Ecovacs Robotics exceeds 50% revenue growth

Tinuku - China’s service robot giant Ecovacs Robotics has released the first semi-annual report after listing, and the news is far better than expected. In the first half of this year, the company achieved operating income of 2.523 billion yuan (US$370 million), an increase of 28.32% from a year earlier.

More than half of the revenue came from its service robot business, 1.721 billion yuan, a rise of 52.26%. Net profit recorded 208 million yuan, rising 28.68% from a year earlier.

Tinuku Ecovacs Robotics exceeds 50% revenue growth

Ma Jianjun, deputy general manager of the company, attributed the performance to their strength in R&D and sales, as well as the huge market prospects in the robot industry.

Along with the continuous increase in revenue and profit, the company’s R&D costs are also increasing. Its R&D investment in the first half of 2018, 90.26 million yuan, is close to the investment for the entire year of 2016.

At present, Ecovacs Robotics has more than 600 R&D employees, covering all key aspects, including sensing technology, engineering, algorithms, Internet, big data and Internet of Things.