Rainbow RoboticsRainbow Robotics 277810 ↗

Caveat

For Q2 2026 (three months to June 2026), disclosed via DART and reported in Korean financial press on 2026-08-17, consolidated revenue was KRW 12.31bn, up 97.9% year over year, with an operating loss of KRW 2.03bn, an operating-loss margin of roughly 16.5%, improved from roughly 33.1% a year earlier as revenue grew faster than losses. On a reconciled H1 2026 basis (Q1 KRW 9.07bn + Q2 KRW 12.31bn), total revenue was approximately KRW 21.4bn, already matching the whole of FY2025 revenue in six months.

Mobile-humanoid revenue was KRW 8.65bn, 40.5% of that H1 total. Samsung Electronics, Rainbow's controlling shareholder at roughly 35% since March 2025, which consolidates Rainbow as a subsidiary, was itself the largest disclosed customer, contributing roughly KRW 5.68bn of H1 2026 revenue (about 27% of the total; KRW 2.41bn in Q1, KRW 3.27bn in Q2).

FY2025 consolidated revenue was KRW 21.1bn, up 76.4% year over year, with Samsung-related revenue of KRW 10.4bn, a 7.2x increase over 2024, already roughly half of full-year sales. This is not a merchant-supplier story: Rainbow's single largest disclosed customer is also its controlling parent, so revenue growth and controlling-shareholder demand cannot be cleanly separated in the disclosed figures, and no non-Samsung enterprise customer or humanoid unit-shipment count has been disclosed.

The market has priced a far larger outcome than the income statement shows: market capitalisation was approximately KRW 8.81tn as of 2026-08-24 against FY2025 revenue of only KRW 21.1bn (trailing P/S over 400x) and against an annualised H1 2026 run-rate of roughly KRW 43bn (P/S still above 200x), on a business that remains operating-loss-making. The 52-week range (KRW 265,500 to KRW 979,000) shows the stock has moved by a factor of nearly 4x within a year on narrative rather than on any disclosed profitability inflection.

风险提示

2026 年二季度（截至 2026 年 6 月的三个月），经 DART 披露并于 2026-08-17 由韩国财经媒体报道：合并收入 123.1 亿韩元，同比 +97.9%，营业亏损 20.3 亿韩元——营业亏损率约 16.5%，较上年同期约 33.1% 有所改善，因收入增速快于亏损增速。按可核对口径计算的 2026 年上半年（一季度 90.7 亿韩元 + 二季度 123.1 亿韩元），总收入约 214 亿韩元——半年内已达到 FY2025 全年收入水平。

移动人形机器人收入为 86.5 亿韩元，占上半年总收入的 40.5%。三星电子——自 2025 年 3 月起持股约 35% 的控股股东，将 Rainbow 并表为子公司——本身即是最大的已披露客户，贡献了上半年约 56.8 亿韩元收入（约占总收入的 27%；一季度 24.1 亿韩元，二季度 32.7 亿韩元）。

FY2025 合并收入 211 亿韩元，同比 +76.4%，其中三星相关收入 104 亿韩元——较 2024 年增长 7.2 倍——已占全年销售额的近一半。这不是一个市场化供应商的故事：Rainbow 已披露的最大客户同时也是其控股母公司，因此收入增长与控股股东需求在已披露数据中无法清晰区分，且未披露任何非三星的企业客户或人形机器人出货量。

市场定价的预期远超损益表所反映的现实：截至 2026-08-24，市值约 8.81 万亿韩元，对应 FY2025 收入仅 211 亿韩元（静态市销率超 400 倍），对应 2026 年上半年年化收入约 430 亿韩元（市销率仍超 200 倍）——而公司仍处于营业亏损状态。52 周股价区间（26.55 万至 97.9 万韩元）显示股价一年内波动近 4 倍，驱动力是叙事而非任何已披露的盈利拐点。