In 2025, revenue increases but profits do not grow. Shangwei New Materials attempts to explore the robotics business.

Securities Daily reporter Jin Wanxia

On the evening of March 30, Weijing New Materials Technology Co., Ltd. (hereinafter referred to as “Weijing New Materials”) disclosed its 2025 annual report. The data show that the company achieved full-year operating revenue of RMB 1.797 billion, up 20.29% year over year; net profit attributable to shareholders of listed companies was RMB 41.0856 million, down 53.67% year over year; and net profit after deducting non-recurring items was RMB 32.6597 million, down 59.35% year over year.

Public information shows that Weijing New Materials is a company focusing on research, production, and sales of new materials. Its main business covers four segments: environmentally friendly high-performance corrosion-resistant materials, materials for wind power blades, new composite materials, and circular economy materials.

In its annual report, Weijing New Materials stated that in 2025, the reason the company was “increasing revenue without increasing profit” was mainly attributable to investment losses, increased provisions for accounts receivable, and higher research and development expenses. In terms of R&D, to further enhance the company’s core competitiveness of its products, Weijing New Materials actively explored new businesses and increased R&D investment by RMB 21.2385 million. “In 2025, the company established a research and development team for embodied intelligence robots. This was an attempt based on a prudent principle to explore potential business growth drivers, with the aim of conducting preliminary technical research and development for robot products for individual and household scenarios.” The company’s annual report shows.

It is worth noting that in 2025, Weijing New Materials’ controlling rights were acquired by Shanghai Zhiyuan Hengyue Technology Partnership Enterprise (Limited Partnership), an affiliated party of Zhiyuan Innovation (Shanghai) Technology Co., Ltd. Therefore, Weijing New Materials has been widely regarded by the market as a “embodied intelligence” concept stock and was once highly sought after by investors.

However, judging from the figures in the annual report, currently, Weijing New Materials’ revenue source still comes from new materials. By business segment, materials for wind power blades are the main driver of Weijing New Materials’ revenue. In 2025, this segment achieved revenue of RMB 830 million, up 38.70% year over year, accounting for 46.2% of main business revenue. Weijing New Materials stated that this was mainly driven by a rebound in the wind power industry, an increase in installed capacity demand, and a higher sales volume compared with the same period last year. At the industry level, wind power is currently in a development stage characterized by the upswing phase of the cycle.

A research report from Guosheng Securities Co., Ltd. believes that the wind power industry chain has strong support for both short-, mid-, and long-term prosperity. In the short term, the abundant stock of tender approvals in 2025 will strongly drive high growth in installed capacity in 2026–2027. In the mid-to-long term, wind power output and load demand have a high degree of matching, and electricity price fluctuations are small. During the “14th Five-Year Plan” and “15th Five-Year Plan” period, its share in new energy installed capacity is expected to increase from 25% to 50%, and offshore wind power will become the core incremental driver.

Industry analysts told reporters that in the wind power sector, overseas markets also offer broad opportunities. “Floating offshore wind power has entered a breakthrough cycle; demand for onshore wind in Asia, Africa, and Latin America is growing rapidly; and the expansion of exports will become an important engine for improving the profitability of domestic companies.”

In the wind power sector, Weijing New Materials is also continuously increasing investment. According to the annual report, Weijing New Materials, through cooperation with leading companies such as Goldwind Science & Technology Co., Ltd., has gradually realized green recycling of wind turbine resources and recyclable reuse. In terms of data, in 2025, Weijing New Materials’ environmentally friendly high-performance corrosion-resistant materials segment achieved revenue of RMB 682 million, a slight decrease of 1.24% year over year; while the circular economy materials business saw a significant growth of 259.20% to RMB 98.5475 million.

Regarding the humanoid robot business that the market has been eagerly anticipating, Weijing New Materials disclosed in its annual report that the company has now completed the R&D and validation of (embodied intelligence) robot prototype hardware. The product R&D prototype will be showcased at the 2026 CES exhibition (International Consumer Electronics Show), becoming one of the relatively earliest companies globally to publicly display small-sized humanoid robots for individual and household scenarios. However, Weijing New Materials emphasized that currently, the consumer-level embodied intelligence industry is still in its early development stage; technology standards, supply chains, and business models are still being explored, and a stable market share has not yet been formed. As a pioneer in this field, the company is accelerating technical accumulation and product validation.

The aforementioned industry analysts said that against the backdrop of cost pressure in traditional core businesses and intensifying competition, Weijing New Materials has chosen a “new materials + embodied intelligence” dual-track layout, aiming to open up a new growth curve through technological innovation. At present, however, Weijing New Materials’ new growth curve still needs time for validation; whether a breakthrough can be achieved in the future remains worth watching.