The agility and precision of humanoid robots hinge critically on their joints, and at the heart of these joints lies a crucial component: the reducer. This device, through the precise meshing of rigid and flexible gears, transforms the rotational force of motors into accurate movements, determining whether a robot’s arm can achieve positioning accuracy down to 0.1 degrees. In terms of quantity, reducers represent the highest cost component within a humanoid robot’s structure. Depending on the load capacity, reducers are categorized into harmonic reducers, planetary reducers, and RV reducers. Among these, harmonic reducers, with their low load and high precision, have emerged as the mainstream solution for humanoid robot reducers.
However, due to high technical barriers, the harmonic reducer market was long monopolized by Japanese companies. It is only in the past five years that domestic companies have risen to break this monopoly. With the mass production explosion of humanoid robots, these excellent “hidden champions” are stepping into the spotlight. Recently, during the A-share interim reporting season, three companies have been selected as sample observations in the A-share market: LHD Technology (688017.SH), Zhongda Deli (002896.SZ), and Haozhi机电 (300503.SZ). All three have entered the humanoid robot赛道 this year using harmonic reducers as their entry point.
Financial Performance Highlights
From the 2025 interim financial reports, the three leading harmonic reducer companies have shown diverging performances. In terms of revenue scale, Haozhi机电 led with revenue of 703 million yuan, but its European motion control business was dragged down by the local economy, declining by 18.6%. Additionally, the company’s business lines are relatively dispersed, operating concurrently in CNC machine tools, humanoid robots, and new energy vehicles, diluting growth momentum. Its half-year revenue growth was 14.21%. However, its core functional components for humanoid robots achieved sales revenue of 12.2103 million yuan in the first half of the year, a growth of 127%.
Zhongda Deli recorded revenue of 516 million yuan, ranking in the middle, but its growth rate was the lowest at 2.08%. Within its business lines, revenue from precision reducers shrank by 8.55%, reflecting a阶段性疲软 in industrial humanoid robot demand.
LHD Technology, with the smallest revenue of 251 million yuan, saw a soaring growth rate of 45.82%. Both of its business lines related to humanoid robots—harmonic reducers and mechatronic products—experienced explosive growth, achieving high growth rates of 34.43% and 69.66% respectively in the first half of the year.
| Company | Revenue (million yuan) | Revenue Growth (%) | Net Profit (million yuan) | Net Profit Growth (%) | Gross Margin (%) |
|---|---|---|---|---|---|
| LHD Technology | 251 | 45.82 | 53.42 | 45.87 | 34.77 |
| Zhongda Deli | 516 | 2.08 | 46.37 | 6.5 | 27.74 |
| Haozhi机电 | 703 | 14.21 | 63.38 | 15.41 | 35.84 |
Beyond the explosion in downstream humanoid robot industry demand, LHD Technology also possesses unique technological advantages. With its independently developed “P-tooth” design, LHD Technology has broken the monopoly of Japanese brands in the domestic market, resulting in a comprehensive gross margin of 34.77%. In contrast, Zhongda Deli, which focuses on industrial humanoid robots, has a gross margin of 27.74%. Although Haozhi机电’s gross margin is also high at 35.84%, its business lines are分散, and revenue from core functional components for humanoid robots accounts for only 1.74% of total revenue, failing to maximize technological synergy.
The advantage in gross margin is also reflected in net profit. LHD Technology, with a revenue base of 251 million yuan, generated a net profit attributable to shareholders of 53.42 million yuan, a year-on-year increase of 45.87%. In comparison, Haozhi机电 and Zhongda Deli, with revenue bases approximately three times and two times larger than LHD Technology respectively, reported net profits of 63.38 million yuan and 46.37 million yuan, with growth rates of 15.41% and 6.5% respectively.
Furthermore, in terms of cash flow, LHD Technology’s net cash flow from operating activities surged 130-fold to 46.80 million yuan in the first half of the year. Zhongda Deli, due to reduced sales collections and short-term borrowing of 190 million yuan, saw its net cash flow from operating activities plummet by 91.75%. Although Haozhi机电’s operating cash flow was positive (2.12%), its accounts receivable ratio was the highest among the three at 24.32%.
In summary, in the first half of the year, LHD Technology leveraged its technological advantages in the humanoid robot sector to achieve product溢价 in the market, fully capitalizing on the红利 of the humanoid robot industry explosion. In contrast, the performances of Haozhi机电 and Zhongda Deli were dragged down by their traditional businesses.
Valuation and Market Sentiment
Despite the humanoid robot ecosystem still being in its early stages of establishment, the valuations of all three companies have already skyrocketed. As of the close on September 1, the price-to-earnings ratios of all three companies remained above 100 times. Specifically, LHD Technology’s P/E ratio reached as high as 380 times, while Zhongda Deli and Haozhi机电 had P/E ratios of 239 times and 105 times respectively. Additionally, the PEG indicators for all three are very high. Zhongda Deli’s PEG was as high as 36.77, while Haozhi机电 and LHD Technology had PEGs of 6.81 and 8.28 respectively.
Analyzing the half-year net profit growth, LHD Technology’s net profit growth exceeded its stock price increase. In contrast, Zhongda Deli’s net profit growth in the first half was only 6.5%, yet its stock price rose by over 200%. This reflects the capital market’s fervent pursuit of companies in the humanoid robot industry chain, highlighting the high expectations for future growth in the humanoid robot sector.
Technological Routes and R&D Focus
Beyond financial data, the interim reports of these three companies also reveal their respective technological strategies. Overall, all three companies place significant emphasis on research and development. LHD Technology and Haozhi机电 both allocated over 9% of their total revenue to R&D, while Zhongda Deli’s R&D investment accounted for nearly 6% of its revenue.
However, their technological focuses differ considerably:
- LHD Technology specializes in harmonic reducers. It has established collaborations with several universities and R&D centers in the Yangtze River Delta, repeatedly achieving breakthroughs in precision. The company is determined to maximize its value within the domestic humanoid robot industry chain. Given its deep specialization, LHD Technology is building its ecosystem by establishing joint ventures, such as the one with Nanning Yuli, to expand into torque sensors.
- Haozhi机电 follows an acquisition-driven R&D route. The company acquired Infranor, a European industrial automation solutions provider, to expand its downstream market, giving its R&D department a more international perspective. The company has independent technology development departments in overseas subsidiaries like Cybelec Switzerland, Infranor France, and Mavilor, focusing on motion controllers, servo drives, and servo motors respectively. However, acquisition integration carries risks. Hindered by slow technology integration at European subsidiaries and分散 R&D investment in humanoid robot joints, Haozhi机电 saw the gross margin of its motion control category decline by 18.6% in the first half of the year.
- Zhongda Deli aims to become a Tier 1 integrator. The company strongly emphasizes “integration” in its financial reports. Currently, focusing on industrial automation and industrial humanoid robots, Zhongda Deli has developed an integrated product architecture of reducer + motor + drive, launching modular products such as “precision planetary reducer + servo motor + drive” integrated units, “RV reducer + servo motor + drive” integrated units, and “harmonic reducer + servo motor + drive” integrated units, achieving product structure upgrades.
It is worth noting that the ecosystems of all three reducer companies in the humanoid robot industry chain are still in the process of being established. Nonetheless, their valuations have already soared, indicating strong investor confidence in the future of humanoid robots.
Industry Outlook and Challenges
The humanoid robot industry is poised for significant growth, driven by advancements in automation and artificial intelligence. Harmonic reducers, as a key component, will play a pivotal role in this expansion. The ability to provide high-precision, reliable reducers at competitive prices will be crucial for companies aiming to lead the market. The current competitive landscape shows that while Japanese firms previously dominated, Chinese companies are rapidly catching up, particularly in catering to the specific needs of the burgeoning humanoid robot market.
Challenges remain, however. The high technical barriers mean that continuous innovation is necessary to maintain a competitive edge. Companies must balance R&D investments with profitability, especially in a market where valuations are high but the ecosystem is still developing. Furthermore, global economic fluctuations and supply chain issues could impact growth, as seen in Haozhi机电’s European operations.
For the humanoid robot industry to mature, collaboration across the value chain is essential. This includes not only component suppliers like LHD Technology, Haozhi机电, and Zhongda Deli but also integrators, software developers, and end-users. As the technology evolves, standards for interoperability and performance will likely emerge, shaping the future competitive dynamics.
In conclusion, the race to dominate the ‘joint’ soul of humanoid robots is intensifying. LHD Technology currently leads in growth and technological specialization, benefiting directly from the humanoid robot boom. Haozhi机电, with its broader portfolio, faces integration challenges but holds international potential. Zhongda Deli’s integrated approach positions it as a potential key player in industrial applications. The high valuations reflect market optimism, but sustained performance will depend on execution, innovation, and the overall development of the humanoid robot ecosystem. As the industry progresses, these companies will likely continue to evolve, potentially through partnerships, further acquisitions, or breakthroughs in reducer technology that enhance the capabilities of humanoid robots worldwide.