We maintain our global humanoid robot shipment forecasts of 51,000 units in 2026E and 76,000 units in 2027E. This represents a multi-fold increase from the estimated 15,000-20,000 units in 2025, primarily driven by dedicated-purpose commercial deployments ahead in addition to entertaining stage performances, scientific study, education and data factory demand. The market is likely to react positively to key humanoid robot supply chain stocks for a few trading days, anticipating an adoption surge in the comi ...

on 23-Feb-2026 23 February 2026 Asia Emerging Robotics Asia Emerging Robotics: Key surprises from the 2026 Spring Festival Gala Dien Wang, Ph.D. +852 2123 2622 dien.wang@bernsteinsg.com Jay Huang, Ph.D. +852 2123 2631 jay.huang@bernsteinsg.com Weibin Liang, Ph.D. +852 2123 2666 weibin.liang@bernsteinsg.com On Feb 16, humanoid robots took center stage (video) at the 2026 Spring Festival Gala, the most-watched TV show in China. Unlike the 2025 Gala, where only Unitree's robots performed, this year featured 4 ...

February 22, 2026 08:06 PM GMT China Industrials | Asia Pacific Humanoid Robots Take Spotlight at China Spring Festival Gala Unitree, Galbot, Noetix and MagicLab appeared at the 2026 Spring Festival Gala. Beyond the headlines and videos, the humanoids showcased different abilities as well as signaling an industry pivot from just locomotive performance. Key Takeaways Well-showcased performance from locomotion to real tasks and emotional value: We view the trajectory as constructive for mass-market adoption. ...

Core Insights - India hosted a significant AI event, the AI Impact Summit, which faced organizational challenges and controversies, impacting its intended message as a leading AI player [1][10] Group 1: Event Overview - The AI Impact Summit was one of the largest AI events globally, but it was marred by chaos and confusion, including traffic issues and unclear instructions for media access [1][3][4] - Delegates expressed frustrations regarding the organization of the summit, highlighting the difficulties faced by attendees [4][10] Group 2: Controversies - Bill Gates was scheduled to give a keynote address but withdrew unexpectedly, causing uncertainty around his participation [5] - A university was reportedly removed from the summit for misrepresenting a robot dog as its own creation, which was actually developed by a Chinese firm [6][7] Group 3: Industry Engagement - Despite the challenges, major tech firms, including OpenAI and Google, engaged positively with the Indian market, emphasizing its potential due to a large talent pool and consumer market [10][11] - OpenAI announced it would be the first customer of Tata Consultancy Services' data center business, while Google formed partnerships with educational institutions for its AI initiatives [11] Group 4: Government and Future Prospects - The Indian government aims to attract $200 billion in AI investment over the next two years, positioning the country as a potential AI hub [11][12] - The enthusiasm from tech leaders at the summit indicates India's growing importance as a critical market for major global firms [12]

Core Insights - Chinese humanoid robots gained significant attention following a standout performance at the 2026 Spring Festival Gala, showcasing advancements in technology and capabilities [1][2][3] Industry Overview - The Spring Festival Gala is recognized as the world's most-watched television program, featuring robots performing various complex tasks, contrasting sharply with previous years' performances [2] - Analysts noted that while humanoid robots have made substantial progress, they still need to demonstrate reliability in real-world applications [4][14] Technological Advancements - The performance highlighted the robots' ability to achieve human-level actions and potentially superhuman capabilities, indicating significant advancements in robotics technology [5][4] - Analysts from Barclays reported that China accounted for over 85% of the approximately 15,000 humanoid robot installations in 2025, showcasing its early lead in the market [6] Competitive Landscape - China's advantage lies in its vertically integrated robotics value chain, which includes essential components and materials, allowing for lower manufacturing costs compared to competitors [7][10] - Leading Chinese companies like Unitree are aiming to maintain their market lead, with expectations of 10,000 to 20,000 shipments in 2026 [8] Market Dynamics - Tesla's Optimus, a leading humanoid robot in the U.S., is projected to have higher production costs, with potential reductions only if production scales significantly [11] - Other markets are expected to ramp up production but will likely lag behind China due to established supply chains and production capabilities [12] Future Outlook - While the Spring Festival Gala showcased impressive advancements, analysts emphasized the need for further improvements in AI and mechanical engineering for tasks requiring high reliability [14][15] - The ability to perform complex, multi-tasking operations will be crucial for realizing economic value in the robotics sector [15]

Financial Data and Key Metrics Changes - The company reported Q4 revenue of $58 million, exceeding the midpoint of the outlook by $1 million, representing an 8% sequential growth and flat compared to the prior year period [5][15] - Full year revenue reached $217.4 million, with non-GAAP operating loss of $10.1 million, an improvement from $11.3 million in the previous quarter and $14.2 million a year ago [15] - The company exited the quarter with total cash and cash equivalents of $155.7 million, a decrease of $15.5 million from the third quarter [16] Business Line Data and Key Metrics Changes - The radar business is gaining traction with a Tier 1 partner, with initial shipments starting in December and expected demand exceeding 50 million units annually [9][10] - The vision portfolio is seeing momentum with design wins for image signal processor SoCs, including the IND880, and new design wins in e-mirror and camera mirror systems [10][11] - The company secured a design win with a leading electric vehicle manufacturer in China for a camera mirror system, expected to ramp in mid-2026 [11] Market Data and Key Metrics Changes - The automotive industry is transitioning towards standardization of ADAS features, creating opportunities for the company to leverage its technology investments [5][6] - The humanoid robotics market is transitioning from research to real-life applications, presenting new opportunities for the company [6][7] - The company is also gaining traction in the quantum communications and sensing market, with significant bookings for LXM lasers [12] Company Strategy and Development Direction - The company aims to capitalize on the structural transformation in the automotive market by focusing on software-defined intelligence and scalable sensor technology [5][6] - Plans to expand activities in humanoid robotics and enhance radar and vision technologies to maintain competitive advantages [8][10] - The company is actively managing supply chain constraints and expanding production capabilities to meet growing demand [9][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, expecting revenue from core business to grow by 20% sequentially in Q1 2026, despite a decline in revenue from Wuxi due to reduced EV subsidies [18][19] - The company anticipates a steady ramp in radar revenue through 2026 and beyond, with increasing visibility on design wins and OEM traction [20][41] - Management acknowledged ongoing supply chain constraints but is confident in their ability to manage through 2026 [37][38] Other Important Information - The company is in the process of selling its equity interest in Wuxi Indie Micro for approximately $135 million, with the transaction expected to close by late 2026 [17] - Non-GAAP operating expenses for Q1 2026 are expected to be $37 million, relatively flat compared to Q4 2025 [18] Q&A Session Summary Question: What was the Wuxi revenue for Q4? - The revenue was around $29.7 million [23] Question: What are the reasons for the sequential decline in revenue? - The decline is primarily due to the upcoming Chinese New Year shutdown and reduced EV subsidies [24] Question: What is expected for the ramp in Q2? - A recovery is expected in Q2, although the business is in the process of being sold [25] Question: Can you provide an update on radar program ramp? - The company has made significant progress and expects strong traction with OEMs [26] Question: What impact do supply chain constraints have in Q1? - There was a trailing impact into Q1, with some demand still questionable due to supply issues [27] Question: Any updates on design wins and traction for core business? - The company is performing well across all regions, with exposure to OEMs in Europe, Asia, and India [33] Question: What is the size of the opportunity in robotics and quantum space? - The robotics market is expected to grow significantly, while quantum traction is also increasing, with a projected tripling of optical product shipments [35][36] Question: What is the timeline for resolving supply chain constraints? - The tightness is driven by AI demand, and while improvements are being made, full resolution may not occur until 2027 [37][38] Question: What are the expected radar revenues for 2026? - Radar revenue is expected to remain in the $30 million-$50 million range, with strong momentum from newer OEMs [41]

There we go about humanoid robots. They're taking center stage. On Monday, China's Spring Festival gala, the show featuring, of course, robots from four startups, including uni tree performing the dance moves and a kung fu routine alongside human performers.State media quoted Unity's founder as saying the industry is advancing, quote, beyond mere technical display toward a full ecosystem from foundational models to real world applications. Now, certainly clips of the performance quickly went viral on social ...

Unitree’s humanoid robot G1 walked autonomously in −47.4°C extreme cold, logging 130,000 steps on the snowfields of AltayThis is the kind of durability real-world robots will need at scale.https://t.co/8fwUddrNDU ...

Core Insights - The development of humanoid robots is expected to reach a commercialization milestone by 2026, increasing the importance of batteries as an "energy supply" [1] - Solid-state lithium batteries are projected to become the mainstream solution due to their high energy density, with demand from humanoid robots expected to exceed 74 GWh by 2035, growing over a thousand times from 2026 [1] Group 1: Humanoid Robot Battery Market - Global humanoid robot shipments are forecasted to surpass 50,000 units in 2026, representing an annual growth of over 700% [4] - High-nickel ternary lithium batteries (NMC/NCA) are currently the mainstream choice for robot batteries due to their relatively high energy density, while lithium iron phosphate batteries (LFP) are used for lower endurance applications [4] - Most humanoid robots currently have a battery capacity below 2 kWh, with typical endurance ranging from 2 to 4 hours, such as Unitree's H1 with 0.864 kWh and Tesla's Optimus Gen2 with 2.3 kWh [4] Group 2: Challenges and Opportunities - The development of humanoid robot batteries faces two main challenges: the rapid iteration of core technologies affecting battery customization and the current focus on finding scalable commercial applications rather than improving endurance [5] - Despite these challenges, the demand for high energy density, high discharge rate, and high safety batteries in humanoid robots presents an opportunity for solid-state batteries to demonstrate their advantages [5] - Breakthroughs in solid-state battery technology and cost reductions are expected to help humanoid robots overcome power limitations [5]

Core Insights - Chinese humanoid robots, particularly from LimX Dynamics, are preparing to enter the U.S. market ahead of competitors like Elon Musk's Optimus [2][3] - LimX Dynamics has ambitious plans for global expansion, starting with the Middle East, and aims to establish local partnerships [3][5] - The humanoid robot market in China is projected to see significant growth, with Morgan Stanley doubling its sales forecast for 2025 [7] Company Developments - LimX Dynamics has raised $69.31 million as of July 2025, with notable investors including Alibaba, JD.com, and Lenovo [4] - The company has launched its humanoid robot, Oli, with a base model priced at approximately $22,660 [10] - LimX aims to enhance its technology, focusing on advanced AI capabilities to improve robot functionality [12] Market Trends - In 2022, around 13,000 humanoid robots were shipped globally, with Chinese companies leading the market [6] - Morgan Stanley's revised forecast predicts 28,000 humanoid robot sales in China for 2025, with expectations for business sales to drive growth [7] - By 2050, the Chinese humanoid market could potentially reach annual sales of 54 million units [7] Competitive Landscape - LimX Dynamics faces competition from other Chinese companies like Unitree and U.S. rival Figure AI, as the market for humanoid robots becomes increasingly competitive [5][6] - Tesla's Optimus robot is not expected to be available for public sale until late 2027, giving LimX a potential advantage in the interim [8]