Industrial flexible automation is standing at a key node in the switch from “rigid production line” to “flexible intelligent manufacturing”.
In 2025, China’s industrial robot output will reach 773,100 units, a year-on-year increase of 28%, and the domestic market share exceeds 54% for the first time.
But there are structural worries hidden behind this prosperity. The unit price of general-purpose robots has dropped from 30,000 to 50,000 yuan/unit to 10,000 to 20,000 yuan/unit, and the industry’s average gross profit margin has dropped to 15-20%, showing an obvious “increasing revenue without increasing profits.”
At the same time, the localization rate in the high-end field is still less than 10%. The error of high-end harmonic reducers reaches 0.3 arc minutes (international ≤0.1). The localization rate of six-dimensional force sensors and high-end vision is less than 40%. The underlying operating system and process software package of the controller are deeply bound by overseas giants.
In this context, companies with core capabilities such as flexible manufacturing cells (FMC), machine vision, collaborative robots and autonomous motion control algorithms are ushering in a growth window from “domestic substitution” to “flexible breakthrough”.
Integration of flexible production lines and smart factories
– Bozhong Seiko (688097): a leader in 3C automation equipment, one of the few equipment manufacturers in the industry with the ability to cover the entire FATP segment. In 2023, it has successfully delivered more than 40 flexible modular production lines to customers.
– Deen Precision (300780): The self-developed “Deen Cloud Manufacturing Industrial Internet Platform” is used as the base, superimposed on the industrial brain + flexible manufacturing unit (FMC/FMS) + 3D vision/AGV/robot triangle to achieve digital control of the entire process. The delivery cycle is reduced from 40 days to 20 days, production efficiency is increased by 5%, and manufacturing costs are reduced by 5%.
– Eston (002747): In 2025, its shipment volume topped the list of China’s industrial robot market for the first time, with a market share of 10.6%. It is deeply involved in the construction of three lithium battery lighthouse factories and the world’s first photovoltaic lighthouse factory. In the first half of 2025, its core business industrial robots and intelligent manufacturing system revenue increased significantly by 26.54% year-on-year.
– Li Yuanheng (688599): a leader in lithium battery & 3C high-end automation, mainly engaged in the full process of power batteries, 3C electronic precision manufacturing, and hydrogen energy equipment intelligent production line integration.
– Hanchuan Intelligent (688022): a leader in automotive electronics & 3C precision automation, mainly engaged in the assembly, inspection and testing of small precision parts and robot automation lines.
– Clay Electromechanical (603960): Automotive electronics and precision parts automation integrator, deeply involved in automobile and 3C supporting robot assembly and testing production lines.
– Saiteng Co., Ltd. (603283): A leader in 3C electronic precision testing and assembly automation, mainly engaged in consumer electronics non-standard automated production lines and robot precision workstation integration.
Collaborative and industrial robot bodies
– Yuejiang Technology (02432.HK): the world’s leading provider of intelligent collaborative robots, integrating cutting-edge AI technology and original flexible electronic skin technology. Sales of six-axis collaborative robots will achieve a substantial growth of 44.7% in 2025, accounting for more than 60% of operating income.
– Eston (002747): The leader of the four domestic industrial robots, with a full industry chain layout, self-developed servo, controller, and robot body. Collaborative robot business shipments will increase by more than 270% in 2025, becoming the fastest growing collaborative robot brand.
– Inovance Technology (300124): a leader in industrial control and servo, with layout of SCARA, six-axis, collaborative robot bodies, and main business in servo systems, controllers, and industrial automation complete lines.
– Eft (688165): One of the Four Little Dragons of domestic industrial robots, it is mainly engaged in the research and development and manufacturing of universal six-axis/four-axis robot bodies, focusing on the integration of automobiles, photovoltaics, and 3C electronic automation lines.
– SIASUN Robot (300024): A leader in all categories of robots with a state-owned background. It is mainly engaged in the integration of industrial robots, intelligent warehousing and logistics equipment, semiconductor automation, and military/aerospace intelligent manufacturing.
– New Star (002527): The Four Little Dragons of domestic robots, mainly engaged in industrial robot bodies, motion control systems, and frequency converters, and deeply engaged in automotive welding, lithium batteries, and 3C electronic automation line integration.
Mobile robot AGV and AMR
– Zhongli Co., Ltd. (603194): The leader in smart logistics robots, electric storage forklifts account for 35%+ of the domestic market, ranking first for 12 consecutive years, and the top three intelligent handling robots (AMR) in the country. In 2024, X-Mover horse-moving robots will ship 5,000+ units, with a growth rate of 50%+, and positioning accuracy of ±1mm.
– Jizhijia (02590.HK): The global leader in warehousing AMR, with the largest market share for six consecutive years, and is a benchmark enterprise for e-commerce and manufacturing logistics robots.
– Hangcha Group (603298): The leader in the forklift industry, the acquisition of Guozi Robot leads the unmanned forklift track, and embodied intelligence opens a new growth pole.
– Anhui Heli (600761): A leader in electric forklifts, the penetration rate of new energy products continues to increase, and overseas channels are deeply established in Europe and Southeast Asia.
– Machinery Technology Co., Ltd. (688557): A state-owned intelligent logistics integrator, mainly engaged in factory AGV/AMR handling, intelligent warehousing, and factory logistics robot line integration, serving the military, heavy industry, and new energy industries.
– Kunzhou Shipbuilding Intelligence (301311): A leader in intelligent warehousing with a central enterprise background. It is mainly engaged in the integration of intelligent sorting, transportation, and warehousing robots, covering tobacco, military industry, new energy, and large-scale intelligent manufacturing plants.
Machine vision and flexible assembly
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Obi Zhongguang (688322): The absolute leader in 3D vision sensors, with a domestic service robot market share of over 70%.
– Ling Yunguang: A core solution provider in the field of machine vision and flexible assembly, with profound industrial vision algorithm and flexible assembly integration capabilities.
– Kangshijie: The core supplier of vision-guided robot flexible loading systems. Through the collaborative positioning of fixed vision and hand-eye vision dual systems, it achieves a visual positioning accuracy of ±0.05mm, which is much higher than the ±1mm process requirement proposed by customers.
– Sumida: an industrial automation system integration solution provider, focusing on the research and development, sales and technical services of industrial robots, machine vision and supporting peripheral products, providing customers with flexible and intelligent system integration solutions and intelligent equipment production lines.
Motion control and servo drive control
– Leisai Intelligent (002979): a high-tech enterprise in the field of motion control of intelligent manufacturing equipment. It is mainly engaged in the research and development, production and sales of motion control core components. Its main products are divided into three categories: servo systems, stepper systems, and control technology.
– Googol Technology (301510): A senior manufacturer in the field of motion control. The product system includes motion control components, systems, complete machines, etc., covering motion controllers, servo drives, drive and control integrated machines, industrial automation components, industrial software, vertical industry-specific control systems, special equipment, etc.
– Hechuan Technology (688320): an industrial automation product manufacturer, engaged in the research and development, manufacturing, sales and application integration of industrial automation products. Its main products include servo systems, PLC, etc., covering the control layer, drive layer and execution sensing layer in the field of industrial automation.
– Xinjie Electric (603416): A manufacturer of industrial automation control products. Its main products include programmable controllers, servo systems, stepper drives, machine vision, low-voltage inverters, industrial touch screens, etc.
– Kinko Co., Ltd. (688160): A manufacturer of core components for industrial automation and robots. It is engaged in the research and development, production, sales and related technical services of core components for industrial automation equipment control and digital factory software and hardware. Its main products are industrial human-machine interfaces, servo systems, stepper systems, programmable logic controllers (PLC), low-voltage inverters, etc.
Industrial Software and PLC
– Baosight Software (600845): The leader in industrial software under China Baowu, the core target of the two-wheel drive of A-share industrial digitalization + IDC computing power, the steel MES market share exceeds 80%, the self-developed Tianxing series PLC breaks the Siemens/Rockwell monopoly, and the gross profit margin exceeds 60%.
– Zhongkong Technology (688777): The core target of production control industrial software is a core software product that urgently needs to complete independent controllable processes in the context of my country’s intelligent manufacturing.
– Saiyi Information (300687): a key industrial software company in the production control category, deeply engaged in the fields of industrial informatization and intelligent manufacturing.
– Hande Information (300170): a key industrial software company in the production control category, providing industrial automation and informatization products and solutions.
– Nengke Technology (603859): a key industrial software company in the production control category, deploying intelligent manufacturing and industrial digitization.
– Dingjie Software (300378): a key industrial software company in the production control category, focusing on industrial software and intelligent manufacturing solutions.
Flexible manufacturing units and high-end machine tools
– Zhejiang Heidemann (688577): a high-end CNC machine tool manufacturer that raised funds to invest in the “Flexible Automated Processing Unit Expansion Project” to promote the large-scale production of flexible parallel composite processing units, flexible inverted composite processing units and intelligent production line supporting products.
– Neway CNC (688697): focuses on the R&D, production and sales of mid-to-high-end CNC machine tools. It currently has more than 300 models of large machining centers, vertical CNC machine tools, horizontal CNC machine tools, typical industry application machine tools, etc., which are widely used in automobiles, new energy, aerospace, engineering machinery, molds, ships, valves, automation equipment, electronic equipment, general equipment and other industries.
– Haitian Precision (601882): A manufacturer of R&D, production and sales of high-end CNC machine tools. It is an important equipment supplier in the field of industrial automation.
The investment logic of industrial flexible automation is switching from “rigid production line replacement” to “flexible intelligent manufacturing breakthrough”.
In this long-distance race from single-point equipment to full-line integration, and from bottom-level drive control to top-level software, only local companies with truly flexible manufacturing unit delivery capabilities, machine vision perception accuracy, autonomous motion control algorithms, and domestic PLC ecological barriers can overcome the quagmire of general robot price wars and become the mainstay of the industry chain’s independent controllability.
The above content is based on public information and is for reference only. It does not constitute any investment advice, operational guidance or return commitment.
The industrial flexible automation sector is greatly affected by fluctuations in capital expenditures in the downstream manufacturing industry, technology research and development progress, customer certification cycles, industry price wars and the international trade environment. Some companies are at risk of expectations ahead of performance.
Before making any investment decisions, investors should carefully screen the company’s actual order fulfillment, production capacity implementation pace, and valuation matching based on their own risk tolerance, and make prudent decisions at their own risk.
After reading this inventory, which segment do you think has the greatest flexibility?
Is it the domestic PLC and industrial software that breaks the overseas monopoly, the seriously underestimated collaborative robots and flexible production lines, or the high-end motion controller and six-dimensional force sensor that are the most stuck?
Feel free to share your views in the comment area.
