ZhiYuan Robotics was established in February 2023 by former Huawei “genius youth” Peng Zhihui (ZhiHui Jun) and former Huawei Vice President Deng Taihua, quickly becoming a “money-making beast” and a technical benchmark in the humanoid robot sector.
Image source: ZhiYuan official
Peng Zhihui (ZhiHui Jun), as co-founder and CTO, is the technical soul of the company. Born in 1993, he graduated from the University of Electronic Science and Technology in 2018 and joined the OPPO Research Institute AI Lab. In 2020, he joined Huawei through the “Huawei Genius Youth Program,” engaging in research related to Ascend AI chips and AI algorithms, and left to start his own business at the end of 2022.
Deng Taihua, as founder, chairman, and CEO, is the former Vice President of Huawei and former president of the computing product line, leading Huawei’s 5G campaign and building the Ascend AI ecosystem. He was Peng Zhihui’s superior at Huawei and is also an alumnus of the University of Electronic Science and Technology. In March 2025, the legal representative of ZhiYuan was changed to Deng Taihua, marking the company’s accelerated transition from a technology-oriented to an industrial commercialization focus.
ZhiYuan Robotics has formed three major robot families: “Expedition,” “Spirit,” and “Lingxi,” covering various fields including industrial applications, commercial and light industrial scenarios, as well as scientific research and frontier exploration.
In 2025, ZhiYuan Robotics is widely regarded as a benchmark enterprise for the “year of mass production of humanoid robots.” According to official sources, the company has produced over 2,000 robots offline, with an expected shipment volume reaching several thousand units in 2025, having already achieved breakthroughs in four major scenarios: industrial manufacturing, warehousing logistics, power inspection, and interactive guidance.
1. Upstream Core Component Suppliers
The upstream supply chain of ZhiYuan Robotics includes core components such as reducers, actuators, sensors, and intelligent controllers, which form the key support for robot hardware manufacturing.
1.1 Reducer Suppliers
The reducer is a core component of the robot’s joint movement, directly affecting the robot’s motion accuracy and load capacity. ZhiYuan Robotics adopts a hybrid solution of “planetary reducer + harmonic reducer,” supplied by two leading domestic companies.
Green Harmonic (688017.SH): As the core supplier of harmonic reducers, Green Harmonic has been supplying ZhiYuan Robotics in bulk, breaking the overseas monopoly with its proprietary patents (Y series), showing significant advantages in domestic substitution. According to public information, Green Harmonic is the exclusive supplier of harmonic reducers for ZhiYuan’s dexterous hand, with a single machine using 8-10 units, and orders for 2025 locked at 160 million yuan. Its third harmonic technology lifespan has exceeded 10,000 hours. Green Harmonic has achieved mass production points for “Expedition A2” and “Lingxi X1,” with a single machine value of about 5,000 yuan.
Zhondali De (002896.SZ): As a leading domestic planetary reducer manufacturer, Zhondali De has launched its first high-precision product for servo applications, covering all categories of RV and harmonic reducers. The company is the exclusive supplier of planetary reducers for ZhiYuan Robotics, with products applied in ZhiYuan’s execution systems. Zhondali De has achieved mass production points for “Expedition A2” and “Lingxi X1,” with a single machine value of about 5,000 yuan, and the order scale for 2025 is expected to exceed 30 million yuan.
1.2 Actuator and Motor Suppliers
Actuators are the “muscles” of robots, responsible for converting electrical energy into mechanical energy to execute robot movements.
Fulian Precision (300432.SZ): Fulian Precision has jointly invested with ZhiYuan Robotics to establish a joint venture company, Annu Intelligent (holding 20%), focusing on electric joint modules, integrating planetary roller screw technology to meet the heavy load requirements of the Expedition series, with over 60% of orders expected in 2025. Fulian Precision’s joint assembly products have been supplied in bulk to ZhiYuan Robotics, and its planetary roller screw technology is industry-leading, with expected bulk supply in 2025, a single machine value of about 8,000 yuan, and an order scale exceeding 40 million yuan.
Buke Co., Ltd. (688160.SH): Buke Co., Ltd. is a core supplier of frameless torque motors, providing key power components for ZhiYuan Robotics. The company’s servo systems feature high precision and high response in robot joint drives, making them an important part of ZhiYuan’s execution systems.
Hengli Hydraulic (601100.SH): Hengli Hydraulic is a core supplier of linear actuators, providing hydraulic drive systems for ZhiYuan Robotics, suitable for industrial scenarios requiring large loads.
1.3 Sensor Suppliers
Sensors are the “eyes” and “ears” of robots, providing various sensory information such as vision, touch, and force perception.
Orbbec (688322.SH): Orbbec is the core supplier of 3D vision sensors for ZhiYuan Robotics, providing 3D vision sensors with an accuracy of 0.5mm, supporting navigation and interaction, with a single machine value of about 3,000 yuan, and the order scale for 2025 is expected to exceed 15 million yuan. Orbbec’s 3D vision sensors enable robots to autonomously avoid obstacles, with a single machine value of 3,000 yuan, and the delivery volume is expected to exceed 2,000 sets in 2025.
Colin Sensor (603662.SH): Colin Sensor provides high-precision force sensors for ZhiYuan Robotics’ rotary actuators, being an important supplier for ZhiYuan’s tactile perception. The company’s six-dimensional force sensors have been supplied in bulk, leveraging its global supply chain capabilities in automotive electronics to collaborate with intelligent driving technology, providing precise force feedback for ZhiYuan Robotics.
Huayi Technology (688071.SH): Huayi Technology supplies IMUs (Inertial Measurement Units) in bulk to ZhiYuan Robotics, which are key sensors for controlling the robot’s motion posture. Huayi Technology is also collaborating with other robot companies like Yushu, having a broad layout in the sensor field.
Donghua Testing (300354.SZ): Donghua Testing provides six-dimensional force sensors to ZhiYuan Robotics, adapting to the tactile feedback needs of robots, with its mechanical sensor technology being industry-leading.
1.4 Other Core Component Suppliers
Tianzhun Technology (688003.SH): Tianzhun Technology provides the “brain” intelligent controller for embodied robots, being the core supplier of the robot control system.
Changsheng Bearings (300718.SZ): Changsheng Bearings collaborates with ZhiYuan on self-lubricating bearing technology, providing high-reliability joint bearings for ZhiYuan Robotics.
Xiechuang Data: Xiechuang Data is the exclusive supplier of gearbox assemblies for ZhiYuan Robotics’ dexterous hand (Agile Hand), with a single machine value exceeding 4,000 yuan. To ensure the stable supply of core components for the first batch of 1,000 units of ZhiYuan Robotics in Q4 2025, Xiechuang Data invested 80 million yuan to expand its flexible production line.
2. Midstream Manufacturing and Integration Partners
The midstream segment mainly involves the manufacturing of the robot body, assembly of the complete machine, and integration of software and intelligent systems, which is a key link connecting upstream components with downstream application scenarios.
2.1 Body Manufacturing and OEM Partners
Lens Technology (300433.SZ): Lens Technology is deeply involved in the production assembly and testing control of core components such as the joint module, DCU controller, and OmniPicker (gripper) for the Lingxi X1 robot. Lens Technology OEMs the Lingxi X1 series, supplying core structural parts such as joint modules and controllers, with a single machine value of about 80,000 yuan, and orders in 2025 may exceed 500 million yuan. The company provides joint modules, dexterous hands, torso shells, and complete assembly services for multiple humanoid robot companies, while also supplying precision transmission components for Tesla’s Optimus and ZhiYuan Robotics, expected to benefit from the increase in dual supply chain orders.
Junpu Intelligent (688306.SH): Junpu Intelligent and ZhiYuan established a joint venture company, Ningbo Puzhi Future, with a first-phase production line of 2,000 square meters and an annual capacity of 1,000 humanoid robots. The self-developed six-dimensional torque sensor sample delivery progress is ahead of peers. Junpu Intelligent’s Ningbo factory OEMs the Expedition A2 series, with a flexible production line supporting a daily output of 50 units, and is expected to deliver 4,000 units in 2025, with an OEM fee of 150,000 yuan per unit. Junpu Intelligent breaks down the data barriers between humanoid robots and industrial equipment, achieving collaborative operation of multi-brand robots, with a daily capacity of 15 units at the Ningbo factory (industry benchmark).
Bozhong Precision (688097.SH): Bozhong Precision undertakes over 70% of the complete assembly orders for ZhiYuan’s Expedition series, while also exclusively supplying Tesla’s robotic tooling fixtures, benefiting from the production growth of both customers. Bozhong Precision’s manufacturing capabilities are leading in the industry, able to meet ZhiYuan Robotics’ requirements for high precision and high consistency in mass production.
Lingyi Technology (002600.SZ): Lingyi Technology’s subsidiary Dongguan Lingjie signed an ODM cooperation framework agreement with ZhiYuan Robotics to provide OEM services.
Chaojie Co., Ltd. (301005.SZ): Chaojie Co., Ltd. has received bulk sample orders from some of ZhiYuan Robotics’ customers, providing high-strength fasteners, PEEK material components, and sensor bases, with product prices three times higher than automotive parts. Chaojie Co., Ltd.’s dedicated production line for robot business is expected to be put into production in Q3 2025, capable of meeting the annual supply of 2,000 robots.
2.2 Software and Intelligent Partners
Softcom Power (301236.SZ): Softcom Power holds 1.41% of ZhiYuan Robotics and established a joint venture company, Softcom Tianqing (holding 65%), to develop large models for industrial verticals, improving the accuracy of robot task decomposition by 30%. Softcom Power jointly developed the “Tianhe Robot OS,” with a latency of less than 10ms, optimizing the emotional recognition accuracy of Lingxi X2 to 85%, with an AI business gross margin of 42%. Softcom Power is responsible for the development of the operating system and industry large models, with revenue from the Qiyuan large model service expected to account for 15%, corresponding to 120 million yuan in 2025.
Lingyun Light (688400.SH): Lingyun Light participates in the annotation of the ZhiYuan Agibot World dataset, providing multimodal data cleaning services for industrial scenarios, with a year-on-year order growth of 92% in 2024. Lingyun Light benefits from the real data of ZhiYuan’s large model, providing data service support for ZhiYuan Robotics.
iFlytek (002230.SZ): iFlytek signed an agreement with ZhiYuan Robotics to jointly develop intelligent agent and robot integration solutions based on the Xinghuo large model, providing voice interaction and natural language processing capabilities for ZhiYuan Robotics.
3. Downstream Application Scenario Partners
ZhiYuan Robotics has achieved application landing in various fields such as industrial manufacturing, logistics warehousing, and commercial services, establishing strategic partnerships with many industry-leading enterprises.
3.1 Industrial Manufacturing Cooperation
BYD (002594.SZ): BYD is not only an important investor in ZhiYuan Robotics but also a key scenario partner. BYD explores the integration of automotive manufacturing scenarios by holding 2.51% of ZhiYuan. In BYD’s factory, ZhiYuan’s Walker S1 collaborates seamlessly with the Wali industrial mobile robot T3000 and the L4-level unmanned logistics vehicle Chitu, achieving a fully automated process from sorting, handling to delivery, becoming the industry’s first application case of humanoid robots collaborating with unmanned logistics vehicles, industrial mobile robots, and intelligent manufacturing management systems (MES).
SAIC Group (600104.SH): SAIC Group participates in ZhiYuan Robotics’ A3 round financing through venture capital, promoting the application of robot technology in automotive scenarios. The cooperation between SAIC Group and ZhiYuan Robotics mainly focuses on the application of humanoid robots in automotive manufacturing.
Haosen Intelligent (688529.SH): Haosen Intelligent has reached a cooperation agreement with ZhiYuan Robotics to jointly explore the application of humanoid robots in automotive manufacturing. The two parties will develop robot solutions suitable for automotive manufacturing scenarios based on their respective core advantages.
Dongyangguang (600673.SH): Dongyangguang leads the establishment of a joint venture company “Guanggu Dongzhi” (holding 70%), jointly developing embodied intelligent application scenarios with ZhiYuan Robotics (holding 15%) and sharing data from the electronics manufacturing and pharmaceutical industries. Dongyangguang focuses on developing industrial scenario models, with an expected order scale of 30 million yuan in 2025.
3.2 Logistics Warehousing Cooperation
DeMa Technology (688360.SH): DeMa Technology has reached a strategic cooperation intention with ZhiYuan Robotics, and both parties will explore innovative applications of embodied intelligent robots in logistics scenarios based on their respective core advantages. During the 2025 World Artificial Intelligence Conference, ZhiYuan’s humanoid robot Spirit G1 collaborated with DeMa’s Flash Sorter intelligent sorting robot to achieve fully automated package supply and secondary sorting accurately. This innovative solution can widely cover various industries such as footwear, retail, beauty, cold chain, 3C electronics, and department stores, providing new ideas and strong support for logistics sorting in different fields.
It is reported that within a month of cooperation, ZhiYuan’s Spirit G1 has improved its sorting speed to 6 seconds per item, already meeting the needs of some clothing e-commerce companies.
3.3 Commercial Service Cooperation
Dafeng Industrial (603081.SH): Dafeng Industrial signed a “Strategic Cooperation Agreement” with ZhiYuan Robotics, intending to establish a strategic partnership to jointly explore innovative applications of related products in the cultural, entertainment, and tourism market scenarios. The two parties jointly invested to establish a joint venture company, Zhejiang Silicon-based Ark Robotics Co., Ltd., with a registered capital of 10 million yuan, where Dafeng Industrial holds 85% and ZhiYuan Robotics holds 15%. Dafeng Industrial will provide no less than 15 million yuan in intended purchase orders for scenario research and development within one quarter after the establishment of the joint venture, and subsequently promote the application of embodied intelligent technology and the co-construction of industry standards based on the results of technological research and product commercialization verification.
Minshi Group: Minshi Group and ZhiYuan signed a three-year strategic cooperation agreement, mainly focusing on intelligent exterior and electronic skin technology, humanoid robot wireless charging and joint assembly development, flexible intelligent manufacturing solutions, etc., to enhance the touch and interaction, motion performance, and endurance of humanoid robots, as well as improve production efficiency and flexibility.
China Mobile: ZhiYuan Robotics won a bid of 78 million yuan for the humanoid robot procurement project of China Mobile’s wholly-owned subsidiary, marking an important breakthrough for ZhiYuan Robotics in the operator field. This project is a customized biped humanoid robot for China Mobile, mainly used in the stores and business halls of China Mobile operators for reception and explanation tasks. Similar service reception scenarios will also be seen in operators, hotels, banks, and other places in the future.
4. Investor Overview
Since its establishment, ZhiYuan Robotics has received multiple rounds of financing from well-known investment institutions, industrial capital, and technology giants, demonstrating the capital market’s high recognition of ZhiYuan Robotics’ development prospects.
Image source: ZhiYuan official
4.1 Major Investment Institutions
Tencent (00700.HK): Tencent is the lead investor in ZhiYuan Robotics’ B round financing, marking Tencent’s first foray into the embodied intelligence field. As of March 24, 2025, business information shows that Guangxi Tencent Venture Capital Co., Ltd. has subscribed to 1.656749 million yuan, holding a 2.0591% stake. Tencent’s leading investment in ZhiYuan Robotics is its first move into the humanoid robot startup sector during the current wave of embodied intelligence. On April 17, the shareholding ratio of Guangxi Tencent Venture Capital Co., Ltd. increased from about 2.06% to about 2.7%. Tencent’s first investment in humanoid robot startups comes after multiple investments in companies like UBTECH, which is now listed on the Hong Kong Stock Exchange, and Leju Robotics, also based in Shenzhen, between 2017 and 2019.
Hillhouse Capital: Hillhouse Capital is an early investor in ZhiYuan Robotics, participating in multiple rounds of financing in the A series, making it an important institutional investor for ZhiYuan Robotics. Hillhouse Capital, as a top investment institution in China, has a broad layout in the field of technological innovation, and its investment in ZhiYuan Robotics reflects its optimism about the humanoid robot sector.
BlueRun Ventures: BlueRun Ventures is a long-term supporter of ZhiYuan Robotics, continuously investing in multiple rounds of financing. BlueRun Ventures has rich investment experience in technological innovation, especially in the fields of artificial intelligence and robotics.
Dinghui Capital: Dinghui Capital is one of the important investment institutions for ZhiYuan Robotics, supporting its development through equity investment. Dinghui Capital is a well-known investment institution in China, with a broad layout in various fields such as technology and consumer goods.
4.2 Industrial Capital Investment
BYD (002594.SZ): BYD is an important industrial investor in ZhiYuan Robotics, exploring the integration of automotive manufacturing scenarios by holding 2.51% of ZhiYuan. In August 2023, BYD invested in ZhiYuan Robotics, with a subscribed capital of 191,497 yuan, increasing its stake to 3.76%, marking BYD’s first bet in the humanoid robot field. At that time, ZhiYuan’s biped humanoid robot Expedition A1 had conducted chassis assembly and appearance inspection work at BYD’s new energy factory. As of now, BYD directly holds 2.3173% of ZhiYuan Robotics’ shares.
SAIC Group (600104.SH): SAIC Group participates in ZhiYuan Robotics’ A3 round financing through SAIC Venture Capital, promoting the application of robot technology in automotive scenarios. SAIC Venture Capital participated in ZhiYuan Robotics’ A3 round strategic financing in April 2024. This reflects SAIC Group’s active implementation of technology innovation strategies and early investment requirements, supporting ZhiYuan Robotics’ development in the humanoid robot field.
JD Technology (a subsidiary of JD Group): JD Technology recently invested in ZhiYuan Robotics, promoting its application in logistics scenarios. In May 2025, JD and the Shanghai Embodied Intelligence Fund participated in a new round of financing for ZhiYuan Robotics, with several old shareholders, including SAIC, increasing their investments. According to the National Enterprise Credit Information Publicity System, on May 22, 2025, the shareholding of Shanghai ZhiYuan New Technology Co., Ltd. changed, with JD Technology Information Technology Co., Ltd. becoming a new shareholder, subscribing to 61,890.9 yuan of registered capital in ZhiYuan Robotics.
LG Electronics and Mirae Asset Group: On August 1, 2025, ZhiYuan Robotics announced that it had received strategic investment from international groups, led by LG Electronics and Mirae Asset Group. This marks LG Electronics’ first global foray into the embodied intelligence field. It is reported that this is ZhiYuan’s third round of significant financing completed in 2025.
Softcom Power (301236.SZ): Softcom Power holds 1.41% of ZhiYuan Robotics and established a joint venture company, Softcom Tianqing (holding 65%), to develop large models for industrial verticals, improving the accuracy of robot task decomposition by 30%. Softcom Power plays an important role in the software ecosystem construction of ZhiYuan Robotics, and the industrial vertical large models jointly developed have been applied in multiple scenarios.
Wolong Electric Drive (600580.SH): Wolong Electric Drive’s Hill Robot signed a scenario application agreement with ZhiYuan. On March 24, 2025, Wolong Electric Drive mentioned in an official announcement that by increasing its investment in ZhiYuan, it further optimized and strengthened its investment layout in the robot industry chain. The two parties will focus on advancing the core technology research and development of embodied intelligent robots and the construction of industrial application ecosystems. Wolong Electric Drive holds 0.76% of ZhiYuan Robotics’ shares and has mutual shareholding with ZhiYuan’s Hill Robot to jointly promote the landing of flexible manufacturing scenarios.
Longqi Technology (603341.SH): Longqi Technology participated in ZhiYuan Robotics’ B round financing and expanded robot technology development through a joint venture. Longqi Technology is a company engaged in the research, design, and manufacturing of intelligent products, and its participation in ZhiYuan Robotics’ financing will help both parties achieve synergistic development in technology and market.
Huafa Group (600325.SH): Huafa Group participated in ZhiYuan Robotics’ financing through its equity investment fund. In February of this year, the leading state-owned enterprise Huafa Group signed a cooperation agreement with ZhiYuan to expand businesses such as health care robots and smart security in Zhuhai. On March 14, ZhiYuan and Huafa Group also led the establishment of the Zhuhai Embodied Intelligence Innovation Center.
Conclusion
ZhiYuan Robotics is constructing a complete embodied intelligence ecosystem through a full-chain layout of “self-research + investment + cooperation,” promoting the commercialization of humanoid robots.