Impact Analysis of Tightened IPO Policies in the Robotics Sector on the A-share Robotics Plate

According to the latest market information,

, marking an important shift in the regulatory attitude towards the robotics sector [1]. Regulators believe there is a large valuation bubble in the robotics industry and hope to cool down the sector by tightening IPO policies.

Although the green channel was suspended,

and can queue for listing through normal procedures. This move by regulators does not negate the development prospects of the robotics industry but is a rational regulation of overheated sentiment.

Based on market data analysis, the valuation of the A-share robotics plate underwent significant adjustments in 2025:

• Plate PE dropped from a high of about 75x to the current about 45x
  , with a correction幅度 of 40% [1]
• Price-to-Book Ratio (PB) dropped by about 35%
  , with the overall plate PB at about 5.2x [1]
• The valuation level is now close to hard tech sectors like semiconductors and new energy, and the bubble has been largely digested

From the real-time data of major companies in the robotics plate [0]:

Company	Stock Price	Price-Earnings Ratio (PE)	Market Cap	Performance Characteristics
Inovance Technology (300124.SZ)	75.33 CNY	39.23x	202.3 billion CNY	ROE 16.98%, Net Profit Margin 11.97%
Estun Automation (002747.SZ)	23.70 CNY	-28.90x	20.6 billion CNY	Still in loss, Net Profit Margin -16.08%
Siasun Robot & Automation (300024.SZ)	18.19 CNY	-113.69x	28.5 billion CNY	Valuation seriously overdrawn
Han’s Laser (002008.SZ)	41.19 CNY	37.45x	42.4 billion CNY	Relatively stable performance
Winhe Technology (300457.SZ)	27.85 CNY	56.84x	17.8 billion CNY	High-valuation growth stock

:

• Inovance Technology
  as an industry leader has relatively reasonable valuation (PE about39x), ROE of16.98%, with core competitiveness and performance support
• Companies like
  Estun Automation and Siasun Robot & Automation
  have negative valuations due to continuous losses, reflecting that commercialization still takes time
• Some high-valuation stocks (PE over50x) still face correction pressure

• Market Sentiment Cools Down
  : In the second half of2025, the A-share robotics plate experienced a deep correction for nearly three months, with the stock price of many core targets retracting by over30%, and some high-valuation leading stocks even retracting by nearly50% [1]
• IPO Expectations Delayed
  : The IPO process of star enterprises like Unitree Technology slowed down, reducing market expectations for new investment targets in the short term
• Financing Environment Tightens
  : The financing pace in the primary market slows down, and some robotics enterprises face financing pressure

• Squeeze Valuation Bubble
  : Policies push the market to shift from “concept speculation” to “performance focus”, accelerating the process of valuation returning to rationality
• Optimal Resource Allocation
  : Capital will focus more on enterprises
  with real performance, core technology, and clear commercialization paths
• Healthy Industry Development
  : Avoid resource misallocation caused by excessive speculation, which is conducive to the long-term healthy development of the robotics industry

From historical valuation levels [1]:

• The overall PE of the robotics plate is about45x, down40% from the 2025 high
• Valuation has approached the historical average of hard tech sectors like semiconductors and new energy
• Some high-quality leaders like Inovance Technology (PE about39x) already have allocation value

• Inovance Technology
  : PE about39x, ROE 16.98%, 2025 stock price increase 28.40%, high matching between valuation and performance [0]
• Estun Automation
  : Still in loss stage, need to wait for performance inflection point
• Leader Harmonious Drive
  : Core component leader with high technical barriers, but need to be cautious about abnormal current stock price data

Based on market research data [1]:

• The A-share humanoid robot concept plate rose by54.98% overall in2025
  , significantly outperforming the market
• About 2/3 of the constituent stocks of the CSI Robotics Index achieved year-on-year revenue growth
• 28 constituent stocks had a quarter-on-quarter revenue growth rate of over20%
• Industrial robot and service robot production continued to hit historical records

: The above chart shows the PE valuation change trend, relative market performance, and investment stage evolution of the robotics plate. It can be seen from the chart that the plate’s valuation has returned from the2025 high (about75x) to the current level of about45x, and the valuation bubble has been largely digested.

: Inovance Technology (300124.SZ)

:

• Reasonable Valuation
  : PE about39x, lower than the plate average
• Stable Performance
  : ROE of16.98%, net profit margin11.97%, outstanding profitability [0]
• Industry Position
  : Industrial automation leader, benefiting from manufacturing upgrading and robotics industry development
• Healthy Finance
  : Current ratio 1.53, stable cash flow [0]

Key Focus:

• Reducer
  : Greatoo Intelligent (002031.SZ), Leader Harmonious Drive (688017.SH)
• Servo Motor
  : Inovance Technology
• Controller
  : Estun Automation (002747.SZ, need to关注 performance inflection point)

:

• High Technical Barriers
  : Core components are the most profitable link in the robotics industry chain
• Large Domestic Substitution Space
  : Foreign brands dominate, with broad space for localization rate improvement
• Enter Tesla Supply Chain
  : Once entering the Tesla Optimus supply chain, it will bring deterministic growth

[1]:

• Tesla Optimus
  : Whether it can achieve 1 million units mass production by the end of2026
• Domestic Enterprises
  : Whether enterprises like Unitree and Ubtech can fulfill their “thousand-unit level” delivery commitments
• Core Data
  : Delivery data, customer repurchase rate, product failure rate

:

• Wait for Performance Verification
  : For robotics enterprises still in loss, it is recommended to wait for the performance inflection point before布局
• Avoid Pure Concept Speculation
  : Be alert to companies that “only have demonstration capabilities but no batch delivery records”

According to market analysis [1], the current valuation level already has a high safety margin:

• Institutional Investors
  : Suitable for left-side layout
• Individual Investors
  : Plate correction provides opportunities to buy high-quality targets at lower prices

:

• Core Position
  : Stable performance leaders like Inovance Technology (40-50%)
• Elastic Position
  : Core component targets (20-30%)
• Wait-and-see Position
  : Robotics ontology enterprises still in loss (10-20%, wait for performance inflection point)

• IPO review pace continues to tighten, affecting enterprise financing and market sentiment
• Subsidy policy retreats, affecting enterprise profitability

• Mass production progress is less than expected
• Product performance cannot meet commercial needs
• Technical route is subverted

• High-valuation stocks still have correction pressure
• Market style switching leads to capital outflow
• Overseas competition intensifies (e.g., Tesla Optimus mass production progress)

• Demand-side verification is less than expected
• Cost reduction speed is slower than expected
• Application scenario expansion is limited

###7. Future Outlook and Catalysts

• Tesla Supply Chain Designation
  : Tesla announced the new round of supply chain bidding results in the fourth quarter of2025 [1]
• New Product Launch
  : Domestic and foreign enterprises release new humanoid robot products from the fourth quarter of2025 to the first quarter of2026
• Policy Implementation
  : New robotics industry support policies issued by departments like the National Development and Reform Commission and the Ministry of Industry and Information Technology [1]

According to IDC forecast [1]:

• Global robotics market size will exceed 400 billion USD by 2029
• China will account for nearly half of the share, with a compound annual growth rate of about15%
• Humanoid robots are expected to become disruptive products following computers, smartphones, and new energy vehicles

As capital becomes more rational, the robotics industry will undergo a round of

in2026 [1]:

• Enterprises that rely on related-party transactions to whitewash orders and lack real performance will face valuation correction or even financing cutoff
• Capital will focus more on
  segment leaders in specific scenarios that have achieved commercial closed loops and have clear profit paths
• Or “water sellers” that have established absolute technical barriers in
  core components and underlying algorithms

The

of tightened IPO policies on the A-share robotics plate has been fully digested by the market, and the valuation bubble has been largely squeezed out. The current plate PE is about45x, which has returned to a reasonable range.

For

(e.g., Inovance Technology), the current valuation already has allocation value, suitable for left-side layout. For , it is recommended to wait for performance inflection points and commercialization verification.

The long-term development logic of the robotics industry remains unchanged, but the investment logic has shifted from “concept speculation” to “performance focus”. Investors should pay more attention to enterprises’

, and choose real “strength players” rather than “concept players”.

[0] Jinling API Data - Financial data and real-time market of Inovance Technology, Estun Automation, etc.
[1] Huxiu - “2025 Robotics Industry: Capital Feast, Mass Production Dilemma and the ‘Eve’ of Value Reconstruction” (https://www.huxiu.com/article/4821193.html)
[2] Caifuhao - “2026 Global Resonance Drives Robotics Industry to Accelerate Rise” (https://caifuhao.eastmoney.com/news/20260102212532504910790)
[3] Sina Finance - “Robotics Plate Surges with Limit-ups, Robot ETF South (159258) Rises Sharply by Over3%” (https://finance.sina.com.cn/jjxw/2025-12-30/doc-inheqcrq9636051.shtml)
[4] Securities Times - “A-share Market Continues to Oscillate, Humanoid Robot Concept Stocks Attract Capital Attention” (https://www.stcn.com/article/detail/3526120.html)
[5] Futu Information - “Investment Value Analysis of Huaxia CSI Robotics ETF: Dancing with Robots” (https://news.futunn.com/post/66721990/investment-value-analysis-of-huaxia-csi-robotics-etf-dancing-with)