Hikrobot (海康机器人), an AMR and machine vision subsidiary of AI giant Hikvision (海康威视, 002415.SZ), recorded revenue of 2.27 billion yuan (US$311 million) in the first half of this year, up 27.71% year on year, its financial statement shows.
Hikrobot is in the process of seeking an IPO on the Shenzhen Stock Exchange, pending an official go-ahead.
Its net profit attributable to shareholders jumped 47.89% from the same period a year earlier to 405 million yuan.
After deducting non-recurring gains and losses, this number dwindled to 292 million yuan, 8.21% higher than the previous year.
Excerpt from Hikvision’s financial statement
Despite recording growth in its AMR and machine vision businesses, Hikrobot has sustained a dent in its bottom line — like many other firms — due to an economic downturn.
For instance, in downstream sectors such as 3C and automaking, which are the biggest buyers of AMR and machine vision solutions, demand has fallen to varying degrees.
Specifically, demand from the 3C segment remained flat throughout the first quarter of this year.
Smartphone shipments slid 14.5% year on year to 270 million units during this period, according to data from IDC.
Despite the gloomy economic outlook, China’s AMR sector still continues its strong momentum as the nation’s manufacturing and logistics spaces turn to advanced technologies like robotics to automate their processes and enhance efficiency.
This is reflected in Hikrobot’s major business indicators. Between 2020 and 2022, the number of its clients more than doubled from 3,722 to 7,771.
As of June 30 this year, Hikrobot had a backlog of orders totaling 2.99 billion yuan. Market analysts believe the firm is on track to posting solid results for the whole 2023 financial year.