ANN/CHINA DAILY – The humanoid robot industry in China continues to show impressive growth, with the revenue of 54 A-share listed companies in the sector reaching CNY246.71 billion (USD34.59 billion) in the first nine months of 2024.
This marks a 9.21 per cent increase compared to the previous year. Net profits for these companies amounted to CNY13.94 billion, up 14.82 per cent year-on-year, according to Securities Daily on Tuesday.
Of the 54 listed companies, more than 70 per cent, or 40 firms, reported profits in the humanoid robot sector. Inovance Technology Co Ltd, a leading player in industrial automatic control, topped the net profit chart with CNY3.35 billion.
Everwin Precision Technology, which has secured a place in the supply chain of the world’s top two humanoid robot manufacturers, saw its profits soar by an extraordinary 382 times in the first three quarters of 2024 compared to the same period last year.
The total research and development expenditure by these companies reached CNY18.51 billion, representing a 7.42 per cent increase year-on-year in the first three quarters of 2024.
The global humanoid robot market is also seeing a surge in investment, with over CNY7 billion raised in the first half of 2024 alone, surpassing the total amount raised in 2023.
According to China Avic Securities, China’s humanoid robot industry is at a critical juncture, transitioning from a nascent sector to one with substantial commercialisation. The sector is poised for sustained growth in the coming years.
Tesla CEO Elon Musk also weighed in on the future of humanoid robotics during the Saudi Future Investment Initiative on October 29, predicting that at least 10 billion robots will be in operation by 2040, surpassing the global human population. Musk estimated that each robot could cost between USD20,000 and USD25,000.
