The robot at the Spring Festival Gala was incredible; I asked Doubao about the robotics industry chain.

Disclaimer: Not yet fact-checked:

First, the conclusion: The closest supply chain for the Spring Festival Gala robots (Yushu / Galaxy General / Magic Atom / Matsunaga Power) is concentrated in four key areas: reducers, motors, vision, and complete machine integration; below are the core listed companies, latest valuations, and prospects (data as of 2026-02-13, for reference only, not investment advice).

1. Core Reducers (the “heart” of joints, essential for all models)

2. Lide Harmonic (688017)

   • Binding: Used by all four Spring Festival Gala robots, leading domestic harmonic reducer manufacturer, over 60% market share
   • Valuation: PE (TTM) ≈ 85–95, PB ≈ 12–14, Market Cap ≈ 38–42 billion RMB
   • Outlook: Essential for humanoid robot joints, expanding capacity to 300,000 units/year by 2026; supplies both Tesla Optimus and domestic complete machines, with the highest performance certainty

3. Zhongda Lide (002896)

   • Binding: Core supplier for Yushu Technology and Matsunaga Power, full-stack harmonic/RV/planetary gear
   • Valuation: PE (TTM) ≈ 55–65, PB ≈ 7–8, Market Cap ≈ 18–20 billion RMB
   • Outlook: Cost-effective, quick capacity release, suitable for high-dynamic humanoid/quadruped robots, high flexibility

4. Shuanghuan Transmission (002472)

   • Binding: Domestic leader in RV reducers, entering supply chain for Tesla/Galaxy General
   • Valuation: PE (TTM) ≈ 45–55, PB ≈ 5–6, Market Cap ≈ 28–32 billion RMB
   • Outlook: Dual focus on industrial and humanoid robots, precision reaching 5 arc-minutes, accelerating domestic substitution

5. Core Motors (power core)

6. Mingzhi Electric (603728)

   • Binding: Exclusive supplier of hollow cup motors for Yushu Technology, core for dexterous hands, tested successfully with Optimus
   • Valuation: PE (TTM) ≈ 40–50, PB ≈ 6–7, Market Cap ≈ 22–25 billion RMB
   • Outlook: “Muscle” for humanoid robots, essential for high-dynamic movement, maximum order flexibility

7. Inovance Technology (300124)

   • Binding: Magic Atom / Galaxy General servo + drive control integration, leading domestic servo provider
   • Valuation: PE (TTM) ≈ 39, PB ≈ 5.9, Market Cap ≈ 203.4 billion RMB
   • Outlook: Dual track in industrial and humanoid sectors, high barrier for drive-control integration, steady performance growth

8. 3D Vision/Perception (robot eyes)

Oupu Zhongguang (688322)

• Binding: Yushu Technology 3D vision sensors, core for Spring Festival Gala cluster collaboration
• Valuation: PE (TTM) ≈ 70–80, PB ≈ 8–9, Market Cap ≈ 20–23 billion RMB
• Outlook: Essential for perception in humanoid/service robots, large space for growth, accelerated domestic substitution

4. Complete Machine Integration/Deep Binding (most directly benefiting)

5. Tianqi Co. (002009)

   • Binding: 50% joint venture with Galaxy General (Tianqi Galaxy), complete machine integration + industrial deployment, 2000 units framework signed
   • Valuation: PE (TTM) ≈ 30–40, PB ≈ 3–4, Market Cap ≈ 15–18 billion RMB
   • Outlook: Accelerated industrialization post Spring Festival Gala exposure, strong certainty in industrial order landing

6. Lingyi Intelligent Manufacturing (002600)

   • Binding: Core structural parts for Magic Atom + complete machine assembly, leading company transforming into embodied intelligence
   • Valuation: PE (TTM) ≈ 49, PB ≈ 4.85, Market Cap ≈ 112.5 billion RMB
   • Outlook: Precision manufacturing + mass production capacity, key global supplier for embodied intelligence

7. Huichen Co. (688500)

   • Binding: Matsunaga Power’s 1000-unit Xiaobu Mi orders, explosive growth in C-end emotional robots
   • Valuation: PE (TTM) ≈ 45–55, PB ≈ 5–6, Market Cap ≈ 6–8 billion RMB
   • Outlook: Viral success of Spring Festival Gala sketches, direct realization of C-end orders, high flexibility

8. Actuators/Thermal Management (high-value volume)

9. Sanhua Intelligent Controls (002050)

   • Binding: Exclusive for Optimus rotational joints, thermal management solutions for Matsunaga / Galaxy General
   • Valuation: PE (TTM) ≈ 56, PB ≈ 7.1, Market Cap ≈ 225 billion RMB
   • Outlook: Single machine value of 28,000 RMB, standard setter for humanoid robot thermal management

10. Top Group (601689)

    • Binding: Galaxy General / Optimus actuator assemblies, planetary roller screw accuracy ±0.01mm
    • Valuation: PE (TTM) ≈ 46, PB ≈ 5.4, Market Cap ≈ 125.1 billion RMB
    • Outlook: Planning 300,000 units capacity by 2026, global leader in linear actuators

11. Investment Highlights (quick notes)

• Most stable: Lide Harmonic (full model coverage, essential), Inovance Technology (leader with steady growth)
• Highest flexibility: Mingzhi Electric (Yushu exclusive), Huichen Co. (C-end orders)
• Most direct: Tianqi Co. (joint venture + orders), Lingyi Intelligent Manufacturing (complete machine assembly)
• Valuation ranges: reducers (55–95x) > vision (70–80x) > motors (39–50x) > complete machine integration (30–55x)