SWANCOR Q3 2026 net loss hits RMB 255 million

The swing to a loss is less about the core business than about the cost of building a robotics venture that has yet to generate any revenue — a familiar pattern in embodied-intelligence plays, where spending precedes commercialization by several quarters. What matters here is the tension between a shrinking top line and rising investment in an unproven segment, which leaves little room for error if the robotics timeline slips. Whether the revenue decline stabilizes while the new business reaches first recognition is the open question to watch.