Investment Value Analysis of Wanda Bearing and the Humanoid Robot Industry Chain

Based on existing information, I provide you with an investment analysis of Wanda Bearing and the humanoid robot industry chain:

Wanda Bearing performed brilliantly in February 2025, with a monthly increase of

[1]. The company was classified into the “robot concept” category by the market, mainly due to its technical reserves in the field of special bearings for industrial robots and continuous R&D investment.

1. Technical Reserve Advantage
   : First-mover advantage in the field of special bearings for industrial robots
2. Policy Support
   : China launched the “Three-Year Action Plan for the Humanoid Robot Industry” in early 2025 to support the development of related enterprises
3. Market Popularity
   : Coupled with the mass production news of Tesla’s Optimus project, the overall popularity of the robot sector continues to rise

According to market data, as a first-tier domestic bearing enterprise, Wanda Bearing’s market share in the robot bearing field continues to increase[1].

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According to industry analysis, the cost proportion of core components of humanoid robots is as follows:

Core Component	Cost Proportion	Major A-share Targets
Harmonic Reducer	5%	Green Harmonic, Siling Co., Ltd., Hanyu Group, Fengli Intelligence
Frameless Torque Motor	4%	Kinco, Haozhi Electromechanical, Leadshine, Wolong Electric Drive
Encoder	2.7%	Inovance Technology, Opto-Electronics, Hichuan Technology, Kaiter Co., Ltd.
Driver	1%	Sanhua Intelligent Controls, Tuopu Group, Lens Technology, Changying Precision
Bearing	1.2%	Lixing Co., Ltd., Nanjing Precision, Sinomach Precision, Wuzhou Spring and Autumn

• Investment Logic
  : Highest technical threshold, large space for domestic substitution
• Market Performance
  : Siling Co., Ltd.'s maximum cumulative stock price increase since the beginning of the year has reached
  329%
  [2]
• Leading Target
  : Green Harmonic (domestic market share of harmonic reducers was 26% in 2022, ranking second)
• Capacity Planning
  : Green Harmonic plans a capacity of 1 million units/year, Hanyu Group has a capacity of 100,000 units/year

• Market Performance
  : Haozhi Electromechanical’s maximum cumulative stock price increase since the beginning of the year has reached
  134%
  [2]
• Technical Breakthrough
  : Kinco has launched the fourth-generation frameless torque motor which can be compared with internationally leading products, with sales of about 24,000 units in 2024
• Capacity Layout
  : Leadshine has an annual capacity of 300,000 units, and Wolong Electric Drive has formed small-batch orders

• Core Targets
  : Lixing Co., Ltd., Nanjing Precision, Sinomach Precision, Wuzhou Spring and Autumn
• Wanda Bearing Advantage
  : As a first-tier domestic bearing enterprise, it is expanding its precision bearing business by acquiring Yinqiu Technology[3]

:

1. Harmonic Reducer
   - Highest technical barrier, largest space for domestic substitution, and the strongest increase so far this year
2. Frameless Torque Motor
   - Second largest cost proportion, obvious improvement in localization rate
3. Bearing
   - Enterprises like Wanda Bearing have seen obvious increases in market share, benefiting from the demand growth of the robot industry

: Although the humanoid robot industry has broad prospects, attention should be paid to factors such as valuation risk, technology iteration risk, and lower-than-expected downstream demand.

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[1] Lanfu Year-end Data Inventory: All Monthly Monster Stocks in 2025 Bought In (https://caifuhao.eastmoney.com/news/20251231145027702053640)

[2] Humanoid Robot Segment Leaders Rose Over 300% This Year: Sorting Out the List of A-share Stocks with Top Cost Proportions in the Industry Chain (https://finance.eastmoney.com/a/202512133590842754.html)

[3] Breakthrough in the Humanoid Robot Reducer Track: Analysis of the Latest Progress of 6 Core Companies in the Industry Chain (https://caifuhao.eastmoney.com/news/20251231105558099442030)