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Shares of the cookware, kitchen appliances, and industrial robotics manufacturer soared to the daily trading limit imposed by the exchange following the announcement that its subsidiary secured a significant industrial robot supply contract. The company closed up 10 percent at CNY16.35 (USD2.29) by 1:30 p.m. in Shenzhen, even as the Shenzhen Composite Index declined 2.8 percent.
The company’s Zhejiang-based subsidiary will customize and deliver 1,888 welding robots to Shenzhen-listed Honglu Steel Construction Group. Details regarding the contract’s value, technical specifications, or delivery timeline were not disclosed.
Moving forward, the subsidiary will also develop tailored welding and painting robots to assist Honglu Steel in enhancing the efficiency and quality of its steel structure production. This collaboration underscores the company’s recognition for its proficiency in medium- to thick-plate welding and painting, as well as its capabilities in customization, manufacturing, and after-sales services.
Honglu Steel Construction is a prominent steel structure manufacturer in China. Last year, it purchased approximately USD6.9 million worth of robots from the company, representing about 18 percent of the subsidiary’s revenue from this segment.
The company entered the industrial robotics market in 2016 by acquiring a controlling interest in its robotics subsidiary. Last year, its robotics division generated revenue of roughly USD38.1 million, constituting 9.3 percent of its total operating income.
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