Orient Securities Company Limited has released a research report indicating that the humanoid robotics supply chain is experiencing increasing prosperity in the first half of 2026, with industry revenue achieving rapid growth and accelerated shipment volumes across both complete machine and component manufacturers. The company observes that the expansion of application scenarios in the humanoid robotics sector is accelerating at the margin, and believes that embodied intelligence companies actively positioning in vertical scenarios, along with complete machine manufacturers possessing stronger model generalization capabilities, are poised to gain greater competitive advantages.

The selected sample listed companies in the humanoid robotics industry achieved operating revenue of approximately RMB 154.416 billion in the semi-annual period of 2026, representing a year-on-year growth of 18.3% and maintaining a rapid growth trajectory. From a gross margin perspective, the overall supply chain experienced a slight decline in gross margins during the first half of 2026, with complete machine manufacturers and sensor manufacturers showing more notable improvements, while reducer manufacturers saw the most significant margin decline. This trend partially reflects intensified market competition in the reducer segment. From an inventory perspective, robotics-related companies all recorded increased inventories compared to the end of 2025, indicating upward momentum in industry-scale production prosperity.

From a capital expenditure perspective, the growth rates of capital expenditures among upstream component manufacturers showed divergence in the first half of 2026, with reducer and motor manufacturers experiencing relatively faster capital expenditure growth. This could potentially lead to increased production capacity supply in these two segments in the future. Benefiting from the accelerated mass production process of complete machines during the first half of the year, most robotics component manufacturers achieved positive progress, with demand prosperity continuing to rise. Looking ahead, as the mass production process of Tesla Optimus continues to advance, the prosperity of related robotics component manufacturers is expected to be revised upward once again.

The expansion of application scenarios in the humanoid robotics industry is showing marginal acceleration. During the first half of 2026, the mass production process of complete machine manufacturers in humanoid robotics has accelerated significantly, with entertainment performances, commercial shows, science education, and data collection remaining the primary application scenarios. However, recently, a Sharpa robot has officially commenced work at a DQ store on Wujiang Road in Shanghai, where after consumers place orders, the robot can flexibly complete actions such as opening cabinet doors, fitting cup rings, receiving ice, sprinkling ingredients, and stirring to create Blizzard ice cream. Additionally, a signing ceremony for the "Shanxi Embodied Intelligence Innovation Center and Industrial Energy Mining Special Robot Intelligent Manufacturing Project" was held among Shanxi Transformation Comprehensive Reform Demonstration Zone, UBTech, and Beijing Hehaoruisheng Technology Industry Development Co., Ltd. The company believes that we are currently in the inaugural year of large-scale mass production of humanoid robotics, and breakthroughs in application scenarios are expected to drive increased shipment volumes of complete machines. Consequently, competition among robot manufacturers will gradually shift toward understanding and insight into various application scenarios, with manufacturers focused on vertical scenarios expected to leverage industry know-how to gain competitive advantages in niche markets, while complete machine manufacturers with stronger model generalization capabilities are expected to drive accelerated shipment growth through application expansion across various scenarios.

Risk warnings include risks of model development progressing slower than expected, risks of unclear implementation of scenario demand, risks of manufacturers' production falling short of expectations, and risks of changes in national policies.