Qiyuan Robot's 210M Yuan Pre-Sales Face Delivery and Governance Hurdles

On September 20, at Shanghai West Bund Dream Center, Qiyuan Robot launched new products under the theme 'Me and My Personal Robot,' with stars, tech bloggers, and industry partners attending, and the Shanghai main venue linking with offline experience stores in multiple cities. The Q1 and T1 were placed in learning, companionship, sports, and imaging scenarios, presenting a consumer electronics-style event.

Behind it is not a typical robotics startup but Shangwei New Materials, a STAR Market-listed company. In 2025, the Zhiyuan system gained control, and in November, Peng Zhihui (known as Zhihuijun) became chairman. The company, originally focused on wind turbine blade materials and eco-friendly corrosion-resistant materials, is now entering consumer embodied AI.

According to Shangwei New Materials' half-year report, its consumer robot business has received 210 million yuan in pre-sale receipts but has not yet recognized revenue. R&D investment in the new business reached 164 million yuan in half a year, turning net profit attributable to shareholders from profit to loss. Pre-sale receipts only prove purchase intent and channel confidence; revenue means fulfillment and meeting revenue recognition criteria. Between these two lies the hardest stage for consumer hardware.

Qiyuan has proven people are willing to pay upfront but has not financially proven the money can smoothly convert to revenue. On September 20, Qiyuan announced that the Q1 and T1 base versions are priced at 19,999 yuan, with shipments starting October 1 in order sequence. Tian Hua said the production line runs at automotive manufacturing cadence, rolling off one robot every 2.5 minutes—but manufacturing cadence does not equal final delivery.