政策端持续发力、产业巨头积极入局，人形机器人赛道迎来多重利好催化。 为进一步了解产业发展现状，《科创板日报》记者近期采访了国内人形机器人产业链企业在减速器、控制器、伺服电机三大核心零部件领域 的多家企业。 从了解到的整体情况看， 在人形机器人核心零部件方面，部分企业已有小规模量产，或处于样品测试及市场开拓阶段；其他企业则尚处于 布局、研发阶段。 2025年，被不少业内人士称为"人形机器人量产元年"。这一判断并非空穴来风，来自产业链的信号已开始清晰显现。据MIR睿工业预测， 2025-2030年，人形机器人将以83%的复合增长率高速扩容，预计2030年人形机器人产量将达到23万台。 天使投资人、人工智能专家郭涛在接受《科创板日报》记者采访时表示， 目前人形机器人在产业化起步阶段，处于规模化、产业化前夜， 行业仍存在核心零部件制约、商业模式待验证等诸多挑战，人形机器人本身正经历从"功能替代"到"价值共创"的关键跃迁阶段。 部分零部件厂商处于样品试生产阶段 随着人形机器人加速量产，作为"关节"核心部件的精密减速器，也将迎来新一轮产能与技术的全面较量。根据负载不同，减速器可划分为谐 波减速器、行星减速器和RV减速器。 ...

近日，双环传动控股子公司 【 环动科技 】 机器人精密传动研发中心与智能制造基地项目在玉环市芦浦镇南 湾智谷工业园区圆满奠基开工。 环动科技董事长张靖表示，历经一年多的精心规划与设计，该项目近日迎来开工建设的重要节点，基地建成投 产后，将极大巩固环动科技在机器人领域的领军地位， 有力推动环动科技在人形机器人等前沿领域的技术迭 代与综合竞争力提升， 为优化玉环机器人产业整体布局、打造具有规模的玉环机器人制造集群作出积极贡 献。 ▍ 布局未来产能 目前，环动科技还在冲击上市， 该笔投资与公司上市的产业规划有着一致性。 这标志着环动科技在机器人核 心零部件领域的战略布局 已经 迈出关键一步，将进一步提升其在机器人高精密传动领域的研发制造能力，也 或许距离上市并不遥远 。2023年11月，环动科技在浙江证监局办理辅导备案登记，拟首次公开发行股票并上 市。2024年11月，环动科技科创板IPO获得正式受理。目前，其处于已问询阶段 。 环动科技 IPO 正是 拟使用募集资金14.08亿元，用于机器人精密减速机智能制造基地建设项目、机器人精密 传动研发中心建设项目和补充流动资金及偿还银行贷款，其中，该公司拟投资13 . 1 ...

Group 1 - The stock price of Heng Er Da closed at 57.12 yuan on August 21, down by 2.19 yuan, representing a decline of 3.69% [1] - The trading volume on that day was 42,292 lots, with a transaction amount of 245 million yuan [1] - Heng Er Da operates in the general equipment manufacturing industry, focusing on the research, production, and sales of metal cutting tools and supporting intelligent CNC equipment, which are widely used in automotive manufacturing, engineering machinery, and aerospace sectors [1] Group 2 - On August 21, Heng Er Da announced on its investor interaction platform that it is advancing the localization of SMS high-precision thread grinding machines and the technical research of ball screws and planetary roller screws, but has not yet involved in the research and development planning of RV reducers [1] - Data shows that on August 21, the net outflow of main funds from Heng Er Da was 56.97 million yuan, with a cumulative net outflow of 16.20 million yuan over the past five days [1]

Summary of Conference Call on Humanoid Robots and Precision Reducers Industry Overview - The humanoid robot market is experiencing explosive growth, significantly increasing the demand for precision reducers, with the market size expected to leap from billions to over a trillion [1][3] - The precision reducer industry has high technical barriers and low domestic production rates, but the domestic share is expected to rise with rapid industry growth and the development of China's supply chain, particularly in the harmonic and planetary reducer sectors [1][4] Key Points and Arguments - **Market Potential**: The global markets for harmonic, RV, and planetary reducers are all below $2 billion, with the Chinese market approximately $360 million, $620 million, and $520 million respectively, accounting for about half of the global share [1][6] - **Demand Variability**: Different humanoid robot designs have varying requirements for reducers; for instance, Tesla's design requires 14 harmonic reducers, while Fourier Technology needs 32 planetary reducers, and Yushu Technology requires 37 new-type reducers [1][7] - **Future Projections**: The ratio of harmonic to planetary reducers may shift from 7:3 to 9:1 as technology advances, with a potential market pull of $5 billion for planetary and over $40 billion for harmonic reducers when global humanoid robot sales reach 2 million [1][8] Technical and Market Status - **Reducer Types**: - Harmonic reducers are suitable for high-precision, lightweight applications like humanoid robot joints - RV reducers are used in high-rigidity, high-torque scenarios - Planetary reducers are known for high efficiency, precision, and longevity [4][5] - **Market Dynamics**: The harmonic reducer market is currently dominated by a few players, with Japan's Harmonic Drive holding 80% of the global market share and over 35% in China [9] Competitive Landscape - **Harmonic Reducers**: The market is characterized by oligopoly, with significant barriers to entry due to the need for high-purity alloy steel and specialized processing techniques [9] - **Planetary and RV Reducers**: The planetary reducer market is more fragmented, with Japanese and domestic companies holding 40%-50% of the market share. RV reducers have a high technical threshold, with domestic companies achieving rapid breakthroughs but still holding only 30%-40% of the market [10][11] Impact of Humanoid Robots - The rise of humanoid robots is driving explosive demand, similar to the transition seen in the electric vehicle components industry, pushing for higher investment, support, and technological iteration [12] Company Developments and Investment Recommendations - **Leading Companies**: Notable companies include Greenfield Harmonic, a leader in harmonic reducers, and Double Ring Transmission, which has rapidly grown its revenue from 3-4 billion in 2020 to nearly 10 billion [13] - **Emerging Players**: Longsheng Technology is also developing harmonic reducer products, indicating a promising future for domestic companies in this sector [14] - **Investment Outlook**: The humanoid robot sector is in a breakthrough phase, with strong expectations for the competitiveness of Chinese companies, making it a long-term investment focus [14]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 精密减速器是利用齿差进行减速传动的机械部件 精密减速器具备体积小、重量轻、精度高、稳定性强等特点，能够对机械传动实现精准控制，是决定机器人运 动精度的"神经枢纽"。按照啮合方式，精密减速器可分为精密摆线类减速器、谐波减速器、精密行星类减速 器、精密蜗杆类减速器。 精密减速器经过多年发展，减速器的传动方案一直在进化 摆线减速器兼具谐波减速器和行星减速器的优势，是人形机器人关节传动的新方向。 摆线减速器是一种利用行星传动原理实现减速的装置，结构相对复杂，通过内齿圈与摆线轮之间的啮合，摆线 减速机能够实现较大的减速比，在高减速比和高精度情况下，负载也可保持较高水平，但体积和重量会相对较 大。因此尽管摆线减速器的性能特点可满足人形机器 ...

Group 1 - The company reported a revenue of 703 million yuan for the first half of 2025, representing a year-on-year growth of 14.21%, while the net profit attributable to shareholders after deducting non-recurring gains and losses reached 44.2151 million yuan, a significant increase of 45.08% year-on-year [1] - The demand for AI computing infrastructure, such as servers and high-speed switches, is rapidly growing, alongside the continuous upgrade of consumer electronics, leading to structural growth in the PCB industry, which has significantly boosted the sales of specialized processing equipment in this field [1] - The sales of spindle products increased by 27.17% year-on-year, with notable growth in various spindle types, including external drive machining center spindles and PCB drilling machine spindles, driving the company's performance [1] Group 2 - The company is expanding horizontally into high-end equipment core functional components, such as CNC machine tools, robots, and new energy vehicles, with sales of core functional components for robots reaching 12.2103 million yuan, a year-on-year increase of 127% [2] - At the "2025 Humanoid Robot Advanced Manufacturing Technology Forum," the company showcased its technological breakthroughs in harmonic reducers and joint modules, highlighting its production capacity of 150,000 harmonic reducers and 3,000 collaborative robots annually [2] - The company has achieved a dual technological breakthrough in the harmonic reducer field, reducing vibration peak values by 60% and improving transmission accuracy by 66.7%, setting a new technical benchmark in precision transmission [2] Group 3 - The company has set ambitious performance targets, aiming for a net profit of no less than 60 million yuan in 2024, 120 million yuan in 2025, and 180 million yuan in 2026, reflecting confidence in stable long-term growth [3] - The company plans to continue product upgrades and development, focusing on enhancing product performance and maintaining a leading advantage while expanding into new product applications and cultivating new profit growth points [3] - Current and upcoming product developments include RV reducers, swing heads, high-speed fans, and sensors, indicating a proactive approach to market trends and technological advancements [3]

Core Viewpoints - The article emphasizes that reducers are the core components of humanoid robot joints, ensuring high precision and stability in motion control. The domestic reducer market in China is continuously growing, with improving craftsmanship and increasing supply capabilities of local manufacturers [2][8]. Group 1: Reducer Types and Comparisons - Current precision reducers for humanoid robot joints can be categorized into harmonic reducers, RV reducers, planetary reducers, and cycloidal pinwheel reducers. Each type has distinct characteristics in terms of transmission precision, size, and cost [3][21]. - The comparison of different reducer types shows that harmonic and cycloidal pinwheel reducers offer higher precision, while RV reducers are larger and more cost-effective. Planetary reducers are the least precise but are low-cost and easy to manufacture [3][21][22]. Group 2: Market Trends and Growth - The production of reducers in China has increased from 8.52 million units in 2019 to 14.7 million units in 2023, indicating stable growth over five years. The market size is projected to reach approximately 144.8 billion yuan in 2024, with a year-on-year growth of 4.4% [24][25]. - The demand for reducers is driven by the industrialization process in China, with increasing needs from downstream markets such as industrial robots and semiconductor equipment [25][26]. Group 3: Investment Recommendations - The article recommends investing in companies such as Fuda Co., Precision Forging Technology, Double Ring Transmission, and Zhongding Co. It also suggests paying attention to leading reducer manufacturers like Zhongdali De and others [5][8].

Core Viewpoint - The emergence of cycloidal reducers is set to revolutionize the joint technology of humanoid robots, addressing existing performance bottlenecks and paving the way for commercial applications in the industry by 2030, with a projected market space exceeding 14 billion yuan [1][14]. Group 1: Current Challenges in Humanoid Robot Joint Technology - Humanoid robots have progressed from product definition to functional realization and commercialization, but significant gaps remain for large-scale commercial and household applications [2]. - The hardware performance bottleneck is primarily in the joint transmission system, where existing solutions struggle to balance precision, load capacity, and lifespan [2][5]. - Current mainstream planetary reducers have structural flaws, leading to insufficient precision due to large backlash, while harmonic reducers, although precise, suffer from poor durability under high-load conditions [4][5]. Group 2: Advantages of Cycloidal Reducers - Cycloidal reducers, leveraging advancements in material technology and precision processing, offer a unique combination of high precision, load capacity, and compact size, surpassing existing technologies [6][8]. - The multi-tooth engagement mechanism of cycloidal reducers allows for a load capacity increase of over 300% compared to harmonic reducers, making them suitable for high-load applications [6][9]. - The design of cycloidal reducers enables a backlash of less than 1 arc minute, significantly improving positioning accuracy, which is critical for tasks requiring high precision [8]. Group 3: Market Potential and Commercialization Path - The cycloidal reducer market is expected to reach approximately 14 billion yuan by 2030, driven by increasing adoption in humanoid robots, particularly in lower limb joints [14][17]. - The anticipated reduction in cycloidal reducer prices, from 15,000 yuan in 2025 to 9,000 yuan by 2030, will further enhance their market penetration and competitiveness against harmonic reducers [17]. - The integration of cycloidal reducers with other components like torque motors and encoders is expected to streamline the assembly process for humanoid robot manufacturers, reducing complexity [13]. Group 4: Competitive Landscape and Key Players - The global cycloidal reducer market is currently dominated by Japanese companies in the harmonic and RV reducer segments, but the cycloidal reducer sector is still evolving with intense competition from traditional and new entrants [12][18]. - Companies like Shuanghuan Transmission and Haoneng Co. are leveraging their expertise in precision manufacturing to rapidly enter the cycloidal reducer market, showcasing significant growth potential [18][19]. - The trend of vertical integration in the industry is evident, with leading firms moving towards integrated joint modules that combine cycloidal reducers with other essential components [13][20]. Group 5: Future Outlook - The rise of cycloidal reducers is expected to drive humanoid robot joint technology into a new iterative cycle, facilitating the transition from laboratory settings to real-world applications [23]. - The industry is likely to see a convergence of automotive and robotics technologies, enhancing manufacturing capabilities and creating a positive feedback loop for both sectors [24].

Core Viewpoint - The article highlights the advancements and achievements of Jilun Intelligent in the field of tire molds and industrial robotics, emphasizing its goal to become a leader in the RV reducer market in China. Group 1: Company Overview - Jilun Intelligent was established in 1992 and has developed four high-end business segments: tire molds, tire vulcanizing machines, industrial robots, and precision machine tools [4][5]. - The company became the first listed tire mold manufacturer in China in 2004, achieving a technology level comparable to international peers in the tire mold sector [6][9]. Group 2: Technological Innovations - The key to the robot lion dance performance is the RV reducer installed at the joints, allowing for flexible movements comparable to human performers [4]. - Jilun Intelligent's new "low-carbon electromagnetic heating tire vulcanization system" is set to revolutionize the vulcanization process, ensuring consistent quality across the tire [14]. Group 3: Market Position and Goals - Jilun Intelligent aims to become the leading company in the RV reducer sector in China within the next ten years, with its RV reducer technology already matching that of industry leaders [15]. - The company has received CR product certification for its RV reducers, becoming one of the first domestic companies to achieve this [15]. Group 4: Industry Insights - The tire mold industry is characterized as a technology-intensive sector, with China currently having no significant shortcomings in this field [5]. - The global humanoid robot market is projected to exceed 400 billion yuan by 2035, indicating significant growth potential for related technologies [18].

Group 1 - Dongguan is witnessing a transformation in its manufacturing sector, driven by technological innovation and strong industry collaboration [1][2] - The Xbot Park robotics base has supported over 140 hard-tech companies, with six achieving valuations over $1 billion [9][10] - The number of intelligent robotics companies in Dongguan exceeds 7,000, ranking among the highest in the country [10] Group 2 - Benmo Technology, established only five years ago, has developed direct-drive motors for consumer products, with an estimated market size of nearly 100 billion yuan in the home cleaning robot sector [2][6] - Jilun Intelligent has evolved from a small mechanical factory to a comprehensive manufacturing enterprise, focusing on tire molds, tire vulcanizers, industrial robots, and precision machine tools [11][15] - Sanhuan Group has made significant advancements in multi-layer ceramic capacitors (MLCC), achieving a breakthrough in the thickness of dielectric layers from 5 micrometers to less than 1 micrometer [19] Group 3 - Guangdong has formed nine trillion-yuan industrial clusters, with eight advanced manufacturing clusters recognized at the national level [19] - The province aims to cultivate more leading enterprises worth hundreds of billions and trillions, enhancing its competitive advantage in manufacturing [19]