① In 2025, the mass production of humanoid robotics industry will accelerate; ② Since the beginning of the year, the cumulative maximum increase in the stock price of Sling Auto has been 329%; ③ A list of A-share companies with the highest cost proportion in the industrial chain is provided (see appendix).
Cailian Press News, December 13 (edited by Li Chen) — By 2025, the mass production of humanoid robotics will accelerate as companies like Zhiyuan achieve deliveries at the thousand-unit level and the localization rate of core components significantly increases. Continuous policy support from both domestic and international fronts will advance sector popularity alongside commercialization progress. According to a research report by CITIC Securities, the industrial trend in humanoid robotics will continue to provide dual drivers of earnings and valuation for the sector. In the secondary market, since the beginning of the year, the cumulative maximum increase in the stock price of Sling Auto has reached 329%, while that of Haozhi Electromechanical has risen by 134%.
According to previous data compiled by Cailian Press VIP's 'Intraday Treasure,' in the humanoid robotics industrial chain, within the rotating joint segment, the cost share of actuators is 1%, involving A-share listed companies such as Sanhua, Tuopu Group, Lens Technology, and Everwin Precision; the cost share of frameless torque motors is 4%, involving A-share listed companies such as Kinco Systems, Haozhi Electromechanical, Leadshine Technology, and Wolong Electric; the cost share of harmonic reducers is 5%, involving A-share listed companies such as Leader Harmonic, Hanyu Group, Sling Auto, and Fengli Intelligence; the cost share of encoders is 2.7%, involving A-share listed companies such as Inovance Technology, Optoelectronics, Hechuan Technology, and Kaito Shares; the cost share of bearings is 1.2%, involving A-share listed companies such as Lixing Shares, Nangfang Jinggong, Sinomach Precision, and Wuzhou Xinchun. For specific details, see the chart below:
Products such as harmonic reducers and frameless torque motors produced by Haozhi Electromechanical can be applied to humanoid robots. Xie Ji-yuan and others from Northeast Securities stated in a research report published on December 11 that Haozhi Electromechanical’s robotics business is creating a second growth curve. Haozhi Electromechanical has built an “N+1+3” robotics business system. Haozhi Robotics was established in 2024 as a wholly-owned subsidiary of Haozhi Electromechanical, focusing on core fields such as reducers. Compared to international models with fewer than 17 specifications, Haozhi Electromechanical’s transmission accuracy has improved by 66.7%, vibration peaks have decreased by 60%, and sound intensity has reduced by approximately 22.7 decibels, reaching world-leading levels. Samples have been sent to leading humanoid robot manufacturers for testing.
Kinco Systems is the domestic leader in frameless torque motors and has launched its fourth-generation frameless torque motor comparable to internationally leading products. In 2024, sales of frameless torque motors reached approximately 24,000 units. Leadshine Technology has achieved mass production of the FM series high-density frameless torque motors, with an annual capacity of 300,000 units, and has also realized mass production of hollow cup motors, with an annual capacity of 120,000 units. Wolong Electric’s frameless torque motors and various joint module products are being jointly developed with multiple downstream bionic robot customers, undergoing sample submission and testing. Some customers have placed small batch orders.
Sling Auto is among the first-tier enterprises in China's bearing industry, focusing on the research and mass production of harmonic reducers. These products are suitable for various application scenarios including industrial robots, collaborative robots, and humanoid robots. Feng Sheng and others from Zhongtai Securities stated in a research report released on November 30 that bearings are core components supporting the moving parts of robots, mainly used in precision areas such as robot joints and arms. The company’s acquisition of Yinqiu Technology shares will help expand its precision bearing business. By leveraging industrial synergies, the company aims to promote deeper cooperation in key areas such as precision bearings, automotive components, and robot components, further enhancing its overall competitiveness and profitability, and creating greater value for shareholders.
Leader Harmonic is the leading domestic manufacturer of harmonic reducers, with a 26% domestic market share in 2022, ranking second, and approximately a 7% global market share in harmonic reducers in 2021. Revenue related to robotics accounts for over 80% of total revenue, with planned annual production capacity for harmonic reducers reaching one million units. Hanyu Group held a 6% domestic market share for harmonic reducers in 2022, with an annual production capacity of 100,000 units. Fengli Intelligence plans to establish four production lines for harmonic reducers with a total capacity of 140,000 sets, with one line already operational producing 35,000 sets. Bosch Group is the company’s largest customer and a core supplier to Tesla.
