same period last year. More noteworthy is the non-GAAP caliber. During the reporting period, the company's non-GAAP net profit attributable to shareholders showed a loss of up to 104 million yuan. Extending the timeline, from 2020 to 2025, Aishida has recorded non-GAAP net profit losses for six consecutive years, with cumulative losses exceeding 1 billion yuan.
Industrial Robot Company Already Insolvent
Behind the consecutive non-GAAP losses are two main lines under simultaneous pressure. Aishida's products cover cookware, small home appliances, and industrial robots, and the company adopts a parallel domestic and export sales model, with some cookware and small home appliance products exported overseas. However, external factors such as the international inventory cycle, global economic conditions, and U.S. tariffs have caused the export business to fluctuate significantly across different years, which has also become one of the important triggers for the company's significant revenue and profit volatility.
For example, in 2022, affected by the global economic situation, overseas orders decreased, causing the company's export revenue to drop sharply by 23.26% year-on-year to 1.381 billion yuan, affecting overall profits. In 2023, affected by the international market inventory cycle, the number of export business orders decreased, causing export revenue to continue shrinking, down 30.61% year-on-year to 958 million yuan. In 2025, affected by U.S. tariff fluctuations, some orders were delayed or canceled, causing export revenue to decline 18.27% year-on-year, directly affecting overall profits.
In the first half of this year, export revenue as a proportion of total revenue fell from 40.96% in the same period last year to 32.95%, and the revenue scale also declined 14.41% year-on-year. The company stated that the recovery speed of the export business fell short of expectations, and increased exchange losses due to the appreciation of the renminbi against the U.S. dollar were among the main reasons affecting the first-half performance decline. Under the combination of multiple factors, the company's cookware and appliance export business achieved revenue of 440 million yuan during the reporting period, down 13.08% year-on-year, and recorded a phased loss.
It is not difficult to see that since exports are an important source of revenue for Aishida, once orders contract, both the revenue side and the profit side will come under pressure simultaneously. In addition, the cookware industry itself has limited technical barriers, fierce price competition, and inherently thin gross margins, so the impact of export fluctuations will be further amplified.
In 2016, Aishida entered the industrial robot sector by acquiring Qianjiang Robot. Since then, the company has successively invested in robot bodies, controllers, reducers, software systems, and the digital construction of robot smart factories. However, from 2022 to 2025, the subsidiary Qianjiang Robot continued to lose money, with cumulative losses of approximately 239 million yuan. At the same time, the company made inventory impairment and goodwill impairment provisions for the industrial robot segment, further amplifying pressure on the profit side.
In the first half of this year, the company's industrial robot segment achieved revenue of 165 million yuan, up 23.02% year-on-year. However, affected by continued fierce market competition and temporarily low gross margins in some newly entered business areas, the gross margin of the industrial robot business fell to 16.22%. Qianjiang Robot continued to lose 27.601 million yuan in the first half of the year, and its net assets during the same period were -269 million yuan, already showing insolvency.
The heat of a concept must ultimately return to the scale of performance. Persistent non-GAAP losses and continued pressure on both the export and industrial robot fronts constitute the realistic backdrop of Aishida's transformation narrative. The embodied intelligence story has just begun, but the time left for the company to validate its "second curve" may not be ample.