The robotics sector is currently in a period of intense catalysis, with key highlights including:
In October, Yushu submitted listing materials.
On October 24, Xpeng launched a new generation of humanoid robots.
On November 6, Tesla’s shareholder meeting.
In November-December, Tesla will release the Optimis 3rd generation.
In November, NVIDIA showcased a humanoid robot developed in collaboration with Foxconn.
In December, Xiaomi’s humanoid robot has the potential to exceed expectations.
In 2026, Leju will initiate its listing.
Overseas manufacturers, led by T/Figure, are actively promoting product iterations and application scenarios. Figure’s valuation of $39 billion not only reflects the rapid increase in global quality funding’s recognition of humanoid robots but also indicates a steeper slope in the future production increase of humanoid robots worldwide. The humanoid robot space is further opening up, with millions being just the baseline in the medium term, and optimistic views on the faster arrival of tens of millions and even billions.
We continue to be optimistic about the humanoid robot sector, focusing on investment strategies around the “three news”.
The industry continues to have high-frequency positive catalysts, including but not limited to policy support, technological iterations, business collaborations, investment mergers and acquisitions, and significant company listings. We believe humanoid robots are one of the mainline varieties in a bull market, focusing on the T-chain V3+ domestic application lines, while laying out investment opportunities based on the “three news”: capturing new margins, emphasizing new technologies, and experiencing new consumption.
Regarding specific phase catalysts, clear catalysts before the end of 2025 include but are not limited to:
1) High-frequency factory audits, new technology testing, and placing orders with the supply chain for the T-chain.
2) Further improvement of the industrial ecosystem layout of overseas NV and other chains, with relevant entities being released.
3) More detailed support policies being implemented domestically, and humanoid robot startups accelerating their listings.
Update on the components & robotics industry chain research.
Top Group
1. Currently, major customers in North America require robots to be fully prepared by October, including automated production equipment for mass production.Silicon Valley robots have already been deeply integrated, and subsequent supply of major assemblies is expected.
2. Chips are being developed outside the listed company, with plans to invest 150 million yuan annually, and the chairman’s dividends will not be less than 500 million yuan each year, which can be fully covered.
3. The performance in the first half of the year was mainly dragged down by the North American pickup project, but with new orders coming in, the impact will start to be alleviated from Q4.
Jiangsu Electronics
1. Based on NVIDIA’s Jetson Thor, the global controller has an AI computing power of 2070 TOPS, and the company will provide related products for the Swiss robotics company RIVR.
2. The company’s energy management products have been sampled to partners such as Zhiyuan Robotics and Galaxy General.
3. Recently, the company has secured two major OEMs, and will develop and provide central computing units and other products for these customers globally, with a total order value of approximately 15 billion yuan, planning to start mass production in 2027.
Shuanghuan Transmission
1. Huandong Technology has obtained the supplier code from a major North American customer. Currently, they are mainly connecting with the North American R&D team, and initially connected with the procurement team. The North American customer’s robotics team has visited multiple times.
2. The split of Huandong is currently in progress, with some disagreements between the two exchanges, and they are waiting for a resolution.
Ke Da Li
1. In October, the company will continue to send samples to major North American customers, focusing on thin motor joint modules, which have advantages in size, load capacity, and stable operation.
2. Q3 production is expected to increase by 10%-20% quarter-on-quarter due to strong demand and limited price pressure.
The robotics industry is still in an arms race phase. Based on the customer chain logic, we simply list the top 3 suppliers for each supply chain for reference:
Tesla: [Top Group], [Sanhua], [Zhejiang Rongtai]
Figure: [Zhaowei].
Xiaomi: Rotating – [Jinyang], Linear – [Zhenyu], [Zhejiang Rongtai].
Yushu: [Rongtai Co.], [Fengmao Co.]
Zhiyuan: [Anpeilong], [Fuda], [Minshi]
Xpeng: [Shuanglin], [Zhejiang Rongtai], Agile Hand Worm Gear [Fengli Intelligent]
Leju: [Haoneng], [Zhaofeng], Rotating [Landai]