Flyco’s premium products lift profit; Henggong Precision’s quarterly robotics revenue exceeds first-half total

Why did Flyco’s profit grow faster than revenue?

In the third quarter of 2026, Flyco reported revenue of 1.046 billion yuan, up 13% year on year; net profit attributable to shareholders of 173 million yuan, up 27%; and attributable net profit excluding non-recurring items of 159 million yuan, up 41%.
Premium products such as the F8 portable shaver lifted gross margin to 59.60%, up 3.50 percentage points year on year. Over the same period, the selling expense ratio rose 0.31 percentage points, the administrative expense ratio fell 0.33 percentage points, and net margin rose to 16.50%, up 1.78 percentage points year on year.

The Flyco brand is strengthening its mid-to-high-end image through new products and brand building, while Poree is updating categories including shavers and hair dryers. In the first half of 2026, Poree’s revenue was 501 million yuan, up 22% year on year.
The overseas business has delivered initial orders in some countries and entered retail outlets, but its base remains small: first-half overseas revenue was 7.45 million yuan, up 437% year on year. The company will next focus on building local marketing, promotion and after-sales systems.
Liu Zheng of Shenwan Hongyuan Securities raised forecasts for net profit attributable to shareholders for 2026–2028 to 642 million, 737 million and 813 million yuan, respectively, from 614 million, 681 million and 747 million yuan, and maintained an “overweight” rating.

In the first three quarters of 2026, Henggong Precision’s robotics revenue was 173 million yuan, up 1173.73% year on year. Third-quarter revenue alone was nearly 100 million yuan, exceeding the first-half total.
The business includes key robot components, complete-machine manufacturing and deployment in application scenarios. The company procures materials from domestic complete-machine manufacturers, assembles them and develops vertical-specific models, then sells the products through its own brand and channels. Its Shandong base has secured volume orders, while there are expressions of interest for orders in other provinces.
In its traditional core business, the company combines continuous cast iron with machining, and its products are already used in volume in air compressors, hydraulic equipment and transmission applications. Qin Jili of China Securities forecasts attributable net profit of 169 million, 253 million and 362 million yuan for 2026–2028, respectively.