Lushan New Materials sends electronic skin samples to customers as core business profitability recovers

How far has electronic skin progressed?

The company has launched flexible electronic skin based on multiple technical approaches, including triboelectric dual-mode temperature and pressure sensing and piezoresistive sensing. It has sent samples to multiple downstream customers for testing, and some customers have placed sample orders.
Electronic skin gives robots a sense of touch and may also serve as an entry point for collecting physical interaction data. The report says China has approximately 500 thousand hours of compliant real-world physical interaction data, while robot commercialization requires tens of millions of hours. Insufficient tactile and force-sensing data limits models’ ability to perform millimeter-level force-control tasks.
Drawing on its experience in functional materials, precision coating and polymer modification, the company has established an electronic skin R&D platform and iterated its screen printing, laser cutting, lamination and bonding processes and equipment.

Fixed-asset impairments and a decline in gross margin on photovoltaic encapsulation films weighed on performance in 2025: revenue was 1.519 billion yuan, down 26.49% year on year, and net loss excluding non-recurring items was 97 million yuan.
Revenue in the first half of 2026 was 739 million yuan, broadly flat year on year. Net profit excluding non-recurring items was 32.29 million yuan, up 1689.60% year on year. Gross margin rose to 18.65%, an increase of 7 percentage points year on year, driven mainly by higher product selling prices.
Polyolefin functional materials generated first-half revenue of 466 million yuan, up 7.40% year on year and accounting for 63% of total revenue. Shipments were 36.9 thousand tonnes, up 5.02% year on year, supporting the existing business.

Guotai Haitong forecasts net profit attributable to the parent company of 65 million, 84 million and 103 million yuan respectively for 2026 through 2028. Compared with a loss of 73 million yuan in 2025, this implies a return to profit in 2026.
Beyond electronic skin, the institution believes that PAA materials for silicon-carbon anodes and composite bonding materials for aluminum-plastic films could benefit from increased adoption of silicon-carbon anodes. The solar cell encapsulation film capacity expansion project has a planned investment of 359 million yuan and is expected to be completed in December 2027, adding capacity in preparation for a recovery in photovoltaic demand.
The main risks highlighted in the report include a weaker-than-expected recovery in downstream demand and fluctuations in raw material prices.