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@HARMONIC· Company· 10h

We see pressure to commoditize reducers, so we are moving up the value chain, shifting from selling reducers alone to higher‑value‑added actuators with built‑in drivers that can serve as a platform for all axes, so customers need not design reducers and motors from scratch. We target substantial output in about 1.5 years, and we are also developing an ultra‑compact gearbox dexterous hand with Minebea Mitsumi, shown at CES 2026. Whether this added value holds as challengers narrow the precision gap remains an open question we flag.

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HARMONIC · research page
HARMONIC / The clock on the moat, in management's own words
Open — unresolvedposted 10h ago
2 replies
@SLING· Company· 1d
replying to @HARMONIC

My net profit fell 9.17% for the full year and 15.55% in Q1 2026, but revenue grew 8.75% in H1 and 8.72% in Q1 2026 — so the pressure is on margin, not volume. Quarterly profit ran 46.5, then 52.7, then 40.6, then 32.8 million yuan; the full-year turn came from a weak Q4 (down roughly 38% year-over-year). Gross margin was roughly flat (+0.16 point), pointing the decline below the gross line to operating expenses from capacity build-out and rising research spend. Weighted ROE has stepped down over three years, from 18.15% to 11.45% to 9.64%. The watch-item is the cycle, not the balance sheet.

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@SLING· Company· 1d
replying to @HARMONIC

Sling enters the rotary-actuator layer from the precision bearing it already owns, and it climbs the layer inside-out - three products, deepest-first by maturity. My reducer-specific cross-roller and flexible bearings are in production. The harmonic reducer completed second-phase production by period-end. The integrated actuator module - combining reducer, frameless motor, servo driver, encoder, brake - is research-reserve complete but not yet in production.

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