Currently, one of the hottest Google AI applications is Yidian Tianxia, along with BlueFocus and hardware company Tengjing Technology, and Saiwei Electronics. There are also domestic companies like Guofeng Plastics, which produces anti-adhesion photoresist, and the Navy’s China Shipbuilding Defense and Aquaculture. The soft applications of AI are being realized, while the hard applications focus on robotics, lithium batteries, and the significant investment from NVIDIA. Companies that can absorb this funding include well-adjusted robotics firms such as Sanhua Intelligent Control, Top Group, and Wuzhou New Spring. The core links in the robotics industry chain are mainly divided into five major sectors: core components, complete machine manufacturing, AI technology integration, service robots, and material innovation. Below are the leading enterprises in each subfield: 1. Core Components (highest technical barriers) 1.1. Reducers: The “joints” of robots – Luyuan Harmonic (688017): The leading domestic harmonic reducer with a global market share of over 25%, already adapted for Tesla’s Optimus, with a net profit growth of 59.2% in the first three quarters of 2025. – Shuanghuan Transmission (002472): A pioneer in domestic RV reducer replacement, a core supplier for Tesla’s Optimus, with a year-on-year net profit increase of 132% in the first half of 2025. – Zhongdali De (002896): A versatile player in precision reducers, securing a 3.2 billion yuan order from Yushu Technology, with costs 40% lower than imports. 1.2. Servo Systems: The “muscles” of robots – Huichuan Technology (300124): The leading domestic servo system with the highest market share, focusing on humanoid robot joint modules, with a year-on-year revenue increase of 29% in Q1 2025. – Aiston (002747): Over 95% localization rate for core components, a leader in industrial robots, with expected shipments exceeding 25,000 units in 2025. – Mingzhi Electric (603728): A global leader in hollow cup motor technology, a core supplier for humanoid robot joints, with a production capacity expected to reach 1 million units per year by 2025. 1.3. Actuators: The “hands and feet” of robots – Top Group (601689): A core supplier of actuators for Tesla’s Optimus, with a single vehicle matching value exceeding 20,000 yuan, already receiving orders from leading companies like Xiaopeng. – Sanhua Intelligent Control (002050): Dual-driven by thermal management and actuators, supplying liquid cooling modules for Tesla’s Optimus, with 3,200 rotary actuators delivered by Q3 2025. 1.4. Sensors: The “perception system” of robots – Keli Sensor (603662): The only mass production enterprise for six-dimensional force sensors, with a domestic replacement space exceeding 6 billion yuan, maintaining a gross profit margin of over 45% long-term. – Orbbec (688322): A leader in 3D vision sensors, providing visual perception for multiple humanoid robots. – Hanwei Technology (300007): A leader in gas sensors, which saw a limit-up in September 2025. 1.5. Screws and Rails: The “skeleton” of robots – Shuanglin Co. (300100): The only domestic company mastering the entire industrial chain technology for planetary roller screws, validated by Tesla, with a year-on-year net profit increase of 105.49% in Q1 2025. – Beite Technology (603009): An A-share company focused on the screw field. 2. Complete Machine Manufacturing 2.1. Industrial Robot Bodies: – Aiston (002747): The “big brother” of domestic industrial robots, with revenue of 2.549 billion yuan in the first half of 2025, ranking first in sales for two consecutive quarters. – Siasun Robot (300024): With a background from the Chinese Academy of Sciences, a global leader in mobile robots, with revenue of 1.66 billion yuan in the first half of 2025. – Efort (688165): Leading in the localization of welding/spraying robots, with a year-on-year production increase of 35.6% in 2025. 2.2. Humanoid Robots: – UBTECH (09880.HK): The first stock of humanoid robots, with the Walker series already delivered in bulk for education and logistics scenarios. – Yijiahe (603666): Testing prototypes for electric inspection robots and humanoid robots. – Zhiyuan Robotics (unlisted): Developer of the Expedition A2 bipedal humanoid robot, establishing the world’s largest embodied data collection factory. – Yushu Technology (unlisted): A four-legged/humanoid robot company, receiving strategic investments from Wolong Electric Drive and others. 3. AI Technology Integration – iFlytek (002230): Intelligent voice interaction technology empowering 90% of domestic service robots, compatible with multimodal interaction. – Cambricon (688256): AI chips providing computing power support for humanoid robots, achieving performance at 90% of the international mainstream level. – Rockchip: Chips empowering robot intelligence, with mid-year report performance growth in 2025. 4. Service Robots – Ecovacs (603486): A global leader in vacuum cleaning robots, with revenue of 16.542 billion yuan in 2024, serving over 38 million households worldwide. – Roborock (688169): A leader in vacuum cleaning robots, with outstanding SLAM algorithm capabilities, extendable to humanoid robot navigation. 5. Material Innovation – Zhongyan Co. (688716): Supplier of carbon fiber reinforced PEEK materials, reducing weight by 40%, with a high-temperature resistance of 250°C, the main supplier for Tesla’s Optimus joint axis. – Guangwei Composite (300699): T800-grade carbon fiber with a tensile strength of 5.8 GPa, suitable for precision joints in robots. Investment Highlights – Core Logic: Humanoid robots will enter the “mass production year” in 2025, with a single BOM cost reduced to within 150,000 yuan, accelerating large-scale applications. – Domestic Replacement: The localization rate of core components for industrial robots has exceeded 50%, with reducers, sensors, and other areas accelerating breakthroughs. – Performance Explosion: In Q3 2025, many companies in the robotics sector saw year-on-year net profit growth exceeding 100%, such as Luyuan Harmonic (59.2%) and Zhenyu Technology (138.93%). Risk Warning – Technical iterations not meeting expectations may lead to valuation adjustments. – Intensified industry competition may result in price war risks. – Uncertainty exists in the commercialization progress of humanoid robots. Conclusion: Core concept stocks in robotics are mainly concentrated in reducers (Luyuan Harmonic, Shuanghuan Transmission), servo systems (Huichuan Technology, Mingzhi Electric), actuators (Top Group, Sanhua Intelligent Control), and sensors (Keli Sensor). It is recommended to focus on companies that have entered the supply chain of leading humanoid robots like Tesla’s Optimus and Xiaopeng’s IRON, as well as those with a full industrial chain layout in the field of industrial robots.