Profit Time Forecast Analysis of Swancor Advanced Materials' Zhiyuan Robot Business

Based on the information I collected, the analysis of the profit time of Swancor Advanced Materials’ (688585.SS) robot business is as follows:

Swancor Advanced Materials Co., Ltd. is a specialty chemical company. In 2024, it helped Zhiyuan Robot complete its listing on the STAR Market via a backdoor listing [1]. Zhiyuan Robot was founded by ex-“Huawei Genius Youth” Zhi Huijun and is a leading company in China’s humanoid robot field.

• March 2025
  : Zhiyuan Robot will release its first general embodied base large model GO-1, using the ViLLA architecture. Its success rate in complex tasks is 32% higher than the current optimal model [2]
• Technical Advantages
  : Strong few-shot generalization ability; success rate in messy table organizing tasks is 78% (traditional models only 46%). It has data flywheel evolution capability, with monthly performance improvement of 5%-8% [2]

• December 22, 2025
  : Will host the National Robot Leasing Ecosystem Summit, launch the leasing platform “Qingtian Zu”, and adopt the “Robot-as-a-Service” business model [3]
• Supply Chain Cooperation
  : Reached a cooperation with Zhongjie Auto to expand the supply chain [3]
• Key Project
  : Zhiyuan and Unitree Technology jointly won the 2025-2027 humanoid biped robot OEM service procurement project from China Mobile (Hangzhou) Information Technology [1]

• The global humanoid robot market size is expected to reach $51.38 billion in 2029, with a CAGR of 57% from 2023 to 2029 [1]

Indicator	Value
Market Capitalization	$51.38 billion
Stock Price (6-month gain)	+1537.15%
P/E Ratio	610.30x
Net Profit Margin	5.03%
Operating Profit Margin	6.09%

According to industry analysis and the company’s development rhythm, the profit contribution timeline of Zhiyuan Robot’s business may be as follows:

:

• Still in the stage of technology and product verification
• The launch of the leasing model helps lower customer procurement thresholds and establish a revenue base
• Expected to generate small-scale revenue mainly, which is difficult to cover R&D investment

:

• With improved technology maturity and large-scale production, costs are expected to decrease
• Applications in industrial manufacturing (3C, automotive manufacturing) are expected to expand
• May start approaching the break-even point

:

• If the technology route is verified successfully, large-scale profitability is expected
• The increase in market penetration will determine the profit contribution magnitude

1. Technical Risk
   : Commercialization of humanoid robots still faces challenges in technology maturity
2. Competition Risk
   : Fierce competition with Tesla, Figure AI, Unitree Technology, etc.
3. Valuation Risk
   : Current P/E ratio reaches 610x, and the stock price has already discounted future expectations
4. Time Uncertainty
   : The industry is still in the early stage, and the profit contribution time is difficult to predict accurately

Swancor Advanced Materials’ robot business (Zhiyuan Robot) is currently still in the investment phase,

[4]. The company is in the stage of technology and business model verification, and the launch of the leasing model shows that it is exploring a more pragmatic commercialization path. Investors need to pay attention to the subsequent speed of technological iteration, order acquisition status, and progress in large-scale production.

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[1] Yahoo Finance - Joyson Electronics Seeks Hong Kong Listing to Boost Valuation; Robot Business Remains Key (https://hk.finance.yahoo.com/news/均勝電子謀港上市提升估值還看機械人-000000364.html)

[2] Zhihu - Zhiyuan Robot Releases First General Embodied Base Large Model GO-1 (https://www.zhihu.com/question/14557086222)

[3] Zhihu - Any Experts Can Talk About Zhiyuan Robot? (https://www.zhihu.com/question/1966655355196011231)

[4] Jinling AI Comprehensive Analysis