Analysis of the Impact of Unitree Technology's Large-Scale Mass Production of Humanoid Robots on the Industrial Chain Investment Landscape and the Commercialization Prospects of the Embodied Intelligence Track

Based on the latest collected data and market information, I have prepared this in-depth investment research analysis report.

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According to the “General Embodied Robot Market Radar” report released by Omdia on January 8, 2026, the global humanoid robot market officially entered a stage of high-speed growth in 2025, with total annual shipments reaching 13,300 units. Chinese manufacturers demonstrated overwhelming dominance in this emerging market, collectively contributing over 90% of global shipments [1][2].

Company	2025 Shipment Volume (Units)	Global Market Share	Remarks
Agibot	5,168	39%	Global No.1, full-stack hardware and software layout
Unitree Technology	4,200	32%	Global No.2, 69.75% global market share in quadruped robots
UBTECH	1,000	7%	Global No.3, focuses on industrial scenarios
Tesla	~150	1%	Optimus V3.0 expected to launch in Q1 2026
Figure AI	~150	1%	Leading U.S. enterprise

This data indicates that Chinese manufacturers have achieved a “lightning leap” from laboratory prototypes to large-scale mass production, while overseas star companies such as Tesla and Figure AI remain in the small-scale pilot stage, with annual shipments of only about 150 units [3].

As a representative enterprise in China’s humanoid robot field, Unitree Technology’s development trajectory has typical research value:

• Revenue Scale
  : Revenue exceeded RMB 1 billion in 2024, and the company has maintained profitability every year since 2020, making it one of the few robot companies in the industry to achieve consistent profitability [4]
• IPO Progress
  : Signed a counseling agreement with CITIC Securities in July 2025, plans to submit an IPO application in Q4 2025, with a valuation of RMB 8 billion after Series C funding [4]
• Product Portfolio
  : Covers three price ranges including H1 (RMB 650,000), G1 (starting from RMB 99,000), and R1 (starting from RMB 29,900), forming a complete product echelon
• Supply Chain Advantages
  : Deeply rooted in the Jiangsu supply chain ecosystem, core suppliers include: Suzhou Green Harmonic (harmonic drive reducers), Changzhou Amos Electronics (power connectors), Jiangsu Leli (planetary actuators), Wuxi Best Precision (ball screw guides) [5]

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The large-scale mass production of leading companies such as Unitree Technology marks a fundamental shift in the investment logic of the robot industry:

2023-2024: Thematic Investment Phase
  ├── Focus: Technology demos, proof of concept, financing valuation
  ├── Valuation Anchor: User count, patent count, team background
  └── Typical Feature: Dominated by imagination space, lack of revenue verification

2025: Mass Production Verification Phase
  ├── Focus: Shipment volume, order value, delivery capability
  ├── Valuation Anchor: PS (Price-to-Sales ratio), outstanding orders
  └── Typical Feature: Order verification becomes the core indicator

2026 and Beyond: Performance Realization Phase
  ├── Focus: Gross profit margin, large-scale profitability, cash flow
  ├── Valuation Anchor: PE (Price-to-Earnings ratio), EV/Revenue
  └── Typical Feature: Commercial closed-loop capability determines survival

Omdia predicts that annual global humanoid robot shipments will reach 2.6 million units by 2035, while Citigroup forecasts that the global number of robots may increase to 648 million by 2050 [1][2]. This growth expectation is reshaping the industrial chain investment landscape.

The large-scale mass production of Chinese enterprises such as Unitree Technology is accelerating the domestic substitution process of core components:

Component	Current Localization Rate	Investment Value Rating	Beneficiary Targets
Harmonic Drive Reducer	85%	★★★☆☆	Green Harmonic
Planetary Roller Screw	40%	★★★★★	Wuzhou Xinchun, Xinxian Transmission
6-Axis Force Torque Sensor	60%	★★★★☆	Keli Sensing, Haozhi Electromechanical
Servo Motor	70%	★★★☆☆	Inovance Technology, Estun Automation
Dexterous Hand	35%	★★★★★	Damon Robotics, Aoyi Technology
AI Chip	20%	★★★★☆	Cambricon, Hygon Information

1. Planetary Roller Screw
   : A core component of robot linear joints with extremely high technical barriers. Wuzhou Xinchun has planned an annual production capacity of 1 million units of screws, targeting Tesla’s 1 million-unit capacity plan by the end of 2026 [6]

2. Harmonic Drive Reducer
   : Green Harmonic has broken overseas monopolies, and is a core supplier to Unitree, Agibot, and Tesla, fully benefiting from the volume dividend from 10,000 to 1 million units [6]

3. Electronic Skin and Dexterous Hand
   : The Omdia report suggests focusing on emerging segments such as Hanwei Technology, Fortune New Materials (electronic skin), and Jundingda (tendon cables + protective sleeves) [1]

Unitree Technology’s supply chain layout reveals the regional agglomeration characteristics of the robot industrial chain:

City	Representative Enterprises	Core Products	Order Growth Status
Changzhou	Amos Electronics	Power Connectors	Monthly orders in Q1 2025 increased by 2000% YoY
Suzhou	Green Harmonic	Harmonic Drive Reducers	Stable supply to Unitree/Agibot
Wuxi	Best Precision	Ball Screw Guide Assemblies	Rapid capacity ramp-up
Changzhou	Jiangsu Leli	Planetary Actuators	Deeply tied to Unitree

• R&D and production are radiating from Beijing, Shanghai, Shenzhen, and Hangzhou to inland regions
• Hefei and Suzhou focus on scenario application pilots
• Wuhan and Wuhu have become production hubs, with advantages of low labor costs and solid manufacturing foundations [7]

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Time Node	Global Shipment Volume	Chinese Market Size	CAGR
2025	13,000 units	~RMB 5 billion	—
2026	50,000 units	~RMB 20 billion	300%
2030	2 million units	RMB 238.3 billion	154%
2035	2.6 million units	RMB 1 trillion	133%
2040	5 million units	RMB 3 trillion	25%

Data Source: Comprehensive forecasts from Guotai Junan Securities, Omdia, and Citigroup [1][8]

1. Technology Convergence and Cost Reduction
   : The manufacturing cost of humanoid robots is rapidly declining. Unitree’s R1 is priced at RMB 29,900, which has lowered the entry threshold for the consumer market. China’s supply chain cost advantage is approximately one-third that of other regions [9]

2. Empowerment by Large AI Models
   : End-to-end large models (VLA models) significantly improve robots’ autonomous decision-making and generalization capabilities. The evolution of robot “brains” is a key challenge for mass production and also the biggest investment opportunity [8]

3. Strong Policy Support
   : The national government has issued the “Guidance on the Innovative Development of Humanoid Robots”, and local policies are being intensively implemented. Shanghai, Guangdong, Zhejiang and other regions are striving to break through bottleneck technologies [4]

2025-2030: Industrial Scenarios First
  ├── Applications: Logistics sorting, quality inspection, simple assembly
  ├── Characteristics: Structured environment, quantifiable ROI
  └── Representative Enterprise: UBTECH Walker series (RMB 1.3 billion in orders)

2031-2035: Expansion to Commercial Services
  ├── Applications: Shopping mall guidance, exhibition explanation, reception services
  └── Characteristics: Semi-structured environment, humanized interaction

After 2035: Penetration into Household Scenarios
  ├── Applications: Housekeeping, caregiving, education
  └── Characteristics: Unstructured environment, high flexibility requirements

• Cumulative outstanding orders exceed 20,000 units, with cumulative order value exceeding RMB 3 billion
• Delivery cycle for 1,000-unit orders is 1-2 years, while delivery for 100-unit orders takes several months
• Order sources: Scientific research laboratories, data collection centers, industrial scenarios [8]

According to statistics from the Institute of Artificial Intelligence, Chinese Academy of Sciences (CASIA), there are over 230 embodied intelligence enterprises in China, of which over 100 are humanoid robot enterprises, and “the industry may complete a round of ‘shuffle’ in the near future” [7].

1. Valuation Bubble Risk
   : Figure AI’s valuation skyrocketed from $2.6 billion to $39 billion, and some domestic leading enterprises have a valuation exceeding RMB 20 billion within 3 years of establishment [10]

2. Homogeneous Competition
   : Most enterprises adopt the “general open-source large model + motion control” approach, and the National Development and Reform Commission has warned of the risk of “a cluster of highly repetitive products entering the market” [7]

3. Differentiation in Commercialization Capabilities
   : Some enterprises “lose more as they sell more”, falling into the scale trap

Strategy Type	Target Characteristics	Representative Targets
Core Mainline	Certainty targets in Tesla/Tier 1 supply chains	Sanhua Intelligent Controls, Tuopu Group, Wuzhou Xinchun
Elastic Mainline	High-elasticity targets focused on domestic substitution + technological innovation	Green Harmonic, Keli Sensing, Zhejiang Rongtai
Thematic Mainline	Targets focused on AI “brains” + data services	iFLYTEK, Suzhou Hollysys

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1. Green Harmonic (688017)
   • Core Logic: Absolute leader in domestic harmonic drive reducers, breaking the monopoly of Japan’s HD
   • Downstream Customers: Unitree, Agibot, Tesla
   • Beneficiary Logic: One of the biggest beneficiaries of the volume growth of humanoid robots from 10,000 to 1 million units

2. Wuzhou Xinchun (603667)
   • Core Logic: Core manufacturer of planetary roller screws, has entered Tesla’s supply chain
   • Capacity Plan: Annual production capacity of 1 million screws, targeting Tesla’s 1 million-unit capacity plan by the end of 2026
   • Beneficiary Logic: Volume and price will rise together after the linear actuator technical route is finalized

1. Keli Sensing (603662)
   • Core Logic: Leader in 6-axis force torque sensors, a core component of robot environmental perception
   • Downstream Customers: Agibot, UBTECH
   • Beneficiary Logic: Sensors are a key bottleneck for dexterous hands and industrial applications

2. Hanwei Technology (300007)
   • Core Logic: Leading in electronic skin technology, benefiting from the growth in demand for tactile perception
   • Beneficiary Logic: Electronic skin is the core technology for realizing refined robot operations

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1. Industry Inflection Point Has Arrived
   : Chinese manufacturers achieved 10,000-unit scale mass production in 2025, marking the shift of humanoid robots from laboratories to large-scale commercial use, and industrial chain investment from theme-driven to performance-verified

2. China’s Supply Chain Advantages Highlighted
   : Enterprises such as Unitree Technology have proven the irreplicability of China’s “policy + infrastructure + capital” collaborative model. The supply chain cost advantage is approximately one-third that of other regions

3. Accelerated Domestic Substitution of Core Components
   : Specialized, sophisticated, unique, and new enterprises have emerged in segments such as harmonic drive reducers, planetary roller screws, and sensors, with both technical barriers and investment value

4. 2026 Will Bring a “Major Exam”
   : Mass production capacity, delivery efficiency, and cost control will become the core of enterprise competition. Industry shuffling will accelerate, and enterprises with closed-loop evolution capabilities will win out

Risk Type	Specific Performance	Response Strategy
Technology Risk	Robot “brain” evolution falls short of expectations, insufficient reliability verification of dexterous hands	Focus on enterprises with AI capabilities
Cost Risk	Mass production cost reduction falls short of expectations, scale trap	Focus on supply chain leaders
Competition Risk	Severe homogenization, intensified price wars	Focus on enterprises with technical barriers
Policy Risk	Subsidy reduction, stricter regulation	Focus on enterprises with market-oriented capabilities
Valuation Risk	Valuation bubble in the primary market spreads	Wait for valuations to return to rationality

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[1] Shanxi Securities - “New Materials Weekly: Agibot Tops Humanoid Robot Shipment Rankings” (2026-01-16)
[2] Xinhua Daily - “The Jiangsu Mass Production Power Behind Agibot, Unitree, and UBTECH” (2026-01-11)
[3] Securities Times - “Agibot Tops Global Humanoid Robot Shipment List” (2026-01-09)
[4] Baidu Encyclopedia - “Unitree Technology Co., Ltd.” (2026-01)
[5] Xinhua Daily Network - “China’s Embodied Intelligent Robots Lead the World” (2026-01-11)
[6] Caifuhao - “Sorting of the Robot Sector Industrial Chain” (2026-01-17)
[7] Southern Plus - “Over 230 Embodied Intelligence Enterprises, Industry ‘Shuffle’ Rumors Are Rife” (2026-01-13)
[8] QQ News - “Robot ETF Funds Have Strongly Attracted Capital for 8 Consecutive Days” (2026-01-08)
[9] NetEase - “Farewell to PPT! Humanoid Robots Face a ‘Delivery’ Exam” (2026-01)
[10] OFweek - “Amid the Capital Frenzy, Which Embodied Intelligence Enterprises Are Above the Pass Line?” (2026-01)

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: The chart above shows the 2025 global humanoid robot market share, Chinese market size forecast, industrial chain value distribution, and domestic substitution process of core components, intuitively presenting the profound impact of Unitree Technology’s mass production on the industrial chain investment landscape.