After entering embodied intelligence, it turned from profit to loss. How will the story of Swancor Advanced Materials unfold next?

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Author | Huang Yu

After being acquired by Zhiyuan Robotics and its core executives, Shangwei New Materials became the "hot commodity," but as expected, it entered a period of performance pain.

On April 29, Shangwei New Materials released its Q1 2026 financial report. The report shows that its operating income for the quarter was about 418 million yuan, an increase of 13.23% year-on-year; the net profit attributable to the parent was a loss of 41.07 million yuan, a year-on-year decrease of 282.12%, turning from profit to loss.

For comparison, in 2024, Shangwei New Materials had an operating income of 1.494 billion yuan and a net profit attributable to the parent of 88.68 million yuan; in 2025, its operating income was 1.797 billion yuan, an increase of 20.29% year-on-year, and its net profit attributable to the parent was 41.08 million yuan, a decrease of 53.67% year-on-year.

After being labeled as the "Zhiyuan System," Shangwei New Materials was once considered a target for Zhiyuan Robotics to achieve backdoor listing. Although Zhiyuan later clarified that there were no plans to achieve backdoor listing through Shangwei New Materials in the next three years, Shangwei New Materials quickly decided to independently carry out embodied intelligence business.

Zhiyuan Robotics co-founder and current CTO Peng Zhihui ("Zhihui Jun"), who was appointed Chairman of Shangwei New Materials, also announced at the end of 2025 that Shangwei New Materials would enter the personal robotics track under the "Shangwei Qiyuan" brand, and launched the world's first full-body force-controlled small humanoid robot "Qiyuan Q1".

Shangwei New Materials was listed on the STAR Market in 2020, previously focusing on R&D, production, and sales of new materials. The main business covers environmentally friendly high-performance corrosion-resistant materials, materials for wind turbine blades, new composite materials, and circular economy materials.

Entering the embodied intelligence track, which requires large investment and long commercial returns, directly impacts the profit of Shangwei New Materials.

This is already reflected in the financial report. The report shows that in 2025, Shangwei New Materials’ net profit attributable to the parent decreased mainly because of actively exploring new business in consumer-grade embodied intelligent robots, resulting in an increase in R&D investment of 21.24 million yuan.

By Q1 2026, Shangwei New Materials’ investment in embodied intelligence increased significantly, with R&D investment for the period at 37.78 million yuan, an increase of 504.37% year-on-year.

Another less optimistic point is that due to rising shipping costs, price fluctuations of some raw materials, and industry competition, the gross profit margin of sales of some products from the original main business of Shangwei New Materials decreased compared to the same period last year.

Continuing to bet on embodied intelligence has become the new story for Shangwei New Materials in the future.

Shangwei New Materials revealed that, focusing on personal and household scenarios, it mainly features small-sized robots with full-body force control, flexible impedance control, multi-modal interaction and other core characteristics.

However, its embodied intelligent robots are still in product development, not yet mass-produced or sold at scale; the related business has not yet generated revenue or profit, and subsequent large investments are still needed.

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