Shangwei New Materials flags early-stage humanoid robot business amid stock surge

On the evening of November 9, 2026, Swancor New Materials issued an announcement flagging risks tied to its recent share-price surge. The stock had climbed more than 100% over the prior 18 trading days, and its latest P/E ratio stood at 1767.36 — against an average trailing P/E of just 19.57 for the chemical raw materials and chemical products sector over the past month, meaning the company's valuation was significantly above industry norms and carried short-term overheating risk. On November 9 alone, the shares closed up 20% at the daily limit, closing at CNY 216.02 apiece for a total market value of CNY 87.134 billion; measured from the closing-price low of October 15, the 18-session gain reached 100.67%. In response to retail and institutional interest in the humanoid-robot theme, Swancor stressed that its consumer-grade embodied AI robot business is still in an early stage, with products at a preliminary stage in home scenarios and related revenue accounting for only a small share of total operating revenue. The announcement also outlined multiple risks: whether end-market demand is sustainable remains unverified, and whether relevant orders can grow quickly and keep growing is uncertain, leaving room for demand to fall short of expectations. The company likewise cautioned about manufacturing scale-up and supply-chain issues. At present its public positioning is that the robot business is early-stage and order-to-production conversion remains uncertain, even as it has already warned of overheating in the share price.