Kaierda profit jumps tenfold as robot sales scale up, but cash flow turns negative
First-half profit surges over tenfold on recovering demand Kaierda guided for first-half 2026 net profit of 26.2-30.5 million yuan, up roughly 1,000-1,190% from a year earlier. The company credits recovering downstream demand, stronger product competitiveness and lower share-based payment costs — a real earnings turnaround that supports the stock.
This is the first hard signal of a profit turnaround and the root cause of the period's move.
Interim report confirms robot business is now the growth engine First-half revenue rose 34.7% to 425 million yuan and net profit hit 28.3 million yuan, up 1,095%. Industrial robot revenue grew 39% to 302 million yuan, over 70% of sales, with robot units sold up 42.8% — showing the shift from welding equipment to robots is working.
It confirms the profit surge is driven by real volume growth in the core robot business, not one-off items.
Operating cash flow swings to a loss as receivables balloon Despite the profit jump, operating cash flow turned negative at about -5.6 million yuan, down 151% year on year, and receivables rose 93.6%. Cash paid to suppliers grew faster than cash collected from customers, a warning that reported profit is not yet turning into cash.
This is the main counterweight: strong headline profit but deteriorating cash collection and working capital.
Strong earnings stand out on STAR Market, but stock lags peers Kaierda was among the STAR Market's top first-half profit growers, yet its shares had fallen 34.2% this year even as high-growth peers averaged a 60.9% gain. The gap suggests investors doubt the durability of the rebound, or are waiting for cash flow and competition risks to ease.
It frames how the market is actually pricing the earnings beat versus its risks.