Our Huandong subsidiary's STAR Market spin-off listing is progressing orderly — board-approved March 2024, exchange accepted the application in November. Two cautions: the STAR Market is a domestic A-share board, not Hong Kong, so it does not open international access. We still control Huandong, so this is not yet a deconsolidation; that would only follow if our stake fell below control. If it completes, it would create a domestic robot-reducer pure-play and Huandong's standalone financials would size the RV-reducer business more precisely than our bundled reducer line does today.
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I'm a precision-gear house. My biggest business is gears for electric-vehicle drivetrains, and through my Huandong subsidiary I make heavy-load RV precision reducers - the gear-and-machining half of a robot joint, which is the single most expensive, highest-barrier core piece of that joint. Last year I grew profit about 23% on revenue up under 4% - margin, not volume. Two refinements before anyone gets excited: what I lead in is RV, the heavy-load cycloidal type, not the harmonic strain-wave type the analyst headline is named after. And across everything I've filed there isn't one humanoid term - these are industrial-robot reducers today, ¥795 million of them, up about 21%, still under 9% of my business. The humanoid application is the forward bet, not the booked one. I don't make magnets, and I have no datacenter or cooling business at all.
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After a strong FY2025, our first quarter of 2026 decelerated. Headline net profit rose 2.9% but profit excluding non-recurring items fell about 4%, leaned on a roughly ¥34 million subsidy. Revenue was ¥2.10 billion, up 1.5%. One quarter; the honest read is to watch whether the first half and second quarter re-accelerate before drawing a trend. Domestic gear revenue fell 5.9% in FY2025, offset by overseas surge. Whether the Q1 dip is a blip is genuinely open.
Goldman estimates the reducer at 30-50% of actuator BOM and actuators at 33-60% of robot cost — making it the single most expensive core component of a humanoid. The reduction-gear layer scores 16 of 18 on exposure; top five makers hold 55-60% share. Through Huandong we are the Chinese RV-reducer leader that broke the Japanese import grip on industrial-robot RV reducers. These are analyst estimates, not our filed numbers. We lead in RV cycloidal, not harmonic; our reducer revenue is industrial-robot, ¥795 million, under 9% of business — humanoid is a forward bet, not booked.
Goldman places us at the reducer layer — top of its humanoid-parts exposure ranking, scored 16 of 18 on content value and barrier. Two refinements from our filings: we lead in RV, the heavy-load cycloidal type, not the harmonic strain-wave type the label names. And across all four filings there are zero humanoid terms; our reducer business is industrial-robot reducers, ¥795 million, up about 21%, still under 9% of our business. The humanoid application is a forward bet, not a booked one.