大中华区工业：中国仿人机器人与电动汽车供应链考察收获

China humanoid robot & EV supply chaintour takeaways Industry Overview 26 January 2026 Humanoid robot: eye on Tesla/Unitree supply chainWe hosted an“investour”on China humanoid robot & EV supply chain sector over 19-22 EquityGreater ChinaIndustrials January and met with FA/robotics supply chain companies (Inovance, Hengli Hydraulic,Anhui Heli, Wolong Electric, ZD Leader, Changsheng Bearing, Precision Tsugami China),autos OEMs (Chery, JAC), battery suppliers (CALB, Gotion), auto parts suppliers (Seyond,Bethel). In the humanoid robot sector, major component companies are on track forOptimus Gen 3’s debut in 1H26 and batch shipment in 2H26. Suppliers of Unitree’shumanoid robot (including Wolong Electric, ZD Leader, Changsheng Bearing) are alsoexpecting significant YoY shipment growth in 2026, which should lead to >100% YoYgrowth of their humanoid robot-related sales. Major robot component (planetary rollerscrew, frameless torque motor, reducer) makers are now ramping up production capacityin preparation for mass shipment in the coming few years, and expects significant costreduction upon mass production and product standardization, which echoes our industryview:Year Ahead 2026: All good; power equipment, HR, FA, CM lead the growth. Ming Hsun Lee, CFA>>Research AnalystMerrill Lynch (Hong Kong)+852 3508 5006minghsun.lee@bofa.com Yikai Liu, CFA>>Research AnalystMerrill Lynch (Hong Kong) JoeyYang, CFA>>Research AnalystMerrill Lynch (Hong Kong) Fiona Liang>>Research AnalystMerrill Lynch (Hong Kong) Auto/EV OEMs & supply chain: eyes on demand/costsThe weak auto/EV sales trend is extendng into January, given EV purchase tax subsidy Summer Wang, CFA>>Research AnalystMerrill Lynch (Hong Kong) has been cut and trade-in subsidy has not been fully in place yet. In light of this, Cheryplans new model launches after Lunar New Year in February. Impacts from recent BOMcosts hike is another key question: Chery estimates c. RMB4.5-5k BOM costs increasefor EV models, factoring in recent price hikes for lithium carbonate, memory, copper,aluminum, etc. Bethel expects to pass through the aluminum costs hike to auto OEMs–the aluminum lightweight component prices are adjusted on a monthly/quarterly basiswith foreign/JV auto OEMs, and on a semi-annual basis with domestic auto OEMs. Whilemost of the BOM costs are on the rise, LiDAR price cuts may give OEMs some costpressure relief and help ADAS penetration to increase–Seyond pointed out its mass-market ADAS product (Robin E1X/E2X) will be sold at RMB1000 (vs. RMB1400previously), while Chery believes prices of LiDAR will drop to RMB600 in 3-4 years whichshould drive penetration of AD:2026 China EV & EV Battery Handbook: FromAutonomous Driving to AI. EV: electric vehicle FA: factory automation OEM: original equipmentmanufacturer ESS: energy storage system CV: commercial vehicle LiPF6: lithium hexafluorophosphate LiDAR: light detection and ranging Battery: growth from ESS/CV;upstream cost pressureIn the battery sector, both CALB and Gotion are expecting >50% YoY shipment growth ADAS: advanced driver assistancesystems to 180/150GWh respectively in 2026, driven by rising ESS demand, continuedelectrification of CV, and their expansion to more auto OEMs. In responseto the risingdemand, CALB/Gotion targets to expand their effective capacity from 130/150GWh in2025 to 200/200GWh in 2026. Regarding the upstream cost pressure from lithiumcarbonate and LiPF6, both companies expect the price pressure to be partially passedthrough to end customers, with ESS customers more likely to accept battery price hikesthan EV customers given better profitability. OEM: original equipmentmanufacturer BOM: bills of materials 3C: computer, communication andconsumer electronics Company takeawaysWolong Electric (600580 CH) Expect humanoid robot-related revenue to double YoY in 2026 Wolong Electric is one of China’s leading companies in industrial motors and motordrives. The company is now rapidly expanding its humanoid robot-related businesses. Itsupplies frameless torque motors to leading humanoid robot companies. Currently, thecontent value of its products per humanoid robot is over RMB10k, with 25 framelesstorque motors per robot. The company estimates around RMB100mn revenue fromhumanoid robot in 2025, and expects it to more than double in 2026. The company hasalso invested in Hangzhou Bay Embodied Intelligence Innovation Center, which deployshundreds of humanoid robots for data collection. Its data collection center focuses onmotion capture, requiring >600 training hours per action. The company is also rapidlyexpanding its data center-related businesses such as electronically commuted (EC) fansand permanent magnet motors used in liquid cooling, with robust growth expected in2026–2027. ZD Leader (002896 CH) Solid growth outlook of robotic-related led by orders from a leading local robotmaker ZD Leader is one of China’s leading companies in planetary reducers used in machineriesand h