Keli Sensing (603662.SS) In-Depth Research Report: Technical Barriers and Growth Analysis Amid the Boom of the Humanoid Robot Industry Chain

Based on the above data and research materials, I will write a systematic and comprehensive analysis report for you.

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Keli Sensing (Ningbo Keli Sensing Technology Co., Ltd., Stock Code: 603662.SS) is an A-share listed company focusing on sensor R&D and manufacturing, which was listed on the Shanghai Stock Exchange in August 2019. The company currently has a market capitalization of approximately 18.39 billion yuan, a share price of 65.50 yuan, a price-to-earnings ratio (TTM) of about 57 times, and a price-to-book ratio of 6.68 times [0].

From the perspective of revenue structure, the company’s main business covers mechanical sensors and instrument series (accounting for 48.70%), industrial IoT and system integration (accounting for 41.12%), and other physical quantity sensor series (including temperature, current and voltage, water quality, optical fiber temperature measurement, electric quantity, temperature and humidity pressure, etc.) [3]. The company is one of the world’s important weighing component manufacturing and sales enterprises, and also a pioneer in the industrial IoT industry [3].

Keli Sensing has shown significant growth potential in the capital market. Although the stock price performance has been average in the past year (YTD down 6%, 1-year decline 2.53%), its long-term performance is extremely outstanding: the 3-year increase is 286.43%, and the 5-year increase is 297.21% [0]. This long-term excellent performance reflects the market’s recognition of the company’s sensor main business and emerging business development prospects. The 52-week trading range is 49.50 yuan to 90.89 yuan, and the current stock price is at a position slightly below the midpoint of the range [0].

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A six-dimensional force sensor is a sensor that can simultaneously measure forces in three directions and torques in three directions, and is the core component for humanoid robots to achieve precise force control [1]. On Tesla Optimus Gen 2, a total of 4 six-dimensional force sensors are configured, placed at the wrists and ankles respectively, undertaking the key responsibility of motion control [1].

From the perspective of technical implementation, the core difficulties of six-dimensional force sensors are mainly reflected in the following four dimensions [1]:

: It needs to maintain high sensitivity under micro-deformation, which puts extremely high requirements on the material selection and structural design of the elastic body. Humanoid robots have strict requirements on the integration, dynamic performance, overload capacity (ability to cope with instantaneous impact) and accuracy of the sensor [1].

: It is necessary to decouple the six-dimensional forces and torques from the original signal, and avoid the crosstalk effect between various dimensions. This algorithm capability is the core technical barrier that distinguishes high-end six-dimensional force sensors from ordinary torque sensors [1].

: Traditional processes have poor consistency issues, which need to be overcome through process innovation to ensure product performance consistency and reliability [1].

: Determine the accurate correspondence between the sensor output signal and the actual physical quantity through testing and calculation. Its calibration dimensions are far more than ordinary torque sensors, and the technical complexity is significantly increased [1].

According to market research data, the shipment volume of six-dimensional force sensors surged by 1100% year-on-year in 2024, and the localization rate jumped from 19% four years ago to 57.8% [2]. This data indicates that the six-dimensional force sensor market is in an explosive growth stage, and the import substitution process has accelerated significantly.

From the perspective of value, according to estimates, a single humanoid robot needs to use 4 six-dimensional force sensors, corresponding to a current value of about 5400 yuan, and the cost will drop to about 3200 yuan after industrial maturity, accounting for about 3% of the total cost of the humanoid robot [1]. Although the proportion seems not high, as a core force control component, its technical value and strategic significance far exceed its cost proportion.

Looking forward to the future market space, according to forecasts from multiple research institutions, global humanoid robot sales are expected to reach 340,000 units in 2030, with a market size exceeding 64 billion yuan; sales will exceed 5 million units in 2035, with a size exceeding 400 billion yuan [5]. With the configuration of 4-6 six-dimensional force sensors per robot, the global demand for six-dimensional force sensors is expected to reach 1.36-2.04 million units in 2030 [5]. Combined with the demand release in medical, industrial and other application scenarios, this track has significant growth space.

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In the field of six-dimensional force sensors and tactile sensors, Keli Sensing has adopted a strategy of building a technical ecosystem through investment and mergers. The company has invested in tactile sensor R&D enterprises such as Tashan Technology and Yuansheng Xianda [1], integrating industrial chain resources through capital links to accelerate technical accumulation and market expansion.

In addition, the company has in-depth cooperation with Unitree Technology to jointly develop electronic skin sensors. This sensor can perceive subtle forces at the 0.1N level, which can greatly increase the robot’s grabbing success rate from 78% to 99%, significantly improving the practical ability of humanoid robots [4]. This joint R&D model with leading robot enterprises helps the company deeply understand customer needs and optimize product design.

In market competition, Keli Sensing has shown significant cost advantages. The product unit price of overseas six-dimensional force sensor leader American ATI ranges from 4000-8000 US dollars (equivalent to about 28,000-56,000 yuan), and the delivery cycle is as long as 3-6 months [2]. In contrast, Keli Sensing’s product price is only about 1/3 of ATI’s (about 1800-2700 yuan), and next-day delivery can be achieved in East China [2].

This price advantage comes from China’s overall manufacturing cost advantage and the company’s long-term process accumulation in the sensor field. With the deepening of the import substitution process, this cost advantage is expected to be converted into a larger market share and scale effect.

Keli Sensing has rich precision manufacturing experience in the traditional weighing sensor field. Relying on the precision manufacturing technology accumulated in the weighing sensor field, the company continuously optimizes the anti-interference and stability of the sensor to adapt to the use needs of humanoid robots in industrial, service and other scenarios [4].

The company’s deep cultivation in the strain sensor field has laid a solid foundation for its entry into the six-dimensional force sensor market. Strain sensors and six-dimensional force sensors have commonalities in core technical principles (converting elastic body deformation into electrical signals through strain gauges), so the technical migration threshold is relatively low.

According to the company’s public reply on Interactive Easy in July 2025, Keli Sensing has currently sent samples to multiple domestic humanoid robot customers, but has not yet entered the mass production procurement stage [3]. This means that the company’s six-dimensional force sensor products are in the critical stage of the verification cycle. Once they pass the test verification of downstream customers, they are expected to gradually enter the mass production supply system.

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: The company has currently sent samples to multiple domestic humanoid robot customers [3], and will gradually contribute revenue growth after passing verification. At the current stage, verification progress and order breakthroughs are important catalytic factors for short-term stock prices.

: The company’s industrial IoT and system integration business accounts for 41.12% [3], which provides a stable cash flow and profit foundation to support the company’s R&D investment in emerging fields.

: With leading enterprises such as Tesla, Unitree Technology and Zhiyuan Robot accelerating the mass production of humanoid robots, the demand for core components will continue to be released. As a core force control component, six-dimensional force sensors will directly benefit from the industrial boom.

: Currently, the localization rate of six-dimensional force sensors has jumped from 19% four years ago to 57.8% [2], but there is still a large substitution space in the high-end market. Keli Sensing is expected to continue to gain market share relying on cost advantages and localized service capabilities.

: In addition to humanoid robots, six-dimensional force sensors also have wide applications in industrial robots, collaborative robots, medical equipment (surgical robots, massage robots), aerospace and other fields [5]. The company can achieve multi-scenario expansion relying on its technical platform advantages.

From the perspective of financial indicators, the company’s financial situation is generally healthy [0]:

• ROE (Return on Equity): 11.76%
• Net Profit Margin: 22.22%
• Operating Profit Margin: 26.55%
• Current Ratio:1.83, Quick Ratio:1.33

Financial analysis shows that the company adopts conservative accounting policies, has a high depreciation/capital expenditure ratio, and low debt risk [0]. The good financial structure provides sufficient financial flexibility for the company’s strategic layout during the industrial transformation period.

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It should be noted that the technical difficulty and high cost characteristics of six-dimensional force sensors mean that there is no exclusion of the possibility of replacing this sensor through algorithm upgrades in the future [1]. For example, realizing force control functions through software algorithms may reduce the dependence on physical six-dimensional force sensors in some scenarios. This is an important risk that needs to be paid attention to in the investment of this segment.

The humanoid robot industry has not yet entered the large-scale mass production stage, and the technical route has not been fully converged [1]. The current analysis of six-dimensional force sensors is mainly based on the mainstream technical route, and there is a possibility that future changes in technical routes will lead to adjustments in hardware demand.

The company’s current price-to-earnings ratio (TTM) is about 57 times, which is at a high level in the sensor industry [0]. High valuation means that the market has high expectations for the company’s future growth. Once the performance release speed falls short of expectations, it may face valuation correction pressure.

In addition to Keli Sensing, domestic competitors in the six-dimensional force sensor field include Ampleon, Kunwei Technology, Lingyun Co., Ltd., etc. [1][2]. The increase in new entrants to the industry may lead to intensified competition, affecting the company’s profit margin and market share.

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From the perspective of technical analysis, Keli Sensing has been in a rebound pattern recently [0]. The company’s current stock price (65.50 yuan) is lower than the 20-day moving average (79.29 yuan) and the 60-day moving average (68.72 yuan), and the short-term technical side is weak. However, considering that the current price is close to the 52-week low (49.50 yuan) and there is a large retracement from the highest point (90.89 yuan), there may be rebound space in the medium term.

Price Type	Price (Yuan)
Current Price	65.50
52-week Low	49.50
52-week High	90.89
Important Support Level	63.71
Important Resistance Level	66.66
Next Target Level	68.33

Trend analysis shows that the company is in a “to-be-confirmed uptrend” state, and a buy signal appeared on December 24, but confirmation is needed [0]. Pay attention to the breakthrough of the 66.66 yuan resistance level in the short term, and stop loss if it falls below 63.71 yuan.

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The company builds a tactile sensor ecosystem through investment and mergers, establishes joint R&D relationships with leading robot enterprises, relies on precision manufacturing capabilities to achieve technical migration, and builds competitive barriers with cost advantages and localized service capabilities.

With the clear industrial trend of six-dimensional force sensor shipments surging by 1100% year-on-year in 2024 and the localization rate jumping to 57.8%, the company is expected to occupy an important position in this high-growth segment market.

The company has not yet entered the mass production procurement stage, and there is uncertainty in the time cycle from sample sending to volume production.

1. The industrialization progress of humanoid robots falls short of expectations
2. Significant changes in the technical route of six-dimensional force sensors
3. Intensified industry competition leading to a decline in profit margins
4. Valuation correction risk

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The above chart shows the technical analysis of Keli Sensing in 2025:

1. Top Left: Stock Price Trend and Moving Averages
   : It shows that the company’s stock price has continued to fall from about 90 yuan at the beginning of the year to a low of 49.50 yuan in the middle of the year and then rebounded. The current price is around 65.50 yuan, which is below the 20-day moving average (79.29 yuan) and the 60-day moving average (68.72 yuan).

2. Top Right: RSI Indicator
   : The current RSI is about 27.68, which is close to the oversold area (below 30), indicating a potential short-term rebound demand.

3. Bottom Left: MACD Indicator
   : MACD (2.33) has a dead cross with the Signal line (3.79), and the histogram is negative, indicating weak short-term momentum.

4. Bottom Right: Volume Analysis
   : It shows the fluctuation of trading volume during the year, with relatively large volume during the decline and rebound stages.

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[0] Jinling API Data - Keli Sensing Company Overview, Financial Analysis and Real-time Market

[1] 36氪 - “Trillion Track Starts from Zero, Are Humanoid Robots the Hope of the AI Village?” (https://m.36kr.com/p/3610932396311554)

[2] East Money Network - “Thousands of Units of Humanoid Robots Are Planned to Be Shipped, but Delivery Delays Are Still Common” (https://finance.eastmoney.com/a/202512193596844795.html)

[3] Sina Securities - “Keli Sensing Rises 0.17%, Turnover 162 Million Yuan, Main Net Outflow -10.8718 Million Yuan in Recent 3 Days” (https://finance.sina.com.cn/stock/aiassist/ggsp/2025-12-24/doc-inhcwtcm4424207.shtml)

[4] Sina Finance - “Scene Implementation Blooms Everywhere, Capacity Climbing at Full Speed! The 2025-2026 Humanoid Robot Mass Production Competition Ignites the Global Technology Arena” (https://finance.sina.com.cn/roll/2025-12-25/doc-inhczhsf8870193.shtml)

[5] East Money Network - “Analysis of the Market Value Imagination Space of Haozhi Electromechanical Robot Parts Business in 2030” (https://caifuhao.eastmoney.com/news/20251223204808070848650)