Building robots: A "mass movement" where "anyone can do it"?

I || Behind the boom, the nature of "building robots" is changing. The saying of "assembling a robot" has evolved from a joke into reality.

II || With a "reliable" technological foundation, players from different backgrounds, each with their own agendas, are flocking to this field from all directions.

III || Building a movable robot is one thing, while building a robot that can operate in the real world, abide by human social rules, and solve practical problems is quite another.

The robot industry is a dazzling array of activities.

On August 12, 2025, at the World Robot Conference in Beijing, CVTE (002841.SZ) showcased its industrial quadruped robot, MAX - HUB X7, for the first time. This company's traditional main business is manufacturing display main control boards for TVs and conference tablets. It is a typical outsider in the robot industry.

However, CVTE is not alone. In the same exhibition hall, another company called Zhongjian Technology (002779.SZ) can also be seen. This enterprise from Yongkang, Zhejiang, has been mainly engaged in the production of garden machinery such as chain saws and lawn mowers for nearly three decades. This time, they also brought their newly upgraded quadruped robot dog and a wheeled robot under development.

If it's somewhat understandable for manufacturing companies to cross - over into robot building based on their accumulation in the supply chain and production processes, then the identities of some other entrants are even more unexpected. For example, in August, Jiuding Investment (600053.SH), a listed company in the private equity investment field, also announced that it would invest 213 million yuan to take control of a robot core component company named Nanjing Shenyuansheng. Even more surprisingly, Kweichow Moutai, a liquor giant, has quietly entered the arena. Through its Moutai Jinshi Industry Fund, it has invested in a startup called Leju (Shenzhen) Robot Technology Co., Ltd.

From screen manufacturers and mobile phone parts suppliers to investors and liquor sellers, all of a sudden, companies from various industries have started to build robots. So, has the threshold for building robots really become so low that "anyone can do it"?

"Assembling a robot"

The excitement of the "national robot - building" trend is first reflected in the capital market. From July to August 2025, several companies in the robot industry chain, such as Zhujidongli, Qianxun Intelligence, and Xinghaitu, successively announced new rounds of financing. In the primary market, Unitree Robotics initiated IPO guidance with a valuation of 12 billion yuan, and another startup, ZHIYUAN ROBOTICS, is trying to take control of a listed company, Shangwei New Materials (688585.SH), through capital operations.

According to data from Qichacha, as of late July 2025, there were 834 existing domestic companies related to humanoid robots, with more than half of them having a registered capital of over 10 million yuan. In 2024, the number of newly registered humanoid - robot - related companies was 104, while in the first half of 2025 alone, this number reached 105, a year - on - year increase of over 180%.

Behind the boom, the nature of "building robots" is changing. In the past, a major problem for entrants was that many core components were either unavailable for purchase even with money or not good in performance after purchase. However, the situation is different now. A group of specialized companies have emerged in the industry chain, turning the "eyes", "hands", and even the entire "body" of robots into "standard parts" that can be ordered and purchased separately.

Thus, the saying of "assembling a robot" has evolved from a joke into reality.

In this process, the first issues to be resolved are the "eyes" and "hands" of robots. For example, Hesai Technology, one of the representative companies providing robot "eyes", previously mainly used its lidar in intelligent vehicles. However, at this World Robot Conference, Hesai showcased its JT series products specially designed for robots. According to on - site staff, this mini lidar has a field of view of 360 degrees by 189 degrees, claiming to have "zero blind spots" and supporting up to 256 lines.

More importantly, the underlying technology platform of this product has been verified by shipments of "millions of units" in the automotive market. Since its release, the JT series has achieved cumulative deliveries of 100,000 units in less than five months. According to data from the GGII, in the first half of 2025, Hesai ranked first in the shipment volume of 3D lidar in the Chinese robot field.

At the conference site, Hesai also demonstrated how these "eyes" are installed on robots. Its partner, Xingdong Jiyuan, showcased a humanoid service robot, "Xingdong Q5", which can efficiently navigate in compact spaces through the integration of lidar and visual navigation technology. Another partner, Vita Power, launched an "intelligent companion robot". After being equipped with Hesai's lidar, it can autonomously plan routes, predict pedestrian trajectories, and flexibly avoid obstacles in the crowd at the exhibition hall without any remote control.

There are also many specialized suppliers for the more complex "hands" compared to the "eyes". For example, BrainCo, a star company in the field of brain - computer interfaces, showcased a product called "BrainCo Biomimetic Dexterous Hand Revo2" at this World Robot Conference. According to official information, this hand weighs only 383 grams, equivalent to six eggs, but can easily lift a 20 - kilogram heavy object, which is a full bucket of office bottled water.

A relevant staff member of BrainCo told reporters on - site that "the industry generally believes that the engineering volume of dexterous hands accounts for half of the R & D of humanoid robots." When one of the most complex links has specialized companies to tackle, it undoubtedly relieves a heavy burden for overall machine manufacturers.

With the "eyes" and "hands", a robot also needs movable joints and motors to provide power, such as the rotary and linear joints that determine whether a robot can turn and bend flexibly. The core of the rotary joint is the harmonic reducer, which has long been dominated by foreign manufacturers such as Harmonic Drive Systems in Japan. However, currently, domestic companies such as Green Harmonic (688017.SH) are gradually breaking the monopoly of international brands in the field of robot harmonic reducers in China.

The core of the linear joint is the planetary roller screw, which is generally considered one of the biggest bottlenecks in the entire industry chain. On August 19, a relevant person in charge of a Beijing - based dexterous hand company frankly stated in an interview with a reporter from Economic Observer that "it is indeed a bottleneck at present. I've noticed that for every dexterous hand company, when they are making new samples, the last thing to arrive and the most lacking is the screw."

However, some domestic companies have already invested heavily to overcome this difficulty. For example, Wuzhou Spring (603667.SH), a listed company in the bearing field, released a private placement plan in June this year, planning to raise no more than 1 billion yuan, mainly for the R & D and industrialization of robot core components. According to the plan, after the project is completed, it will have an annual production capacity of 980,000 sets of planetary roller screws and 2.1 million sets of miniature ball screws.

In addition, there are also domestic suppliers for the frameless torque motors that provide core power for these joints and the six - axis torque sensors that enable robots to sense the amount of force used to pick up an egg without crushing it. The former includes companies such as Buko (688160.SH), whose product performance in some indicators is approaching that of foreign leading companies. The latter includes Kelichi (603662.SH). Donghai Securities pointed out in a recent research report that Kelichi's six - axis torque sensors have been sent for sampling to more than 50 domestic robot customers, and some have entered the stage of bulk orders.

To turn these high - tech parts from samples into large - scale mass - produced products, real - money investment is required. For example, Fuling Precision Industry (300432.SZ) announced in February this year that it plans to invest 110 million yuan in Mianyang to build a robot intelligent electric joint project. Zhongding Co., Ltd. (000887.SZ) announced in March that it plans to invest 1 billion yuan in Hefei to build the headquarters of an intelligent robot project and a R & D and manufacturing center for core components.

In addition, some specialized intelligent manufacturing solution companies have also entered the arena. For example, Junpu Intelligence (688306.SH). According to public information, in April 2025, Junpu Intelligence and ZHIYUAN ROBOTICS jointly established a joint - venture company, planning an annual production capacity of 1,000 humanoid robots. After ZHIYUAN ROBOTICS won a procurement project from China Mobile, this joint - venture company was responsible for the shell design, production, and assembly services of these robots and has completed the delivery of the first batch of products.

As pointed out in a research report released by McGaughy Securities in April, China has achieved systematic breakthroughs in the core components of humanoid robots. "Domestic companies are generally capable of mass - producing and delivering products, with only a few high - end chips still relying on imports."

When the problem of the availability of various core parts for building a robot has gradually evolved into a matter of choosing which supplier, some companies are also trying to solve the problem of cost. For example, Lingyi iTech (002600.SZ), a leading company in the fruit chain, has clearly positioned itself as a "department store" for robot hardware, providing one - stop services from screws, reducers, joints to ODM of the whole - machine hardware. More importantly, it hopes to build a "weight - loss center" with the goal of achieving a "comprehensive cost reduction of over 50%". In Lingyi iTech's plan, the "weight - loss center" addresses the issue of cost. By leveraging its large - scale, full - chain precision manufacturing capabilities, it starts from every aspect such as materials, processes, and assembly to help customers optimize designs, reduce waste, and "trim down" the hardware cost of the entire robot.

When there are ready - made and increasingly affordable solutions for the core aspects of perception, execution, and body manufacturing, the logical chain of "assembling a robot" seems to be basically complete in terms of technology and the supply chain.

Diverse new players

With a "reliable" technological foundation, players from different backgrounds, each with their own agendas, are flocking to this field from all directions.

The first group of players to attract market attention are a group of listed companies driven by a "survival instinct". For example, SongSheng Co., Ltd. (301002.SZ) mainly engages in the production of LED driver power supplies. In 2022, the company attempted to enter the energy - storage inverter field to develop a "second growth curve". However, according to its 2024 annual report, this new business incurred a loss of 46.7371 million yuan that year. On June 23, 2025, SongSheng Co., Ltd. announced that it plans to establish a joint - venture company with a company called Chongqing Jinggang Transmission to jointly develop robot harmonic reducers. Against the backdrop of fierce competition in its main business and the unprofitability of its second growth curve, robots have become the "third straw" that this company has to grasp.

A similar logic also applies to Jiuding Investment (600053.SH), the leading PE company in the A - share market. According to its financial reports and performance forecasts, from the beginning of 2024 to the first half of 2025, Jiuding Investment accumulated a main - business loss of over 300 million yuan in a year and a half. On August 11, 2025, the company announced that it would invest 213 million yuan to take control of Nanjing Shenyuansheng, a company engaged in the production of six - axis force sensors, which are core components of robots. In the two trading days after the announcement, Jiuding Investment's stock price hit the daily limit continuously.

Another traditional manufacturing enterprise from Yongkang, Zhejiang, Zhongjian Technology (002779.SZ), has also embarked on a similar transformation path. This company's main business is the production of garden machinery such as chain saws and lawn mowers, which it has been doing for nearly three decades. In 2023, Zhongjian Technology established a dedicated robot company. At this year's World Robot Conference, they also showcased their quadruped robot dog products. For this company, which has become a leader in the traditional field, robots are also a crucial step in finding new growth points.

The entry of Midea Group (000333.SZ), a home - appliance giant, represents another logic. Midea didn't start from scratch as it already owns KUKA, a global industrial robot giant. On this basis, Midea has also ventured into the development of humanoid robots more suitable for home and factory scenarios. At the World Artificial Intelligence Conference in July this year, Midea showcased a home - use humanoid robot called "Meila" that can make coffee and open the refrigerator. In its washing - machine factory in Jingzhou, another humanoid robot called "Meiluo" has started working. Xi Wei, the director of Midea's Robot Innovation Center, once revealed that the localization rate of the core hardware components of its robots has reached 100%, and the cost of the whole machine is rapidly decreasing.

Another major group of cross - over players are automobile companies. "Technological homology" is the logic repeatedly emphasized by cross - over automobile companies. Take GAC Group (601238.SH) as an example. At the 2025 World Robot Conference, GAC showcased its third - generation embodied intelligent humanoid robot, GoMate. This robot has a variable wheel - foot configuration, with energy consumption reduced by over 80% compared to similar products, and its self - developed driver weighs only 40 grams. Moreover, GAC has also provided a clear timeline: it will set up a humanoid robot demonstration area in Guangzhou in the second half of 2025, complete the verification of the business model in 2026, and start large - scale mass production in 2027.

This technological relevance gives people in the automobile industry full confidence in cross - over. Yu Yinan, the former vice - president of Horizon Robotics, once publicly stated that "intelligent assisted driving grafts AI onto the automobile form that has been fixed for a century, with too many physical limitations. In contrast, humanoid robots are a new form that can give full play to the value of AI."

In addition, telecom operators and artificial - intelligence companies have also entered the arena. According to public information, the entry logic of China Mobile (600941.SH) and China Telecom (601728.SH), the two major telecom operators, is not to sell a few whole robots but to combine their core advantages with robot hardware. Yu Rongrong, the general manager of China Mobile's Smart Home Operation Center, once publicly stated that the company's goal is to become the "world's largest robot operator" and will build a new information service system of "connection + computing power + capabilities".

In terms of specific products, these two companies also focus more on joint development with partners, starting from robot forms with clear application scenarios. For example, China Mobile's Embodied Intelligence Industry Innovation Center mainly showcases wheeled companion robots and quadruped robot dogs for the elderly - care scenario. China Telecom has cooperated with companies such as UBTECH to launch home - desktop AI robots.

Similar to the logic of telecom operators, iFlytek (002230.SZ) also chooses to start from its area of expertise. At the 2025 World Robot Conference, the core product showcased by iFlytek is not a complete robot but an "intelligent voice backpack" that can be plugged into other robots. According to official information, this backpack solution can avoid complex modifications to the robot's hardware body and quickly endow the robot with powerful voice - interaction capabilities. iFlytek hopes to provide core intelligent technologies such as the "Robot Super - Brain Platform" to build a smart "brain" for various players first.

Mo Lei, the vice - president and strategic director of Zhipingfang, said in a recent interview with a reporter from Economic Observer that the robot industry aims to solve the "flexible operation tasks in high - end manufacturing", which "could not be solved by previous technologies". The emergence of new technologies makes it possible to solve these old problems. However, he also admitted that "this industry is still in the early stage of commercialization."

So, when the maturity of the supply chain and the enthusiasm of capital make "assembling a robot" sound extremely reliable, how far is it from a movable prototype to a real "robot worker" that can work in a factory?

"How can you sift the sand without big waves?"

In Mo Lei's view, the core driving force of this round of embodied intelligence is the large - scale model. However, the large - scale model for embodied intelligence is not as powerful as the large - scale language model yet. He gave an analogy: "OpenAI has released GPT