The "first AI-conscious robotics stock" and global leader in commercial AI robots, Youdi Robotics (03231), is accelerating its growth trajectory beyond market expectations. The global service robotics sector is ushering in a historic moment. Youdi Robotics listed on the Main Board of the Hong Kong Stock Exchange on September 9, 2026, and released its first interim results report after listing on September 30 (for the period ended June 30, 2026). This stellar, better-than-expected earnings report not only showcased the company's hardcore strength as a global leader in commercial AI robots to international capital markets, but also declared its ambition for AI service robots to fully enter intelligent, embodied, and globally commercialized deployment through a set of explosive core data.
In the first half of the year, Youdi Robotics achieved revenue of RMB 154 million. On the hardware side, the company has formed a five-product-line matrix: You Xiaomei indoor delivery, You Xiaodi heavy-payload delivery, You Xiaoge on-demand delivery in enclosed campuses, You Xiaogu indoor-outdoor cleaning, and You Xiaofeng unmanned retail, covering a RaaS (Robotics-as-a-Service) service network across delivery, cleaning, and retail scenarios. In the first half of the year, the You Xiaogu cleaning series achieved a phenomenal +184.2% growth: the indoor-outdoor cleaning track has met its true king. Youdi not only swept through commercial spaces, but its You Xiaogu C50 also successfully won a bid for a subway station cleaning service project in a Chinese new first-tier city, locking in enormous certain incremental growth with a highly milestone-significant benchmark contract.
The You Xiaofeng retail series expanded rapidly at +58.9%: the high-value-added H8 model not only pushed up the overall average selling price (ASP) but also established an absolutely monopolistic mindshare in the terminal market. RaaS Robotics-as-a-Service continued to deliver sustained growth returns from its long-term sustainable strategy: the RaaS business recorded strong growth of 35.6%, demonstrating extremely high repurchase stickiness and commercial operational resilience among its customer base. In the magnificent global wave of AI and embodied intelligence evolution, the mediocre drift with the tide, while true leaders choose to build insurmountable moats in deep waters.
Youdi Robotics is precisely such an outstanding leader. The company's R&D expenditure in the first half of the year increased 38% year-on-year: the company ramped up technology investment in the most cutting-edge computing and hardware areas, including vision-language models (VLM), embodied intelligence applications, cloud data closed-loop systems, and robot control systems. What truly attracts global capital is Youdi Robotics' long-term AI data moat accumulated from real-world AI robot application scenarios. Youdi Robotics' core technologies: the company has established a comprehensive technology framework including vision models, robot decision-making and planning, multi-sensor fusion, localization and navigation, chassis and motion control, robot domain control systems, cloud-based vision-language models ("VLM"), cloud data closed-loop platforms, and cloud IoT device ecosystems, among other core technologies. The company has also developed applied technologies that transform these core technologies into deployable robot products and AI vision model solutions, including cloud-based operations and maintenance, wheeled robot applications, wheel-arm robots and robotic arm applications, as well as deploying AI vision models in non-robotics industries. The company's technologies operate under a cloud-edge collaborative architecture. The edge-end system performs real-time functions such as visual perception, localization, navigation, motion control, and image and video analysis, while the cloud infrastructure supports data management, model training and optimization, task coordination, remote management, and (where applicable) higher-level reasoning.
Youdi Robotics' product structure optimization and iteration means the company can avoid dependence on a single application scenario and open up broader markets. Multi-scenario large-scale operations can continuously accumulate robot operation data across different environments, feeding back into algorithm iteration and forming a positive cycle of mutual reinforcement between data and products. Notably, unlike pure hardware sales, Youdi Robotics has already built a multi-layered monetization framework. The company's RaaS business revenue grew from RMB 9.4 million in 2023 to RMB 49.9 million in 2025, a 4.3-fold increase over two years, during which gross margin significantly recovered from -122.2% to 5.1%. In the first half of 2026, the RaaS business generated revenue of RMB 26.5 million, up 35.6% year-on-year, rising to 17.2% of total revenue.
From a business logic perspective, RaaS restructures the value chain for both supply and demand sides and can generate long-term stable cash flow contributions. For customers, they no longer need to bear large capital expenditures for equipment procurement. The billing model of cleaning by work hours and delivery by order converts investment into variable operating costs, greatly lowering the threshold for robot adoption. For Youdi Robotics, it breaks free from the one-time hardware delivery revenue model, obtaining stable recurring cash flow and improving profit quality. As a robotics enterprise driven by AI as its core technology, Youdi Robotics relies on its cloud-edge collaborative architecture paired with the You Xiaoyun AI vision platform to drive efficient operation of the RaaS business model. The edge end handles real-time robot navigation and environmental perception to ensure stable on-site operations; the cloud end is responsible for multi-robot cluster scheduling, remote operations and maintenance, and data closed-loop iteration, supporting large-scale synchronous RaaS services by a large number of robots.
In the first half of 2026, the company's R&D expenditure was RMB 51.1 million, up 38% year-on-year, accounting for 33.2% of revenue. The company's R&D spending is focused on VLM cloud vision-language models, hardware iteration, and computing power investment, continuously solidifying the technological foundation for this business model's expansion. Looking at the industry, according to Frost & Sullivan data, the domestic commercial service robot penetration rate is currently only 2.9% — this is a trillion-yuan massive market, with a compound growth rate of 25.9% from 2025 to 2030. In the context of Hong Kong stock valuations, the long-term stable subscription-based RaaS Robotics-as-a-Service model has the potential logic for obtaining valuation premiums, which is also the core investment highlight for the market's attention to the company's business structure transformation.
Chinese technology, globally leading. As a global leader in commercial AI robots, after its Hong Kong IPO, Youdi Robotics' ambition is no longer limited to the Chinese market. Leveraging its market position and operational experience in China, the company plans to expand internationally through indoor and outdoor robot products and solutions, truly representing Chinese intelligent manufacturing at the pinnacle of the global value chain. Current expansion target markets include Thailand, Japan, and South Korea, while the company has also begun market development activities in selected potential markets in Europe, North America, and several Southeast Asian countries including Malaysia and Singapore, and will evaluate the pace of expansion based on market conditions, certification progress, and customer demand. Where appropriate, the company may further strengthen local sales and marketing capabilities and participate in industry exhibitions and professional forums.
Looking ahead, Youdi Robotics plans to continue expanding diverse application scenarios such as residential and public spaces, deepening R&D in embodied intelligence technologies including VLM and robotic arms; leveraging its existing certification foundation to advance into Japanese and Korean overseas markets, while pursuing industrial strategic cooperation opportunities as appropriate. Under the major trend of service industry automation transformation, with the improvement of its product matrix and continuous advancement of the RaaS model, the company's medium-to-long-term growth is worthy of market attention. The global commercial AI robot industry market is accelerating toward a massive scale of trillions. As a globally leading listed commercial AI robot enterprise, Youdi Robotics — with its highly fortified AI technology and AI real-scenario data closed loop, sustained and steady overseas expansion, and long-term patient support from top-tier capital — has already obtained its ticket to the throne of a hundred-billion market capitalization in future embodied intelligence. Youdi Robotics' better-than-expected interim report in 2026 is precisely the prologue of this AI technology aircraft carrier sailing at full speed toward the future.