J.PMorganAsiaPacific EquityResearch,20 February2025bentconsultancyserviceswithinthatorifounHumanoid robotA deep dive into automation's next frontie The tpi f roics, pariulaty in the cntet of aiesing ao callengeking(HongKoistration Number:S1730521090001organSecurities(China)CompanyBroking(HongKong)L6106-6149.feng@ipmorgan.comgistration Number.S1730524040001useacrossJenny Qiu,CFA)28008503qiu@jpmorgan.comation, cost reductions are expected throughtechnological advancements. Establishing strong supply chain relationships iscrucial for long-temm success, as it enhances brand recognition and provides acompetitive advantage in the rapidly evolving robotics landscape.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result investors should be aware that thefirm may have a contfid f nterest tat oud fet th ijectit f tis rpoat Investr shauld onsiter this epor as anly a ingl fadorimaking theirinvestment dedision.www.jpmorganmarkets.com
KarenLi,CF/J.PMorganAsia PacificEquityResearch20February2025karen.yy.Ii@jpmorgan.comTable of Contentsopportunitie..........·Whatis the roadmap for China's humanoid robot industrygrowth.?...........Al enhancement is accelerating humanoid robot take-ofT.........................enario: A vision for humanoid robot adoption.storical patterns in the smartphone and EV markets, we an ticipateColaborative robots and AGVs play a crucial role in humanoid robot development.9Supply chain & Bill of Material (BOM) analysis.-.......1Kev components and market value propositionand future pricing dynamicsInvestment opportunities and competitive landscape...Asia humanoid robot supply chain names...15nhua Intelligent(002050CH: coveredbyKarenLiLeader Drive (688017CH: covered by Karen Li)lengliHydraulic (601100 CH;covered by Karen Li)NingboTuopu(601689CH,covered by Rebecca WerNingbo Jovson(600699 CH: covered bv Rebecca Wen),Hiwin(2049TT;coveredbyBilLin).MirleAutomation(2464T,notcovered),RoboSense Technology (2498 HK; covered by Ye Liu)
KarenLiCFAJ.PMorgan20February2025Harnessina robotics to addresslaborchallenaes & opportunitiesstantial traction amongvays (link) Iryers within thehumanoidt growth,icating theortages/chainbots as a keyM)of5ynamics. As:and batterytechnologyefficient, driving rapid consumeror humanoid robotssuggestsa potentia1n, with applications extendingbeganto decline in 2024, aow fertility rates since theChina in particular, stands outg-age population projected toction in its labor forcesents challenges such as aeductions in economic growthandd burdens on social services, healthcare, and pensionaillion people inChina wereaged 60andf the total nonulation. This aging populationsich as nolicv focuses on reducingnequalitvand the presence of state-owned enterprises(SOEs) exacerbateseconomic challenes The imolications are profound threatening to slow dowChina's economic engine and posing risks to its competitive edge in the globalmarket.In response, China will need to implement policies that encourage higher
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