亚洲新兴机器人：晴雨表（2025年12月/2026年1月）

Asia Emerging Robotics: The Barometer (December 2025/January2026) andimportantdatapoints inDec2025/Jan2026.Readerscandownloadthecompletebarometerdataset here:Asia Emerging Robotics Barometer. +85221232622dien.wang@bernsteinsg.com showcased its Electric Atlas for the first time and Hyundai Motor (not covered) announcedits Al Robotics Strategy, highlighting its ambition to lead the robotic era. Among UShumanoidplayers,Tesla confirmedtounveil Optimus Gen3in1Q2026,withproductionplannedto commence by end-2026.Figure Al introduced its new Al system Helix 02which enabled its robot to demo a four-minutekitchen task.In China, many players madesignificant efforts to participate in the 2026 Spring Festival Gala (Feb 16) to presenttheir robots on a national stage.To date, four companies have officially announced theirparticipation, including Unitree, MagicLab, Galbot, and Noetix. +85221232631jay.huang@bernsteinsg.com +85221232666weibin.liang@bernsteinsg.com MarketSentiment.Following the sharp rebound inDec 2025,strong marketsentimentpersisted through mid-Jan,pushingthevaluation premium of related companiesto arecordhigh (Exhibit 2 to Exhibit 4). However, the premium declined sharply in late January, due tomixed factors including fund flows,negative marketrumors, etc.Currently,investors viewtheupcoming release of TeslaOptimus Gen3and the2026SpringFestival Gala askeynear-term catalysts.Our expectationfor Optimus Gen 3was discussed in:Asia EmergingRobotics: How can we view Tesla Optimus more positively?. Monthly data (Exhibit 5 to Exhibit 15)that underpins the fundamentals of the companieswithin our coverage. - Shuanghuan: China xEV wholesales volume +5% YoY in Dec 2025 (+17% YoY in Nov);China robotic vacuum sales volume-23% YoY in Dec (-23% YoY in Nov); China industrialrobot production volume +15% YoY in Dec (+21% YoY in Nov); (+214% YoY in Nov); - Tuopu: China xEV wholesales volume+5% YoY in Dec 2025 (+17% YoY in Nov); Shipmentvolume of Tuopu's air suspension +209% YoY in Dec (+144% in Nov) -Sanhua:On Jan22,Sanhua announceditsactual controllerand seniormanagementplanned to reducetheir shareholding.In Dec 2025, China xEVwholesalesvolume+5%YoY(+17% YoY in Nov); China domestic sales and export volume of air conditioners -19% YoYin Dec (-32%YoY inNov)andthevolume was expected to-10%YoYin 1Q2026 (based onYoY and aluminum +20% YoY; - Leader Drive:China industrial robot production volume+15% YoY in Dec 2025 (+21%YoY in Nov); On Jan 29, Leader Drive released its 2025 earnings forecast with net profit up105%~131%YoY,inlinewithconsensusand our expectation. EXHIBIT1:Keyevents inthehumanoid robotindustry (Dec2025/Jan2026) Tuopu's valuationpremiumvs.Events ofTeslahumanoid robot EXHIBIT3:Sanhua:ValuationpremiumattributedtoTesla&humanoid robots Sanhua'svaluation premium vs.Events of Tesla humanoid robot China:Services robotsproduction volumeandYoYgrowth China:Long-rangeADAS LiDAR shipmentvolume and penetration rate INVESTMENTIMPLICATIONSWerate Shuanghuan, Hesai and TuopuOutperform, Sanhua Market-Performand Leader Drive Underperform References to"Bernstein" orthe"Firm"in these disclosures relate to the following entities: Bernstein Institutional Services LLC 2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andBernstein is part of a joint venture between Societe Generale (SG) and AllianceBernstein, L.P. (AB). Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein's"affiliates" relate to both SG and AB and their respectiveaffiliates. respectively,based on WACC of 8.4% and terminal growth rate of 3.0%, respectively.They reflect our long term forecast of theimplies a 31x forward PE at end-2026. We use DCF as the primary valuation method.We set target prices at CNY 100.0 based on WACC of 8.2% and terminal growthrate of 3.0%, whichreflects our long termforecast of the company's existing corebusiness and rising contributionfrom robotics.We use PEmethodasa reference,withourtargetprice implies a 118xforward PEat end-2026. NingboTuopu GroupCo.,Ltd. We use DCF as the primary valuation method. We set target prices at CNY 85.0 based on WACC of 8.1% and terminal growth rateof 3.0%, which reflects our longtermforecast of the company's existing core business and rising contribution fromrobotics.Weuse PEmethodasa reference,withourtarget price implies a 33xforwardPEat end-2026. Zhejiang Sanhua Intelligent Controls Co., Ltd We use DCF as the primary valuation method. We set target prices at CNY 40.0 and HKD 36.0 for its A-Share and H-Share,respectively, based on WACC of 8.2% and terminal growth rate of 3.0%. They reflect our long term forecast of the company'sexisting core business and rising contribution fromrobotics.We use PEmethod as a reference, with ourtarget price implies a 35xforwardPEatend-2026. Zhejiang Shu