Humanoid robots enter the stage of large-scale landing, and domestic substitution of core components brings investment and financing opportunities

In the second half of 2026, the humanoid robot industry officially enters the small-scale production cycle from the technology verification stage. As a future industry with a focus on new quality productivity layout, the investment and financing heat of the track continues to rise. Multiple complete machine enterprises have launched commercial deliveries, and upstream component orders are gradually being released. The competitive landscape of the complete industrial chain is rapidly taking shape, becoming an important lever for the transformation and upgrading of the real economy.

From the perspective of industrial development pace, leading overseas enterprises are accelerating the construction of production lines, while multiple domestic humanoid robot manufacturers continue to expand their landing scenarios, covering fields such as intelligent manufacturing, warehousing and logistics, and commercial services. Industry data shows that in the first half of the year, the scale of investment and financing in the domestic humanoid robot track increased significantly year-on-year. The primary market capital continued to tilt towards component companies with independent research and development capabilities, and reducers, actuators, and force sensors became the key investment directions.

The value distribution of the industrial chain presents clear characteristics. The initial investment in the whole machine integration process is large, and it is difficult to make short-term profits; Upstream core components account for over 60% of the overall cost, and are also the largest segment of domestic substitution space. In the past, precision reducers, servo motors, and specialized controllers that relied on imports for a long time have continuously emerged as breakthrough local enterprises. Many companies have entered the supply chain of top machine manufacturers, and with mass shipments, economies of scale gradually emerge.

The semi annual reports of listed companies are beginning to reflect changes in the industry. Part of the automation equipment enterprises' robot related business revenue achieved year-on-year growth, and the gross profit margin steadily recovered. But the market needs to objectively distinguish: most companies are still in the stage of small-scale supply, and large-scale performance realization still requires time. Enterprises that rely solely on conceptual hype and lack downstream order support have a higher risk of valuation fluctuations.

Industrial policies continue to be strengthened, and many regions have introduced future industrial support plans, established special industrial funds, and supported the demonstration of humanoid robot scenarios and collaborative research in the industrial chain. Relying on the well-established manufacturing foundation in China, humanoid robots have unique supply chain advantages, forming a cluster effect between upstream and downstream enterprises, continuously reducing research and development and manufacturing costs, and further accelerating the commercialization process.

Behind the opportunities, industry challenges cannot be ignored. The influx of a large number of new participants into the track poses a potential risk of overcapacity in the medium to long term; Different technological routes are developing in parallel, and some solutions may be eliminated by the market; At the same time, the landing speed of terminal scenarios is slower than expected, and if downstream demand slows down, upstream expansion enterprises may face inventory pressure. Institutions generally advise that investment requires identifying high-quality enterprises with continuous iteration capabilities and stable customer resources.

In the long run, humanoid robots are expected to reshape the production mode of the manufacturing industry, drive the coordinated development of multiple industries such as automation, new materials, and artificial intelligence, and are an important carrier of new quality productivity. The short-term market is more driven by order expectations, and the medium to long term value depends on the speed of commercialization and the extent of cost reduction.

For industry participants and capital market investors, they should view the track heat rationally. Priority should be given to upstream component companies that have core technological barriers and have already achieved mass supply, avoiding targets that have not yet been implemented and rely solely on subject matter hype. With the continuous development of the industry, competition in the industrial chain will shift from "competition concept" to "competition in mass production capacity and cost control".