高盛-中国人形机器人：供应链实地调研心得：乐观提前布局产能，静待实际订单-2025_11_07 (原文).pdfVIP

EquityResearch

7November2025|2:41PMHKT

CHINAHUMANOIDROBOT

Supplychainieldtriptakeaways:Optimisticcapacitypreparationin

advance,awaitingactualorders

WehostedahumanoidrobotsupplychaintouronNov3-6includingbothon-siteJacquelineDu

+852-2978-1783|

andvirtualmeetingswith9companies,includingSanhua,Tuopu(coveredbyTinajacqueline.du@

GoldmanSachs(Asia)L.L.C.

Hou),Rongtai(NotCovered),Shuanghuan,Minth(coveredbyTinaHou),Joyson(Not

Covered),Zhaowei(NotCovered),Bestprecision,andShuanglin(NotCovered).

Ourkeytakeawaysare:

nMostsuppliersareactivelyplanningcapacitybothinChinaandoverseas

(primarilyinThailand,andlessinMexico),tosupportpotentialhumanoidrobot

massproduction,thoughnocompanyhasyetconirmedsizableordersor

deinitiveproductiontimelines.Currentcapacityplanningrangesfrom~100k

to1mnrobotequivalentunitsperyear(whichlooksbullishonindustry

growthoutlookvsGSeof1.38mnunitsofglobalhumanoidrobotshipment

by2035E).Mostirmsintendtoscaleupgraduallyuponactualorder

placementandthereforenotnecessarilyindicatinganimminentoversupply

riskbutmostsupplychaincompanieshaveanoptimisticforward-looking

viewonindustryoutlook;

nAcrosstheecosystem,suppliersarebroadeningtheirproductportfolios,evolving

fromsinglecomponentstointegratedmodules,expandingproductcategories

fromactuatorstosensorsandstructuralparts,eachtargetingambitiousmarket

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