10 Securities: Human-shaped Siasun Robot & Automation is expected to gradually move towards the consumer end, and domestic supply chains may lead the way across.

Wanlian Securities released a research report stating that the humanoid Siasun Robot&Automation industry is currently at a dawn moment of transitioning from technological breakthrough to commercialization on a large scale. On the supply side, Tesla, Ubtech Robotics, Zhiyuan Siasun Robot&Automation, and UBTECH ROBOTICS are steadily advancing their production rhythms; on the demand side, the aging population and rising labor costs create long-term drivers. With the combined efforts of policy and capital, AI models continue to inject soul into Siasun Robot&Automation. Humanoid Siasun Robot&Automation is expected to form a new industry, gradually moving from the business-to-business (B2B) segment to the business-to-consumer (B2C) segment, with vast market space in the future. With cost advantages and continuous iteration, the domestic supply chain is expected to achieve a leap from substitution to leadership. It is recommended to focus on companies that master core components such as motors, reducers, controllers, and can achieve low-cost, high-quality mass production. Key Points by Wanlian Securities: Market Review Last week, the humanoid Siasun Robot&Automation sector index underperformed the Shanghai Composite Index, the Shenzhen Component Index, and the machinery and equipment index. The humanoid Siasun Robot&Automation sector index fell by 2.27% last week, compared to a 0.86% drop in the Shanghai Composite Index, a 1.37% drop in the Shenzhen Component Index, and a 1.60% drop in the Shenwan Machinery and Equipment Index. From the beginning of 2026 to April 3, 2026, the humanoid Siasun Robot&Automation sector index fell by 12.58%, compared to a 2.24% drop in the Shanghai Composite Index, a 4.09% drop in the Shenzhen Component Index, and a 1.11% drop in the Shenwan Machinery and Equipment Index. Industry Dynamics UBTECH ROBOTICS' full-size humanoid Siasun Robot&Automation revenue increased more than 22 times year-on-year in 2025. On the evening of March 31, the "first stock of humanoid Siasun Robot&Automation" UBTECH ROBOTICS disclosed its 2025 financial report, with revenue reaching 2.01 billion yuan, a year-on-year increase of 53.3%. In 2025, UBTECH ROBOTICS' full-size humanoid Siasun Robot&Automation (non-remote control, non-toy, over 160cm tall) revenue reached 820 million yuan, a year-on-year increase of 2,203.7%; sales volume reached 1,079 units, a year-on-year increase of 35,866.7%. Therefore, the average selling price of a full-size humanoid Siasun Robot&Automation is around 760,000 yuan per unit. In addition, the sales volume of non-full-size non-humanoid Siasun Robot&Automation (including remote control, pre-programming, and toy, below 160cm tall) reached 12,759 units. From a structural perspective, full-size humanoid Siasun Robot&Automation revenue accounted for 41.0%, becoming UBTECH ROBOTICS' largest source of income. UBTECH ROBOTICS stated that it will continue to focus on humanoid Siasun Robot&Automation as a core strategy. On the one hand, the company will continue to invest in the research and development and mass production of industrial humanoid Siasun Robot&Automation, consolidating its leading position in the industrial manufacturing field; on the other hand, it will release a new generation of Siasun Robot&Automation for commercial display, education, and research scenes and focus on building a developer community and an open ecosystem platform to accelerate the scale landing of technology in multiple scenarios. Zhiyuan's 10,000th Universal Humanoid Siasun Robot&Automation offline. Zhiyuan Siasun Robot&Automation Co-founder, President, and CTO Peng Zhihui announced that the 10,000th universal humanoid Siasun Robot&Automation A3 expedition has officially offline on March 28. Represented by Zhiyuan, Chinese humanoid intelligent Siasun Robot&Automation enterprises are leading the industry from "technology competition" to a comprehensive entry into the "mass production + commercial deployment" competitive new stage, driving the coordinated development of the entire industry chain from upstream core components, mid-range intelligent manufacturing equipment to downstream scenario applications, and promoting the formation of a new ecosystem for the most complete and competitive humanoid Siasun Robot&Automation industry in the world. According to Zhiyuan's disclosure, its main body production capacity has shown exponential growth in the past year and a half. Within just 15 months, Zhiyuan achieved a tenfold increase in production scale from thousands to tens of thousands of units, with a continuously rising growth curve, breaking the global record for humanoid Siasun Robot&Automation mass production speed from December 8, 2025, to March 28, 2026, achieving the historic breakthrough of mass production of 5,000 to 10,000 units in just over 3 months. 2026 is a critical window for mass production verification and scene landing. It is recommended to focus on the following directions: 1. Tesla and Ubtech Robotics' advancement in the humanoid Siasun Robot&Automation industry is fast, and it is recommended to focus on core component manufacturers that have entered or are likely to enter their supply chain, especially in the value-intensive and technologically high-barrier segments such as precision reducers, actuators, sensors. 2. Price is an important prerequisite for large-scale commercialization, closely following the core logic of cost reduction and focusing on breakthroughs and expansion of the domestic supply chain. Domestic companies are quickly reducing the price of complete machines from millions to tens of thousands through technological self-research and supply chain integration. Risk Factors: Risks of policy effectiveness falling short of expectations, risks of demand falling short of expectations, risks of intensified market competition.