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As a leading enterprise in the electric drive sector that previously had an annual net profit exceeding 1.1 billion yuan, Inovance UDrive posted operating losses less than a year after listing, accompanied by stock price fluctuations.
On the evening of August 24, Inovance UDrive, which has been listed for less than a year, released its 2026 semi-annual report. During the reporting period, the company achieved revenue of 9.512 billion yuan, a year-on-year growth of 3.98%, while net profit attributable to parents turned from profit to loss year-on-year, with a net loss of 88.0942 million yuan.
The next day, the company's stock price opened low and fell throughout the day, hitting an intraday low of 14.66 yuan per share, the lowest since listing. It closed down 6.76%, at 15.32 yuan per share, with a total market value of approximately 36.84 billion yuan.
Compared to the closing price of 30.9 yuan on the first day of listing in September 2025, the company's current stock price is close to halved. The intraday high of 37 yuan in the early days of listing has not yet been broken as of now.
Behind this performance is the combined impact of inverted revenue and cost growth rates, significant impairment provisioning, and upfront investment in transformation.
Double Squeeze on the Profit Side
Behind the slight revenue increase is the faster expansion on the cost side.
According to the financial data disclosed in the semi-annual report, in the first half of the year, the company's revenue increased by only 364 million yuan, while operating costs increased by 678 million yuan. The cost growth rate of 8.90% was significantly higher than the revenue growth rate. The combined gross margin dropped from 16.73% in the same period last year to 12.79%, corresponding to a year-on-year decrease in gross profit of approximately 314 million yuan.
Electric drive and chassis systems are the company's top revenue pillar. Revenue in the first half of the year grew 7.99% year-on-year, while the corresponding cost growth rate reached 12.65%, with the business gross margin decreasing by 3.58 percentage points year-on-year.
The power supply segment's business performance was relatively weak, with revenue declining 23.62% year-on-year. Gross margin dropped from 16.23% in the same period last year to 8.08%.
Semi-annual report data shows that 326 million yuan in impairment losses became another important factor affecting profits, with a year-on-year increase of up to 274.88%.
Among them, provisions for inventory decline accounted for over 70%. The main reasons included sales of some cooperative models failing to meet expectations, goods shipped turnover slowing, combined with upstream raw material price fluctuations pushing up inventory costs. The net realizable value of related inventory continued to be lower than book cost, belonging to the common range of operating risks in the automotive parts industry.
Accounts receivable aging passively lengthened, and the bad debt provision ratio increased synchronously. With rapid iteration of technical routes, reusability of some specialized equipment and molds decreased, and fixed asset impairment pressure became apparent.
According to information disclosed in the semi-annual report, in the first half of the year, the company's wholly-owned subsidiary Shenzhen New Energy made supplementary tax payments of 110.5 million yuan. This expenditure was fully included in current period profit and loss. Even excluding the impact of this non-recurring expenditure, Inovance UDrive's profitability level in the current period was still lower than the same period last year.
R&D investment continued to increase. In the first half of the year, R&D expenses were 666 million yuan, accounting for 7% of revenue, and were fully expensed.
R&D personnel increased by 300 compared to the same period last year, and personnel in the Intelligent Chassis Division increased by over 120%. High-intensity upfront investment directly dragged down the current period's profit performance. Under the combined effect of multiple factors, Inovance UDrive's profit side appeared to face obvious pressure in the first half of the year.
The Reality of the Transformation Ledger
Under profit pressure, Inovance UDrive bet on intelligent chassis and overseas markets, attempting to build a second growth curve. Inovance UDrive's financial report shows that in the first half of the year, the company obtained 17 domestic passenger car customer project approvals and 9 overseas customer project approvals.
The production bases in Hungary and Thailand achieved mass delivery. Overseas business revenue was 747 million yuan, a year-on-year growth of 10.83%, with a gross margin of 27.41%, significantly higher than the 11.55% of domestic business. However, overseas revenue accounted for only 7.85% of total revenue, the scale is still small, and it is difficult to offset the profit decline of domestic business in the short term.
The commercialization progress of the intelligent chassis business was lower than market expectations. Currently, only the 800V fully active hydraulic suspension pump achieved mass delivery. Core products such as steer-by-wire, brake-by-wire, and motion domain controller are still in the customer sample submission and project approval testing stage.
According to the general rule of the automotive parts industry, from obtaining customer project approval to achieving mass production and vehicle installation, it requires experiencing a 1 to 2-year engineering verification cycle. During this period, continuous investment of development resources is required, and it cannot form revenue contribution in the current period, which belongs to the normal business progress rhythm of the industry.
The number of project approvals does not directly equal revenue scale. If the 17 domestic project approvals are scattered across different vehicle platforms of different customers, it is difficult to form a scaled platform reuse effect, instead it may push up custom development costs and equipment investment.
Overseas project approvals also face multiple challenges of local production, certification, supply chain support, and payment cycle. Behind high gross margin corresponds to higher operating costs and a longer cash turnover cycle.
These objective characteristics in the transformation process also directly reflected in the company's current financial performance. Before listing, the company achieved high net profit growth for three consecutive years. In 2025, the year of listing, net profit broke through 1.1 billion yuan.
Now, the first semi-annual report after listing showed losses, and the stock price continued to fall. Inovance UDrive publicly stated that it will continue to focus on the main business to promote technology iteration and product innovation, and promote relevant technology layout for the integration of Power domain and Chassis domain.
Market parties are also continuously watching the implementation results of the company's transformation investment, as well as when relevant businesses can be converted into actual profitability and cash flow contribution.
