The humanoid robot industry in China is experiencing impressive growth, with 54 A-share listed companies in the sector reporting a combined revenue of 246.71 billion yuan ($34.59 billion) for the first nine months of 2024. This represents a 9.21 percent increase compared to the same period last year. Net profits for these companies also saw a strong rise, reaching 13.94 billion yuan, up 14.82 percent year-on-year, according to a report by Securities Daily on Tuesday.
More than 70 percent of the companies in the sector are profitable, with 40 out of the 54 listed firms recording positive earnings. Inovance Technology Co Ltd, a leader in domestic industrial automatic control, reported the highest net profit at 3.35 billion yuan. Another standout, Everwin Precision Technology, which supplies core components to the world’s top two humanoid robot companies, saw an extraordinary 382-fold growth in profits in the first three quarters of 2024 compared to the previous year.
The industry is also heavily investing in research and development, with 18.51 billion yuan allocated for R&D in the first three quarters of this year, reflecting a 7.42 percent increase from the previous year. This focus on innovation is contributing to the sector’s strong performance and future prospects.
Global investment in humanoid robots has also surged, with over 7 billion yuan raised in the first half of 2024 alone, surpassing the total amount raised in all of 2023. China’s humanoid robot industry is entering a crucial stage, transitioning from the “zero to one” phase, and is poised for sustained growth in the coming years, according to China Avic Securities.
Tesla CEO Elon Musk has predicted that by 2040, the number of humanoid robots could exceed 10 billion, outnumbering humans. Each robot is expected to cost between $20,000 and $25,000, signaling the continued expansion and commercial potential of the sector.