Guotai Haitong Securities highlights Zhiyuan Robotics and Yushu Technology's commanding positions in the humanoid robotics sector, noting accelerated commercial deployments that signal substantial investment opportunities across related supply chains. China's domestic humanoid robotics industry demonstrates rapid growth with robust industrial chain advantages, while international players like Tesla's humanoid robots anticipate significant technological advancements.
Zhiyuan Robotics and Yushu Technology recently secured manufacturing service contracts in China Mobile (Hangzhou) Information Technology's 2025-2027 humanoid bipedal robot procurement project. The total budget for this initiative stands at 124.05 million yuan (tax inclusive). Package 1, valued at 78 million yuan (tax inclusive) for full-size humanoid bipedal robots, was awarded to Zhiyuan Robotics. Package 2, covering small-size humanoid bipedal robots, computing backpacks, and five-fingered dexterous hands with a 46.05 million yuan (tax inclusive) budget, went to Yushu Technology.
Key insights from Guotai Haitong's analysis reveal: - Zhiyuan Robotics leverages integrated "hardware + AI" technology, with its Expedition, Elf, and Lingxi robot families already deployed across multiple commercial scenarios. The company achieved a milestone in January 2025 by mass-producing its 1,000th general-purpose embodied robot. Its May 2025 release of EVAC—the world's first action-sequence-driven embodied world model—alongside the open-source EWMBench benchmark, positions it to accelerate industry-wide technological adoption. The firm employs a Huawei-esque ecosystem strategy, forging partnerships across supply chains to enhance technical iteration and production capacity. - Yushu Technology excels in legged robotics through comprehensive vertical integration, independently developing motors, reducers, controllers, LiDAR modules, and advanced perception algorithms. Its global leadership in quadruped robotics stems from unparalleled motion control capabilities and hardware-software integration. These strengths are expected to drive continuous customer base expansion.
This landmark order injects momentum into humanoid robotics commercialization: 1) Industry Catalyst: Shifts focus from R&D to commercial implementation, attracting new market entrants while accelerating innovation cycles. 2) Application Diversification: Telecom giant China Mobile's procurement signals untapped demand in traditional sectors, positioning communication services as a primary application frontier with potential for broader scenario development. 3) Ecosystem Development: Establishes replicable commercialization models. Data accumulation from these deployments will enable product refinement, client base growth, and industry-wide virtuous cycles.
Potential risks include slower-than-expected technological evolution, industrialization delays, and intensifying market competition.