Recently, the humanoid robot field has received significant news—FigureAI officially announced the launch of the new generation “Figure03” on October 9. This product, described by CEO Brett Adcock as “the most powerful humanoid robot to date,” has attracted attention from various sectors in the industry due to its comprehensive upgrades in appearance and functionality. The new woven fabric exterior and bionic charging foot module have sparked discussions within the industry.
This article outlines 11 potential beneficiary companies as follows:
1. Upstream Core Components
The upstream is the “core organ” of the robot, accounting for over 70% of the total value, and many companies have already signed contracts with Figure, making their performance highly elastic.
1. Keli Sensor
Supplies Figure with “six-dimensional force sensors” that help the robot determine whether it has a secure grip, capable of grasping a metal wire as thin as 3 mm with a success rate of 98.7%! In the first half of 2025, revenue from robot-related products is expected to account for 20%, with Figure clearly listed among its clients.
2. Orbbec
Supplier of Figure’s 3D vision components, essential for the robot’s ability to “see.” Currently, Figure’s camera frame rate has doubled, increasing the demand for 3D vision. The company has also partnered with NVIDIA to achieve latency control within 10 milliseconds (faster than a blink).
3. Harmonic Drive
A leading manufacturer of harmonic reducers, all 39 “joints” of Figure utilize its products, and it has already received small batch orders. By 2025, production capacity is expected to double to 590,000 units, with individual joint modules selling for over 10,000, providing significant profit margins.
4. Zhongdali Technology
The only company in China capable of producing three types of reducers, with precision reaching “1 arc minute” (equivalent to a clock hand moving 1/60 of a degree). Its costs are 40% lower than imports, and it has entered the supply chains of BYD and CATL, also advancing in the humanoid robot sector.
5. Mingzhi Electric
Its subsidiary’s “hollow cup motor” is globally leading, specifically designed for Figure’s dexterous hands, with an efficiency of 92% and a lifespan exceeding 10,000 hours, yet costing only 1/8 of Swiss competitors, and has already been sent for sample testing.
6. Zhaowei Electromechanical
Supplies Figure with micro motors, having secured orders for 4 robots in 2024, with expectations to increase to hundreds in 2025. The company also serves Apple and Tesla, showcasing its technical strength.
7. Changying Precision
Figure’s “core supplier,” exclusively providing hand joint modules, and has signed a three-year agreement (until 2027). In July-August 2025, revenue from the robot business alone is expected to exceed the total for the first half of the year, with 60% coming from Figure.
8. Lingyi Technology
Upgraded from a parts supplier to a “complete machine manufacturer,” not only supplying cooling components but also assembling robots for Figure, with a single unit supply value reaching 20,000 yuan, and has already secured orders for hundreds of units, currently facing no competitors.
2. Midstream Manufacturing
The midstream is the stage of “assembling parts into robots.” Now that Figure has just started mass production, these companies will directly benefit as production capacity ramps up:
1. Top Group
Supplies Figure with “rotary actuators” (equivalent to the “power heart” of the robot) and also develops thermal management systems, with a single unit value exceeding 8,000 yuan, and has already obtained qualification for targeted development.
2. Sanhua Intelligent Control
Specializes in robot actuators, has established a separate robot division, and has collaborated with Tesla for many years, with Figure also progressing in parallel, leveraging its technical experience.
3. Yinlun Machinery
Excels in die-casting technology, supplying Figure with rotary modules and actuators, with orders expected to follow production capacity after scaling up.
Special Statement: The related content is compiled from publicly available information for research and discussion purposes only and does not constitute any investment advice. Please do not use this as a basis for investment decisions. If there are any inaccuracies, please feel free to provide corrections. Investment carries risks; please invest cautiously.
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