China’s service robot giant Ecovacs Robotics has released the first semi-annual report after listing, and the news is far better than expected, The Paper reported.

In the first half of this year, the company achieved operating income of 2.523 billion yuan (US$370 million), an increase of 28.32% from a year earlier. More than half of the revenue came from its service robot business, 1.721 billion yuan, a rise of 52.26%.

Net profit recorded 208 million yuan, rising 28.68% from a year earlier.

Ma Jianjun, deputy general manager of the company, attributed the performance to their strength in R&D and sales, as well as the huge market prospects in the robot industry.

Along with the continuous increase in revenue and profit, the company’s R&D costs are also increasing. Its R&D investment in the first half of 2018, 90.26 million yuan, is close to the investment for the entire year of 2016.

At present, Ecovacs Robotics has more than 600 R&D employees, covering all key aspects, including sensing technology, engineering, algorithms, Internet, big data and Internet of Things.