Shandong Nanshan Zhishang Sci-Tech Co.Ltd.

Nanshan Zhishang released its 2026 interim report. The company's total operating revenue was 1.181 billion yuan, and net profit attributable to the parent was 71.963 million yuan, a decrease of 3.1824 million yuan from the same period last year, down 4.23% year-on-year. Net cash inflow from operating activities was 143 million yuan, the asset-liability ratio was 30.02%, and the gross margin was 24.25%, down 9.79 percentage points from the same period last year. Diluted earnings per share were 0.14 yuan, down 22.22% year-on-year. The number of shareholders was 26,300, and the top ten shareholders held 55.20% of the total share capital.

A Blue Whale Finance investigation has found that the niche sector of humanoid robot clothing, which Elon Musk estimates could be worth around ten billion US dollars, currently sees the vast majority of projects still stuck at the sample submission and joint research stage, with mass production still a long way off. The report points out that robot clothing must meet three strict requirements: high elasticity, high durability, and high precision. The technical barriers are far higher than for ordinary garments, and pattern-making for the irregular industrial surfaces of humanoid robots has become a key bottleneck. Upstream fabric companies such as Nanshan Zhishang and Kuangda Technology have indicated that related businesses are still in the early stages or undergoing sample verification, with no confirmed orders yet. Midstream garment manufacturing has seen only sporadic shipments; Shanghai Zixi shipped around one thousand sets of clothing for humanoid robots in the full year 2025, but most were for exhibition purposes. The mass production timelines of robot manufacturers have also left no room for clothing accessories. The first production line for Figure 03 has an annual capacity of only twelve thousand units, and Tesla's Optimus production line is expected to start only by the end of 2026, with no external sales that year. In addition, a Paris haute couture robot jacket starts at five thousand five hundred euros. If the cost of clothing exceeds fifteen percent of the robot's selling price, the business case becomes hard to justify, and dedicated standards for robot clothing remain completely absent.