At the 2024 World Artificial Intelligence Conference in Shanghai, a striking display of humanoid robots greeted visitors, underscoring the rapid commercial momentum in this emerging sector. According to Securities Daily, 54 A-share listed companies engaged in humanoid robot development and production generated 246.71 billion yuan ($34.59 billion) in revenue during the first nine months of 2024, marking a 9.21 percent year-on-year increase. Net profits reached 13.94 billion yuan, up 14.82 percent compared to the same period last year.
More than 70 percent of these companies—40 in total—reported profitability. Among them, Inovance Technology Co Ltd, a leader in domestic industrial automatic control systems, achieved the highest net profit at 3.35 billion yuan. Everwin Precision Technology, a supplier of core components to two of the world’s top humanoid robot manufacturers, recorded extraordinary growth, with profits rising 382-fold in the first three quarters compared to the previous year.
Investment in research and development remains a key driver of this performance. The 54 companies collectively allocated 18.51 billion yuan to R&D in the first three quarters of 2024, representing a 7.42 percent increase year-on-year. This focus on innovation reflects the sector’s transition from early-stage experimentation to scalable production and deployment.
Globally, the humanoid robot sector attracted over 7 billion yuan in funding during the first half of 2024, surpassing the total raised in all of the previous year. Analysts at China Avic Securities describe the domestic industry as having entered a “crucial stage from zero to one,” suggesting that foundational capabilities are now established and that sustained growth is likely in the coming years.
The technological and commercial trajectory of humanoid robots is also drawing attention from global leaders in robotics and automation. Speaking at the Saudi Future Investment Initiative on October 29, Tesla CEO Elon Musk projected that “at least 10 billion robots will be put into use by 2040, which will outnumber humans.” He estimated that each unit could cost between $20,000 and $25,000, implying a potential multi-trillion-dollar market if such adoption levels are realized.
Humanoid robots, distinguished by their anthropomorphic form factors, present unique engineering challenges. Balancing stability, dexterity, and energy efficiency requires advances in actuation systems, sensor fusion, and real-time control algorithms. Chinese firms have been investing heavily in precision manufacturing capabilities, high-torque lightweight actuators, and AI-driven perception systems to meet these demands. The integration of compliant joints and adaptive gait control has been a focus area, enabling robots to navigate complex environments with greater reliability.
Component suppliers such as Everwin Precision Technology have leveraged expertise in micro-machining and high-strength alloys to produce gearboxes and motor assemblies capable of sustaining high duty cycles without significant wear. This capability is critical for humanoid robots intended for industrial or service applications, where uptime and maintenance intervals directly impact operational costs.
Inovance Technology’s leadership in industrial automation provides it with a competitive advantage in control architectures, allowing for scalable deployment of humanoid systems in manufacturing contexts. By adapting motion control frameworks originally designed for CNC machinery and robotic arms, the company can achieve precise, repeatable movements in humanoid platforms while maintaining energy efficiency.
The sector’s growth is also supported by China’s broader push toward intelligent manufacturing and AI integration. Policy incentives and infrastructure investments have facilitated collaboration between robotics firms, AI startups, and academic research institutions. This ecosystem accelerates the translation of laboratory breakthroughs—such as improved visual SLAM algorithms or lightweight composite structures—into commercially viable products.
As capital flows into the industry and production volumes increase, economies of scale are expected to reduce unit costs, making humanoid robots more accessible for diverse applications ranging from logistics and healthcare to hazardous environment operations. The convergence of mechanical engineering, materials science, and artificial intelligence is positioning humanoid robots not merely as technological curiosities, but as integral components of future industrial and societal systems.