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.