Investors valuing Lingyi iTech as a humanoid robot supplier cannot yet size that business from its filings; a separate robotics figure in its 2026 annual report would change that.
Lingyi iTech, the Shenzhen-listed Apple supplier that added a Hong Kong listing in June, pitched investors on humanoid robots, AI servers and smart glasses. Four months on, its filings still do not show how much money robots bring in. An analysis by the Chinese outlet Yunyingshang Caijing (运营商财经网), republished by Sina Tech on October 18, says the prospectus does not report humanoid robots or liquid cooling as separate revenue segments, and that their contribution to sales is small.
The same analysis says regulators raised the point during the review of the listing. According to the outlet, they noted that the prospectus leaned heavily on AI hardware, liquid cooling and humanoid robot parts while new businesses made up a low share of revenue. They also asked the company to separate firm orders from intended ones and to say whether the new businesses amounted to concept packaging.
Lingyi’s answer, as reported by Yunyingshang Caijing, was that it holds sample and small-batch orders from leading customers, and that the Hong Kong proceeds are aimed at new-business capacity so that their share of revenue can rise over time. Its interim results, published at the end of August, show progress on that plan but still fold robot sales into a wider line item.
The Hong Kong offering was built around new businesses
Lingyi priced its Hong Kong shares at HK$10.18, the top of the marketed range, and raised about HK$8.3 billion, Reuters reported in a story carried by The Standard. The shares opened at HK$10.80 on June 26 and climbed as high as HK$11.80 before closing at HK$9.71, 4.6% below the offer price, on a day the Hang Seng TECH Index fell 3.4%. The company said part of the money would expand production for AI servers, humanoid robot hardware and AI optical communication equipment.
Ahead of the deal, the South China Morning Post described the listing as an effort by Lingyi and founder Zeng Fangqin to diversify beyond a maturing smartphone market, with cornerstone investors including GF Fund, Sunny Optical Capital and Honor. According to Yunyingshang Caijing, the prospectus allocated 37.6% of the roughly HK$8.152 billion in net proceeds to capacity upgrades and core production processes, and 30% to strategic investments and acquisitions, including possible deals in humanoid robots.
The company has set out concrete steps. Yunyingshang Caijing lists a RMB875 million purchase of a 35% stake in liquid-cooling supplier Readore (立敏达) in January 2026, batch deliveries of 159 core metal structural parts for Honor’s "Lightning" robot, and a Beijing plant that rolled out its first humanoid robots in April. TechRepublic reported a plan to lift annual robot output from 10,000 units in 2026 to 500,000 by 2030, with a stated goal of ranking among the world’s top three suppliers of embodied AI hardware.
Interim figures show growth in the segment that contains robots
Lingyi’s first-half report, filed with the Shenzhen Stock Exchange, shows revenue of RMB25.15 billion for the six months to June 30, up 6.45% from a year earlier. Net profit attributable to shareholders fell 17.88% to RMB764 million, and profit excluding one-off items fell 35.83% to RMB389 million. STCN, the Securities Times website, carrying a report from 21st Century Business Herald, attributed the profit decline partly to currency swings and put gross margin at 16.73%, up 1.65 percentage points.
The business lines tied to the AI pitch grew faster than the group. STCN reported that thermal management, which includes cooling for AI servers, rose 43.46% to RMB2.92 billion, and battery and power products, which include server power supplies, rose 12.73% to RMB3.93 billion. Lingyi iTech’s precision assembly segment, which includes its physical AI robot work, brought in RMB2.22 billion in the first half of 2026, up 14.16%. That segment also covers assembly for consumer devices, so the robot share inside it is not disclosed.
The filing describes robot assembly lines in Beijing, Chengdu, Zhengzhou, Dongguan and overseas as in production, with mass delivery of humanoid robot components, joint modules and complete machines. It says Lingyi has completed thousands of sets of hardware and full-machine assembly for several leading embodied AI companies.
A separate robotics line is the figure to look for
Lingyi’s argument rests on timing: capacity first, revenue share later. The interim numbers fit that account, with heavier spending, higher gross margin and lower net profit, but they do not yet let investors test it. The analyst Liu Qing, head of Yunyingshang Caijing’s internet division, told the outlet that the prospectus makes the new-business case in concrete terms, and said whether those lines lift revenue in a meaningful way is something the market will be watching.
The interim report already names its server customers more directly than its robot ones: it calls Readore a core supplier to a leading North American computing customer, shipping liquid-cooling and power products in batches. For robots, the filing gives unit milestones and factory locations but no sales figure. Any acquisition funded from the 30% investment allocation, which the prospectus tied in part to humanoid robots, would also show where the company expects that business to come from. Lingyi’s 2026 annual report will be its first full-year filing as a dual-listed company. Whether it breaks out humanoid robots as their own segment, with revenue and margin, will show how much of the embodied AI strategy has turned into sales.