8 March 2026 | 1:28AM HKT Equity Research c45a43530f604d12bcb9a82b5aa6b9f6 n 2026 demand outlook and guidance: For harmonic reduction gear sales, the company expects 15%~20% growth for industrial robot applications, 30%~40% for cobots (collaborative robots), and potentially multi-fold increase for humanoid robots in 2026. New orders from humanoid customers in 2026 YTD has surpassed total humanoid orders in full-year 2025. The company is still actively cooperating with a large US customer, but this customer ...