Humanoid robots are preparing for 2026.
Company Information:
1. Ningbo Huaxiang:
On November 24, Ningbo Huaxiang’s subsidiary Huaxiang Qiyuan plans to invest 5 million yuan in Shanghai Lingzhi New Venture Capital Partnership with its own funds. The total scale of the fund is 130 million yuan, with Huaxiang Qiyuan holding a 3.85% stake. The fund’s investment scope includes but is not limited to upstream key raw materials and components, key software systems and artificial intelligence algorithms, midstream robot body manufacturing and integration, and downstream application solutions for robots, which will supplement Huaxiang’s resources in the first-level robot industry. The important partner of the fund (Shanghai Lingzhi New Venture Management Partnership) is a joint venture between Gaoling and Zhiyuan (each holding 50% equity), strengthening Huaxiang’s ecological position in the Zhiyuan chain. Since Huaxiang Qiyuan took over the Zhiyuan Lingang factory on July 1, there have been no order delivery issues caused by its own reasons, receiving high recognition from Zhiyuan, with an expected annual shipment volume of over 1000 units for the Yuan Expedition A2. It is expected to maintain a high share in the OEM of the Yuan Expedition series next year.
2. Aikedi:
The second round of factory inspection in Mexico is progressing as planned, with hopes to penetrate the V3 robot joint die-casting shell market, with an ASP of around 2000; the external extension reducer is targeting the assembly market in the medium term; Zhuoerbo is expanding into the actuator motor market.
In terms of main business, new orders are robust, with an expected addition of nearly 16 billion yuan in new orders in 2026, a year-on-year growth rate of over 30%. Both large and small items are developing evenly, with a favorable competitive landscape for small items and minimal annual pressure. Scale effects + product structure optimization + cost reduction and efficiency improvement + euro appreciation have increased the gross margin, with Q3 single-quarter gross margin rising to over 32%. The valuation for 2026 is less than 15x, providing a certain safety margin.
3. Changying Precision:
In the first half of 2025, two overseas brands contributed approximately 35 million yuan in revenue; from early 2025 to the end of August, the company has delivered humanoid robot transmission and structural components worth over 80 million yuan, with products gradually extending from small-sized dexterous hand transmission components to large-sized core components. In Q4 2025, new overseas orders are accelerating, and the company is simultaneously promoting capacity expansion. Domestically, it has connected with over 30 local humanoid robot brands, with related revenue expected to be released seasonally starting from Q1 2026.
4. Pinming Technology:
Tongzhi Technology will acquire approximately 16% of Pinming Technology’s equity. After the transaction is completed, Tongzhi Technology will become the second-largest shareholder of the company and will deeply participate in corporate management through board seats. Tongzhi Technology, as a wholly-owned subsidiary of the Tongyuan Institute, is a leading domestic platform for embodied brain research and development, undertaking the original technology transformation of the Tongyuan Institute in the field of general artificial intelligence, such as the Tongzhi brain, and linking the industrial scene needs of various industries. After the acquisition is completed, Tongzhi Technology will focus on the industrial application of embodied brains as a core strategic direction.
Tongzhi Technology has established an AI industry subsidiary, Mingxin Zhinao, to undertake the industrial landing strategy of embodied intelligent brains, focusing on solving the commercialization challenges of robots. Relying on the Tongyuan Institute, Tongzhi Technology has engaged in deep cooperation with leading domestic manufacturers such as Yushu and Leju in the fields of embodied intelligence and robotics, from laboratory research and development to industrial landing. The AI model is the biggest bottleneck limiting the large-scale application of current humanoid robots, and Tongzhi Technology is expected to leverage its strong R&D capabilities to continuously empower domestic manufacturers at the brain level.
Industry Information:
1. 3D Printed Bionic Muscles:
Xiaopeng Robotics’ IRON bionic muscles are produced using a 3D printing photopolymerization process, with Boli as the supplier. This process allows for the realization of body curves using soft materials according to different shapes while ensuring structural rigidity and strength, achieving extreme lightweight.
2. Low Carbon Cost Reduction and Lightweighting in Robotics:
Powder metallurgy technology has significant advantages in energy saving, material saving, excellent performance, high product precision, and good stability, making it very suitable for mass production of parts weighing no more than 10 kg. It can also be used to produce materials and complex parts that traditional casting and machining methods cannot manufacture. Humanoid robots share a high degree of commonality with core automotive components, and powder metallurgy technology and products have cross-border advantages from “automotive components” to “robot components”.
The MIM process combines the advantages of powder metallurgy and injection molding, breaking through the traditional powder metallurgy process’s limitations in shape, allowing for the one-time forming of highly complex geometric shapes, making it more suitable for the production of precision complex small parts (such as micro gears) weighing under 50g. Compared to other forming processes, MIM costs do not increase with the complexity of the parts, allowing for a reduction in assembly processes by merging components that would traditionally be assembled from multiple processes into one part through MIM, improving efficiency and systematically reducing costs, which has significant application value in areas such as humanoid robot dexterous hand components.
Powder metallurgy and MIM processes use mold production. In the early design and iteration stages of humanoid robots, the number of parts is small, and mold costs are high, so more CNC and other processing methods are used. As humanoid robots enter mass production, the initial mold costs will be amortized, and the application of powder metallurgy and MIM will lead to a significant reduction in component costs, becoming the mainstream process for cost reduction in robot mass production. Companies like Tesla and Figure have already adopted MIM technology, with Figure03 significantly shortening manufacturing time using MIM, reducing part manufacturing time from a week to under 20 seconds compared to traditional CNC processes, greatly lowering production costs. In large-scale production, the comprehensive cost of powder metallurgy gears can be reduced by 30%-50% compared to CNC processes, and at large scales, MIM can save or exceed 70%+ in costs. The value of powder metallurgy and MIM parts in humanoid robots is high, with a considerable market space just considering gear replacements.
Powder metallurgy and MIM processes have diverse raw materials, allowing for precise control of raw material composition to adjust finished product performance, and can produce special functional materials and composite materials that are difficult or impossible to manufacture with other processes, meeting the performance requirements of different components and having a wide range of applications. Companies with integrated platforms for raw materials and material ratio technology, powder metallurgy processes, and MIM processes have potential advantages, with attention to the progress of companies like Dongmu Co., Jingyan Technology, Tonglian Precision, and Haichang New Materials.
Get the most timely and core stock market hotspot industry information every day, follow, like, and don’t get lost:
[Disclaimer] All content in this article does not constitute any investment advice. This article is for information recording only, and any actions taken based on it are at your own risk. Investment involves risks, and decisions should be made cautiously.