AMORA Report · Humanoid Robotics Industry Deep-Dive Report 2026 v 5.0

LIVE REPORT · v 5.0

Humanoid Robots

Humanoid Robotics 2026

From laboratory to Factory, AIDrive Embodied Intelligence in Reshaping Global Manufacturing. 2026 Year, Humanoid Robots Mass production Year one begins.

$7.3 B2025 Global market Scale

~2,5002025 Year Global Shipments ( units)

$980 B2035 Annual market size forecast

5510 K2030 Annual shipments Forecast

Start Reading Report ↓Capital Value Analysis

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Key Facts

Key Data quick look

Below 8key figures, Outline 2026 Year Humanoid Robotsthe industry's real contours.

67 point

Figure AI AMORATotal Score

Comprehensive Technology+Commercialization Leader

3810 K CNY

Domestic Humanoid Robots BOMCost

relatively 2023 Year Declining 56%

1,000 units

Figure AI 2026 Year Mass production Target

vendor feasibility Key milestone

$39.5 B

Figure AILatest Valuation

2025 Year 9 month(s)CRounds of financing

420100 M CNY

Unitree Pre-money Valuation

STAR Market IPOAlready accepted (2026 Year 3 month(s))

~1800 B

Inovance Market cap

ARobotics Supply chain Maximum Market cap

~10.5 B

Agi Bot 2025 Annual revenue

China Fastest commercialization Robot Manufacturers

3-5 Year

Manufacturing ROI recovery Period

2028 Year expected to compress to 1.5-2 Year

Part A · Advancement

Technology Advancement— Enabling Technologies & Breakthroughs

Humanoid robots represent a deep fusion of mechanical engineering, materials science, sensor technology, and AI large models. After 2023, "Embodied Intelligence" transitioned from academic concept to commercial validation stage, with four major technology pathways evolving in parallel.

1. Embodied AI Models: Perception-Decision-Execution Loop

World Models is Robotics"Brain" Ultimate form, Corechallenge lies in unifying Vision, language and action Modeling.

🔮 VLA (Vision-Language-Action)End-to-End architecture principle

VLAUnified visual perception, Natural Language instructions and Action outputsunified modeling intoone end-to-end neural network, Achieve"seeing→Understanding→executing"in a closed loop.

👁️

Vision Encoder

RGB-DCamera input

→

🧠

LLM Backbone

language+ motiontoken joint

→

🦾

Action Decoder

Joint angles/Torque output

Representative Solutions:Figure Helix (Figure AI)| RT-2/Octo (Google)| π0 (Physical Intelligence)

Core Advantage:Strong cross-task generalization capability, No need to retrain for each new task

Core Bottleneck:High computing power consumption (Need GPUCluster), Real-time challenge (Edge inference inference latency>100ms)

Technology Roadmap Comparison

Technology Roadmap	Representative Solutions	Core Mechanism	TRL	Advantage	Bottleneck
VLA	RT-2 / Octo / Helix	motiontokenization, LLMTraining	5-6	Strongest generalization capability	Extremely high computing consumption
World Models+Control	RSSM / JEPA	Predicting future environment states	4-5	Reducing real-world data dependency	sim-to-real gap Big
Imitation+Reinforcement learning	ACT / Diffusion Policy	Human demonstrations+Diffusion-generated trajectories	6-7	Excellent dexterity task performance	High data collection cost
Multimodal Foundation Models	GPT-4o / Robo GPT	General-purpose Multimodal+Control Layer	4-5	Highly scalable	Insufficient vertical scenario accuracy

🕐 Technology Evolving Time (2018-2026)

2018

BC ( for clone)Large-scale Application

UC Berkeley, Stanford will Imitation learning for Robotics Control, Robotics with reproduce Human demonstrations motion.

Academic Period

2021

RT-1: Tokenized Robot Learning

Google Robotics Launch RT-1, First to apply NLP tokenization method Application Robotics Control, Achieve cross-task generalization.

paradigm Breakthrough

2023

RT-2 / VLAConcept Verification

RT-2 will VLMDirectly used for robot control, Can generalize to new tasks without robot-specific training data, Triggered industry capital influx.

Industryization

2024

Figure AI Helix · Embodied AI commercialization

Figure AILaunch Helix, End-to-End VLAControlling the full machine, Dual-arm collaborative assembly of auto parts, Embodied AI entering Industrial Verification.

Industrial Verification

2025-2026

Year one of mass production · Multiple Line Parallel

Figure/Tesla/Unitree/Agi Bot now pushing Mass production; Physical Intelligence sourceπ0; 1 X NEOEntering home testing. Technology convergence and divergence coexist.

Year one of mass production

2. Hardware stage: From" " to " dry "

Domestic substitution most Mature

Harmonic reducer

Leaderdrive (Leader Harmonic)Breaking Harmonic Drive monopoly, Precision backlash<1 Arc-min, Lifespan 20000 Hours+, Localization ~75%.

Barriers: In | Domestic Strong

⚠️ Maximum Gap

Planetary roller screw

Precision C3 Level, Load>15k N, Localization ~35%. Nanjing Gongyi, Jining Bo Still ramping up production capacity.

Barriers: High | Production capacity Verification

⚠️ Extremely High barriers

Dexterous hand Micro reducer

Diameter<16mm, Torque>0.5 Nm, Localization rate<20%. SCHUNK/Weiss (Germany) leading.

Barriers: Extremely High | Import dependency

Part M · Mapping

Supply Chain Ecosystem— Core Components Supply chain

Humanoid robots consist of 7 Big Core Components complete, Point hit point type Point hit Robotics High part, check China-USMain suppliers Barriers Level.

55%

Component Localization Rate

3-5yr

Estimated Full Time

70%

Harmonic reducer Domestic Rate

<10%

Tactile sensor Domestic Rate

🤖 Components point

⚙️

servo Drive

12 suppliers

→

🔄

Harmonic reducer

6 suppliers

→

🔧

Torque motor

8 suppliers

→

👁️

force sensing Sensor

10 suppliers

→

✋

Tactile sensor

5 suppliers

→

🧠

AI chip/ computing

8 suppliers

→

🤚

Dexterous hand/Lead screw

7 suppliers

→

👆 Point hit Components see details

💡 Point hit Robotics part view target Components Suppliers

⚙️ servo Drive system

Humanoid Robots Motion control Core, Localization ~65%

🇺🇸 USASuppliers

TeslaListed Company

Self-developed servo system, Optimus Dedicated

Technology LeadingMature & Stable

KollmorgenListed Company

Dexin (DXM), Industrial-grade servo

Technology Leading

🇨🇳 China Suppliers

InovanceA

Inverter Leader, Domestic Servo Leader #1

LeaderMature & Stable

BMH (Parkoo)STAR Market

Main humanoid robot supplier

Humanoid-exclusive

Clear Energy (Tsd)Unlisted

servo Driver, Domestic substitution

Cost-performance

Barriers Level:Low— Domestic Inovance/BMH (Parkoo)close to International level

🇺🇸 USASupply chain Advantage

AI chip/Computing powermonopoly

Tactile sensorleading

Dexterous hand Micro reducerleading

Full machines IntegrationLeading

Harmonic reducerDependency Japan

Torque motorDependency Import

🇨🇳 China Supply chain Advantage

Harmonic reducerCatching up

servo DriveDomestic substitution

rare earth/ Nd Fe Bmonopoly

Aluminum alloy/BodyAmple

AI chipconstrained by

Tactile sensorExtremely Weak

💡 Key observe:Largest humanoid robotics supply chainOpportunityinHarmonic reducer (Leaderdrive (Leader Harmonic))andservo Drive (Inovance)Domestic substitution; MaximumRiskinTactile sensorandAI chipimport dependency (<10%Localization rate).

🏭 Global Robot Manufacturers Distribution

Company	Country	Cumulative Delivery	Cumulative Financing	Commercialization Scenario	Technology Advantage
Figure AI	🇺🇸 USA	~150 units	~$8.2 B	BMWautomotive Assembly	Helix VLA, End-to-End AI
Unitree/H1	🇨🇳 China	~5,500 units	IPOPlans to raise 42 B	Research+Industrial	Cost<4010 K, Strong motion control
Agi Bot	🇨🇳 China	~4000 units	~20100 M CNY+	3 CProduction lines at scale	Fastest to mass production, Huawei Cooperation
Agility Robotics	🇺🇸 USA	~150 units	~$1.8 B	Amazon Warehousing (Largest scale)	Most commercial Warehouse & Logistics deployments
Tesla Optimus	🇺🇸 USA	~100 units	Not separately disclosed	Tesla Factory (Internal testing)	FSDReuse, Musk endorsement
Fourier Intelligence	🇨🇳 China	~100 units	Hundreds of M CNY	rehabilitation+Industrial	GR-1, 58 DOFIndustry highest
1 X Technologies	🇳🇴 Norway	<30 units	~$1.25 B	Home (Pre-order 2025 Q4)	Open AIBacked by, Home scenario
Apptronik	🇺🇸 USA	<20 units	~$9.35 B	Mercedes Testing	Google Deep Mind Cooperation
Boston Dynamics	🇺🇸 USA	~1,000 units (Spot)	~$7 B	Atlas Electric drive version R&D	30years of technology accumulation
Galaxy General Robotics	🇨🇳 China	Small batch	~$8 USD B	vendor Testing	Founded 2year funding champion

Full machines BOMCost structure

China Humanoid Robots Comprehensive Cost (~3810 K CNY/ units)

2025 Per-unit cost relatively 2023 Year Declining 56%, Mainly driven by domestic Harmonic reducer and servo Drive Cost reduction driven.

Bottleneck Degree Ranking

Component localizationization Barriers Analysis

Tactile sensor and Dexterous hand Micro reducerhas the lowest localization rate, also the biggest future investment opportunity.

🔗 Supply Chain Downstream Overview diagram ( system diagram)

Humanoid Robotics Supply Chaindivided into upstream (Components), Midstream (Full machines), Downstream (Application)three major segments. Hover over components to see main suppliers.

Raw Materials

🇨🇳Aluminum alloy

Aluminum alloy/Carbon fiber
Ample domestic supply, No barriers

🇯🇵Special steel

Japan/Germany
Used for high-end body structures

🇨🇳rare earth/ Nd Fe B

Mainland China
Core material for permanent magnet motors
Global major production areas

⭡ ⭡ ⭡

Core Components

🇨🇳🇯🇵Harmonic reducer

Leaderdrive (Leader Harmonic) (Domestic)
Precision meets international standards
Harmonic Drive (Japan)
Global leading Position

⚠️🇨🇳Planetary roller screw

Qinchuan Machine Tool (A)
Production capacity under construction
TBI (Italy)
Global benchmark

🇨🇳frameless Torque motor

BMH (Parkoo)/Clear Energy (Tsd)
Localization rate~60%
Gap: Low barriers

🇩🇪Dexterous hand Micro reducer

SCHUNK (Germany)
Global industrial dexterous hands monopoly
Weiss Robotics (Germany)
Collaborative robot end-effectors

⚠️🇨🇳Tactile sensor

Tactile/Weiss (Germany-US)
leading Global market
Extremely weak domestic
Localization rate<10%

🇨🇳🇺🇸6-axis force sensor

Dimensional Sensing (Domestic)
Core humanoid robot supplier
ATI (USA)
Industrial-grade Global leading

⭡ ⭡ ⭡

Computing Platform

🇺🇸GPU/AI chip

NVIDIA (USA)
Humanoid Robots AITraining+Inference
monopoly Position

🇨🇳Domestic AI chip

Horizon Robotics/Huawei Ascend
Humanoid Robots Domestic substitution
Computing gap narrowing

🇺🇸Embedded controller

Tesla FSDChip
Self-developed computing chips
Qualcomm/AMD
Industry general-purpose solution

⭡ ⭡ ⭡

Full machines Integration

🇺🇸Figure AI

🇺🇸Tesla Optimus

🇺🇸Agility Robotics

🇺🇸Apptronik

🇨🇳Unitree

🇨🇳Agi Bot

🇨🇳Fourier Intelligence

🇨🇳Galaxy General Robotics

🇨🇳Star Epoch

🇯🇵Honda ASIMOLegacy

🇳🇴1 X Technologies

🇩🇪PAL Robotics

⭡ ⭡ ⭡

Application scenarios

🏭 Automotive welding (Commercially deployed)

📦 Warehouse & Logistics (Early Period Commercialization)

⚡ power inspection (Small batch)

📱 3 CElectronics assembly (Under verification)

🏠 Home Services (10 Year+)

⚠️ Hazardous operations (Concept Verification)

Part O · Operations

Commercialization Operations— From Point to Large-scale Cross

2026 Year is Humanoid Robots Mass production Real Point. Manufacturing ROIModel already viable, but Still need to cross Three hurdles: Cost, Reliability and Data flywheel.

💰 Manufacturing ROIEstimation ( with Automotive welding Line for )

60-15010 K

Full machines sales Price (2025 Year)

15-3010 K

deployment implementation fee

8-1210 K/Year

Year Dimensional Cost

3.5-5 Year

static recovery Period

Substitution 1.5-2

→

1.5-2 Year

2028 Year Target recovery Period

Mass production 50,000 units

🏭 Application scenarios Penetration path

🏭Early Period Commercialization

automotive Manufacturing

35%

Penetration

2030 E

15%Substitution

BMW/BYD/Tesla motion integration Assembly Line Humanoid Robots part, ROIAlready viable. Figure AIAlready in BMWproduction line operation, Tesla Optimus Delivery 2 units to BYD.

Drive: OEM automation upgrade demand | Payer: Large automakers

📦Early Period Commercialization

Warehouse & Logistics

25%

Penetration

2030 E

10%Substitution

Amazon Hold Agility Roboticssignificant equity, GXO Logistics/Maersk testing humanoid robot sorting. Warehouse & Logistics scenarios relatively structured, one of the fastest commercializing humanoid scenarios.

Drive: Labor shortage+ AMR upgrade | Payer: Logistics giants

🏠10 Year+

Home services

<1%

Current

2035 E

<0.5%

1 X NEO 2025 Q4 starting pre-orders ($210 K/unit), but technology immature (insufficient fine household abilities), Privacy/safety regulations not ready. home scenario is long-term vision, not near-term commercial direction.

Drive: Aging population+Consumption upgrade | Payer: High-end C-end

⚡Small batch

power inspection

10%

Current Penetration

2030 E

8%Substitution

State Grid Corporation/ party Already in point electric part Humanoid Robots inspection, Substitution High-risk manual inspection scenarios. Policy-mandated push, Safety compliance as payer.

Drive: Hazardous scenarios Substitution+Policy | Payer: country /China Southern Power Grid

🏥Small batch

Medical rehabilitation

Current Penetration

2030 E

3%Substitution

Fourier GR-1 Already deployed in rehabilitation centers, Assisting patient gait training. High precision required but controlled scenario, early direction for humanoid + healthcare convergence.

Drive: Rehabilitation needs+Aging population | Payer: Hospitals/Rehabilitation centers

⚠️Concept Verification

Hazardous operations (Mining/ization)

<1%

Current Penetration

2030 E

2%Substitution

Underground mines, Chemical hazardous environments are long-term high-value scenarios, but explosion-proof/corrosion-resistant/and interference-resistant technical requirements extremely high, Currently in Concept Verification stage.

Drive: Safety compliance+Life safety | Payer: Mining/Chemical companies

📊 Mass production ramp-up Progress (2025 Year part Data)

Company	Cumulative Delivery	Main Scenario	Mass production capability	2026 Year Target	Key milestone
Unitree/H1	~5,500 units	Research+Volume Industrial	Monthly production 100 units (Already achieved)	Monthly production 500 units	2025 Global #1 in annual shipments
Agi Bot	~4,000 units	3 C/ Manufacturing	Lingang factory (Already operational)	Annual capacity 5,000 units	G2entered Longcheer 3 CProduction line
Figure AI	~150 units	automotive Assembly	Production capacity under construction	Annual capacity 1,000 units	BMWFastest commercial partnership
Agility Robotics	~150 units	Warehouse & Logistics	Monthly production 20 units	Monthly production 100 units	Amazon Strategic cooperation, Most global commercial deployments
Tesla Optimus	~100 units	Factory Internal testing	In-house manufacturing	Internal 5,000 units	2025 Year 6 month(s)Delivery BYD2 units
Fourier Intelligence	~100 units	rehabilitation+Industrial	Monthly production 50 units	Annual capacity 600 units	Commercially deployed (Rehabilitation scenario)

Part R · Reach

Market Size— Three major battlefield Scale Estimation

Humanoid robots are not a single battlefield but an overlap of three penetration paths: manufacturing, Warehouse & Logistics, and home services. Market size depends on AI capability breakthrough speed and supply chain cost reduction.

🌍 Global Humanoid Robots machine Geographic distribution

Hover markers to view company details, China is Global Robot Manufacturers Volume most Multiple Country (17 companies), while the US leads in capital density Leading.

USA/Canada (7 companies)

China (16 companies)

Europe (4 companies)

Japan (2 companies)

South Korea (1 companies)

Figure AI

Physical Intelligence

Tesla Optimus

Sanctuary AI

Agility Robotics

Boston Dynamics

Apptronik

Beijing

Shanghai

Unitree

Shenzhen

Dreame

1 X Technologies

PAL Robotics

Japan

Rainbow Robotics

📈 Global market Scale Estimation (2025-2035)

point Scenario Market Size (USD B)

Three major Application scenarios Penetration path

$7.3 B

2025 Global market

↑ Yo Y +120%

$300 B

2030 Annual forecast

↑ CAGR 110%

$980 B

2035 Annual forecast (Conservative)

↑ Optimistic scenario $1.5 T

7510 K units

2035 Annual shipments

↑ 2025 Year 2,500 units 300

:2035 Annual forecast based on conservative assumptions (Manufacturing penetration rate<5%, Home<0.1%). If embodied AI models see GPT-5breakthroughs, Market size under optimistic scenario can reach1,500 USD Bor above.

China-USMarket Comparison

2030 Global market Distribution

China Supply chain Cost Advantage Catch-up USA, but AILLMGeneration is Main Weakness.

Four majorization

18months Key Point (2026-2027)

Below info will Determines Humanoid Robots Large-scale Inflection point Time.

⭐⭐⭐⭐⭐ Figure AIMass production 1,000 units

2026 Year Q2 · Commercial viability proof

⭐⭐⭐⭐ Domestic harmonics+Dual lead screw mass production

2026 Year Q3 · Key to supply chain cost reduction

⭐⭐⭐⭐ Tesla Optimus /Factory

2026 Year Q4 · Benchmark customer demonstration

⭐⭐⭐⭐⭐ Embodied AI models GPT-5breakthroughs

2026-2027 · Technology singularity

Part A₂ · Assets

Capital Value with Investment Analysis— AMORA Score Five-dimensional scoring

AMORA Score From Dimensional degree assessment Company: Advancement (Technology)· Mastery (Operations)· Operations (Commercialization)· Reach (Market)· Affinity (Capital with Strategic). point 100 point.

🕸️ Key Company AMORAFive-dimensional radar chart Comparison

🇺🇸 USA

Figure AI

67/ 100

Advancement · Mastery · Operations · Reach · Affinity

Helix VLAEnd-to-end architecture technology Leading, Highest capital density, BMWFastest mass production commercialization. Comprehensive leader across the board.

🇨🇳 China

Unitree/H1

59/ 100

Advancement · Mastery · Operations · Reach · Affinity

Best hardware cost-performance (Full machine cost<4010 K), Global #1 in shipments, but AILLM capability is a clear weakness.

🇨🇳 China

Agi Bot

54/ 100

Advancement · Mastery · Operations · Reach · Affinity

Complete strategic layout, Strongest mass production willingness, 2025 Annual revenue 10.5billion, fastest commercialization, but high valuation.

🇳🇴 Norway

1 X Technologies

41/ 100

Advancement · Mastery · Operations · Reach · Affinity

Open AIBacked by strongest software capability, but hardware manufacturing Extremely Weak, Long path to home commercialization.

📊 Full Company AMORA Score

Company	Country	Total Score	Advancement	Mastery	Operations	Reach	Affinity	Risk
Figure AI	🇺🇸 USA	67	72	58	68	70	68	Overvalued (P/S130x)
Unitree/H1	🇨🇳 China	59	55	68	65	58	52	AIWeak LLM capability
Agi Bot	🇨🇳 China	54	52	62	52	50	52	2026 Mass production deadline
1 X Technologies	🇳🇴 Norway	41	65	35	30	40	60	Hardware manufacturing capability Extremely Weak

💰 Robot Manufacturers Financing overview (Global)

Outside Robot Manufacturers

Company	most Funding rounds	Financing Time	round amount	Cumulative Financing	Latest Valuation	Key Investment	Commercialization Stage
Figure AI	C round	2025 Year 9 month(s)	$1 B+	~$8.2 B	~$39.5 B	Microsoft/Open AI/NVIDIA/Bezos	Small batch (BMWProduction line)
Physical Intelligence	B round	2025 Year 11 month(s)	$4 B	~$6 B	~$40 B	Bezos/Thrive/Lightspeed	Software licensing (Not full machines)
1 X Technologies	B round (In progress)	2025 Year 9 month(s)	~$10 B (Target)	~$1.25 B	~$100 B (Target)	Open AI/Samsung	Pre-order (2025 Q4 Launch)
Apptronik	Series AExtended round	2026 Year 2 month(s)	$5.2 B	~$9.35 B	~$50 B	Google Deep Mind/Mercedes-Benz/B Capital	Industrial testing
Agility Robotics	Funding round	2025 Year 3 month(s)	$4 B	~$1.8 B	~$17.5 B	DCVC/Sony/Amazon/Fidelity	Commercially deployed (Global largest scale)
Sanctuary AI	A round	2022 Year 3 month(s)	~$550010 K	~$1.4 B	~$5 B	Bell/Qualcomm/DMG	Industrial Concept Verification
Tesla/Optimus	Internal	—	—	—	Not separately disclosed	Parent company self-holds	Internal testing (BYDDelivery 2 units)
Boston Dynamics	Strategic financing	2024 Year	~$3.84 B	~$7 B	~$21 B	Hyundai Motor/Soft Bank	Under R&D (Atlas Electric drive version)

China Robot Manufacturers

Company	most Funding rounds	Financing Time	round amount	Cumulative Financing	Latest Valuation	Key Investment	Commercialization Stage	Capital
Unitree	STAR Market IPO (Already accepted)	2026 Year 3 month(s)	Plans to raise 42 B	—	Pre-money~420 B	Accepted by SSE (STAR Market) (Public company)	Global largest shipments (5,500 units)	AStock listing imminent
Agi Bot	A++ round	2025 Year	Extremely large scale	~20100 M CNY+	~130100 M CNY	BYD/SAIC Motor/Xiaomi/Sequoia/Hillhouse	Large-scale factory deployment (3 CProduction line)	Most premium industrial capital
Galaxy General Robotics	B+ round	2025 Year 12 month(s)	3 USD B (~21 B)	~8 USD B (~57 B)	—	China Mobile/CATL/CICC Capital	2025year funding champion	Dense industrial capital
Volume Robotics	B round	2026 Year Q1	~20100 M CNY	30100 M CNY	—	Xiaomi invest/Sequoia China (Lead investor)	Embodied AI mass production	Xiaomi+Sequoia Dual endorsement
Star Epoch	Strategic round	2026 Year 3 month(s)	10100 M CNY	Over 20100 M CNY	Exceeding 10 billion	Multiple top-tier institutions	Research+Industrial	2026 New billion-dollar valuation in
Fourier Intelligence	Pre-C round	2025 Year	Not disclosed	Hundreds of M CNY	Unicorn-level	NIO/Multiple top	Commercially deployed ( rehabilitation+Industrial)	New energy capital
UBTech Robotics	HK-listed	2023 Year 12 month(s)	—	—	9880.HK	Public company	Longest commercialization	HK's first humanoid robotics stock

🏭 Supply chain Financing overview

Core Components — AListed Company

Company	Stock code	Main business	Robotics business proportion	Latest market cap	2025 Annual revenue	Net profit	Gross margin	Humanoid robot designations
Inovance	300124.SZ	Servo motor/Driver	~20%	~1800 B	310 B+	35 B+	32%+	Tesla Candidates/Samples sent
Sanhua (SMG)	002050.SZ	Thermal management/Valve components	~10%	~700 B	230 B+	22 B+	27%+	Already entered Tesla Optimus Supply chain
Zhaowei (ZWA)	003021.SZ	Micro transmission	~30%	~350 B	18 B+	2.5 B+	38%+	Core dexterous hand supplier
Qinchuan Machine Tool	000837.SZ	Planetary roller screw	~15%	~150 B	30 B+	1.5 B+	20%+	Humanoid robot lead screw supplier
Leaderdrive (Leader Harmonic)	688017.SH	Harmonic reducer	~55%	~240 B	5.71 B	1.24 B	36%+	Top humanoid manufacturers all Coverage
Keli Sensing	603662.SH	Force sensor/Io T	~15%	~120 B	15 B+	3 B+	42%+	Sensor platform deployment
BMH (Parkoo) shares	688160.SH	Stepper/Servo motor	~40%	~50 B	8 B+	0.8 B+	35%+	Fourier/Unitree Suppliers

Investment conclusions:Currently Humanoid Robots Investment Three main themes:①Full machines(Figure AI / Agi Bot / Unitree IPO)——High risk, high reward;②Core Components(Leaderdrive (Leader Harmonic) / Inovance)——Highest certainty;③Embodied AIAISoftware(Physical Intelligence)——Platform Opportunity.

Valuation risk warning: Figure AI P/S130x, Agi Bot Valuation 130billion but shipments still in ramp-up phase, 2027is the key years to validate business model.

Editorial View · logic Point

2026year humanoid robotics track, is not a technology race, but a narrative war. Unitree prospectus is Narrative war most text items——17billion revenue, 6billion net profit tells the market: that robots can make money. but 73.6%sold to universities, real industrial Substitutionwave is still on its way. US companies are buying time with financing, Chinese companies are buying the future with shipments. The real inflection point: whoever'sData flywheelruns first. AMORAJudgment: Shipments converge to data, beats algorithms converging to products, in terms of time Leading 12-18months.

Appendix

A. Key Glossary

Glossary	Full
VLA	Vision-Language-Action Model	Unifying vision, vision, language, and actions into an end-to-end embodied AI model
Sim-to-Real	Simulation to Real World	in Environment Training strategy merge move Real-world Robotics
TRL	Technology Readiness Level	Technology Readiness Level (1-9 Level, 6+ is engineering-ready)
ROI	Return on Investment	ROI
AMORA Score	—	AMORACommercialization Scoring Framework (Advancement/Mastery/Operations/Reach/Affinity)
Embodied Intelligence	Embodied AI	with physical bodies AISystematic, that achieve intelligence through environment interaction
Harmonic reducer	Harmonic Drive	Core transmission components for robot joints, High precision, Compact size
Planetary roller screw	Planetary Roller Screw	High-load precision linear actuators, Used in humanoid robot joints

B. Data Source

No.	Source	Level	Coverage
B-01	Unitree prospectus (2026 Year 3 month(s), SSE (Shanghai Stock Exchange))	L1	Unitree
B-02	UBTech Robotics Year 2025 (HKEX9880.HK)	L1	UBTech Robotics
B-03	Tesla AI Day 2024/2025 Official video	L2	Tesla
B-04	Figure AIOfficial blog & media releases	L3	Figure AI
B-05	Apptronik Series AAnnouncements (2026 Year 2 month(s))	L1	Apptronik
B-06	Leaderdrive (Leader Harmonic)2025 Annual report (688017.SH)	L1	Leaderdrive (Leader Harmonic)
B-07	Humanoid Index Funding Tracker	L2	Industry funding
B-08	Galaxy General Robotics B+Round announcements (2025 Year 12 month(s))	L1	Galaxy General Robotics