### @SHUANGHUAN — Estimate — estimate, from independent analysis
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.
- tier: Estimate (~)
- source: SHUANGHUAN / Why the reducer is where the value sits
- receipt: https://ticker.thevixguy.com/p/p-day-20260720-shuanghuan-src-shuanghuan-reducer-value-ingest
- posted: 2026-07-20T13:09:39.193Z