688306, the robot business accounts for less than 0.3%

【Intro】How authentic is the “robot concept” of Unisplendour Intelligent with revenue of 3.9 million yuan?

Trainee reporter Liu Mo

When Unitree Technology’s prospectus unveils the core technology behind domestic leading robots, another robot concept stock that capital once fervently favored—Unisplendour Intelligent (688306)—has also been forced to shed its halo under follow-up questions in the additional issuance review and inquiry letter, revealing the true underlying substance of its robot business.

3.9072 million yuan! This is the total revenue from all robot business that Unisplendour Intelligent has recognized cumulatively in its financial reports as of the end of the third quarter of 2025, accounting for less than 0.3% of the company’s total operating revenue. Compared with its proposed 620 million yuan robot fundraising and investment projects, as well as the market’s expectations of it as “the leading contract manufacturer of humanoid robots,” the figure appears especially thin and jarring. For a hot target that claims to be “standing on the wind,” what is its real quality?

The unresolved “star order” of 28.25 million yuan

Unisplendour Intelligent states that although the current scale of its robot business is still small, the business has strong growth momentum. As of March 6, 2026, the robot business’s orders on hand had reached 73.1726 million yuan. Among them, the cooperation with industry leader Zhiyuan Innovation (Shanghai) Technology Co., Ltd. is the most core: including contract manufacturing and enclosure customization for 1,000 G-series robots, totaling 40.0741 million yuan; there is also a 90-unit G1 product project with Yuanqi Innovation (Xiamen) Robot Co., Ltd., totaling 22.4352 million yuan. Together, the two make up 85% of the existing orders.

However, what the market truly focuses on is a large contract that has sparked speculation and remains unresolved to this day.

On July 1, 2025, Unisplendour Intelligent issued a high-profile announcement: its subsidiary, Ningbo Puzhi Future Robot Co., Ltd., signed a sales framework contract for 50 units of humanoid robots with a certain intelligent manufacturing company, with a value of 28.25 million yuan. The company said this is the “first time it has obtained a relatively large-volume order for humanoid robots,” which will have a positive impact on performance.

At the time, Puzhi Future had been established for only two months (Unisplendour Intelligent holds 85% of Ningbo Unisplendour Artificial Intelligence and Humanoid Robot Research Institute Co., Ltd., and Zhiyuan Innovation holds 15%). The market broadly speculated that the buyer was Zhiyuan Innovation, and Unisplendour Intelligent offered no comment on this. At an investor relations activity on October 16, 2025, Unisplendour Intelligent also explicitly mentioned providing assembly and testing services for products such as humanoid robots and wheeled robots for Zhiyuan Robot, further reinforcing this market expectation.

But the truth in the inquiry letter is this: the 28.25 million yuan contract has nothing to do with Zhiyuan Innovation at all. The purchaser is Suzhou Chenxuan Information Technology Co., Ltd., and the product is Harson Robot customized-version humanoid robots. The contract was signed over 8 months ago, with slow progress. The company even failed to include it in “orders on hand,” classifying it only as intention-based procurement. The previously disclosed information about the debugging of 1 prototype machine and a 356,000 yuan advance payment also does not show any later disclosure of acceptance and revenue recognition.

If even such a “benchmark order” that the market placed high hopes on remained uncompleted for a long time, how could investors believe in Unisplendour Intelligent’s competitiveness in the contract robot manufacturing field? After all, among the contract-manufacturing roster for Zhiyuan Innovation, giants such as Lens Technology, Ningbo Huaxiang, and Leading Intelligent Manufacturing have already formed joint ventures to deeply bind their operations.

The inconsistent “capacity haze” in the before-and-after accounts

More puzzling than the order details is the inconsistency in Unisplendour Intelligent’s production capacity data.

In its 2025 third-quarter report (October 25), it was disclosed that in July, the first-phase production line of Puzhi Future was formally put into operation and started; it covers an area of 2,000 square meters. Recently, the annual production capacity of this production line has been expanded from the original plan of 1,000 units to over 3,000 units, providing support for large-scale production.

But in the company’s reply to the additional issuance inquiry letter in March 2026, Unisplendour Intelligent stated that in 2025 it jointly established Puzhi Future Robot Co., Ltd. with Zhiyuan Robot to build an industrialization landing platform; it built a robot production line with an annual capacity of 1,000 units and started mass production. In 2026, it plans to expand capacity to more than 3,000 units.

One side says in the quarterly report that “capacity has been expanded to 3,000 units,” while the other side tells regulators that in 2025 it was only 1,000 units and “plans to expand in 2026.” Of the two official documents, which one is the real capacity?

Even more thought-provoking is its 620 million yuan fundraising and investment plan: after the project reaches full capacity, it will add 11,942 units of production capacity of intelligent robots and related products each year. This includes 2,000 units of the G2 series, 1,500 units of the Jervis 3.0 product, 5,000 units of contract manufacturing, as well as 3,000 units of small robots and some other products.

However, the inquiry letter shows that besides the G2 products already achieving sales and the contract manufacturing business having been carried out, products including Jervis 3.0, small robots, and general-purpose equipment robots such as those based on dual-force control robotic arms and tactile dexterous hands are all still in the development stage.

If we follow the information disclosed in the 2025 third-quarter report, the company’s existing capacity could already meet the production needs for the G2 products and some contract-manufacturing products. For products that are still under R&D, does it need to build such a large amount of new capacity in advance?

In fact, Unisplendour Intelligent’s previous fund-raising projects have been delayed or changed multiple times, and even involved leasing out some idle areas from the fundraising projects for external rental.

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Editor: Song Yafang