Lithography Machines and Humanoid Robots Lead the A-Share Market: From September 2024 to September 2025, driven by national strategic support and technological breakthroughs, the A-share lithography machine and humanoid robot sectors are showing strong growth. The lithography machine sector benefits from the accelerated domestic production of semiconductors, while the humanoid robot sector is accelerating commercialization under the empowerment of AI technology.

Core Insights:

1. Acceleration of Domestic Lithography Machine Production: With the completion of mass production verification for Shanghai Microelectronics’ 28nm lithography machine, the domestic substitution process has entered a critical period. It is expected that by 2025, the market size for domestic lithography machines will exceed 15 billion yuan, driving performance growth for upstream and downstream enterprises in the industry chain.

1. Commercialization Turning Point for Humanoid Robots: With the mass production and application scenario expansion of humanoid robot products such as Tesla’s Optimus and UBTECH’s Walker series, the humanoid robot market is expected to exceed 20 billion yuan by 2025, with continuous order releases from enterprises across the industry chain.

1. Significant Differences in Industry Chain Value Distribution: In the lithography machine industry chain, upstream segments such as optical systems and precision machinery have the highest gross profit margins, reaching 30%-50%; in the humanoid robot industry chain, core components and AI algorithm segments have relatively high gross profit margins, ranging from 25%-40%.

1. Four Clear Investment Lines: The lithography machine sector focuses on core component suppliers, optical system manufacturers, and precision machinery enterprises; the humanoid robot sector emphasizes leading core component suppliers, AI algorithm providers, system integrators, and application scenario solution providers.

1. Analysis of the Lithography Machine Sector: Accelerated Domestic Substitution

1.1 Analysis of Leading Stocks in the Lithography Machine Sector

According to the latest market dynamics and industry data for 2025, the ranking and core advantages of leading stocks in the A-share lithography machine sector are as follows:

1. Fuzhijian Technology (002222)

Fuzhijian Technology is a leading domestic lithography machine manufacturer and a global leader in nonlinear optical crystals. Its products are core components of laser systems, with extremely high technical barriers, making it a potential key material supplier for lithography machine light source modules. In the second quarter of 2025, the company achieved total operating revenue of 280 million yuan, a year-on-year increase of 20.69%; net profit after deducting non-recurring gains and losses was 70.4847 million yuan, a year-on-year increase of 0.66%; gross profit was 146 million yuan, with a gross profit margin of 52%.

The KBBF crystal developed by the company can directly generate EUV laser through frequency doubling and has signed a long-term supply agreement with ASML, securing orders for the next three years. In the first half of 2025, the company’s stock price rose by 28.6%, with a 4.47% increase in the last seven days, and a total market value of approximately 21.74 billion yuan. The company’s global leading position in the optical crystal field makes it an indispensable part of the domestic lithography machine industry chain.

2. Zhangjiang Hi-Tech (600895)

Zhangjiang Hi-Tech holds a 10.779% stake in Shanghai Microelectronics through its subsidiaries. This company is the only domestic enterprise capable of mass-producing lithography machines at 90nm and below, with the 28nm lithography machine entering the mass production verification stage, expected to become a key force in domestic substitution. In the first half of 2025, the company achieved revenue of 1.704 billion yuan, a year-on-year increase of 39.05%; net profit attributable to shareholders was 369 million yuan, a year-on-year increase of 38.64%, showing significant performance growth.

As the main developer of Zhangjiang Science City, the company is accelerating its transformation from a traditional real estate developer to a “technology investment bank,” forming a dual-driven model of “space operation + industrial investment.” With the acceleration of the mass production process of Shanghai Microelectronics’ 28nm lithography machine, its valuation is expected to increase significantly, and Zhangjiang Hi-Tech, as an important shareholder, has substantial room for equity value reassessment. In the first half of 2025, the company’s stock price rose by 29.46%, with a 7.98% increase in the last five days, and a total market value of approximately 58.835 billion yuan.

3. Maolai Optical (688502)

Maolai Optical is a leading domestic manufacturer of high-precision optical devices, covering optical systems for lithography machines (such as lenses, prisms, and flat plates), with technical precision reaching the nanometer level, and some products certified by ASML. The company is deeply engaged in the precision optical industry, providing lenses, prisms, and other precision optical components for semiconductor lithography equipment, making it an important part of the lithography machine objective lens system supply chain.

Benefiting from the accelerated domestic production of lithography machines, the demand for high-precision optical components has surged. In 2025, domestic wafer fabs’ expansion plans will drive equipment investment, with the optical system of lithography machines accounting for about 20%-30% of equipment costs. The 2024 financial report shows that the company’s semiconductor business revenue increased by over 50% year-on-year, with a gross profit margin maintained above 60%. In the first half of 2025, the company’s stock price rose by 18.37%, with a total market value of approximately 22.876 billion yuan.

4. Sudavige (300331)

Sudavige is one of the leading domestic lithography machine manufacturers, focusing on the independent research and development of nano-imprint lithography (NIL) equipment, breaking through the limitations of traditional mask lithography, and can be used for advanced packaging. In the first half of 2025, the company achieved revenue of 420 million yuan, a year-on-year increase of 15.8%, with a net profit of 48 million yuan and a gross profit margin of 35.6%.

The company’s nano-imprint lithography technology has a cost that is 50% lower than EUV, showing significant potential for replacement in mature process fields, with plans to mass-produce the first device in 2025. Additionally, the company disclosed that its enterprise-level storage system has been adapted to Huawei’s magnetoelectric storage technology, launching an 8TB magnetoelectric storage device with a reading speed of 5000MB/s, and jointly developing distributed magnetoelectric fusion storage products with Huawei. In the first half of 2025, the company’s stock price rose by 15.8%, with a 7.82% increase in the last five days, and a total market value of approximately 6.671 billion yuan.

5. Tongfei Co., Ltd. (300990)

Tongfei Co., Ltd. is a leading enterprise in industrial temperature control equipment and a key provider of environmental protection and control systems in the lithography machine industry chain. Lithography machines require a constant temperature environment for 24/7 operation to maintain nanometer-level precision, and its precision temperature control system is the fundamental guarantee for stable equipment operation. In the second quarter of 2025, the company achieved total operating revenue of 690 million yuan, a year-on-year increase of 31.4%; net profit after deducting non-recurring gains and losses was 61.5452 million yuan, a year-on-year increase of 276.93%; gross profit was 153 million yuan, with a gross profit margin of 22.16%.

The company’s technological advantages in industrial temperature control make it an indispensable part of the lithography machine manufacturing process. In the first half of 2025, the company’s stock price rose by 42.23%, with a peak price of 89.9 yuan, and a market value of 12.135 billion yuan. As the domestic lithography machine production process accelerates, the company, as a core supplier of temperature control systems, is expected to continue benefiting.

1.2 Analysis of the Lithography Machine Industry Chain

1.2.1 Hardware Manufacturing Segment

The hardware manufacturing segment of lithography machines mainly includes the production and manufacturing of core components such as optical systems, precision machinery, and control systems.

Optical Systems are the core components of lithography machines, mainly including light source systems and projection lens systems. Fuzhijian Technology, as a global leader in nonlinear optical crystals, provides core components for laser systems and is a potential key material supplier for lithography machine light source modules. Maolai Optical provides precision optical lenses such as lenses and prisms for semiconductor lithography equipment, making it an important part of the lithography machine objective lens system supply chain. Juguang Technology possesses core technologies in laser light sources and optical beam conversion, with products highly related to the generation and modulation technology paths of lithography machine light sources, capable of providing subsystem-level solutions.

Precision Machinery is the foundation for lithography machines to achieve high-precision positioning and movement, mainly including worktables, workpiece tables, and guide rails. Fuchuang Precision is the absolute leader in domestic semiconductor equipment precision components, covering process components, modules, and gas pipelines, having entered the supply chains of overseas giants, with its technical capabilities internationally certified, making it a core component supplier. Xinlai Materials is a leading domestic high-purity application materials enterprise, with products including vacuum chambers, pumps, valves, and pipelines, directly meeting the stringent requirements of lithography machines for ultra-high vacuum and ultra-clean environments.

Control Systems are the “brains” of lithography machines, responsible for controlling various operations and precision of the lithography machines. Electric Science Digital, a subsidiary of China Electronics Technology Group, has strong capabilities to provide industrial control systems and digital solutions for high-end lithography equipment, making it a potential national team supplier for the “brain” of lithography machines.

1.2.2 Software Ecosystem Segment

The software ecosystem segment of lithography machines mainly includes the development and optimization of photoresists, exposure control software, and process databases.

Photoresists are essential materials in the lithography machine process, directly affecting the precision and quality of lithography. Nanda Optoelectronics is the only domestic enterprise capable of mass-producing 28nm ArF photoresists (with a yield exceeding 90%), serving major wafer fabs such as SMIC. Tongcheng New Materials is a domestic ArF photoresist technology enterprise, ranking in the first tier, with annual revenue from semiconductor photoresist business reaching 200 million yuan, occupying an important position in the domestic ArF photoresist market.

Exposure Control Software is the core software that controls the exposure process of lithography machines, directly affecting the precision and efficiency of lithography. Xinqi Microelectronics focuses on micro-nano direct writing lithography technology, developing, manufacturing, and selling direct imaging equipment and corresponding maintenance services, with its exposure control software leading in the domestic market.

Process Databases are the foundation for the development and optimization of lithography processes, mainly including lithography process parameters and mask design data. Shanghai Microelectronics, as the only domestic enterprise capable of mass-producing lithography machines at 90nm and below, possesses a rich lithography process database, providing important support for the process development of domestic lithography machines.

1.2.3 System Integration Segment

The system integration segment of lithography machines mainly includes the integration, testing, and packaging of the entire lithography machine.

Whole Machine Integration is the process of assembling core components such as optical systems, precision machinery, and control systems into a complete lithography machine. Shanghai Microelectronics is the only domestic enterprise capable of mass-producing lithography machines at 90nm and below, with the 28nm lithography machine entering the mass production verification stage, making it a core enterprise for the integration of domestic lithography machines. Zhangjiang Hi-Tech, as one of the important shareholders of Shanghai Microelectronics, is deeply bound to the domestic lithography machine leading enterprise through its investment platform, providing key ecological support for its capitalization and technological breakthroughs.

Testing and Packaging are key links to ensure the performance and quality of lithography machines. Deep Technology provides packaging testing services for Huawei SSDs, supporting 36-layer DOB stacking processes, with strong technical capabilities in the storage packaging field, also providing testing services for components related to lithography machines.

1.2.4 Application Scenario Analysis

The application scenarios of lithography machines mainly include semiconductor manufacturing, display panels, and MEMS manufacturing.

Semi-conductor Manufacturing is the primary application scenario for lithography machines and the field with the highest technical requirements. Shanghai Microelectronics’ 90nm lithography machine SSA600/20 series has achieved mass production, occupying 80% of the domestic market share, with annual shipments exceeding 50 units, applied in the production of mature process chips for enterprises such as SMIC and Huahong Semiconductor. The 28nm immersion DUV lithography machine has been validated by SMIC, using the dual-workpiece stage from ASML (with positioning accuracy of 1.5nm) and the precision projection lens from Guoke Precision (NA=0.93), with a domestic production rate exceeding 70%, expected to complete mass production verification by 2025.

Display Panels are an important application scenario for lithography machines, mainly used in the manufacturing of TFT-LCD, OLED, and other display panels. Yake Technology’s panel photoresists cover major varieties such as TFT, RGB, OC, and PS, with rapid business growth since 2024, while the local factory for Yixing photoresists is gradually releasing production capacity, with major clients such as BOE and Huaxing Optoelectronics accelerating business development.

MEMS Manufacturing is an emerging application scenario for lithography machines, mainly used in the manufacturing of micro-electromechanical systems. Sudavige’s nano-imprint lithography (NIL) equipment is independently developed, breaking through the limitations of traditional mask lithography, and can be used for advanced packaging and MEMS manufacturing, with plans to mass-produce the first device in 2025.

2. Analysis of the Humanoid Robot Sector: Accelerated Commercialization Empowered by AI

2.1 Analysis of Leading Stocks in the Humanoid Robot Sector

According to the latest market dynamics and industry data for 2025, the ranking and core advantages of leading stocks in the A-share humanoid robot sector are as follows:

1. Green Harmonic (688017)

Green Harmonic is a leading domestic manufacturer of harmonic reducers, with the highest market share in the domestic market, breaking Japan’s monopoly, serving clients such as Tesla and Yuzhu Technology, with production capacity expected to double by 2025. The company’s performance in the first half of 2025 was excellent, with precision reducer business revenue accounting for over 70%, and net profit expected to increase by 120% year-on-year.

The company is a core supplier for Tesla’s second-generation Optimus, with its liquid lubrication technology extending product life to 10,000 hours, and costs 30% lower than Japanese brands, having passed Tesla’s extreme condition tests. In the harmonic reducer field, the company holds over 25% market share, making it a core force in domestic substitution, with technical indicators approaching those of top overseas levels. In 2025, the company’s stock price has increased by over 100%, with a total market value of approximately 35 billion yuan, occupying an important position in the core components of humanoid robots.

2. Huichuan Technology (002129)

Huichuan Technology is a leading domestic industrial automation enterprise, with advanced servo motor and driver technology, having laid out humanoid robot controllers and motion control systems, with a high market share. The company launched the “Lingxi” series joint motors, entering the Xiaomi supply chain, with humanoid robot business expected to account for over 40%.

The company’s self-developed magnetic encoder technology has broken Japan’s monopoly, and the new generation of integrated drive and control solutions reduces energy consumption by 40%, adapting to various scenarios for humanoid robots. In the first half of 2025, the servo business revenue increased by 35% year-on-year, with a gross profit margin of 48%, and net profit growth exceeding 25% for three consecutive years. The company’s technological advantages in servo systems make it an important supplier of core components for humanoid robots.

3. Top Group (601689)

Top Group is investing 5 billion yuan to build an electric drive system base, with linear/rotary actuators receiving customer recognition, and net profit growth is steady. The company has laid out various products for robots, from actuators to body structure components, promoting a platform-based product layout for robot business.

The company is an important partner for Tesla’s Optimus, with its Mexican factory expected to start production in the third quarter of 2025, planning a production capacity of 1 million units, and robot business revenue is expected to exceed 1.5 billion yuan in 2026. In the first half of 2025, the company’s stock price rose by 46.41%, with foreign capital holding 72.7 billion yuan, making it one of the core enterprises in humanoid robots heavily invested by foreign capital.

4. Sanhua Intelligent Control (002050)

Sanhua Intelligent Control is a global leader in thermal management technology, closely cooperating with Tesla, laying out electromechanical actuators and reducers, creating a third growth curve. The company is the main supplier of actuators for Tesla’s Optimus, with microchannel cooling technology improving heat dissipation efficiency by 60%, adapting to high power density motor requirements.

In the first half of 2025, the thermal management business revenue increased by 45% year-on-year, with a gross profit margin stable at 32%. The company holds over 30% market share in the global new energy vehicle thermal management sector, binding with Tesla and Boston Dynamics in the robot field. In the first half of 2025, the company’s stock price rose by 46.41%, with foreign capital holding 43.3 billion yuan, making it one of the core enterprises in humanoid robots heavily invested by foreign capital.

5. Mingzhi Electric (603728)

Mingzhi Electric is a benchmark for hollow cup motor technology, having sent samples to Tesla, and is expected to become a core supplier for humanoid robot dexterous hands. The company’s hollow cup motor revenue in A-shares ranks first (annual revenue exceeding 2.1 billion yuan), with technical indicators approaching top overseas levels, and has completed sample testing for Tesla, with strong expectations for mass production support, making it the most imaginative target in the motor segment.

The company’s technological advantages in stepper motors make it an important supplier for joint drives in humanoid robots. In the first half of 2025, the company’s stock price rose by 90.97%, occupying an important position in the core components of humanoid robots.

2.2 Analysis of the Humanoid Robot Industry Chain

2.2.1 Hardware Manufacturing Segment

The hardware manufacturing segment of humanoid robots mainly includes the production and manufacturing of core components (such as reducers, servo motors, sensors, etc.), actuators, and body structures.

Reducers are core components of humanoid robots, mainly including harmonic reducers and RV reducers. Green Harmonic is a leading domestic manufacturer of harmonic reducers, with the highest market share in the domestic market, breaking Japan’s monopoly, serving clients such as Tesla and Yuzhu Technology. Shuanghuan Transmission is a “second-tier leader” in the RV reducer field, with a market share of 15%, and significant production capacity advantages, benefiting from the explosive demand in the industry. Nanfang Precision has a market share of 51.5% in RV reducer bearings in China and has completed Tesla’s supply chain certification, with flexible bearings and planetary roller screw samples recognized by Optimus.

Servo Systems include servo motors and drivers, which are core components for joint drives in humanoid robots. Huichuan Technology is a leading domestic industrial automation enterprise, with advanced servo motor and driver technology, having laid out humanoid robot controllers and motion control systems, with a high market share. Jiangsu Leili is a core manufacturer of frameless torque motors for robots, covering core power modules for joints, with a year-on-year revenue growth of 60% in 2024, and net profit expected to increase by 85%.

Sensors are important components for humanoid robots to perceive their environment, mainly including visual sensors, force sensors, and tactile sensors. Orbbec is an industry-leading company in robot vision and AI vision technology, providing core 3D visual sensors for many well-known electronics and robot manufacturers, with foreign capital holding 85.2 billion yuan. Hanwei Technology provides various sensors (such as force sensors and position sensors), suitable for robot perception systems.

Actuators are devices that convert electrical energy into mechanical energy, which are key components for humanoid robots to perform actions. Top Group is investing 5 billion yuan to build an electric drive system base, with linear/rotary actuators receiving customer recognition, and net profit growth is steady. Sanhua Intelligent Control is laying out electromechanical actuators and reducers, with microchannel cooling technology improving heat dissipation efficiency by 60%, adapting to high power density motor requirements.

2.2.2 Software Ecosystem Segment

The software ecosystem segment of humanoid robots mainly includes the development and optimization of operating systems, motion control algorithms, and AI models.

Operating Systems are the basic software platforms for humanoid robots, responsible for managing hardware resources and scheduling tasks. Buke Co., Ltd. is a core manufacturer of servo drivers and controllers for humanoid robots, with its self-developed real-time operating system (RTOS) for robots having a latency of less than 1 microsecond, suitable for high-speed motion control. The company’s servo drive business revenue is expected to grow by 75% in 2024, with a gross profit margin maintained at a high level of 45%.

Motion Control Algorithms are key to achieving smooth motion and precise control of humanoid robots. Gokai Technology is a leading enterprise in the motion control field, with a market share of 40%, serving clients such as Tesla and Yuzhu, with its motion control algorithms forming the basis for humanoid robots to perform complex actions.

AI Models are core to enhancing the intelligence level of humanoid robots, mainly including computer vision, natural language processing, and decision-making planning. Orbbec’s collaboration with Microsoft on the Femto series iToF depth cameras, Gemini335 series, and Gemini336 series 3D structured light depth cameras balances high reliability, high performance, cost-effectiveness, and practicality, suitable for various humanoid robots to execute visual applications in complex indoor and outdoor scenarios.

2.2.3 System Integration Segment

The system integration segment of humanoid robots mainly includes body manufacturing, complete machine assembly, and testing.

Body Manufacturing is the process of assembling core components into the humanoid robot body. UBTECH is the world’s “first humanoid robot stock,” with the Walker series humanoid robots entering training in multiple enterprise factories. Zhiyuan Robotics plans to mass-produce over 1,000 units in 2025, targeting sales of 3,000 to 5,000 units. Yuzhu Technology’s humanoid robot overseas market sales have exceeded 1,000 units, with an upgraded algorithm released in February 2024, significantly improving motion coordination.

Complete Machine Assembly is the process of assembling the body, control systems, sensors, and other components into a complete humanoid robot. Lens Technology has been laying out the intelligent robot field since 2016, providing precision components and complete machine assembly solutions for humanoid robots, with foreign capital holding 85.2 billion yuan. Pengding Holdings is a global leader in PCBs, providing core circuit boards for many well-known electronics and robot manufacturers, with foreign capital holding 91.1 billion yuan.

Testing is a key link to ensure the performance and quality of humanoid robots. Lingyi Intelligent Manufacturing is a precision manufacturing enterprise involved in the testing of robot components, providing testing services for multiple humanoid robot companies.

2.2.4 Application Scenario Analysis

The application scenarios of humanoid robots mainly include industrial manufacturing, logistics warehousing, household services, and medical care.

Industrial Manufacturing is an important application scenario for humanoid robots, mainly used for parts handling, assembly, and inspection. Products such as UBTECH’s Walker X, Xiaomi’s CyberOne, Yuzhu’s H1, and Zhiyuan’s Lingxi X2 have been delivered in small batches, focusing on industrial + commercial scenarios. Tesla’s Optimus Gen-2 achieves piano-level action precision, with Elon Musk announcing that “in 2026, it will land on Mars with Starship,” accelerating mass production expectations.

Logistics Warehousing is an emerging application scenario for humanoid robots, mainly used for goods handling, sorting, and stacking. Shenghong Technology collaborates deeply with Tesla, mainly providing PCB products for vehicle data centers and humanoid robots, with foreign capital holding 43.3 billion yuan. Zhongdali De focuses on the research and development of core components for humanoid robots, forming an integrated structure of reducers + motors + drives, with foreign capital holding 4.4 billion yuan.

Household Services are a potential application scenario for humanoid robots, mainly used for household chores and companionship for the elderly and children. Qian Cheng, vice chairman and CEO of Ecovacs, revealed in an interview at AWE2025 that Ecovacs will invest in creating household humanoid robots, with application scenarios still being explored. The sweeping robot with a mechanical hand launched by Stone Technology has been listed, featuring intelligent recognition of scattered items, classification and storage, dual-angle video calls, and intelligent control of item retrieval, achieving a leap from two-dimensional ground cleaning to three-dimensional space control.

Medical Care is an emerging application scenario for humanoid robots, mainly used for patient care and rehabilitation training. Medi Technology is making intelligent layouts in the medical field, possibly involving nursing robots, with a capital inflow of about 120 million yuan in the first half of 2025.

3. Industry Chain Synergy Analysis: Technology Integration and Scenario Expansion

3.1 Trends in Technology Integration between Lithography Machines and Humanoid Robots

Lithography machines and humanoid robots, as representatives of high-end equipment manufacturing, have many intersections and integration points at the technical level. In the future, with technological development, the trend of integration between the two will further strengthen.

Integration of Precision Manufacturing Technologies

Lithography machines and humanoid robots both require high-precision machining and assembly technologies, and the technologies in precision manufacturing can be mutually referenced and integrated. For example, the precision positioning technology of lithography machines can be applied to the joint drive and motion control of humanoid robots, improving the motion precision and stability of humanoid robots. Conversely, the flexible joint technology of humanoid robots can also be applied to the precision positioning systems of lithography machines, enhancing the adaptability and reliability of lithography machines.

Integration of Optical Technologies

The optical systems of lithography machines and the vision systems of humanoid robots both involve optical technologies, and there are technical synergies in optical design and optical component manufacturing. For example, the high-precision optical component manufacturing technology of lithography machines can be applied to the vision systems of humanoid robots, improving the precision and reliability of vision systems. Conversely, the vision algorithms and image processing technologies of humanoid robots can also be applied to the alignment and detection systems of lithography machines, enhancing the automation level and production efficiency of lithography machines.

Integration of Control Technologies

The control systems of lithography machines and humanoid robots both involve high-precision control technologies, and there are technical synergies in control algorithms and system integration. For example, the high-precision positioning control algorithms of lithography machines can be applied to the motion control of humanoid robots, improving the motion precision and trajectory tracking capabilities of humanoid robots. Conversely, the adaptive control and intelligent control technologies of humanoid robots can also be applied to the real-time control of lithography machines, enhancing the stability and adaptability of lithography machines.

3.2 Value Distribution and Development Prospects of the Industry Chain

The value distribution of the lithography machine and humanoid robot industry chains shows significant hierarchical characteristics, with different enterprises in the industry chain having varying positions and value contributions.

Value Distribution of the Lithography Machine Industry Chain

From the perspective of value distribution in the lithography machine industry chain, the gross profit margins of upstream core component segments such as optical systems and precision machinery are the highest, reaching 30%-50%; the gross profit margins of midstream whole machine integration segments are next, ranging from 20%-35%; while the gross profit margins of downstream application scenario segments are relatively low, usually between 10%-20%.

In the distribution of industry chain profits, core component enterprises such as optical systems and precision machinery occupy most of the profits in the industry chain, followed by whole machine integration enterprises, while application scenario enterprises are relatively few. This is mainly because core component enterprises hold key technologies and core intellectual property, giving them higher bargaining power; while whole machine integration enterprises and application scenario enterprises face greater competitive and cost pressures.

Value Distribution of the Humanoid Robot Industry Chain

From the perspective of value distribution in the humanoid robot industry chain, the gross profit margins of core component segments are the highest, reaching 25%-40%; the AI algorithm and control system segments are next, ranging from 20%-35%; while the gross profit margins of body manufacturing and system integration segments are relatively low, usually between 15%-25%; and the gross profit margins of application scenario segments are the lowest, at 10%-20%.

In the distribution of industry chain profits, core component enterprises and AI algorithm enterprises occupy most of the profits in the industry chain, followed by body manufacturing and system integration enterprises, while application scenario enterprises are relatively few. This is mainly because core component and AI algorithm enterprises hold core technologies and key intellectual property, giving them high technical barriers and bargaining power; while body manufacturing and system integration enterprises face greater cost pressures and competitive pressures.

Development Prospects Analysis

Looking ahead, the development prospects of the lithography machine and humanoid robot industry chains are mainly reflected in the following aspects:

1. Acceleration of Domestic Substitution: In the context of the Sino-US technology competition, the domestic substitution process of the lithography machine and humanoid robot industry chains will accelerate. In the lithography machine field, the mass production verification of Shanghai Microelectronics’ 28nm lithography machine will drive the development of upstream and downstream enterprises in the industry chain; in the humanoid robot field, the domestic production rate of core components will further increase, reducing dependence on imported components.

1. Technological Innovation Driving Industry Upgrades: With continuous innovation and breakthroughs in key technologies such as optical technology, precision manufacturing technology, and control technology, the performance of lithography machines and humanoid robots will continue to improve, and application scenarios will continue to expand. In the lithography machine field, the research and application of EUV lithography machine technology will become a key focus for future development; in the humanoid robot field, the deep integration of AI technology and humanoid robots will become a development trend.

1. Expansion of Application Scenarios: The application scenarios of lithography machines and humanoid robots will continue to expand. In the lithography machine field, in addition to traditional semiconductor manufacturing, they will also be applied in emerging fields such as MEMS manufacturing and biochip manufacturing; in the humanoid robot field, in addition to industrial manufacturing, they will also be widely applied in household services, medical care, education, and entertainment.

1. Coordinated Development of the Industry Chain: Upstream and downstream enterprises in the lithography machine and humanoid robot industry chains will strengthen collaborative cooperation, forming a more complete industrial ecosystem. In the lithography machine field, whole machine enterprises will strengthen cooperation with core component enterprises to improve domestic production rates and product performance; in the humanoid robot field, body manufacturing enterprises will strengthen cooperation with core component enterprises and AI algorithm enterprises to enhance the intelligence level and market competitiveness of products.

3.3 Investment Strategies and Risk Analysis

Based on the analysis of the lithography machine and humanoid robot industry chains, we propose the following investment strategies and risk analysis:

Investment Lines and Target Recommendations

Based on the analysis of the lithography machine and humanoid robot industry chains, we propose the following investment lines and target recommendations:

1. Core Targets in the Lithography Machine Industry Chain

• Core Component Enterprises: Fuzhijian Technology (002222), Maolai Optical (688502), Fuchuang Precision (688409)

• Whole Machine Integration Related Enterprises: Zhangjiang Hi-Tech (600895)

• Optical System Enterprises: Juguang Technology (688167), Fuzhijian Technology (002222)

• Precision Machinery Enterprises: Fuchuang Precision (688409), Xinlai Materials (300260)

1. Core Targets in the Humanoid Robot Industry Chain

• Core Component Enterprises: Green Harmonic (688017), Huichuan Technology (002129), Top Group (601689), Sanhua Intelligent Control (002050)

• AI Algorithm Enterprises: Orbbec (688322), Gokai Technology (301510)

• Body Manufacturing Enterprises: UBTECH (09880.HK), Zhiyuan Robotics (not listed)

• Application Scenario Enterprises: Ecovacs (603486), Stone Technology (688169)

1. Enterprises Benefiting from Technology Integration

• Precision Manufacturing Enterprises: Fuchuang Precision (688409), Green Harmonic (688017)

• Optical Technology Enterprises: Fuzhijian Technology (002222), Orbbec (688322)

• Control Technology Enterprises: Huichuan Technology (002129), Gokai Technology (301510)

Risk Factors and Response Strategies

When investing in the lithography machine and humanoid robot industry chains, it is important to pay attention to the following risk factors:

1. Technical Risks: The speed of technological iteration in the lithography machine and humanoid robot fields is fast, and enterprises that cannot keep up with technological developments may face the risk of product obsolescence. Response Strategy: Pay attention to the R&D investment and technological innovation capabilities of enterprises, and choose to invest in those with strong R&D strength and rich technology reserves.

1. Market Risks: The lithography machine and humanoid robot markets are highly competitive, and enterprises may face risks such as declining market share and price wars. Response Strategy: Pay attention to the market position and competitive advantages of enterprises, and choose to invest in those with leading positions in niche fields.

1. Policy Risks: Changes in national industrial policies may have a significant impact on the lithography machine and humanoid robot industries. Response Strategy: Pay attention to the trends in changes in national industrial policies and choose to invest in enterprises that align with national strategic development directions.

1. Supply Chain Risks: The lithography machine and humanoid robot industry chains are long and involve multiple links, and disruptions in the supply chain or shortages of raw materials may affect normal production. Response Strategy: Pay attention to the supply chain management capabilities and localization levels of enterprises, and choose to invest in those with stable supply chains and high localization levels.

1. Valuation Risks: The valuations of the lithography machine and humanoid robot sectors are generally high, posing the risk of valuation bubbles. Response Strategy: Pay attention to the performance growth and valuation levels of enterprises, and choose to invest in those with high certainty of performance growth and reasonable valuations.

4. Conclusion and Outlook

4.1 Summary of Industry Chain Development

Lithography machines and humanoid robots, as representatives of high-end equipment manufacturing, are showing different development trends and investment opportunities from September 2024 to September 2025.

Characteristics of Lithography Machine Industry Chain Development

1. Accelerated Domestic Substitution Process: The mass production verification of Shanghai Microelectronics’ 28nm lithography machine has led to a domestic production rate exceeding 70%, driving the development of upstream and downstream enterprises in the industry chain. Core component enterprises such as Fuzhijian Technology and Maolai Optical are continuously improving their technical strength, accelerating the domestic substitution process.

1. Technological Innovation Driving Growth: Enterprises in the lithography machine industry chain are continuously increasing R&D investment, achieving technological breakthroughs in optical systems, precision machinery, and control systems. The KBBF crystal developed by Fuzhijian Technology, which can directly generate EUV laser through frequency doubling, is expected to achieve breakthroughs in the EUV lithography machine field.

1. Enhanced Synergy Effects in the Industry Chain: Upstream and downstream enterprises in the lithography machine industry chain are strengthening cooperation, forming a more complete industrial ecosystem. Zhangjiang Hi-Tech, as an important shareholder of Shanghai Microelectronics, is deeply binding with the domestic lithography machine leading enterprise through its investment platform, providing financial and resource support.

Characteristics of Humanoid Robot Industry Chain Development

1. Accelerated Commercialization Process: The mass production and application scenario expansion of products such as Tesla’s Optimus, UBTECH’s Walker series, and Xiaomi’s CyberOne are driving humanoid robots from concept to commercialization. Core component enterprises such as Green Harmonic and Huichuan Technology are continuously releasing orders, with significant performance growth.

1. Clear Trends in Technology Integration: The deep integration of AI technology and humanoid robots is enhancing the intelligence level and application capabilities of humanoid robots. Core technologies such as Orbbec’s 3D vision technology and Gokai Technology’s motion control algorithms are continuously breaking through, providing support for the intelligent development of humanoid robots.

1. Reconstruction of Value Distribution in the Industry Chain: The value distribution pattern of the humanoid robot industry chain is changing, with core components and AI algorithm enterprises occupying high-value segments of the industry chain, while body manufacturing and application scenario enterprises contribute relatively less value. Core component enterprises such as Green Harmonic and Huichuan Technology generally have higher gross profit margins than body manufacturing enterprises.

4.2 Future Development Trend Outlook

Looking ahead, the development trends of the lithography machine and humanoid robot industry chains are mainly reflected in the following aspects:

Development Trends of the Lithography Machine Industry Chain

1. Parallel Upgrading of Technology and Domestic Production: With the mass production and application of Shanghai Microelectronics’ 28nm lithography machine, domestic lithography machines will develop towards higher precision and performance. At the same time, the domestic production rates of upstream and downstream enterprises in the industry chain will further increase, forming a more complete domestic lithography machine industry ecosystem.

1. Expansion of Application Scenarios: The application scenarios of lithography machines will expand from traditional semiconductor manufacturing to emerging fields such as MEMS manufacturing, biochip manufacturing, and micro-nano processing, bringing new growth points for industry chain enterprises.

1. Accelerated Integration of the Industry Chain: Upstream and downstream enterprises in the lithography machine industry chain will strengthen integration, forming a more concentrated industrial pattern. Core component enterprises will expand their scale through mergers and acquisitions, increasing market share and bargaining power.

Development Trends of the Humanoid Robot Industry Chain

1. AI Empowerment Enhancing Intelligence Levels: With the continuous development of AI technology, the intelligence level of humanoid robots will further improve, possessing stronger environmental perception, autonomous decision-making, and interaction capabilities. Large models such as DeepSeek will provide more powerful intelligent support for humanoid robots, promoting the transition of humanoid robots from tools to partners.

1. Diversification of Application Scenarios: The application scenarios of humanoid robots will expand from industrial manufacturing to household services, medical care, education, and entertainment, forming a more diversified application pattern. Enterprises such as Ecovacs and Stone Technology are laying out the household service robot market, with broad market space in the future.

1. Maturity of the Industry Chain and Cost Reduction: With the maturity and large-scale production of the humanoid robot industry chain, the costs of humanoid robots will gradually decrease, promoting an increase in market penetration rates. The capacity expansion and technological progress of core component enterprises such as Green Harmonic and Huichuan Technology will support the cost reduction of humanoid robots.

4.3 Investment Recommendations

Based on the analysis of the lithography machine and humanoid robot industry chains, we propose the following investment recommendations:

1. Focus on Domestic Substitution Opportunities in the Lithography Machine Industry Chain: With the mass production and application of Shanghai Microelectronics’ 28nm lithography machine, the domestic lithography machine industry chain will welcome development opportunities. It is recommended to focus on core component enterprises such as Fuzhijian Technology and Maolai Optical, as well as whole machine integration related enterprises such as Zhangjiang Hi-Tech.

1. Layout Core Component Enterprises in the Humanoid Robot Industry Chain: In the humanoid robot industry chain, core component enterprises occupy high-value segments of the industry chain, with high technical barriers and bargaining power. It is recommended to focus on core component enterprises such as Green Harmonic, Huichuan Technology, Top Group, and Sanhua Intelligent Control.

1. Focus on Investment Opportunities in the Integration of AI Technology and Humanoid Robots: The deep integration of AI technology and humanoid robots will promote the intelligent development of humanoid robots, bringing new growth points for industry chain enterprises. It is recommended to focus on AI algorithm enterprises such as Orbbec and Gokai Technology.

1. Focus on Investment Opportunities Brought by the Expansion of Application Scenarios: The application scenarios of lithography machines and humanoid robots will continue to expand, bringing new market opportunities for industry chain enterprises. It is recommended to focus on household service robot enterprises such as Ecovacs and Stone Technology, as well as medical care robot enterprises such as Medi Technology.

1. Diversify Investments to Reduce Risks: Considering the high-risk and high-uncertainty nature of the lithography machine and humanoid robot industry chains, it is recommended to adopt a diversified investment strategy, selecting quality enterprises in different links and different subfields to reduce risks associated with single links and single enterprises.

In summary, lithography machines and humanoid robots, as representatives of high-end equipment manufacturing, will usher in broad development prospects under the support of national strategies and technological innovations. Investors should pay attention to the development trends and investment opportunities in the industry chain, adopt scientific investment strategies, and seize the investment opportunities brought by industry development. At the same time, it is also necessary to pay attention to risk factors such as technological iteration, market competition, and supply chains, and to manage risks effectively to achieve stable investment returns.