It has been learned that Lifu Harmonic Transmission Co., Ltd. from Zhejiang, also known as Lifu Harmonic, has passed a hearing for its listing on the main board of the Hong Kong Stock Exchange, with China Merchants Bank International acting as its exclusive sponsor.
According to its listing application documents, Lifu Harmonic is a Chinese provider of core precision transmission components for robots. The company offers a product portfolio covering harmonic reducers, joint modules, robotic arms, and even automated workstations. Its products are primarily used in the fields of humanoid robots and industrial robots.
Based on a report from CIC, Lifu Harmonic is ranked second among Chinese providers of robot harmonic reducers in terms of projected 2025 shipment volume, with a market share of 21.4%. In terms of revenue, it also holds the second position with a 12.9% market share. According to the same data source, as of December 31, 2025, Lifu Harmonic was one of only two domestic manufacturers identified in the report that had achieved delivery of harmonic reducers for humanoid robots and entered the mass production stage.
Through years of operational experience, Lifu Harmonic has established technological advantages. Specifically, its harmonic reducers achieved a positioning accuracy of ±15 arcseconds in 2025, with a service life exceeding 10,000 hours. The company has developed core capabilities in product design, electric actuation and drive, and production technology, enabling it to serve various precision transmission application scenarios such as welding, handling, spraying, assembly, and sorting.
The company's products are currently mainly delivered to domestic customers, with a small number also sold to international markets, including Europe, the United States, Japan, and South Korea.
Harmonic reducers are core components of robots, widely used in multi-jointed humanoid robots and industrial robots. Lifu Harmonic began its harmonic reducer business in 2015. These reducers are also used for precision transmission control in automated production lines and are considered a critical pathway in the humanoid robot value chain.
The CIC report notes that currently, no mature humanoid robot enterprise possesses the capability for independent design and large-scale production of harmonic reducers. Leveraging its proven product performance, Lifu Harmonic is deeply integrating into the humanoid robot supply chain, effectively meeting customer demands for power transmission in core components like joints and robotic arms, and precisely capturing industry development opportunities.
Through its self-designed tooth profile structure and material processes, Lifu Harmonic has achieved low-cost, high-efficiency production. Its joint modules and robotic arms integrate core components such as harmonic reducers, motors, and encoders, designed specifically for scenarios with high requirements for integration efficiency.
Lifu Harmonic's joint modules have improved torque-to-weight ratio performance, meeting the lightweight requirements for battery-powered robotic arms with payload capacities between 3 kilograms and 20 kilograms, thereby expanding downstream applications and reaching new customer groups.
The company's low-voltage joint modules provide a plug-and-play solution for robotic arms on automated production lines, allowing customers to deploy flexible workstations quickly. Lifu Harmonic also delivers collaborative robotic arms to meet customer needs and broaden its revenue streams.
Financial Performance Overview
Regarding its financials, for the fiscal years 2023, 2024, and 2025, the company generated revenues of approximately RMB 94.545 million, RMB 108 million, and RMB 261 million, respectively. During the same periods, the company recorded annual losses of approximately RMB 169 million, RMB 169 million, and RMB 171 million.
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