Robots are a publicly-traded company: who's got it, how's got it?

What has a profitable business done right?

High-tech robotics reviewing the earnings report found that the companies with the highest net earnings in the first half of this year, although the efforts vary, share a common path.

It sounds counterintuitive that the industry is taking a share and you're shrinking?

Aston's domestic revenue dropped 8.82%, but the gross margin rose 4.17 percentage points. The reason was that it was actively squeezing its low gross margin business. Its financial statements were very straightforward: Liu was actively optimizing its customer structure and business structure, orderly squeezing down its gross business share. The result was that while revenues grew by only 1.14%, the deduction of non-net profit increased by 498%. The gross margin increased from 27.6% to 31.8%, so the flexibility of profits released in manufacturing was noticeable.

For example, TOSTA's share of its Intelligent Energy and Environmental Management Systems business decreased by 79.61% in comparison. The sector had a low gross margin, a large share, and after the cuts, revenues from industrial robots and automated application systems grew by 121.62% and total net income grew by 262.99%. Total revenue on account grew by only 18.61% but the profit structure completely changed.

This is not a new phenomenon, but data once again confirm that profits in overseas markets are indeed higher than domestic ones.

Overseas revenues accounted for more than 75%, gross overseas profit rate 46.2%. Domestic gross domestic profit rate 16.75% and 32.95% overseas, doubled. Estonian overseas revenue grew by 25.06% while domestic revenue declined.

First, overseas customers are less sensitive to prices, they value product performance and stability more, and domestic robots do not need to fight prices. Second, the door to overseas business naturally filters out a large number of companies that can only sell low-priced robots, leaving players with the right to offer prices.

Aston's earnings report detailed: Supply Chain Optimization and R&D Design, Improvement of Raw Materials Domestic Replacement, Implementation of Manufacturing Excellence Management. Each of the articles was a work in progress, but combined, the gross interest rate increased by more than 4%. Efter cited strategies for continuous improvement of the domestic production rate of aluminum core components, the autonomy rate of aluminum.

Currently, the robotics industry is moving from competing at the homogeneous price to competing at the differentiated value of silicon, and companies are no longer pursuing large-scale and full-scale differentiation paths, but selecting specifically and refined differentiation paths based on their own genes. For example, Aston, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, Nassau, and Nassau.

What these companies have in common is that they are the leaders in a segment, have the right to price or bid. When the industry is in the doldrums, whoever sells six-axis robots, whoever is in the mud of the price frenzy, focus on a certain process link, a certain industry scenario, and instead can live more comfortably.

From the two indicators of cash flow and gross margin, the signals are positive. Aston's net operating cash flow grew by 137%, and Toastada's operating cash flow grew by 238%.

According to the financial statements, robotic enterprises are generally talking in two directions: physical intelligence and globalization. The difference is that some people have already received orders and others are still planning.

First of all, I want to talk about physical intelligence.

In the first half of 2026, a key change in the body-smart industry is that it will shift from crankshaft to hydrogen-powered crankshaft. The Ministry of Industry and Finance and the National Finance Commission have launched a real-world training campaign, a standard system is also being established, and the industry is moving from demonstration to real-world deployment.

Some companies have achieved large-scale revenue or bulk deliveries.

Ubisoft's human-robot revenue has surpassed its traditional educational robotics business by $590 million, an increase of 1,445 percent, sales of 921 units, and an increase of 47 percent. The Walker S series is the primary source of revenue for industrial deployments, the Cruzr Y1 for manufacturing and warehousing, and the C1 for commercial services. All three scenarios have products, orders and deliveries.

In the first half of the year, it generated 139 million yuan in revenue from its smart robot business, accounting for 34% of total revenues, and sales surpassed 5,600 units. Many companies have adopted or converted the smart robot for research and development and product iteration. The advantage of this model is that it does not do business with automation plants, but is their supplier. The power control arm is standard hardware, which can be mass-produced, mass-exported, and business models are lighter and more predictable than the whole machine.

Vietnam's smart business revenue is about 45 million yuan, which is more than 20 times the growth rate, with a cumulative expansion of 231 customers and nearly 100 industrial manufacturing customers.

In terms of human robots, it's not the same way: it's been on top of the laundry terminal park for more than two months, locking more than 100,000 screws. This is not a pilot, it's a normalization deployment. It's more than 95% success rate in tasks like home towel folding, tableware collection, etc. The home appliance giant's advantage is that there are no scenes, no factories, machines can make use of places, and data comes back immediately.

In the first half of the year, Tostada's industrial robot and automation application system business revenue grew by 121.62%, an industrial robot signing unit volume of about 6,800 units and a shipment volume of about 5,500 units. Among them, the self-produced multi-connected robot revenue grew by 22.21% and the ticketing volume grew by 42.29% respectively. In terms of physically intelligent robots, its humanoid robot, "Tostada is China's first physically intelligent robot to be used in plastic scenes, and the four-star robot, "Starfoot", can also perform tasks in different application scenarios, including autonomous touring and specialized work in complex environments.

There are also some companies that already have a scene verification or POC, but it has not yet been scaled.

GE's Gino1 has partnered with several of the Forbes World's 500 Best Companies to ship more than 100,000 units over the next three years. GE's difference is that it has more than 1,000 inventory customers worldwide, a deployment base of more than 80,000 AMRs, and humanoid robots that can run data and generation models directly from customers' real warehouses.

In the financial statements, Aston, Huawei Technology, New Wave, and others also specified the strategic direction of physical intelligence.

To some extent, the competition for physical intelligence has passed the stage of who releases the first batch and who delivers the first batch. The sales of 921 units, the shipment of 5,600 units of lithium-ion power control arms, the installation of 100,000 screws at the factory in America's Merrimack U. These figures are more convincing than any strategic announcement.

It's about globalization.

Looking at globalization, you can't just look at the absence of overseas income, you look at the share of overseas income and the gross overseas interest rate.

Overseas revenues accounted for more than 75%, gross interest rate was 46.2%, covering more than 40 countries. Estonia's overseas revenues accounted for 36.3%, the European market grew by 25.06%, and 75 global service internet sites.

The gap between the gross domestic product (GDP) and the gross domestic product (GDP) is repeated in the financial statements. In particular, in the New Age, the gross domestic product (GDP) is 16.75% and the gross domestic product (GDP) is 32.95% and the gross domestic product (GDP) is twice the gross domestic product (GDP).

To judge whether a company is a real offshore or a fake move, two indicators are enough: the share of revenue overseas and the gross margin overseas. Both indicators are high at the same time, which is real offshore, product power and brand strength recognized by overseas customers. Only the share without gross margin, which is a low price exchange market, it is difficult to go far. Especially companies with a gross margin of less than 15%, in the long run it is difficult to have the ability to continue investing in R&D and globalization.

In this round of profits, companies that make money are doing the same thing - from selling real estate to selling solutions, selling services, selling overseas premiums. Aston's E-Noesis and E-care platforms are doing after-sales services, orders for subscription services are up more than 75 percent, and Silicon Valley is launching an open platform and developer ecosystem.

The logic of competition has changed. The next stage is no longer about who has the biggest shipments, but who can be rooted in the segregated industry, who can be established overseas, who can turn physical intelligence from a conference into a smart device in a factory.

(Note: Data cited in the text are from the financial statements of publicly traded companies of various robots; the cover is an AI distribution chart.)