Summary of Key Points from the Research Report Industry Overview - The report focuses on the **humanoid robot industry** and its developments showcased at the **China Industrial Industry Fair (CIIF)** held in Shanghai on **24 September 2025** [3][4]. Core Insights - **Hardware vs. Software**: Hardware is not seen as a bottleneck for humanoid robots, with significant cost reductions in components. The price for dexterous hands has decreased from **RMB50-100k** to **RMB10-60k** per hand, with Linkerbot's offering at **RMB8.8k** per hand [3]. However, software remains underdeveloped, with key AI models still in training [3]. - **Cost Reduction**: Overseas companies like Nidec are relocating supply chains to China, which is expected to further reduce costs in components as mass production of humanoid robots begins [3]. - **Software Development**: Unitree's recent open-sourcing of its world model aims to enhance the software ecosystem for humanoid robots, particularly benefiting educational institutions [3]. Company Highlights - **Inovance**: Unveiled new humanoid robot products, including a robotic arm and various actuators. The company plans to start commercial production in **2026**, with an estimated actuator value of **RMB34k/unit** by **2030**. The global humanoid robot market is projected to reach **1.1 million shipments** by **2030**, indicating a market size of approximately **RMB37 billion** [4]. - **Preferred Picks**: Inovance, Hongfa, and Shuanghuan are highlighted as preferred investment choices due to their strong market positions and growth potential [5][9]. Stock Ratings and Valuations - **Inovance (300124 CH)**: Current price **RMB86.33**, target price **RMB96.00**, with an upside of **11.2%**. The company is expected to benefit from a recovery in factory automation [6][10]. - **Hongfa (600885 CH)**: Current price **RMB25.74**, target price **RMB39.10**, with an upside of **51.9%**. Strong earnings momentum is anticipated due to new car model launches [6][10]. - **Shuanghuan (002472 CH)**: Current price **RMB51.31**, target price **RMB58.00**, with an upside of **13.0%**. Growth in smart drive units and robotic reducers is expected to drive future performance [6][10]. Risks and Considerations - **Inovance Risks**: Weaker-than-expected demand in automation and intense competition could impact margins [10]. - **Hongfa Risks**: Potential risks include slower-than-expected relay demand and cost declines [10]. - **Shuanghuan Risks**: Risks include slower commercialization of humanoid robots and lower-than-expected market share gains [10]. Additional Insights - The report emphasizes the importance of software development in the humanoid robot sector, indicating that while hardware costs are decreasing, the maturity of software solutions is critical for future growth [3][9]. - The anticipated growth in the humanoid robot market presents significant investment opportunities, particularly for companies that can innovate in both hardware and software [4][5].

Now Available, Fully Customizable Foundation Model Brings Generalized Skills and Reasoning to Humanoid RobotsNVIDIA, Google DeepMind and Disney Research Collaborate to Develop Next-Generation Open-Source Newton Physics EngineNew Omniverse Blueprint for Synthetic Data Generation and Open-Source Dataset Jumpstart Physical AI Data Flywheel SAN JOSE, Calif., March 18, 2025 (GLOBE NEWSWIRE) -- GTC -- NVIDIA today announced a portfolio of technologies to supercharge humanoid robot development, including NVIDIA Is ...

Now Available, Fully Customizable Foundation Model Brings Generalized Skills and Reasoning to Humanoid RobotsNVIDIA, Google DeepMind and Disney Research Collaborate to Develop Next-Generation Open-Source Newton Physics EngineNew Omniverse Blueprint for Synthetic Data Generation and Open-Source Dataset Jumpstart Physical AI Data Flywheel SAN JOSE, Calif., March 18, 2025 (GLOBE NEWSWIRE) -- GTC -- NVIDIA today announced a portfolio of technologies to supercharge humanoid robot development, including NVIDIA Is ...