The popularity of humanoid robot concepts has remained strong over the past two years, especially as we enter 2025, with listed companies along the relevant industrial chain becoming targets of capital competition. Let's take a look at which companies have found opportunities in this wave.

**Fenglong Co.: From OEM to Core Partner**

In December last year, Hong Kong-listed "First Humanoid Robot Stock" UBTECH spent 1.665 billion yuan to acquire a 43% stake in Fenglong Co., becoming the controlling shareholder. This transaction may seem like a routine capital operation, but it is actually a key strategic move by UBTECH in the precision manufacturing field.

Fenglong Co.'s predecessor mainly produced garden machinery parts and auto parts, but its recent performance has been quite impressive—net profit for the first three quarters of 2025 reached 21.52 million yuan, a year-over-year surge of 1714.99%. Its solid manufacturing foundation has laid the groundwork for future cooperation.

After the deal was completed, Fenglong Co. took on the mass production of UBTECH's Walker S2 humanoid robot. This robot has already entered factory training programs at BYD, Geely, and other automakers, with a production capacity goal of 10,000 units by 2026. Market reactions speak volumes—after resuming trading, the stock price hit multiple daily limit-ups, with market value once surpassing 10 billion yuan. The capital's recognition of the "technology + manufacturing" combo is clearly evident.

**Buke Co.: The Unsung Hero Behind the Joints**

The flexible movement of humanoid robots heavily relies on frameless torque motors—these directly determine the robot's motion accuracy and torque density. Buke Co. has been cultivating this niche for nearly a decade, with cumulative shipments exceeding 50,000 units, ranking among domestic manufacturers.

Data speaks volumes: in the first three quarters of 2025, the company's robot business accounted for 51% of revenue, with frameless torque motor shipments increasing by 189% year-over-year. Its latest fourth-generation FMK products cover shoulder, elbow, wrist, and other joints, with torque ranges from 0.11NM to 9.2NM, offering high adaptability.

To keep pace with growing demand, Buke Co. has increased its Changzhou production base capacity to 1 million units per year and established a subsidiary in Germany to enter the European market. High technical barriers, close customer relationships (with UBTECH, Galaxy General, etc.), and scalable delivery capabilities make this company an attractive investment.

**Sanhua Intelligent Controls: Cross-industry Success in the Automotive Supply Chain**

Sanhua Intelligent Controls initially accumulated deep experience in automotive thermal management. Now, this technology has pivoted into the humanoid robot sector, becoming a major supplier of rotary and linear actuators for Tesla's Optimus.

Actuators account for about 35% of robot hardware costs, and the technical difficulty is significant. Sanhua's key metrics are impressive: joint temperature rise control accuracy reaches 0.1nm, and torque density surpasses international competitors. Although the company has clarified rumors of a 5 billion yuan order, its collaboration with Tesla has long been validated through multiple sample deliveries.

Beyond Tesla, Sanhua also supplies UBTECH, Zhiyuan Robotics, and other domestic manufacturers. Its plans to expand capacity in Thailand and Hangzhou are underway, with a target of 1 million actuators annually by 2026. Its superior cost control, benefiting from the scale of automotive supply chains, contributes to high gross margins, high barriers, and high growth certainty—no wonder foreign institutions list it as a core component target.

**Lede Harmonic Drive: The Breakthrough Challenger to Japanese Monopoly**

Harmonic drives are known as the "precise heart" of robot joints, long monopolized by Japan's Harmonic Drive. Lede Harmonic has not only broken through the product lifespan bottleneck of 15,000 hours but also reduced prices to 55% of Japanese products. Its global market share has risen to 35%.

Financially, in the first three quarters of 2025, net profit grew 60%, with gross profit margin maintained above 36%. A humanoid robot typically requires 25-35 harmonic drives; Tesla's Optimus and UBTECH's Walker series both use its products.

Domesticization rate has jumped from 30% to 70%, with capacity continuously expanding, directly benefiting from scale-driven cost reductions. With high gross margins, high barriers, and high growth certainty, it’s no wonder that foreign investment firms regard it as a core component.

**Zhaowei Electromechanical: The Technical Leader in Dexterous Hands**

Achieving fine manipulation with robots is the ultimate challenge, and the complexity and precision required for dexterous hands are the highest, involving deep integration of micro gears, screws, and sensors.

Zhaowei Electromechanical, leveraging its technical accumulation in micro transmission, was the first to launch complete dexterous hand solutions, with a micro gear module of 0.2 and top-tier global precision. Its strategic partners are impressive—Tesla Optimus, Figure Robotics, and 10 other companies have signed agreements, with a monthly capacity supporting 120,000 robots.

Profit margins exceeded expectations: the dexterous hand’s gross margin reached 58%, far higher than traditional business. As Tesla emphasizes "hand flexibility" for the third-generation Optimus, Zhaowei’s modular solutions are expected to evolve into industry standards. Once its Thailand production base is operational, cost advantages will be further solidified.

These five companies occupy different segments of the industry chain—from OEM manufacturing, key components, actuators, and harmonic drives to dexterous hands—forming a relatively complete domestic supply chain. While the large-scale application of humanoid robots is still in its early stages, the maturity of the industry chain is already noteworthy.