Kedali's revenue in the first three quarters was 14.978 billion yuan, and its robotics business is accelerating its layout

Kedali released its 2026 third-quarter report. In the first three quarters, the company achieved operating revenue of 14.978 billion yuan, a year-on-year increase of 41.25%; net profit attributable to shareholders of the listed company was 1.527 billion yuan, a year-on-year increase of 28.87%; net profit after deducting non-recurring gains and losses was 1.497 billion yuan, a year-on-year increase of 32.63%. In the third quarter alone, the company achieved operating revenue of 5.769 billion yuan, a year-on-year increase of 45.74% and a quarter-on-quarter increase of 13.88%; net profit attributable to parent company was 584 million yuan, a year-on-year increase of 40.53% and a quarter-on-quarter increase of 21.12%. Regarding the growth in operating revenue, the company stated that it was mainly due to an increase in orders and sales in the current period. Image source: screenshot of the announcement. The core structural parts business achieved both volume and profit growth, capacity construction was accelerated, and downstream demand for power batteries and energy storage batteries continued to improve. The company has deeply cultivated leading industry customers and established long-term and stable strategic cooperation with well-known global battery and vehicle manufacturing enterprises, covering domestic and international well-known manufacturers such as CATL, CALB, EVE Energy, Sunwoda, LG, Panasonic, and Samsung. The company is steadily advancing its global industrial layout, carrying out capacity deployment in multiple countries and regions including Europe, the United States, and Thailand. Domestically, the company is actively advancing the Phase IV capacity expansion projects in Jiangsu and Sichuan to expand domestic capacity scale and consolidate its leading advantage in the domestic market; overseas, its plants in Germany, Sweden, and Hungary have already been put into production, the construction of its U.S. base is proceeding in an orderly manner, and its overseas localized supporting and service capabilities continue to improve. Kedali's layout in robot components is not a single-point bet. The company has formed three product lines: rotary joints mainly based on reducers, linear joints mainly based on lead screws, and dexterous hands, covering the main value-volume nodes in the core motion control links of humanoid robots. Extending from precision manufacturing of structural parts to reducers and lead screws, the underlying capabilities have commonalities—precision machining, material understanding, and large-scale quality control—but the technical barriers and per-unit value of the products are far higher than those of battery housings. Soochow Securities believes that "the per-unit value is expected to be further increased." The company adopts a model of joint ventures and cooperation and resource integration, integrating partners' core technologies with the company's precision manufacturing and large-scale mass production advantages; at the same time, it has jointly invested with Weichuang Electric and Yinlun Co., Ltd. to establish a joint venture company specifically to expand the humanoid robot dexterous hand business. However, this business is still in the early introduction stage, and robot-related revenue is only at the level of tens of millions of yuan. The company's robot business layout is being accelerated, and it has now formed a product layout with coordinated development in three major directions: rotary joints mainly based on reducers, linear joints mainly based on lead screws, and dexterous hands. The company stated that domestic and international production and customer development work are progressing steadily. At present, the Jiangmen base is producing supporting products according to customer demand; the Thailand base is advancing equipment entry, installation, and commissioning, will gradually ramp up capacity, and will subsequently supply supporting products according to the pace of customer orders. In terms of data collection and physical AI, the company is expanding new models such as data collection around scenario development, supplementing software capabilities based on hardware advantages, and promoting the commercial closed loop of physical AI. The company established a subsidiary, Qiyun Xingchen, in which Kedali directly holds 80%. Its business scope covers artificial intelligence theory and algorithm software development, application software development, industry application system integration services, and hardware sales. Overall, Kedali takes precision structural parts for lithium batteries as its core business foundation. Its robot reducer, lead screw, and dexterous hand businesses have entered the stage of supporting production and delivery verification, and it is supplementing data collection and software capabilities through Qiyun Xingchen. Its business layout is extending from precision manufacturing to core robot components and scenario data. In the future, the company stated that it will continue to promote the release of capacity in its main business and, according to the pace of customer orders, ensure supporting supply and capacity ramp-up for its robot business. 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