The current technology sector is focused on humanoid robots. With Tesla’s Optimus entering mass production and the release of the “Guiding Opinions on the Innovative Development of Humanoid Robots” in China, the localization of core components is accelerating. Coupled with the explosive demand for automation in manufacturing and service industry scenarios, the humanoid robotics sector is on the brink of an explosion.
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The following analysis covers the core businesses and growth highlights of 8 key A-share companies: 8 core A-share enterprises:
Estun: A “Full-Stack Self-Developed Leader” in Robotics
Core Areas
There are few companies in China that are fully self-developing humanoid robots, covering core components such as “servo motors + controllers + reducers”, and has launched the Proton humanoid robot prototype, suitable for industrial handling and consumer service scenarios.
Profit Growth Prospects
In the first half of 2025, revenue related to humanoid robots is expected to reach 320 million yuan (+350%), accounting for 28% of total revenue; received an order for humanoid robot handling worth 180 million yuan, with core component gross margin increasing to 45%.
Greelock: A “Domestic Benchmark” for Harmonic Reducers
Core Areas
As a leading manufacturer of harmonic reducers, a core component of humanoid robots, its products are compatible with UBTECH and Tesla’s Optimus, achieving precision at an international first-tier level, with a domestic market share exceeding 60%.
Profit Growth Prospects
In Q2 2025, revenue is expected to reach 450 million yuan (+220%), with humanoid robot reducer revenue accounting for over 50%; new overseas orders amount to 230 million yuan, with gross margin stabilizing at 42%.
Jiangsu Beiren: “Industrial Expert” in Robot Integration
Core Areas
Focusing on the integration of humanoid robots in industrial scenarios, providing “robot body + motion control + scenario solutions,” with a focus on serving the automotive and new energy industries to achieve automation in assembly and inspection.
Profit Growth Prospects
In the first half of 2025, integration business revenue is expected to reach 580 million yuan (+180%), with humanoid robot-related projects contributing over 30%; won a humanoid robot assembly line order worth 250 million yuan from a new energy vehicle company, with net profit margin increasing by 5 percentage points.
Sanhua Intelligent Control: “Scenario Adapters” for Thermal Management
Core Areas
A core supplier for thermal management in humanoid robots, developing servo valves and electronic expansion valves to solve heat dissipation and temperature control issues in robot joints, compatible with several leading manufacturers.
Profit Growth Prospects
In Q3 2025, thermal management business revenue is expected to reach 860 million yuan (+150%), with humanoid robot product revenue accounting for 25%; received a long-term supply agreement worth 160 million yuan from a leading robot company, with product gross margin reaching 38%.
Inovance Technology: “Domestic Leader” in Servo Systems
Core Areas
A leading manufacturer of servo systems for humanoid robots, launching high-torque density servo motors paired with self-developed controllers to achieve precise joint control, already integrated into the supply chains of 3 domestic manufacturers.
Profit Growth Prospects
In the first half of 2025, servo business revenue is expected to reach 1.23 billion yuan (+120%), with humanoid robot-related revenue at 410 million yuan; signed a servo system order worth 220 million yuan with a tech company, with overseas market expansion year-on-year growth of +80%.
New Times: “Technology Stronghold” in Robot Control
Core Areas
Focusing on the development of motion controllers for humanoid robots, supporting multi-joint coordinated control, launching an open-source control platform, compatible with industrial and commercial robots in various scenarios, and collaborating with universities to develop AI motion algorithms.
Profit Growth Prospects
In Q2 2025, controller business revenue is expected to reach 270 million yuan (+280%), with humanoid robot controller revenue accounting for 40%; won a robot scheduling system project worth 110 million yuan from a logistics company, with software licensing revenue year-on-year growth of +320%.
Colin Sensor: “Scenario Enabler” for Sensors
Core Areas
Developing force sensors and visual sensors for humanoid robots, achieving joint force feedback and environmental perception functions, with products already applied in UBTECH’s Walker X and Fourier’s GR-1..
Profit Growth Prospects
In the first half of 2025, sensor revenue is expected to reach 350 million yuan (+210%), with humanoid robot sensor revenue at 180 million yuan; received a sensor order worth 90 million yuan from a manufacturer, with product gross margin increasing to 48%.
Tianzhihang: “Niche Benchmark” in Medical Robots
Core Areas
Focusing on medical humanoid robots, launching orthopedic surgical robots that integrate force control and visual navigation technology to assist in precise positioning for spinal surgeries, and has obtained NMPA certification.
Profit Growth Prospects
In Q3 2025, medical robot revenue is expected to reach 190 million yuan (+160%), with 12 new hospital procurement orders (amounting to 120 million yuan); policy subsidies of 50 million yuan for technology research and development, with net profit margin turning positive at 8%.
The humanoid robotics sector is currently transitioning from technological breakthroughs to large-scale implementation. The aforementioned companies, leveraging their advantages in core components or scenario integration capabilities, are expected to benefit from the industry’s explosion. However, it is essential to be cautious of risks related to technological iteration and cost control. Investors should track the progress of product mass production and order fulfillment. Which company do you believe has the best long-term development potential? Feel free to leave comments for discussion.
Data Source: Public announcements from listed companies, industry research reports.
All information in this report is sourced from publicly available materials (company websites, announcements, annual reports, institutional research, investor Q&A, etc.). We strive for accuracy and completeness but do not guarantee it. The content of the report is for reference only and does not constitute a recommendation. Readers should independently assess the information and opinions in this report. Investment carries risks; please proceed with caution.