Is the performance inflection point coming for the "No. 1 stock in 3D vision" worth 30 billion? Orbbec's revenue doubled in the first half of the year, with a net profit of 51.85 million.

After years of losses, Orbbec (688322.SH), the "first stock in 3D vision", achieved semi - annual profitability for the first time.

On the evening of August 11th, Orbbec released its semi - annual report. In the first half of 2025, the company's revenue reached 435 million yuan, a year - on - year increase of 104.14%. The net profit attributable to the parent company was 51.8575 million yuan, turning a profit from a loss year - on - year.

Orbbec stated that the significant year - on - year increase in the company's revenue in the first half of the year was mainly due to the growth in revenue from 3D scanning and payment scenarios. With the rapid development of large AI models, the company's cultivation and layout in various innovative downstream application fields over the years have begun to yield results, and the company has successfully reached an "operational inflection point".

Ding Shaojiang, the chief analyst of GKURC Industrial and Economic Think Tank, told a reporter from Time Weekly on August 12th: "The 3D visual perception technology has broad application prospects in the robotics field and is becoming the core driving force for promoting the intelligence of robots. The technology has entered the industrialization explosion period. In the next 2 - 3 years, it will accelerate its popularization in the fields of flexible manufacturing, outdoor operations, and consumer robots, becoming the core 'eyes' of embodied intelligence."

On August 12th, Orbbec's stock opened and closed lower. As of the close, it fell 5.80% to 79.98 yuan per share, and the company's market value reached 32.1 billion yuan. So far, the stock price of Orbbec has risen 72% this year.

△Orbbec's 3D scanning products. Image source: The company's semi - annual report

Reaching the Operational Inflection Point

Orbbec has reached an operational inflection point.

Orbbec was listed on the Science and Technology Innovation Board in July 2022. It is an industry - leading robotics vision and AI vision technology company, committed to building a robotics and AI vision industry platform and creating the "eyes" of robots. In recent years, the products related to Orbbec's 3D visual perception technology have only achieved large - scale application in some fields, and the revenue scale is relatively small. This is also the reason why the company failed to achieve profitability until 2024, but the company significantly reduced its losses in 2024.

Looking at the quarterly results, Orbbec's performance has shown a continuous quarter - on - quarter reduction in losses or growth for six consecutive quarters. From the fourth quarter of 2023 to the second quarter of 2025, the net profit attributable to the parent company was - 83.9464 million yuan, - 28.7807 million yuan, - 24.5925 million yuan, - 6.9334 million yuan, - 2.6004 million yuan, 24.3150 million yuan, and 35.8751 million yuan respectively. The company's revenue and net profit attributable to the parent company in the second quarter of this year increased by 27.92% and 47.54% quarter - on - quarter respectively.

In the first half of this year, Orbbec's operating revenue doubled, mainly due to the growth in revenue from 3D scanning and payment scenarios.

The semi - annual report shows that in the first half of the year, based on its self - developed software and hardware engine with multi - core heterogeneous 3D reconstruction chip technology, Orbbec helped its partner Creality 3D launch two new products, Otter Lite and Raptor Pro. In the payment scenario, it joined hands with its partner Ant Group to implement the "tap - to - pay" all - in - one device products in various retail scenarios.

Orbbec stated in the semi - annual report that in the first half of 2025, the company's strategy of "technological innovation investment - commercial result transformation" was accelerated, and it focused on breaking through in the downstream markets with rigid demand, launching differentiated and cost - effective new products. The overall operating situation continued to improve. At the same time, the company has obvious first - mover, technological, and product - scaling advantages in the fields such as embodied intelligent robots and the upgrade of various AI edge - side hardware. With the rapid development of large AI models, the company's cultivation and layout in various innovative downstream application fields over the years have begun to yield results, and the company has successfully reached an "operational inflection point".

In terms of R & D investment, according to Orbbec's semi - annual report, the company's total R & D investment in the first half of the year was 91.1807 million yuan, a year - on - year decrease of 14.02%. The proportion of R & D investment in revenue decreased from 49.71% in the same period last year to 20.94%.

Investing Heavily in Robotics AI Vision

In addition to the 3D scanning and payment scenario business, Orbbec has also made breakthroughs in the robotics field recently.

On August 11th, Orbbec signed a cooperation agreement with Horizon Robotics and its holding subsidiary Sweet Potato Robotics in Beijing. The two parties will conduct in - depth cooperation in the field of robotics intelligence, give full play to their respective technological and product advantages, and jointly promote the technological innovation and application of the robotics industry.

Horizon Robotics is an industry - leading intelligent driving technology company, and its holding subsidiary Sweet Potato Robotics is an industry - leading provider of general hardware and software platforms for robots. It is committed to providing full - link development infrastructure for the cutting - edge scientific research and exploration of embodied intelligence, the intelligent upgrade of consumer electronics, and the incubation of new types of robots.

Since 2015, Orbbec has launched a rich and comprehensive range of robotics visual perception product solutions for various types of robots, including service robots, industrial robots, ROS educational robots, and humanoid robots. It provides 3D visual sensors with all technical routes, such as monocular structured light, binocular structured light, lidar, and iToF, to help robots achieve functions such as recognition, navigation and positioning, obstacle avoidance, path planning, 3D reconstruction, and human - machine interaction.

Orbbec stated in the semi - annual report that the "robotics and AI vision industry platform" it is building will continue to conduct research and technological breakthroughs on topics such as robotics visual sensors, AI visual perception and multi - modal interaction large models, robot operating systems and cloud - based digital twin software platforms, mass production testing, and digital factories. It will further deepen the development of 3D visual perception technology, seize the historical development opportunity of embodied intelligence, and make full preparations for the subsequent explosion of market demand.

"Since the beginning of this year, the company has launched a new generation of industrial - grade binocular 3D cameras, Orbbec Gemini 435Le, for the robotics and AI vision application scenarios, which can be widely used in industrial automation fields such as intelligent logistics and robotics." Orbbec stated in the semi - annual report.

Orbbec is increasing its layout in robotics AI vision. At the end of July this year, the company announced that it plans to raise no more than 2.187 billion yuan through a private placement of shares. After deducting the issuance fees, it plans to invest 1.796 billion yuan in the robotics AI vision and spatial perception technology R & D platform project, 190 million yuan in the AI vision sensor and intelligent hardware manufacturing base construction project, and 200 million yuan in supplementary working capital.

This article is from the WeChat official account "Time Weekly" (ID: timeweekly), author: Song Yiting. Republished by 36Kr with permission.