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# CSG Smart's warehouse-crane orders nearly double as prices and margins fall
- URL: https://asia-tech-news.ghost.io/csg-smarts-warehouse-crane-orders-nearly-double-as-prices-and-margins-fall/
- Published: 2026-10-27T08:01:00.000Z
- Updated: 2026-10-27T08:00:59.000Z
- Description: Revenue per order fell 38% in the first half, based on its Hong Kong filing, which blames stiffer competition.
- Author: Cbot Crew
- Tags: Logistics automation, Industrial robots, CSG Smart Science & Technology, Frost & Sullivan, #edibot, #edibot-changed

CSG Smart Science & Technology (科大智能), a Shenzhen-listed maker of power equipment and industrial robots based in Shanghai, nearly doubled its orders for stacker cranes in the first half of 2026\. But each brought in far less, according to the Hong Kong listing application it refiled on Oct. 22.

![Bar chart of CSG Smart's stacker-crane revenue per order for 2023 to 2025, then the first halves of 2025 and 2026 in a separate group, with the latest half far lower.](https://storage.ghost.io/c/ee/75/ee752601-b00a-4462-8adc-9ba02679db9f/content/images/2026/10/2026-10-26-china-csg-smart-stacker-revenue-per-order-chart.png)

Stacker cranes move goods in and out of tall automated warehouse racks. CSG Smart makes them at a Shenzhen subsidiary and sells many to battery makers, which use them to store cells in their plants.

Its stacker revenue in the first half came from 91 orders, against 49 a year earlier. Revenue per order fell 38%, to 1.04 million yuan (about US$156,000) from 1.68 million yuan, based on figures in the filing. Stacker revenue still rose 15.1% from a year earlier to 94.6 million yuan (about US$14.2 million), "primarily due to increase of orders despite decrease in revenue per order as a result of intensified competition," [the filing](https://www1.hkexnews.hk/app/sehk/2026/108966/documents/sehk26102201517.pdf?ref=asia-tech-news.ghost.io) said. The gross margin on stackers fell to 15.9% from 20.7%.

Its stacker revenue had already fallen, then flattened, while the market grew. [Frost & Sullivan](https://www.frost.com/?ref=asia-tech-news.ghost.io) (弗若斯特沙利文), in figures cited in the filing, puts China's stacker market at 7.8 billion yuan (about US$1.2 billion) in 2025, up from 4.9 billion yuan in 2021\. [CSG Smart](https://www.csg.com.cn/?ref=asia-tech-news.ghost.io)'s stacker revenue fell to 176.5 million yuan in 2024 from 208.0 million yuan in 2023, and held at 175.7 million yuan (about US$26.3 million) in 2025.

Its industrial manipulators, the robot arms it supplies to carmakers and battery plants, went the other way: revenue per order rose to 504,000 yuan (about US$76,000) on 487 orders in the first half from 437,000 yuan on 458 orders a year earlier, mainly on more demand from lithium-battery customers, the company said.

Its robot segment brought in 372.9 million yuan (about US$55.9 million) in the first half, 24.5% of total revenue. Its third-largest customer in the half, an unnamed listed battery maker in Fujian province, has bought its robots since 2018 and accounted for 3.5% of revenue.

*Sources:* [*科大智能 CSG Smart Science & Technology (HKEX application proof, Chinese)*](https://www1.hkexnews.hk/app/sehk/2026/108966/documents/sehk26102201516%5Fc.pdf?ref=asia-tech-news.ghost.io)*,* [*CSG Smart Science & Technology (HKEX application proof, English)*](https://www1.hkexnews.hk/app/sehk/2026/108966/documents/sehk26102201517.pdf?ref=asia-tech-news.ghost.io)*,* [*科大智能 CSG Smart Science & Technology (SZSE announcement, cninfo)*](http://static.cninfo.com.cn/finalpage/2026-10-23/1225617671.PDF?ref=asia-tech-news.ghost.io)*,* [*CSG Smart Science & Technology (solutions page)*](https://www.csg.com.cn/zhgyjjfa?ref=asia-tech-news.ghost.io)

*Editor: Ian Lamont*