On October 16, China Leadshine Technology Co.,Ltd. (002979.SZ) released records of its investor relations activities, showing that for 2026 the company's full-year order book for frameless torque motors exceeds 1 million units, with full-year deliveries expected to reach 800,000 to 900,000 units. Current monthly production capacity stands at 150,000 units, and the company is expanding automated production lines with the aim of reaching an annual output of 3 million units. On joint modules, orders on hand for three product categories 鈥?harmonic, planetary, and integrated wheel 鈥?exceed 60,000 units.
China Leadshine Technology Co.,Ltd. stated that robot-related business is expected to account for roughly one-tenth of revenue this year, with full-year related orders in the range of 200 million to 300 million yuan. The company preliminarily expects humanoid robot revenue to gradually make a larger contribution next year and the year after, a statement based on current market conditions and provided for reference only.
The full-year order book of more than 1 million units for frameless torque motors and the plan for 3 million units of annual capacity had already been disclosed in China Leadshine Technology Co.,Ltd.'s 2026 interim report and were not made public for the first time on October 16. What is new from this survey is the annual delivery expectation, the current monthly production capacity, and the order pacing for joint modules. China Leadshine Technology Co.,Ltd. expects full-year deliveries of frameless torque motors in 2026 to reach 800,000 to 900,000 units, compared with actual deliveries of more than 120,000 units in 2025. If the full-year delivery target is met, this would represent significant growth over the previous year.
On customer coverage, China Leadshine Technology Co.,Ltd. said it cooperates with nearly 300 domestic and international robot companies and module manufacturers and has entered the supply systems of more than 80% of humanoid robot complete-machine manufacturers. China Leadshine Technology Co.,Ltd.'s coverage of mainstream domestic manufacturers was already disclosed in its 2025 annual report, where the wording was 80% of mainstream domestic humanoid robot manufacturers. This time it is a continuation under a broadened scope, and it is not third-party verified data.
On performance, China Leadshine Technology Co.,Ltd. issued its earnings forecast for the first three quarters of 2026, expecting revenue of approximately 1.886 billion to 1.951 billion yuan, up 45% to 50% year on year, and net profit attributable to shareholders of approximately 272 million to 304 million yuan, up 70% to 90% year on year. The relevant figures have not yet been audited. China Leadshine Technology Co.,Ltd. attributed the overall growth to a recovery in the downstream intelligent manufacturing automation equipment market, accelerated domestic substitution, market expansion in strategic areas such as semiconductors, high-end machine tools, and pan-humanoid robots, as well as internal cost reductions and efficiency improvements. It did not separately disclose the contribution of the humanoid robot business to growth in the first three quarters.
On industrial chain layout, China Leadshine Technology Co.,Ltd. disclosed in December 2025 a planned private placement to raise no more than 1.144 billion yuan, approximately 1,144.3137 million yuan, for research and industrialization of core motion control components, information technology construction and smart warehousing, and replenishment of working capital 鈥?not all of which is directed toward robot production capacity. According to the investor relations activity records disclosed by China Leadshine Technology Co.,Ltd. in October, the targeted share issuance has passed review by the Shenzhen Stock Exchange and been registered with the China Securities Regulatory Commission. China Leadshine Technology Co.,Ltd. is advancing the subsequent issuance work, and the financing has not yet been completed or received. In September 2026, a wholly owned subsidiary planned to invest 9 million yuan to increase capital in Sansi Transmission Technology (Changzhou) Co., Ltd. and acquire a 20% stake, of which 6 million yuan would be counted as registered capital and 3 million yuan as capital reserve. The target has not yet turned profitable, and the transaction constitutes a related-party transaction intended to expand business synergies in the reducer field.
The robot business is currently expected to account for about 10% of revenue, providing limited direct boost to overall performance. In the first half of 2026, China Leadshine Technology Co.,Ltd.'s consolidated net cash flow from operating activities was 43.3663 million yuan, down about 14.0% from 50.4289 million yuan in the same period a year earlier. Although revenue and profit grew, it remains to be seen how new orders translate into actual revenue and operating cash flow. In addition, the cash flow figure is on a consolidated basis for China Leadshine Technology Co.,Ltd. as a whole and cannot be used to directly infer the payment collection pace of robot customers.
The conversion of orders into deliveries and revenue, the pace of bringing the 3-million-unit motor production line into operation, and whether the robot revenue contribution can be realized next year and the year after are the main indicators to watch going forward.
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