While Robot Integrators Struggle with Losses, Core Component Suppliers Profit in 2026

In the first three quarters of 2026, China's humanoid robot industry entered a mass production phase with annual shipments expected to exceed 100,000 units. While core component suppliers such as Green Harmonic and Kintore reported significant revenue and profit growth driven by scaling orders and rigid margins, most robot integrators faced losses or price wars. Although Unitree achieved profitability, its adjusted net profit declined year-on-year. The industry structure reflects a 'pickaxe seller' dynamic where upstream parts manufacturers secure profits before downstream assemblers realize returns.