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Morgan Stanley
摩根士丹利

June 26,202504:58 AM GMT
2025 年 6 月 26 日上午 4:58 GMT

Humanoids
人形机器人

Humanoid Horizons:Who Will
人形未来：谁将

Build the Android for Androids?
为安卓机器人构建安卓？

Over the past month,Apple Meta,Google,Huawei and others released open-source robotics models/tools in hopes of bringing developers into their nascent but rapidly expanding robot
在过去一个月中，苹果、Meta、谷歌、华为等发布了开源机器人模型/工具，希望将开发者引入他们新兴但迅速扩张的机器人

cqsystems.Meanwhile,China hosted a humanoid boxing
中国举办了一场人形拳击

competition just a month after the humanoid half marathon. I'd greatly appreciate your support for the Morgan Stanley Auto &Auto Parts team in this year's ALl-America Extel survey.Stay Human,AJ
就在类人半马赛事一个月后。我非常感谢您支持摩根士丹利汽车及汽车零部件团队在今年美国全明星 Exel 调查中的表现。保持人性，AJ

How to vote:To request a ballot,please go to https://www.extelinsights.com/voting and select “ALl-American Research Team”.
投票方式：要申请选票，请访问 https://www.extelinsights.com/voting 并选择“美国全明星研究团队”。

We Provide Some Updated Thoughts as Developments in Humanoids & Embodied AI Continue to Evolve At a Rapid Pace:
随着类人及具身人工智能的发展持续快速发展，我们提供一些更新的思考：

· Who will build the Android for androids? Large technology companies in the US and China continue to open source their latest Al tools(world
· 谁将为安卓机器人建造安卓？美国和中国的大型科技公司继续开源他们最新的 AI 工具（世界

models,vision-language-action models,training datasets,etc.)in hop
模型、视觉-语言-动作模型、训练数据集等）在跳es of
中 accelerating
加速 the
了 current
当前 wave
浪潮 of robotics
机器人技术 development
开发 while also
也 bringing
带来 developers
开发者 deeper
更深 into
进入 their
它们 respective
相应的 ecosystems.In
生态系统。 particular,over
尤其，超过 the
了 past
过去 month,Meta
一个月，Meta open
开放 sourced
资源 their
它们 latest
最新V-JEPA 2 world model,Google
世界模型，Google Deepmind released
发布了Gemini Robotics On-Device
设备机器人,Apple
,苹果 relepsed
发布了 its
它的 EgoDex dexterous
灵巧 manipulation
操作 dataset
数据集 for
用于 humanoid
人形 training)and
（训练）和 Huawei
华为 unveiled
揭幕 their
它们 CloudRobo embodied intelligence platform.While
智能平台。而 the number
数字 of

robotics-specific models and papers published by large technology
机器人特定模型和大型科技公司发表的论文

companies continuesto rise,we believe the pace will only increase as these companiesmove to spread their Al bets into the physical world (including into hardware).Note that many of these companies just recently began
公司持续增长，我们相信随着这些公司将其 AI 赌注扩展到物理世界（包括硬件），这一速度只会加快。请注意，这些公司中的许多公司只是最近才开始

ramping efforts to hire robotics talent. See here for a summary of how large technology companies in the US and China are currently involved in the
加大招聘机器人人才的力度。有关美国和中国大型科技公司目前如何参与的信息，请查看此处。

humanoids landscape.(Meta and Google are covered by Brian Nowak,Apple is covered by Erik Woodring).
人形景观。（Meta 和 Google 由 Brian Nowak 负责，Apple 由 Erik Woodring 负责）。

· First Humanoid Half Marathons...Now Boxing Competiti
· 首次人形半马...现在拳击比赛ons?Thoughts
疑问？想法 on China.
关于中国。 A month
月份 after
之后 the
了 Beij
北京ing
英 Humanoid
人形 Half
半 Marathon,
马拉松，China
中国 Media
媒体 Group
群组 hosted
举办 the
了 world's
世界的first
第一个 humanoid
人形 boxing
拳击 competition
竞争in Hangzhao,
在杭州， broadcast
广播 nationally
全国性地 on
关于 China
中国 Central
中央 Television
电视 as national
国家 support for
支持

robotics,specifically humanoids continues to build.This is also evidenced by
机器人技术，特别是人形机器人，仍在不断发展。这也得到了

GLOBAL IDEA
全球视野

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Stock Rating ndustry View Price target
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Shr price,close(Jun 25,2025)
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市值，当前（百万美元）

52-Week Range
52 周区间

Overweight
增持

In-Line
持平

$410.00

S327.55 $1,153,304

$488.54-182.00

Fiscal Year Ending 12/2412/25e 12/26e 12/27e
财年结束于 12/24 12/25e 12/26e 12/27e

2.90

2.44

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Morgan Stanley |RESEARCH
摩根士丹利 | 研究

一手

·

一手调

·

the steadily rising amount of government investment funds dedicated to
政府用于...的投资资金正稳步增长

robotics,now
机器人技术，现在 reaching
达到 187bn
1870 亿 Rmb($26bn
人民币（26 亿美元） USD),as local
当地 provinces attempt
省份试图 to attract the potential winners of
吸引潜在获胜者 a theme that's
一个主题 been clearly
已经明确 made
制作 a

national
国家 priority.Current
优先事项。当前 policies appear to
政策似乎 mimic those that led to China
模仿那些导致中国的 being
处于 a dominating force
主导力量 in EV's,batteries,drones,etc.cewever,from
电动汽车、电池、无人机等，然而，从 our
我们的 perspective the average
角度来看，普通 investor in the
投资者在 US seemsto be
美国似乎 una
一ware
个 of China's
中国的 monumental lead.While
纪念碑般的领导。 many claim that the Al/chip advantage
许多人声称 Al 芯片的优势in
在 the
了 US
美国 is
是 much
许多 more
更多 important than the ability to manufacture micro
比制造微型电机的能力更重要， motors,
电池、减速器等，

batteries,reducers,etc.,we would happily play devil's advocate.
我们会乐意扮演魔鬼代言人。

Manufacturing and physical intelligence are
制造和物理智能是 inextricably
不可分割地 Link
链接ed.The ultimate
终极 arrier to Al-enabled
载体至 Al robotics,in
机器人技术， our view,is
在我们的看法中， data(which
数据（它 is tied
与...相关） to
到

manufacturing).Winners and
制造业）。赢家和 Losers will be decided by the
输家将由 ability to
能力决定 build
构建 and deploy the data
并部署数据 probes(robots)t
探测器（机器人）o collect data
收集数据 and
和 drive
驱动 the
了 Al
阿勒

improvement flywheel.
改进飞轮。

。See
查看 here for
用于 more
更多 thoughts: Tesla Inc:10 Reasons China Is Lea ding the Robot Race(12 Jun 2025)

。See
查看 national support dashboard from our China
我们中国的国家支持仪表板 Industrials/Humanoids
工业/仿生人 team
团队 here.
在此。

Large Scale
大规模 Humanoid
人形 Deployments Coming Soon to the
即将部署到 US?
美国？Today,most
今天，大多数 humanoid deployments in the
人形部署在美国 US are very low volume
数量非常少 test
测试 cases.However,a
案例。然而，一个 number of recent reports indicate that
近期报告的数量表明 larger scale
更大规模 commercial deployments
商业部署 may soon
可能很快 be on the
就会在 horizon.In
地平线.In particular,
具体来说， Foxconn and NVIDIA
富士康和英伟达 are
是

reportedly discussing deploying humanoids for the prod
据报道正在讨论部署人形机器人用于生产uction of Al servers
Al 服务器的介绍 in Houston
休斯顿 by
由 1Q26,Amazon
1Q26 年，亚马逊 is developing the systems and undergoing trials
正在开发系统并接受测试 to
到年底 use
使用humanoids
人形生物 in delivery operation
在配送操作中s,
，and
和 Hyundai is expected to
现代汽车预计将 deploy
部署 Atlas humanoids
阿特拉斯人形生物in its
在其 US-based pla
美国基于的 plants.Tesla continues
继续 to
到年底 expect
期待 to
到年底 produce
生产 "thousands"of Optimus humanoids by year-end for deployment in
"数千"个 Optimus 人类型机器人用于部署在 its
它的 own
自己的

plants.
植物。

。See our
查看我们的 US
美国 Internet Team's(led
互联网团队的（领导） by
由 Brian
布莱恩 Nowak)reaction to the latest
Nowak 对最新 AMZN humanoid
人形 reports:
报告的反应： Amazon.com Inc:Optimu
Inc:优化s Priming to
准备自动

Automate $200bn of Logistics Costs(5Jun 2025)
化 2000 亿美元物流成本(5Jun 2025)

From Wheels to Walkers.Our Chna Autos team recently published a note (led by Shelley Wang)on how China automotive companiesare primed to

pivot to humanoids,identifying humanoids as one ofthe three largest
转向类人生物，将类人生物识别为三大类之一

opportunities for legacy auto businesses along wit
传统汽车企业的发展机遇h growth
h 增长 in EV's and
和 smart
智能 vehicles.For best exposure to playthe theme,the team currently
车辆。为了最佳地体验主题，团队目前 prefers
更倾向于

tier-1module assenblers such as Sanhua(002050.SZ,CNY 26.49)and
tier-1 模块组装商如三花（002050.SZ，人民币 26.49）和 Tuopu(6Q1689.SS,CNY 47.86).In the
拓普(6Q1689.SS,CNY 47.86)。在 US,we also recently
美国，我们最近也published a
发布了一篇

磅 mitar note
mitar 笔记 on
关于 how
如何 US auto suppliers could
美国汽车供应商可以 pivot to
转向 robotics
机器人技术 to fill gaps
缝隙 between domestic supply and demand for critical technologie
国内供应与需求之间的关键技术s whie thein
s while the in legacy OEM customers face rising secular challenges.Overall,itis our view
传统的 OEM 客户面临日益增长的世俗挑战。总的来说，这是我们看法。 that global auto compani
全球汽车公司es today are "maximum auto"and
今天的是"最大自动"和 can
能 only
仅 become
成为 more diversified as Al penetrates t
随着人工智能的深入发展，将变得更加多元化he physical world
物理世界 and
和 major gaps
主要差距 in

supply chains emerge.We should prepare for a
供应链出现。我们应该做好准备。 number of these
这些的数量 legacy
传统 businesses to gradually enter adjacent physical markets
企业逐步进入相邻的实体市场 such
这样的 as robo
机器人tics,
技术， drones,defense,etc.
无人机，国防等。

Humanoid
人形 100 update:
更新：As of the June 24 close,the
截至 6 月 24 日收盘， Humanoid
人形 100 is +14.4%
100 是+14.4% YTD on an equal-weighted basis,outperforming the S&P500
以等权重计算，YTD 表现优于标普 500 by
通过～11%-

GLOBALIDEA
全球创意

研报数据加V:shuinu9870

外投行研报数据加V:shuinu9870

更多资料加入知识星球：水木调研纪要关注公众号：水木Alpha Morgan
莫甘 Stanley
斯坦利 |RESEARCH
|研究

GLOBALIDEA

points.Top performers over the past month include MP Materials,Naver,

Oracle,Onsemi,and Allegro Microsystems.Note that we recently updated

our Humanoid 100 list to include video game and cybersecurity companies,

see details and rationale here
查看详细信息和理由.

Exhibit 1:
图 1：Apptronik Apollo Humanoid
人形机器人 Using
使用 Gemini Robotics
机器人 On-Device
设备上

Put the Rubiks cube
将魔方放好 in the bag
包

Shelley
雪莉 Wang)
王）

行研报数据加V:shuinu987

_ 力

Souroe Comp any data,Morga n Stanley Resea rch

更多一手调研纪要和海外投行研报数据加V:shuinu9870

MORGAN STANLEY RESEARCH

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更多多

Exhibit 3: Humanoid 100 Top and Bottom YTD Performers and EW'd Performance vs.S&P 500.

Top 10YTD Performers
Rank Company Ticker Country Performance
1 Shuanglin 300100-CN Ching⁸79 +148%
2 JL Mag 6680-HK China	+132%
3 MP Materials MP-US: USA	+124%
4 Rainbow Robotics 277810-KR Korea	+94%
5 Palantir PLTR-US USA	+89%
6 Horizon Robotics 9660-HK China	+83%
Rbblox RBLX-US USA	+81%
8 XPENG XPEV-US China	+68%
9 Xiaomi 1810-HK China	+65%
10 UBTech 9880-HK China	重多
Bottom 10 YTD Performers
Rank Company Ticker Country	Performance
Hiwin Technologies 2049-TW Taiwan	(35%)
2 Teradyne TER-US USA	(28%)
3 Toyota 7203-JP Japan	(21%)
4 Apple AAPL-US USA	(20%)
5 Harmonic Drive Systems 6324-JP Japan	(20%)
6 Novanta NOVT-US USA	(17%)
7 GAC Group 2238-HK China	(17%)
8 Tesla TSLA-US USA	(16%)
9 Ambarella AMBA-US USA	(15%)
10 Onsemi ON-US USA	(14%)
Humanoid 100(Average) S&P500 MSCI China MSCI Taiwan MSCI Korea	+14.4% +3.6% +16.9% (3.1%) +27.3%

Note Dataas of 6/24/2025.

Source FactSet,Morgan Stanley Reearch

Exhibit 4: China-Humanoid Value Chain vs.MSCI China

ce Morgan Sanley esearch Note Dat asofJun25 Coe pese refe toEshit 19forthelstof compniesinoyu周

GLOBALIDA

shuinu987(

外投行研报数据加V:shuinu9870

更多资料加入知识星球：水木调研纪要关注公众号：水木Alpha

Morgan Stanley |RESEARCH

Exhibit 5: The Humanoid 100-Morgan Stanley's List of Global Humanoid Enablers

namc

01naynG

m 09Mete

Aphbet

QPrt ORACLE

琶Mcouch

paloalto

CYBERARK

arm sm

SONY

照Tun

Tencenr腾请

ABB

TERADYNE

ArE

onsemi

MENS

conn

NSK C

TIMKEN

SCHAEFTLn

TIMKEN

Mooo

三TE

an

NSK

SKF

HTWIN TH

zwo

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些

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恩 H

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Note:Public companies only.Not all indusive. Source Morgan Stanley Research

In this note you will find:

· Recent Humanoid Updates &Developments

· China Policy Support Overview

· Humanoid 100 Performance

· China Humanoids Value Chain Performadce

· Tracking Humanoid Progress

· US&China Humanoid TAM/Adoption Estimates

For Furcher Reading on Humanoids GEmbodied AI:

· China's Emerging Frontiers:From Wheels to Walkers-How Autos lorph

into Humanoids(18 Jun 2025)

· Embodied AI:Humanoid 100 Update:Adding Video Games and Cybersecurity

Names(17 Jun 2025)

· China's Emerging Frontiers:Robotics Unleashed,A New Era(16 Jun 2025)

· Tesla Inc:10 Reasons China Is Leading the Robot Race(12 Jun 2025)

· Autos &Shared Mobility:A "G.1.Bill"for Robotics and Manufacturing?(12 Jun

2025)

MORGAN STANLEY RESEARCH

GLOBALIDEA

研报数据加V:shuinu9870

海外投行研报数据加V:shuinu9870

更多资料加入知识星球：水木调研纪要关注公众号：水木Alpha

Morgan Stanley RESEACH

· Humanoids and Global Materials:The robots are coming...for critical

minerals(21 May 2025)

· Autos &Shared Mobility:Auto Suppliers and Al Robots:Major Opportunity or Emerging Risk?(28 May 2025)

· Humanoids:A$5 Trillion Global Market(29 Apr 2025)g870

· Video:The Robots Are Coming:Investment Imglications of Embodied AI(13 Apr 2025)

· Humanoids:The Humangid100.Mapping the Humanoid Robot Value Chain

(6 Feb 2025)

·TeslaccPigure Alat $40bn?;Your Face is a Battleground(18 Feb 2025) 砥 mazon.com Inc:Robotics:Retail Advantages Widening and the Path to

$10bn+of Annual Efficiencies(2Feb 2025)

· Meta Platforms Inc:Robotics:Expanding Llama's Real World Data Capture

(18 Feb 2025)

· Artificial Intelligence:Humanoids:Investment Implications of Embodied Al

(26 Jun 2024)

Relevant Private Company Disruptor Profiles:

· Embodied AI:AI Robotics Disruptors:Skild AI(23 May 2025)

· Embodied AI:Humanoid Disruptors:1X Technologies(7 Apr 2025)

· Embodied AI:Humanoid Disruptors:Apptronik(24 Mar 2025)

· Embodied Al:Humanoid Disruptors:Mentee Robotics(2Mar 2025)

· Embodied Al:Humanoid Disruptors:NEURA Robotics(28 Feb 2025)

· Embodied Al:Humanoid Disruptors:Unitree-Humanoids Starting at $16K (28 Jan 2025)

Previous Iterations of Humanoid Horizons:

· Humanoids:Humanoid Horizons:A Race to Capture Prospects (23 May 2025)

· Humanoids:Humanoid Horizons:The Widening Gap Between US &China(30

Apr 2025)

· Humanoids:Humanoid Horizons:Progress in Acceleration(21 Mar 2025)

· Humanoids:Humanoid Horizons:Big Tech Flexes its RobatNuscle,Humanoid

100+20%YTD(25 Feb 2025)

· Humanoids:Humanoid Horizons:I thgbatGPT moment here?(16 Jan 2025)

·Humanoids:Humanoid Horizanproduction to Start?(18 Nov 2024)

· Humanoids:Humanoid Horizons:Can the US Keep Pace With China?(9 Oct

2024和

研 manoids:Humanoid Horizons:New Entrants,New Capital (5 Sep 2024)

GLOBALIDEA

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投行研报数据加V:shuinu9870

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Recent Humanoid Updates &Developments

手调更多一

开纪要和海外投行研

MORGAN STANLEY RESEARCH

New il:uiding ctvities rach anew high in May₂:China capital market

continues to show strong interest in the field of embodied intelligence/humanolds with monthly financing activities reaching a record high(25 transactions).

Compared to previous months,we see more notable integrator startups(like

Unitree,Agibot,Galbot,D-Robotics,see detailsbelow)carrying out financing

activities.Meanwhile,robotics comipanies across the value chain(from integrators to component suppliers)announced plans for listing in Hong Kong,some have

emphasized plato develop embodied intelligence related hardware and software, such as Zhaowei,Standard Robots,Seer Intelligent.We see this is a positive for the industry development to accelerate product/technology iteration and capacity

expansion.

。Unitree reportedly closes Series C funding round at $$1.7bn(Rmb12bn)

valuation. According to Forbes, Chinese humanoid startup Unitree recently completed a Series C funding round in June that valued that company at

Rmb12bn or $1.7bn.Notable investors included Geely Automotive,Ant Group, Tencent,Alibaba,and HongShan Capital(Formerly Sequoia Capital China).

· Agibot adds JD.com as an investor. Following series-B financing in March-25, (backed by Tencent,Lanchi Ventures,Longcheer Technology,Wolong), the

company newly added JD.com and Shanghai Embodied Intelligence Fund

(backed Shanghai government)according to company record change.Both

new shareholder reportedly take 0.75%stake in Agibot.While the investment

amount and valuation are undisclosed,local media previously reported in

March-25 that Agibot was negotiating the new funding round at a valuation of Rmb15bn.

。Galbot raises $153mn(Rmb1.1bn)in new financing round co-led by CATL and its strategic investment arm Puquan Capital,with participation of China Development Bank,Beijing Robot Industry Development Investment Fund, Jiyuan CapitaL.This is the largest financing round announced in China

ernbodied intelligence field,according to Xihua.

Fourier pre-money valuation reaches Rmb8bn($1.1bn):According to

company filing on May 26,Runyang New Material will ubscribeno more than Rmb300mn($42mn)of Fourier's newly issued sharesfat a pre-money

valuation of Rmb8bn.Fourier raised Rmb80pmn($109mn)in its series E round in January, with investors inctuding Prosperity Ventures.

·Our China teamhave visited Fourier and other humanoid companies in May,see the detail takeaway here

。D-Robotics completed a $100mn(Rmb718mn)funding Round: D-Robotics,a subsidiary of Horizon Robotics,has completed a $100mn Series A funding

round on May 28,with notable investors including GL Ventures(aVC

subsidiary of Hillhouse),5Y Capital,Linear Venture,Hermitage Capital and

Vertex Growth.Following the funding,the company launched system-on-chip (SoC)development kit RDK S100 for humanoids in June 2025.

XCC to raise up to Rmb1bn for robotics and auto components. The new

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project will be located in Xinchang,Zhejiang,with a total investment amount of Rmb1.1bn and construction period of 3-years.The project will reach an

annual capacity of 980k sets of planetary roller screws,2.1mn sets of mini-ball screws,70k sets of bearings for general-purpose robots,1mn sets of

autonotive steering system screws,and 4mn sets of brake parking system screws upon completion. i9

。 Robotics companies announced plan to list in Hong Kong, including Estun(A

+H listing),Wolong(A+H listing), Zhaowei (A+H isting)Btandard Robots, LDROBOT,Seer Intelligent,SwitchBot,投Yun 行

Exhibit 6: Monthly China Human响 mpany Funding Activity

Note:Includesal notable funding disdosed basedon our knowledge and research.However,there may stilbe some not captured We updated number of transaction in previous months with transaction announcedafter our published previous Humanoids Horizon.

Source:Company announcement,Morgan Stanley Research

Exhibit 7: China May Funding Activity Breakdown Exhibit 8: China YTD Funding Activity Breakdown

Body

9

Integrator 11

Brain

5 Source:Morgan Starley Researc

22

Source:Morgan Stanley Research

New Entrants:

· Hexagon unveils in-house'AEON humanoid months after launching Robotics

division. Swedish simulation and measurement company,Hexagon,recently

unveiled its own in-house humanoid"AEON"at its flagship global event on June

17th.This comes after Hexagon launched its Robotics division back in March.

Schaeffler and Pilatus were announced as testing partners to trial the robot across manipulation,machine tending,inspection,and reality capture use cases

Additionally,the robot will leverage NVIDIA Omniverse &Jetson SoC's,Microsoft Azure,and maxon actuators,We note that Hexagon is a key member of the

Humanoid 100 under the Simulation G Reality Capture category.

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·Kedali plans to set up a JV with Veichi Electric,Kepler and others.to enter the

field of dexterous hand. Kedali said the company's humanoid robot business

focuses on key components such as high-precision reducers and joint modules,

aiming to create the company's second growth curve.At the present,relevant

businessesare connected with domestic and foreign customers,primarily imited shto sending samples at this stage.

New Robot Models GHardware Improvements:

· Unitree teases new 26 DoF robot with a price tag potentially<$10k.In a re cent post on its official X account,Unitree teased an upcoming 26 degrees-of-freedom (DOF)humanoid robot with a price point potentially less than $10k(the post

indicated a priceof ’$?000").Unitree's currently flagship humanoid,the G1, currently starts at $16k and features 23 degrees of freedom.

· Hugging face reveals 2 new affordable open-sourced humanoids for robotics developers.In late May,Hugging Face revealed two new open-source humanoid robots, "HopeJR"and"Reachy Mini".Hoper is a full-size humanoid capable of

walking and various arm movement.Reachy Mini is a small desktop-based robot head that can gesture,talk,and listen.HopeJR reportedly will cost $3k while

Reachy Mini will cost $250-$300.The robots are based upon technologies acquired from French humanoid company Pollen Robotics after Hugging face bought the company in April.

· D-Robotics,a subsidiary of Horizon,launched system-on-chip(SoC)

development kit RDK S100 for humanoids in June 2025.By integrating a CPU,a brain processing unit(BPU),and a microcontroller unit(MCU)on a single chip, the RDK S100 aims to reduce hardware costs while enhancing overall system

performance.The kit is priced at Rmb2,799($392).According to the company,it has formed partnerships with more than 20 embodied intelligence companies working on and is conducting trials of the RDK S100 with over 50 clients.

· Estun unveiled Codroid 02.The new generation Codroid features 31DoF

(excluded hands'DoF),a single arm payload of 5kg,and a 2-system embodied

intelligence model(a fast system based on flow matching policy and a slow system based on VLM).Estun Codroid is focusing on industrial applications,capable of

dexteros manipulation and multiple robot collaboration.

gH ong Kong's first humanoid robot company launched new robots. Hong Koggu

Robotics (a partnership between HK ROBOTICS and Dataa Robotics)focusing on applications like smart property management,healthcare,nd education,have

unveiled 3 new humanoid robots.The companyhas atso partnered with 4 companies to promote adoption.Eachbobot is priced at around USD20k (HKD156k),with plans toscale production and reduce costs.

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Exhibit 9: Unitree teases new 26 DoF robot with a price tag potentially<$10k

Source:Unitree onX

GLOBAL IDEA

Exhibit 10: Horizon's subsidiary,D-Robotics,launched a robot development kit,RDK S100,in June 2025

870

Source:Company data

Software/AI Improvements:

·Apple researchers release EgoDex open-source dexterous manipulation dataset to support humanoid development. pple researchers recently released

"EgoDex,an open-source dexterous human manipulation dataset,to accelerate humanoid robot development.EgoDex features 829 hours of egocentric video

paired with 3D hand poses across 194 tasks.It is claimed to be the largest and

most diverse dexterous manipulation dataset to be released to date,an order of magnitude more complex than the next largest dataset.ALl data was collected on Apple Vision Pro.

· Google Deepmind releases Gemini Robotics On-Device. Google Deepmind

recently released Gemini Robotics On-Device,allowing the company's Gemini

Robotics model(unveiled in March)to run locally on robots to reduce latency and

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更多一手调研纪要和海外投行研报

improve overall robustness.Google advertises the model as engineered to require minimal compute while also being able to achieve strong visual,semantic,and

behavioral generalization.The model and relevant software development kit(SDK) is currently available under Deepmind's Trusted Tester Program.

· Meta releases open-source V-JEPA 2 general-purpose robotic world model.

Meta recently released a new 12 billion-parameter Al world model dubbed V-JEPAi 2,which,per the company,can"understand,predict,and plan in the pHysical

world".In the announcement,Meta advertised potential usecases across a range of mobile machines such as delivery drones andautonomous cars.The model is primarily trained using self-supervisedlearning from video(more than 1millon hours and 1million images fron 'diverse sources")without additional human

annotation or labeling.Meta claims a 65-80%success rate for picking and placing new objects in unseen environments.It is currently open-sourced on GitHub and Hugging Face.

· 1X unveils Redwood autonomy model for its NEO humanoid.1X recently

announced its new "Redwood"vision-language transformer Al model-tailored for its NEO humanoid and capable of performing end-to-end mobile manipulation

tasks.The model was trained on a "large dataset of teleoperated and autonomous episodes"from EVE and NEO humanoids allowing it to generalize to a wide

variation of novel tasks with demonstrations showing the robot opening a door doing laundry,and picking up household objects.

。See our recent Disruptor profile on 1X:Embodied Al:Humanoid Disruptors:1X

Technologies(7 Apr 2025)

更多一手调研纪要和海外投行研报数据加 V:

· Figure releases 1hour long demonstration of Helix VLA model.US-based

humanoid startup,Figure Al,recently released a full 1-hour long demonstration of a Figure 02 humanoid leveraging the company's proprietary Helix VLA model to

sort packages.The video shows the robot generalizing across a wide range of

package types,both soft pouches and boxes,grabbing them as they move down a conveyor belt and orienting them such that the barcode faces properly.This comes after a number of humanoid robot demonstration videos across the broader space continue to face continued criticism for either using extensive teleoperation or

cherry-pickiog the best results.

·B ejing Academy of Artificial Intelligence(BAAI)releases open-source

RoboBrain 2.0 autonomy model. The Beijing Academy of Artificial Inteligence (BAAl) recently unveiled its "RoboBrain 2.0"autonomy modek foghumanoids and other robots which BAAl head Wang Zhongyuan descnibed as the "World's most powerful"open-source Al robotics modelk Themodel supports interactive

reasoning with long-horizon.planning,spacial perception,and temporal perception to enable general-purpose robotic autonomy.

· Huawei Cloud releases CloudRobo,an embodied Alplatform.At the Huawei

Developer Conference 2025(HDC 2025),Huawei Cloud released the CloudRobo Intelligent Platform,based on the multimodal and thinking capabilities of Pangu Models.The platform comprises of 3model,including 1)a multimodal generation model,2)a planning model,and 3)an execution model.Huawei also purpose the Robot to Cloud(R2C)Protocol,hoping to enable more robots to develop efficient and secure intelligence.

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· Paxini's real-time intelligent super data factory has landed in Tianjin.According

to local reports on June 23,the 12,000-square-meter smart data factory targets to

solve the scarcity of data sets,lack of haptic modal data,and poor generalization.

With 150 data collection units,the factory is expected to generate 200mn

trajecteres Of high quality embodied datafor training,according to local media on une 23.

Exhibit 11: Denmonstration of 1X's new Redwood autonomy Exhibit 12: Performance Metrics of Meta's New VJEPA 2 World

Model

вемснмаяк VJEPA2 ряеиюиз вевт

Planning and Robot Contrel		Reach		00%	1ЮО1 (Оє1о)
Гготп Втшре Оо	оМ	Grasp Pick andplace		45% 73%	в» (Остод 13%(Octo)
Predietion		Еркє-КЛсеп»ТОО асЬопипИсра	йоп	ЗЭЭК	27.6%(PlausiVU)
Understanding		БотеЕпд-БотеШймуд асйю	п	77.3%6	бЭЭ» йметУюео2- В АпепхероЬе
			гесодпйол АгегАче ргоЬ	е
			ОййюрАВ АгтепМне ргоЬе		902%	ВбА» 0гетУЮеоЗ- В АЦепЬ»е ргоЬе
			РегсерАюп Тем		84.0%	В27* (Регсереюп. М)
			MVPBench		44.5%	399%(lnternvL-2.5)

Source:Meta

Adoption GDeployments:

一手调研纪要和海外投行研报数据加

12

·Amazon reportedly to begin testing humanoids in delivery operations.

According to The Information,Amazon is currently developing the necessary

systems that would allow humanoid robots to operate as delivery workers with the reports indicating Amazon will begin real-world testing in the near future. WhiteAmazon is currently partnered with US-based humanoid startup Agility Robotics,a number of robots will reportedly be tested including Unitree Gts. Additionally,robots would be ferried to and from delivery locations using Rivian electric vans.To our knowledge,Amazon has not commented on the reports.

· Foxconn and NVIDIA in discussions to deploy humanoids at Houston server

factory. According to an unconfi med report published by Reuters, Foxconn and NVIDIA are currently in discussions to deploy humanoids at a new Foxconn factory in Houston that will manufacture NVIDIA Al servers.The report indicates the

agreement is likely to be finalized in the coming months with the robots deployed by 1Q26when the factory begins production of NVIDIA's GB3000 servers.Note

that Foxconn is currently developing their own in-house humanoid in partnership with NVIDIA while also trialing UBTech humanoids.It is unclear at this stage which specific humanoids would be used for the Houston factory.

· 20 Walker S1 humanoid robots rolled off the line.Walker S1 officially rolled off the line at UBTECH's Liuzhou smart factory.The first batch of Walker S1 humanoid

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robots will soon enter Dongfeng Liuzhou Motor's commercial vehicle smart

manufacturing plant for training and vehicle production,realizing "Liuzhou-made humanoid robots"building "Liuzhou-made vehicles."

干调研更多一

纪要

Partnerships&golaboration:

Unitree partners with startup Reborn Al to deploy training framework for s

humanoids. Unitree recently partnered with Reborn Al, a Chinee startup building an"open ecosystem for AGI robots".As part of the partnership,Unitree will deploy Reborn's Roboverse platform which aimsto acelerate model training by up to 30x through a proprietary simulationplatform,extensive training datasets,and

benchmarks.

·Huawei have engaged in multiple partnership to accelerate humanoid

development since 2024.During HDC 2025, Zhang Ping'an,CEO of Huawei Cloud, emphasized that Huawei Cloud will not produce robot bodies itself,leaving the

hardware to its partners.We note that Huawei has been announced multiple partnership since 2024,we list the partnership announced so far:

。Huawei to co-develop loading and unloading humanoid with iSoftstone.

The partnership is focusing on developing humanoid robotics for general and 3C manufacturing scenario,according to STAR Market Daily on June 23.

。Huawei Cloud signed collaboration agreement with Hong Kong Robotics. According to Huawei Cloud,the two parties have signed partnership during HDC 2025,to collaborate in the fields like embodied intelligence,humanoid applications,and healthcare large model.

· Huawei and UBTECH signed comprehensive agreement to cooperate on

humanoid robots in May-24.The two companies announced to will co-

develop smart factories that leverage humanoid robots while also jointly

developing household service robots.Huawei will also help UBTech create an 'embodied intelligence'innovation center in Shenzhen.

。Huawei establishes Global Embodied Intelligence Industry Innovation

Center in November-24:This center focuses on embodied intelligence multi- modal large models,and key technologies,including multi-robot collaborative

manufacturing.Huawei also signed strategic MoU with 16 companies,including Len8Robotics,Han's Robotics,Topstar,Zhongjian Technology,Efort,Hechuan Humanoid Robotics,and etc.

·During a video preview of HDC 2025 posted on Huawei socialoedia account, it features Leju's humanoid and Galaxea's wheeled based humanoid who give the speaker his coffee and microphone.

Government Support:

·First ever humanoid fighting competition hosted in Hangzhou,China. The China Media Group recently hosted the Mecha Fighting Series, the first-ever humanoid robot fighting tournament which was broadcast on Chinese Central Television.The match featured 4 Unitree G1 robots kicking and punching with boxing gloves.

According to a Unitree director,the robots were being tele-operated by humans but the fighting movements were trained using Al technology.

· Wuhan launches Rmb1bn humanoid robot fund,and provides dual-side

subsidies for deployment.According to a government announcement,Wuhan will

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establish a Rmb¹bn humanoid robot industry fund and participate in a Rmb10bn

Hubei provincial Al and robotics mother fund.OEMs leading city-level innovation labs may receive up to Rmb60mn.For humanoids deployment,Wuhan will offer

dual-side subsidies:up to Rmblmn for applications providers(30%of project

input)analup to Rmblmn for the humanoid product providers(20%of R&D input).

ibt 1: fstertumanodfohingmneio

Source:CMG

Exhibit 14: Snapshot from the 1 Hour Logistics Denhonstration Published by Figure

Source:Figure

Other:

更多一手调研纪要和海外投行研报数据加V:

·Tesla Optimus lead Milan Kovac leaves company.Ashok Elluswamy,Head of

Tesla Autopilot Team to take over.Tesla's VP of Optimus,Milan Kovac,posted on June 6th that he would be leaving the company for family reasons,thanking CEO Elon Musk and colleagues in the process and ending with "Tesla will win,l

guarantee you that".According to reports,Ashok Elluswamy,Tesla's current head of the Autopilot Team will step in to lead Optimus development.Note that we are not awarepfany indications that the leadership change will impact the company's 2025br2026production targets,although we do not rule out the possibility.

LG Innotek to supply camera modules to Figure AI.According to Kongan media, LGInnotek(subsidiary of LG Electronics-Covered by Shawnkim)has reached an agreement to supply camera modules to act as the"eyes "for Figure A's

humanoids.Specific details are not known at this time,and to our knowledge,

neither company has commentedonreports.Note that LG is a current investor in Figure.

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China Policy Support Overview

Humanoid/embodied intelligence became a key government focus when Li Qiang,the

Chinese Premierefirst mentioned it in this year's government working report in NPC,in our view.Since MIT issued"Guiding Opinion on Humanoid Innovative Development"in

February 2023,different local governments have issued a variety of policy toupport

industry development,set up funds to provide humanoids/embodied ventures,as well as establishing institutions/alliances to promote industry cooperation.This trend has been

intensified since 2025,especially after Unitreesappearance in CCTV's Spring Festival Gala/ President Xi met with Unitree CEQVang Xingxing.We now see stronger support from local government (says Beljing,Shenzhen).We think continuous government support is

instrumental for China humanoid market development,in order to bridge the gap to US, to breakthrough the limitation of data/Al/algorithm,and to accelerate downstream

applications.Below are key policies,funds,institutions/alliances for reference:

Exhibit 15: China national/provincial/municipal government have launched a series of policy to support humanoid/embodied Al development..

Announced Date	Policy/Government Plan	Region	Goals
Dec-21	14th Five-Year-Plan Robotics Industry Development Plan	Nationwide	To boost industry innovation,breakthrough industry's botleneck,focus on high-end and extend applications
Jan-23	17 govt departments isued Robot+application action plan	Nationwide	Robot+application action plan,aiming to achieve 100 breakthroughs in robotics technologies and 200 innovative applications by 2025
Nov-23	MIIT's Guiding Opinion on Humanoid Innovative Development	Nationwide	Humanoid to become a key engine for economic growth
Apr-24	Jiangsu Robotics Industry Innovation Development Action Plan	Jiangsu	The scale of the core robotics industry reaches more than Rmb25bn,robot density in key manufacturing sectors more than 500units/10,000
May-24	Shandong Implementation Plan for Humanoid Industry Development 2024-2027	Shandong	To develop 10 core companies with production value of each exceeding Rmb100mn
May-24	Anhui Action Plan for Humanoid Industry Development 2024-2027	Anhui	To establish humanoid industry ecosystem in 2027
Sep-24	Zhangjiang Implementation Plan for Humanoid Industry Development 2024-2027	Zhangjiang	Production to reach 20k units in 2027,value of core value chain to reach Rmb20bn
Dec-24	Chongqing supporting policies for embodied intelligence industry	Chongqing	To breakthrough key technologies,provide necessary capital supports
Feb-25	Beijing Action Plan for Embodied Inteligence Innovation and Industry Development 2025-2027	Beijing	To develop at least 50 key companies across value chain withat least 50 mass production product
Mar-25	Shenzhen Action Plan for Embodied Inteligence Innovation and Industry Development 2025-2027	Shenzhen	To develop 10 core companies with annual revenueexceeding Rmb10bn, and total industry size reaching Rmb100bn
Apr-25	Establishing national standards	Nationwide	To establish nationalstandards for humanoid,cover dexterous operations multi-robot collaboration,etc.
May-25	Zhuhai supporting policies for Al and robotics indnsniy	Zhuhai	To orovide suhsidies an mbotics technoloav R&D.incunina R8D suhsinie up to Rmb30mn,application subsidies up to Rmb500k,etc.
Jun-25	Wuhan 3-year plan and policies for Humanoid Industry	Wuhan	To provide R&D subsidies up to Rmb60mn.Dual-side subsldies for humanoids deployment,up to Rmb1mn eachy

Note Includesal notable funding digclohed on our knowledge and research.However,there may sill b some not captured. Source:Government Anngucengnts,Morgan Stanley Research

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Exhibit 16:.….with	a number of funds totalling of ~Rmb187bn to provide capital for industry		development.…
Announced Date	Fund	Size	Remarks
Jan-25	Beijing Robotics Industry Development Investment Fund	Rmb10bn	Focus on robotics,supply chain,and value chain innovations
Jun-25	Nationa-Local Joint Inovation Centre for Humanoid-Industry	FanaO Rmb10bn	Focus on humanoid value chain
Ju-25	Shanghai Humanoid Al Fund	Rmb1bn	Focus on humanoid value chain
Sep-24	Henan Computing Power ndustry Fdnd	Rmb10bn	Focus on digita infra,Al large model,embodied Abatc
Oct-24	Tangshan High-tech Robotics Innovation Venture Capital Fund	Rmb200mn	Invests in technology companiesin the Angel period and early to mid-term, with the focus on robotics anid related fields
Jan-25 研纪要	Ganzhou-Huangpujiang Inteligent Robotics Industry Fund	Rmb1bn	Led by Jiangxi rovincialGovernment
Feb-25	Shenzhen Al and Robotics Industry Fund	Rmb10bn	Focus on Al and roboticsindustries
Feb-25	Shenzhen Policy Fund	Rmb4.5bn	Various subsidies formodel and scenarios training,open for application in Mar-25
Feb-25	Beijng Government Investment Fund	Rmb100bn	Focus on Al and robotics industries
Mar-25	Guangdong Investment Fund	Rmn10bn	Focus on Al and robotics industries
Mar-25	Hefei Future Industry Fund	Rmb10bn	Focus on robotics industries,as well as additional Rmb100mn subsidies for robotics R&D
Jun-25	Hong Kong Innovation and Technology Indusry-Oriented Fund	HKD10bn	Focus on Al,robotics and emerging industries
Jun-25	Wuhan Humanoid Industy Investment Fund	Rmb1bn	To invest in seed/angel round of humanoid companies
Jun-25 Total	Hubei Provincial Al and Robotics Mother Fund	Rmb10bm ~Rmb187bn

Source:Government Announcements,Morgan Stanley Research

Exhibit 17: .as well as institutions/alliances to promote industry cooperation

Region institutions Accomplishment Key Partners
Beijing	National-Local Joint Innovation Centre for Embodied Intelligence	Developed an universal open-sourced humanoid robot platform-Tianjin Xiaomi,UBTECH
Shanghai	National-Local Joint Innovation Centre for Humanoid	Established China's first heterogeneous humanoid robot training facility, aiming to train 1,000 general-purpose robots simultaneously by 2027	Haier,Hisense, Shanghai Electric, Changhong
Guangdong	Guangdong Embodied Intlligence Innovation Centre	Focus on special applications,industrial manufacturing,household services	UBTECH,CUHK (Shenzhen)
Zhangjiang Zhangjiang Humanoid Innovation Centre LAniched humanoid-NAVIAI Guomao,Supcon
加 Shanghai Joint Innovation Centre forHunranoid		民加V Launched humanoid-Ziqiang 1 数Shanghai University
研报
Chengdu Chengdu Humanoid Innovation Centre Launched humanoid-Konka 1
Anhui Anhui Humanoid Innovation Centre Launched humanoid-Qijiang 1 更
Jiangsu Jiangsu Humanoid Innovation Centre

Source:Govemment Announcement,News Report,Morgan Stanley

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Humanoid 100 Performance

The Humanoid 100 is Morgan Stanley's list of public companies currently involved in

iriiheelol thfolt

r.oitslintui

8

preferred names to play,and our own proprietary research to find names thatlare involved

in the value chain.We then divided the names into Brain (Semis/Spftwvare),Body

(Industrial Components),and Integrators (Developing Fulumanoids).For every name in the Humanoid 100,we include details on sizeliquidity,core business competencies,

rationale for inclusion,and current hanianoid involvement if applicable.Currently,53%of companies are reported to be currently involved in humanoids already,and the remaining 47%are either close competitors of companies known to be involved or ones that our

analysts believe have material potential to eventually be involved.

For a copy of the underlying Humanoid 100 database or our Global Humanoid TAM model, please reach out to your Morgan Stanley representative.

See Full Note:Humanoids:The Humanoid 100:Mapping the Humanoid Robot Value Chain

(6 Feb 2025)

Exhibit 18:The Humanoid 100-Morgan Stanley's List of Global Humanoid Enablers

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GLOBALIDEA

Exhibit 19:Humanoid 100 Top and Bottom YT D Performers and EW'd Performance vs .S&P 500.

Top 10 YTD Performers
Rank	Company	Ticker	Country	Performance
1	Shuanglin	300100-CN	China	+148%
2	JL Mag	6680 HK	China	+132%
3	MP Materials	MP-US	USA	+124%
4	Rainbow Roboties	277810-KR	Korea	+94%
5	Palantir	PLTR-US	USA	+89%
6	Horizon Robotics	9660-HK	China	+83%
通	Roblox	RBLX-US	USA	+81%
8	XPENG	XPEV-US	Cnina	+68%
9	Xiaomi	1810-HK	China	+65%
10	UBTech	9880-HK	China	+50%
	Bottom	10 YTD Performers
Rank	Company	Ticker	Country	Performance
1	Hiwin Technologies	2049-TW	Taiwan	(35%)
2	Teradyne	TER-US	USA	(28%)
3	Toyota	7203-JP	Japan	(21%)
4	Apple	AAPL-US	USA	(20%)
5	Harmonic Drive Systems	6324-JP	Japan	(20%)
6	Novanta	NOVT-US	USA	(17%)
7	GAC Group	2238-HK	China	(17%)
8	Tesla	TSLA-US	USA	(16%)
9	Ambarella	AMBA-US	USA	(15%)
10	Onsemi	ON-US	USA	(14%)
Humanoid 100(Average) S&P 500 MSCI China MSCI Taiwan MSCI Korea		+14.4% +3.6% +16.9% (3.1%) +27.3%

Note Data as of 6/24/2025.

Source:FactSet,Morgan Stanley Reearch

870

nuinu9870

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Exhibit 20: Humanoid 100 Stock Performance Tracker

更

Note:Data as of 6/24/2025.

Source:FactSet,Morgan Stanley Research

GLOBAL IDEA

shuinu19870

加V.

MORGAN STANLEY RESEARCH 19

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RESEARCH GLOBALIDEA

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China Humanoids Value Chain Performance

Exhibit 21: China humanoid supply chain(+27.5%YTD)outperformed MSCI China(+16.9%YTD)..

9

w

- 科一调研纪

China humanoid value chain —MSCI China

Source:Factset,Morgan Stanley Researd

Note:Data as of June 25 dose,please refer to Exhibit 23 for the list of companies included

Exhibit 22:..Driven by both component manufacturers(+26.0%YTD)and integrators (+28.0%YTD).

987

纪要和海外投行研报数据加名一手调研纪要

更多

glaosan Stanley Rescrch

Note:Data as of June 25 close,please refer to Exhibit 23 for the list of companies included

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Exhibit 23: China humanoid supply chain

Ticker Company	Market Cap Last Close Price Change (USD′mn) (LCY) 1W YTD 3M 1Y					Notes
Brain BIDU-US Baidu 24,809 86.7		3%	3%	(12%)	(2%) Baidus LLMEmieBt recently als integrated with UBTech in theirhumanoid robot
Brain 9660-HK Horizon Robotics 9.411 6.7		2%	85%	(13%)	NA Its subsidiary D-Robotics launched system-on-chip(SoC)development kit RDKS100 for humanoids
Actuator 601689-CN Tuopu 11,587 47.9		3%	(2%)	(20%)	21% One of TeslaEVT1suppliers,developing humanoid actuators trom 2022,recenty dexterous hand motors
Actuator 002050-CN Sanhua 15,165 26.5		4%	13%	(13%)	% One of TeslaEVT1suppliers,expects to book Rmb150mn in revenue from actuator R&Din 2025
Actuator 000887-CN Zhongding 3,181 17.4		4%	32%	149JO	42% Announced to buid oore component R&Dand manufacturing center,partnered wih Efort to develop robots
Beaning 300718-CN Changsheng 942 54.9 10%)			91%	6%
Connector 688800-CN Reoodeal 2,947 70.8		5%	131%	(14%)	410% Recodeal management guidedit supples connectors to humanoid robots
Exterior 002600-CN Lingy iTech 8,328 加		b% 7%		(7%)	52% Suppler for Figure 01/02,signed ODM cooperalionand formed a JV with Agibot
Exterior 603305-CN Xusheng 1,736 数		3%	(1%)	(9%)	21% working with leading humanoid players,wil inifialy supply joint casting parts and torsdstructral parts
Magnets 300748-CN JLMag 种 22.7		(2%)	27%	13%	77% Investing US$144mn in Mexico factory citing growing demand for humanods and Evs
Motor 300124-CN Inovance 21,603 65.0		4%	11%	(6%)	26% Targets to introduoe rotary actuatorsfor humanoids this yean
Motor 603728-CN Moons 3,391 58.1		5%	8%	(18%)	42% Ofers coreless motor,frameless torque motor,enoodek reducer products for humanoids
Motor 688698-CN Voichif 1,390 47.2		1% 7%		(17%)	72% Its subsidiary has devebped rotary and line acLiabr,corelass and frameless motor products for humanoids
Molot 6B160-CT Kinco 1,015 86.7		6%	51%	(9%)	119% Ofers frameless torque motor for fumanoids,colaborating with leading humanoid players
Motor 688320-CN HeChuan 576 48.2		2% 24%		16%	96% One of Huawe's 16 pades robotics revenue exceeded Rmb1mn in 1Q25.sending samples to startups
to 003021-CN Zhaowei 3,650 109.1		9%	48%	(17%)	143% Offers dexterous hands and coreless motor;robotics business,including humanoids,is company key focus
Motor 002979-CN Leadshine 1,917 44.7		3%	45%	(16%)	152% ovefling Hmb⁵0mnto devebp and manufatur humanoid atsi Donguan
Motor 600580-CN Wolong 4,265 23.5		5%	37%	(19%)	95% Beceived small order for frameless torque motor,invested in Agibot
Motor 300503-CN Haozhi 947 22.2		5%	17%	(14%)	83% Ofer frameless torque motor,harmonic reducer,6D force sensor can be used in humanoid
Reducer 688017-CN Leaderdrive 3,240 126.9		4%	17%	(17%)	55% Focus onharmonic reducer and application on humanoid,sent sample to dients
Peducer 002472-CN Shuanghuan 3,375 32.2		5%		(12%)	47% Leading suplier of gears,curently used in humanoid aplications,devebpingnew reducer forhumanoids
Reducer 002896-CN ZhongdaLeader 1,590 75.5		5%		(18%)	173% Cerified suppler for Agibot,announoed to inwest Fmb200mn fo precision core components
Reducer 603915-CN Guomao 1,333 14.5		1%		(19%)	37% Suppier of planetary reducer for DeepRobobics (a leading legged robot player)
Reducer 301368-CN FORE Inteligent	233 62.2	7%	1	(18%)	38% Ofer harmonic and planetary reducers can be used in humanoid,sent sample to clients
Reducer 301261-CN Hengong 204 73.9		5%		(32%)	107% Ofer reducer productscan be used in humanoid
Screw 300580-CN BEST 1,736 24.9		5%		(25%)	67% Expect to ramp up production in 2025
Sere吉 603009-CN Beite 1,930 40.9		(11%)		(9%)	126% Signed agreement to investment Rmb1.85bn in planetary roler screw capacity
Screw 601100-CN Hengli 13,255 71.0		3%		(14%)	43% Produces a variety of components incduding planetary roler screws,sent fo clientvalidations
Screw 603667-CN XCC 1,722 33.8		1%		(17%)	110% To invest Rmb1.1bn for a new pant with an annualcapaity of 980k sets of planetary roler screws
Screw 300100-CN Shuanglin 3,871 49.0		14% 148%		9%	542% Developed roler screw products that can be used in humanoid
Semi 603501-CN WillSemi 21,794 128.6		2% 23% (4%)			29% Is existing sensor technology can beeasiy applied to humanoid's vision
Sensor 30007-CN Hanwei 1,838 40.3		13%	97%	(7%)	199% Focus on sot fexible sensor
Sensor 603662-CN Keli	2,529 64.5	2%	(0%)	(5%)	180% Developed 6-axis force torque sensor,invested in and supplier to Kepler
Vision 2498-HK Robsense	2,058 33.4	6%	9%	(19%)	(41%) offers camerasLiDAR,controlers designed for humanoids
Vision 688322-CN Orbbec	2,126 59.1	8%	27%	4%	133% Providing visual sensor for UBTECH and leading humanoid players
Vision 688400-CN Luste LightTech 902 27.3		4%	25%	(7%)	70% Providing mofion capturing solution-FZMofion for Unitree
ntegrator 688165-CN Efort 1,920 26.4		6%	0%	(3%)	251% One of Huawei 16 partners,subsidiary to launch humanoid in 1H25;partner with Zhongding to develop robots
Inte grator300607-CN Topstar 2,308 34.7		3%	36%	8%	161% One of Huawe's 16 partners,launched X5 robotics control platom under Huawe"s OpenEuler structure
Integrator 002747-CN Estun 2,458 20.4		5%	10%	(9%)	41% One of Huawe's 16 partners,developed humanoidmotors,unviled humanoid Codroid O2
Integrator 002779-CN Zhongjian 1,981 77.0		(1%)	58%	5%	278% One of Huawe's 16 partners,invested in 1X,launched quadruped robot P1
Integrator 9880-HK UBTECH 3,969 84.0		5% 53%		(2%)	(47%) Humanoid pure play launched Walker S1,Tiangong Walker,introduced BrainNet for humanoid colaboration
ntegrator 1211-HK BYD 117,516 129.9		2%	46%	(4%)	63% Developing humanoid project-Yao Shun Yu,testing UBTECH humanoids;invested in Paxini
nte grator 2333-HK Changan Auto	22,446 12.4	2%		(14%)	(1%) To invest Rmb50bn+to develop humanoid and eVToL,to launch humanoid by 2027
Integrator 2354-TW Foxconn 3,100 64.7		2%		(4%)	(12%) Partnered with Nvidia to develop humanid according to its Chaiman
Inte grator2238-HK GAC Group	8.816 29	4%		(9%)	(2%) Unveiled its 3rd humanoid-GoMate,targets to start smallscale production in 2026
Integrator 301236-CN iSoffStone	5,269 55.6	4%	(5%)	(5%)	58% Key partner with Huawei Harmony system,colaborating with Huawei to develop humanoids
Integrator 300-HK Midea/KUKA	76,639 76.8	3%	(1%) NA The humanoid robot jointy developedby Midea and Kuka is expected to enter the factory in May this year
Integrator 1810-HK Xiaomi	154,672 56.7	5%		10%	219% Unveiled CyberOn in 2022
Integrator XPEV-US XPENG	15,168 19.9	7% 68%		(2%)	150% IRON hs entered the factory training stage,with the goalof achieving largescale mass production by 2026
Integrator 2432-HK Dobot	2,696 59.1	2%	149%	(8%)	NA Unveiled Dobot Atom in March 2025,with seling price at Rmb199k,colaborating with Tencent Cbud
Integrator 700-HK Tencent	599,078 512.5	1%	23%	1% 34% Tencent established a Robotics X lab in Shenzhen in 2018,unveiled XiaoWu
Integrator BABA-US AHbaba	280,879 117.0二	3% 38%		(14%)	59% Invested in Robotera,Ant Group(ALbaba aflate)reportedly hiring enginers for humanoid robot

Source:Factset,Morgan Stanley Research

Note:Data as of June 252025 close;Past performance is no guarantee of future results.Transaction costp Oot included.For important disclosures regarding companies that are the subject of this screen,please see the

Morgan Stanley Research Disclosure Website at www.morganstanley.com/researchdisclosure.List ispoei on folowing criteria:(7)MS covered companies(2)Non MS covered companies;companies announced that their products are used/can be used in humanoid on company website,investor relations platform;conpanyfings.

MORGAN STANLEY RESEARCH 21

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Tracking Humanoid Progress

Humanoid Company &News Mentions

Exhibit 24: Time series of company transcripts mentioning "Humanoid

Exhibit 25: Time series of news/media reports mentioning "Humanoid"

重多一

■Company Doc Count ■Transcript Doc Count ■News Count

Note:'Company Documents'indlude filings,presentations,and press releases.Data is global.

Source:AlphaSense,Morgan Stanley Research

Note Data is global

Source AphaSense,Morgan Stanley Research

Global Patents

Exhibit 26: Monthly Patent Publications Mentioning "Humanoid"by Country

Note Ordered by publishing date.Acoording to Google Patents,may not capture 100%of patents. Source:Google Patents,Morgan Stanley Research

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Exhibit 27: Global Patent Publications Mentioning "Humanoid" by Office Over the Past 5 Years(According to Google Patents, may not capture all)

Patents Mentioning "Humanoid"By Office (Past 5 Y ears)

Rank

Patent Office

#Coes1

5

6

7

10

11

12

13

14

15

16

17

18

19

20

South Korea

European PatentOffice(EPO) Taiwad

Germany

Brazil

Poland

Canada

Australia Turkey

Great Britain

France Italy Spain

Eurasian Patent Organisation (EAPO) Romania

Sweden

320

215

184

72

25

24

19

18

17

13

12

8

5

Note Exhibit lirnited to top 20.

Source:Googhe Patents,Morgan Stanley Research

Exhibit 28: Top Filers of US Patent Applications Mentioning

"Humanoid"Over the Past 5 Years(According to Google Patents, may not capture all)

	Top US "Humanoid"Patent Filers (Past 5 Year	s)
Rank	Patent Assignee	#Count
1	Boston Dynamics,Inc.	72
2	Roblox Corporation	61
3	Sanctuary Cognitive Systems Corporation	58
4	Weta Digital Limited	45
5	Ubtech Robotics Corp Lid	43
6	Sony Group Corporation	38
7	Honda.Motor Co.,Ltd.	36
8	snity Technologies Sf	33
9多	Google LIc	30
10	Nuance Communications,Inc.	27
11	Sony Interactive Entertainment Inc.	25
12	Sarcos Corp.	23
13	Fanuc Corporation	22
14	Samsung Electronics Co.,Ltd.	20
15	Semiconductor Energy Laboratory Co.,Ltd.	19
16	Toyota Jidosha Kabushiki Kaisha	19
17	Kawasaki Jukogyo Kabushiki Kaisha	19
18	Tencent Technology (Shenzhen)Company Limite	14
19	Intel Corporation	13
20	Apple Inc.	12

Note Exhibit limited to top 20.

Source:UnitedStates Patent Office,Google Patents,Morgan Stanley Research

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Humanoid Unveils

Exhibit 29:Notable Humanoid Unveils since 2022(Blue =USA;Yellow=China;Green =EMEA;Pink=Rest-of-Asia)

Humanoid Tracker

Company Robot Country Year Unveliled Primary Use-Cage

Agility Digit USA二 2022 hdustrieoistod

Tesla Optimus Gen 1 USA 2022 GengraPurpose

Mirsee Robotics Beomni Canada 2022 Service

Xiaomi CyberOne China二 2022 Service

Tokyo Robotics Torobo Japan 2022 Research Platform

IHMC二 Nadia USA 2022 Research Platform

1X EVE Norway 2023 Service

Apptronik Apollo USA 2023 General Purpose

Fiqure 01 USA 2023 General Purpose

Fourier Inteligence _ GR- China 2023 General Purpose

Kawasaki Heavy Kaleido 7th Gen Japan 2024 Research Platform

Sanctuany Pheonix Canada 2023 General Purpose

Tesl Optimus Gen 2二 USA二 2023 General Purpose

XPENG PX5 China 2023 General Purpose

Kepler Forenunner K1 China二 2023 hdustriaVLoqistics

Unitree H-1 China 2023 General Purpose

1X NEO Norway 2024 Service

Boston Dynamics Alas (Electric) USA 2024 General Purpose

Figure 02 USA二 2024 General Purpose

Fourier Inteligence GR-2 China 2024 General Purpose

Mentee Menteebot srael 2024 General Purpose

Toyota Research Institute Punyo Japan 2024 Research Platform

Unitree G-1 China 2024 Genoral PurpoSE

Agibot/Zhiyuan A1 China 2024 General Purpose

Agibot/Zhiyuan A2 China 2024 Service

Agibot/Zhiyuan二 A2-Max China 2024 hdustriaVLogistics

Aqibot/Zhiyuan二 A2-W China 2024 ndustriaVLoqistics

Agibot/Zhiyuan X1 China 2024 Research Platform

KindHumanoid Mona USA 2024 General Purpose

UBTech Walker S China 2024 hdustriaVLoqistics

UBTech Walker S1 China 2024 ndustriaVLogistics

Neura二 4NE-1 Gemany 2024 Service

Robotera STAR1 China二 2024 General Purpose

Robotera XBot-L China 2024 General Purpose

Leju Robot Kuavo China 2024 General Purpose

Kepler Forenunner K2 China 2024 hdustriaVLoqistics

XPENG Iron China 2024 hdustriaVLoqistics

Addverb Addverb Humanoid India 2024 General Purpose

Borg Robotics Borg1 USA二 2024 General Purpose

Astribot si China 2024 Service

EngineAI SE01 China 2024 GeneralPurpose

PUDU D7 China 2024 General Purpose

PUDU DH11 China 2024 General Purpose

Deep Robotics DR01 China 2024 General Purpose

LIMX Dynamics CL-1 China二 2024 General Purpose

Leju Robotics Kuavo China 2024 Research Plafform

JAKA Robotics二 K-1二 China 2024 hdustriaVLoqistics

Tencent Robotics Five China 2024 Service

Weave Robotics Isaac USA 2024 Service

Laser Robotics Hector V2 USA 2024 Research Platform

PNDbotics Adam China 2024 General Purpose

SUPCON Navigator China 2024 General Purpose

Noetix Robotics Dora China 2024 General Purpose

PaXini Tech二 TORA-ONE China二 2024 General Purpose

Pollen Robotics Reachy 2 France 2024 General Purpose

Booster Robotics T1 China 2024 Research Platform

Galbot G1 China二 2024 Service

Boardwalk Robotics Alex USA 2024 hdustriaVLoqistics

Westwood Robotics THEMIS USA 2024 General Purpose

MagicLab MagicBot China 2024 General Purpose

BHRIC Tiangong China 2024 General Purpose

Dataa Robotics XR4 China 2024 General Pgpose_

Rainbow Robotics RB-Y1 Korea 2024 ndustri5islics

PUDU D9 China 2024 Geneal Purpose

EngineAl PM01 China 2024 DGeneral Purpose

GAC GoMate China 2024 General Purpose

Lumos Robotics LS1 China 2025 General Purpose

Humanoid HMND01 UK 2025 General Purpose

Mentee Robotics Menteebot v3 Israel 2025 General Purpose

1X NEO Gamma Norway 2025 Service

Noetix Robotics N2L China二 2025 General Purpose

Agibot/Zhiyuan X2 China 2025 General Purpose

Muks Robotics SPACEO India 2025 General Purpose

Dobot1 Atom China 2025 General Purpose

0BTech Tiangong Walker China 2025 General Purpose

WostNoOd Robotics THEMIS V2二 USA二 2025二 General Purpose

KEENONRobotics XMAN-R1二 China 2025 General Purpose

Fourier Inteligence N1 China 2025 Research Platform

K-Bot Humanoid K-Scale Labs USA二 2025 Research Platform

Agibot/Zhiyuan二 X2-N China 2025 Research Platform

LIMX Dynamics CL-3 China 2025 General Purpose

Foundation二 Phantom USA 2025 General Purpose

Midea Unnamed Prototype China 2025 General Purpose

Hexagon AEON Sweden 2025 hdustriaVLoqistics

Lumos Robotics Lus 2 China二 2025 General Purpose二

Hugging Face HopeJR USA 2025 Research Platform

Hugging Face Reachy Mini USA 2025 Research Platform

Note:Includes all notable public humanoid unveils based on our knowledge.However,there may still be some notcaptured.

Source:Company Data,Morgan Stanley Research

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GLOBALIDEA

Exhibit 30: Humanoid Unveils by Year and Country 60

■USA/Canada ■China ■EMEA Rest-of-Asia

Note:Includes al notable public humanold unveils based on our knowledge.However,theremay stil be some not captured.See prior exhibit for details.

Source:Company Data,Morgan Stanley Research

Exhibit 31: Humanoid Unveils Since 2022 by Country

Rest-of- Asia

7% USA/Canada 24%

报数据加V:sh uinu9870

Exhibit 32:Humanoid Unveils Since 2022 by Primary Use Case

MORGAN STANLEY RESEARCH 25

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GLOBALIDEA

China Financing Activity

Exhibit 33: Monthly China Humanoid Company Funding Activity

Note:Includesall notable funding disdlosed basedon our knowledge and research.However,there may still besome not captured We updated number of transaction in previous months withtransaction announced after our published previous Humanoids Horizon.

Source:Company announcement,Morgan Stanley Research

Overview of Major Humanoid Robots

Exhibit 34: Notable Humanoids w/Specs(1/2)

a(Eectri

ot Name

pany Nam

Picure

2023

Ceneral

Prototype

55”

6 bs

2.5-7.5 mph 441bs

2-4 Hours

55

NVYDLA.OpenAI

Everon

Key

Overview Dime nalon Capobilies Nobble Partners

Source:Company Data,Morgan Stanley Research

Exhibit 35: Notable Humanoids w/Specs(2/2)

Robot Mame

Company Name

Picture

是

促

Year Rovealod

Primary Purpose

Status

Heioht

Weight 研

faximin speed CmyingCapacity

Battery Life

多

Dogres of Freedom A Patners

Partnera/Tester

Key

Capabilitlies

Dimenslons

Source:Company Data,Morgan Stanley Research

Tech Firms Supporting the Development of Humanoids

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Exhibit 36: Humanoid or Robotics Involvement of Major Tech Firms in the US&China

Humanoid or Robotics Involvement of Big Tech Firms Company Involvement
			Ant Group (Alibaba affiliate)reportedly hiring engineers for humanoid robots
		amazon	Major in-house robotics team and deep experience with automation.Backer and partner of Agility RoboticsN Reportedly exploring humanoids in delivery operatons
		Apple	Reportedly hiring engineers for,home-based robots.Have released numerous Al frameworks &datasets for humanoid and non-humanoid robots.
6			研纪 JBTech's humanoids leverage Baidu's Ernie Al model.
Google			Google Deepmind partnered with Apptronik.Gemini Robotics is a major focus within Google Deepmind.Also develop MuJoCo physics engine for robotics.
			Embodied Al Innovation Center'in Shenzhen.Develop CloudRobo embodied intelligence platform based on Pangu Al model.Partnered with UBTech.
0Meta			Reportedly forming new team within Reality Labs to conduct robotics work.Hired MIT robotics professor Sangbae Kim as 'Robotics Architect.
	Microsoft		Partner and backer of Figure AI.Have an interna autonomous systems &robotics research team.
	nVIDIA.		Partnered with majority of humanoid developers under Projec GrOOt.Bulk of humanoid players leverage Isaac Lab,Gr0Ot Models,or other tools.
Tencent腾讯			In-house robotics team working on humanoid and non. humanoid robots.Tencent Cloud has partnership with Dobot.
T三5Ln			Developing 'Optimus'humanoid.
	xiaomi		Developing 'CyberOne'humanoid
Souce.Company anouncements Bloomberg.Reuters.Mogan Stanley Research

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MORGAN STANLEY RESEARCH

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Stanley

|RESEARCH

GLOBALIDEA

US&China Humanoid TAM/Adoption Estimates

Note:The underlying Excel file for the TAM model discussed in this section is available upon request.Pleasegrgach out to your Morgan Stanley representative to obtain the model.

See Gobal Insight led by Sheng Zhong for more details:Humanoids:A$5 Trillion Gslobal

Market(29 Apr2025)

Global Adoption Estimates

Introducing Morgan Stanley's G{obal Humanoid TAM model-Estimating 1 Billion

Humanoids stock and5Trillion in Annual Revenue by 2050.This expands upon our previously published US &China TAM models,introducing assumptions for rest-of-world and household humanoids,leveraging the updated cost and technological analysis

undertaken as part of this note.Over the long term,we project the market for humanoid robots to be materially larger the global auto industry.Our estimate for $5 trillion in

global humanoid sales by 2050 is roughly double the aggregate revenues of the 20

largest global auto OEMs in 2024,a figure that could very well shrink over the next 25 years.Note that this only accounts for final equipment sales.When incorporating supply chains and repair/maintenance/support networks,the gap could potentially be much

wider.

According to Our Estimates:

更多一手调研纪要和海外投行研报数据加V:

28

·By 2036,~23.7 million(~2%of~1billion total)humanoid adoptions will have

occurred.

。Low Income Countries:~0.2million(~1.8%of~14 million total)humanoids have been adopted.

·LI Countries Include:Rwanda,Ethiopia,Madagascar,Afghanistan,Yemen,

etc.

。Lower Middle Income Countries:~3.7 million(~1.8%of~204 million total) humanoids have been adopted.

·LMI Countries Include:India,Honduras,Vietnam,Zimbabwe,Egypt,etc.

。Upper Mlidle Income Countries(Inc.China):~12.3 million(~2.4%of~504

imillion total)humanoids have been adopted.

·UMI Countries Include:China,Brazil,Belarus,Indonesia,SouthAlrica, Mexico,etc.

·High Income Countries (Inc.US):~7.4 millon(2.5%of~296 million total) humanoids have been adopted.

·HI Countries Include USA,Australia,Germany,Canada,United Arab Emirates,apan,etc.

· By 2040,~134.4 million(~13%of~1billion total)humanoid adoptions will have occurred.

●Low Income Countries:~1.1 million(~7.8%of~14 million total)humanoids have been adopted.

●Lower Middle Income Countries:~16.2 million(~7.9%of~204 million total) humanoids have been adopted.

·Upper Middle Income Countries(Inc.China):~77.3million(~15.3%of~504

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million total)humanoids have been adopted.

。High Income Countries(Inc.US):~39.7 million(~13%of~296million total) humanoids have been adopted.

· By 2044,~428 million(~42%of~1billion total)humanoid adoptions will have

aLow Income Countries:~3.9 million(~27.9%of~14 million total)humanoigs have been adopted.

·Lower Middle Income Countries:~57.6 million(~28.19%of~204 million total) humanoids have been adopted.

·Upper Middle Income Countries(lnc China):~243.3 million(~48.3%of~504 million total)humanoidshave been adopted.

·High Income Countries (Inc.US):~123.2 million(~41.6%of~296 million total) humanoids have been adopted.

· By 2050,~1billion million humanoid adoptions will have occurred.

°Low Income Countries:~14 million humanoids have been adopted.

°Lower Middle Income Countries:~204 million humanoids have been adopted.

°Upper Middle Income Countries(Inc.China):~504million humanoids have been adopted.

°High Income Countries(Inc.US):~296 million humanoids have been adopted.

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Exhibit 37:Key Adoption Estimates

Cumulative Adoptions(k's)
Classification	2036	2040	2044	2050
Low Income	246	1,099	3,901	14,006
Lower Middle Income	3,745	16,248	57,553	204498
Upper Middle Income	12,330	77,327	243,338	504,307
High Income	7,363	39,714	123,249	296,427
North America	2,159	11,512	35,816	86,866
East Asia &Pacific	11,463	74,886	231,596	439,936
South Asia	2,258	9,797	34,705	122,733
Sub-Saharan Africa	1,137	4,967	17,617	62,938
Europe &Central Asia	3,902	20,617	64,798	163,370
:Middle East &North Africa	861	4,146	13,871	42,532
Latin America &Caribbean	1,862	8,289	29,032	98,361
Not Classified	41	173	607	2,501
USA	1,934	10,289	32,017	77,703
China	8.593	61,047	185,532	302,316
Other	13,157	63,051	210,492	639,219
Commercial	22,066	127,714	407,418	935,052
Household	1,618	6,673	20,623	84,185
Global	23,684	134,387	428,041	1,019,238

Source:Morgan Stanley Research esimates

MORGAN STANLEY RESEARCH

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Exhibit 38: Cumulative Humanoid Adoptions by Region

■Europe &Central Asia □Middle East &North Source:Morgan Stanley Research estimates

Exhibit 39: Cumulative Humanoid Adoptions by Country Income Classification(United Nations)

报 irInoi

Income

Source Morgan Stanley PengeBbnates

Africa ■Latin America &Caribbean ■Not Classified

Exhibit 40: Cumulative Humanoid Adoptions:Household vs. Commercial End-Markets

u9870

■Cumulative Household Humanoids Adopted

■Cumulative Commercial Humanoids Adopted

Source:Morgan Stanley Research estimates海

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Exhibit 41: 2050 Cumulative Adoptions by Classifications

%of 2050 Cumulative Adoptions

1%

20%

50%

Income Exhibit 42: 2050 Cumulative Adoptions by Region

%of 2050 Cumulative Adoptions

0%

4% 10%

■South Asia

加 V

16%

始行

6% .

海夕43%

92%

Source:Morgan Stanley Researchestimates

Source:Morgan Stanley Research estimates

Sizing the Global Market

We estimate that the global humanoid market could reach nearly $5 trillion in annual revenue by 2050. Assuming a 6year replacement cycle and the below ASP assumptions, we estimate that the global humanoid market could reach $5 trillion in annual revenue by 2050($211 billion by 2035 and $1.2 trillion by 2040).For comparison,in 2024,the 20

largest global auto makers booked an aggregate of~$2.5 trillion in revenue.

Average Selling Price(ASP)assumptions:

·High Income Countries:We assume that the initial ASP of humanoids was $20Ok in 2024(largely research-oriented humanoids),with this declining to $150k each by 2028,and further declines to $50k by~2040.Post-2040,we assume modest

price decreases of~1%driven by inflation offset by further technological

advancements and maturing supply chains.Assume initial ASP's are somewhat inflated given the current lack of domestic supply chains,which get mitigated overtime with onshoring of AVrobotics-enabled manufacturing.

·Uppergiddite/Lower Middle/Low Income Countries:We assume these humanoids share lower-cost with greater benefits of mass-production,Localized supply chaigs,u

and production based in cost-efficient countries.Assume meaningfulprice

deflation throughout 2050.We assume an initial ASP of 50k(Rmb350k)in 2024,declining to~$15k(~Rmb100k)by 2050外

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Exhibit 43:Global Humanoid Market/Revenue Estimates Through 2050(Assumes 6 Year Replacement Cycle)

Market SLze Analysis
USA	2024 2025e	2026e	2027e	2028e 2029e		2030e 2032e		2034e	2036e 2038e	2040e 2042e 2044e 2046e 2048e					2050e
New Humanoid Units Adopted(mn) Replacement Units (mn)	0.0	0.0	0.0	0.0	0.0	0.0	02	0.2	0.7 1.6	3.3 5.0 6.5 7.4 7.7					74
New Humanoid Units Adopted(mn) Replacement Units (mn)		NA NA	NA	NA	NA	NA	NA	0.0	0.0	0.0 0.2	0.2 0.7 1.8 3.5 5.7					8.3
Total Humanoid Units Sold(mn)	0.0	0.0	0.0	0.0	0.0	0.0	02	0.2	0.7 1.8	3.5 5.7 8.3 10.9 13.4					15.7
Average Selling Price Per Humanokd (SK)	200.0 1875	175.0	1625	150.0	1375	125.0	100.0	75.0二	55.0 50.0	49.0二 48.0 47.1 46.1二 452					44.3
USA Revenue(Sbn)	0.6	0.9	13	29	53 .	4.1	173	16.8	379 89.7	171.1二 275.6 390.1 502.9 605.7					695.3

China	2024 2025e	2026e	2027e	2028e	g	2030e	2032e	2034e	2036e 2038e	2040e 2042e 2044e 2046e 2048e					2050e
New Humanoid Units Adopted(mn)	0.0 0.0	0.0	0.0	0.6	70.1	0.1	0.4	1.2	3.8 10.2	20.9 31.9 322 26.1 153					11.5
Replacement Units(mn)	N/A NA	N/A	NA		NA	0.0	0.0	0.0	0.1 0.4	1.3 3.9 10.6 22.2 35.8					429
Total Humanoid Unts Sold (mn)	0.0 0.0	0.0	00T0.0		0.1二	0.1	0.4	1.3	3.9二 10.6	222 42.9 48.2 512					S543
Average Selling Price PerHumanoid (Sk)二	49.0二 45.1	45	38.2	35.1二	32.3	29.7	252	21.3	19.0二 17.9	16.8 358 158 15.4 a9.					14.5
China Revenue (Sbn)	0.1 03	业 05	0.7	1.2	2.1	3.4	95	26.6	74.7 189.8	373.1二 585.1 679.0 7412 763.0					786.1

Low Income Countries	2024 2025	2026e	2027	2028e	2029e	2030e	2032e	2034e	2036e 2038e	2040e 2042e 20449 2046e 2048e					2050e
New Humanod Units Adopted(mn) Replacement Units (mn)	NA	N/A	NA	NA	NA	0.0 NA	0.0 NA	0.0 NA	0.1 0.2 0.0 0.0	0.3 06 研 2 1.5 1.8 0.0 0.3 0.7					1.8 1.2
Total Humanoid Unts Sold(mn)			三			0.0	0.0	0.0	0.1二 0.2	B 20.7 1.2 1.8二 25					3.0
Average Selling Price Per Humanoid jsk	49.0 45.1	41.5	382	35.1	32.3	29.7	252	21.3	19.0 179	16.8 16.3 158 15.4 14.9					14.5
uICountry Revenue(Shn)		.	.		.	0.1二	0.3	1.0	1.9 _ 26	5.8 11.3 18.9 28.3 374					43.0
Lower Middle Ircome countries	2024 2025e	2026e	2027e	2028e	2029e	2030e	2032e	2034e	20368 20388	20408 2042e 20448 2046e 2048e					2050e
New Huenandd Unis Adopted(mn)				0.0	0.0	0.0	02	Ω	4 2.6	4.5 8.8 14.5 21.9 26.4					25.7
ieplacenent Units (mn)	N NA	NA	NA	NA	NA	NA	NA	0.D	0.0 0.2	0.6 1.5 2.8 5.1 102					17.3
otal Humanoid Unts Sold (mn)				0.0	0.0	0.0	02	0.6	1.5 2.8	5.1 10.2 173 27.0 36.7					43.0
Average Selling Price Per Humanoid (Sk)	49.0 45.1	41.5	382	35.1	323	293	27252	21.3	19.0 17.9	16.8 16.3 158 15.4 14.9					14.5
LMI Country Revenue(Sbn)			·	0.7	1.4	14	4.4	13.3	28.2 49.5	85.4 167.3 273.9 414.4二 546.7					622.0
Uppe Midle Income Countries (Ex-China)	2024 2025e	2026e	2027e	2028e	2029e	2030e	2032e	2034e	2036e 2038e	2040e 2042e 2044e 2046e 2048e					2050e
New Humanod Units Adopted(mn) Replacement Units(mn)	N/A NA	NA	NA	0.0 NA	0.0 NA	0.0 NA	02 NA	0.6 0.0	1.4 2.6 0.0 0.2	4.5 8.8 14.6 21.8 262 0.6 1.5 2.8 5.1 103					24.6 17.4
Total Humanoid Unts Sold (mn)				0.0	0.0	0.0	02	0.6	15 2.8	5.1 10.3 17.4 26.9 36.4					42.0
Average Selling Price PerHumanoid (Sk)二	49.0 45.1	41.5	38.2	35.1	32.3二	29.7	252	21.3	19.0二 17.9	16.8 16.3 158 15.4 14.9					14.5
UMI Country Revenue(Sbn)		·		0.7	1.1	1.4	4.6	13.1	28.2 50.0	85.4 167.6 276.3 413.1 543.6					608.2
High Income Countres (Ex-USA)	2024 2025e	2026e	2027e	2028e	2029e	2030e	2032e	2034e	2036e 2038e	2040e 2042e 2044e 2046e 2048e					2050e
New Humanold Units Adopted(mn) Feplacement Units (mn)	0.0 N/A	0.0 NA	0.0	0.0 NA	0.1 NA	0.1 NA	0.5 0.0	0.6 0.0	19 4.6 0.1 0.5	95 0.6	14.4 2.0	18.5 5.1	20.5 10.1	225 16.4	20.3 23.6
Total Humanoid Unis Sold (mn)	0.0	0.0	0.0	0.0	0.1	0.1	05	0.6	20 5.1	10.1 16.4 23.6 30.6二 38.9					44.0
Average Selling Price Per Humanoid (Sk)	200.0 187.5	175.0	162.5	150.0	1375	125.0	100.0	75.0	55.0 50.0	49.0二 48.0 47. 1二 46.1 452					44.3
HICountry Revenue (Sbn)	18	2.6	4.0	5.7	142	13.8	478	45.7	109.1 255.5	494.8 787.4 1.16 1.410.0 1.757.8					1,948.5
	2024 2025e	2026e	2027e	2028e	20290	2030e	2032e	2034e	2036e 2038e	20408 2042e 20448 2046e 2048e
New Humanoid Units Adopted(mn)	0.0 0.0	0.0	0.1	0.1	0.3	0.4	1.4	3.2	93 21.9	42.9 69.5 87.4 99.1 92					91.3
Benlacement Urits fme	N/A NA	NA	NA	NA	N	0.0	0.0	0.1	0.4 1.4	3.4 9.7 23.3 46.3					110.7
otalHumanoid Unts Sold (mn)	0.0 0.0	0.0	0.1	0.1	03	0.4	14	3.4	97 23.3	463 79.2 110.7 145.4二 179.0					2020
Average Selling Prce PerHumanokd (SK)	49.0 1391二	125.1	1163	86.1	857	68.2	60.1	34.6	29.0 27.4	263 25.2 24.8 24.1 238					23.3
Global Revenue(Sbn)	0.1 2.7	3.9	B⁰	11.1	24	24	83.9	116.6	280.1 638.1	1,215.6 1,994.2 2,749.8 3,510.0 4,254.2					4,703.1
Globa/Humanoid Stock (ks)	2 22	53	104	233	517	868	3.068	8,395	23.684 60,430	134,387 260,949 428,041 623,900 826.858					1,019,238

Source:Morgan Stanley Research estimates

Exhibit 44: Humanoid Revenue by Year

Source:Morgan Stanley Research estimates

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Notes

Public companies mentioned

Google,Amazee Meta (covered by Brian Nowak)

Alibaba,Baidu,Tencent(Gary Yu)

Boston Dynamics(subsidiary of Hyundai,covered by Young Suk Shi 数据加 Toyota(Shinji Kakiuchi)

UBTech(not covered)

NVIDIA(oe Moore)

Microsoft(Keith Weiss)

Tesla(Adam Jonas)

Xiaomi(Andy Meng)

Apple(Erik Woodring)

LG Electronics(Shawn Kim)

shuinu9870

Hexagon(Adam Wood)

Horizon Robotics(Tim Hsiao)

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Important note regarding economic sanctions.This research references U.S.Executive Order 14032 and/or entities or securities that are designated thereunder.Executive Order 14032

may prohibit U.S.persons from buying certain securities of entities named in this note/

presentation.The data set forth in this research is for informational purposes and does not represent Morgan Stanley's view as to whether or not any of the instruments discussed in this note are subject to sanctions.Any references in this report to entities,debt or equity

instruments that may be covered by such sanctions should not be read as recommending or advising as to anyicvestment activities in relation to such entities or instruments.Users of this report are solely responsible for ensuring that their investment activities in relation to any sanctioned entities and/or securities are carried out in compliance with applicoble

sanctions.

Important note regarding export controls.This note references export controls maintained by the U.S.Department of Commerce Burequoindustry and Security(BIS)and/or entities that may be subject to export cortrolrestrictions.These controls may restrict export,re- export or transfer (in-country)of certain items covered by the Export Administration

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controls laws.Investors are solely responsible for ensuring that their investment activities in relation to any entities are carried out in compliance with applicable export controls

laws.

MORGAN STANLEY RESEARCH 33

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Valuation Methodology and Risks

Zhejiang Sanhua Intelligent Controls(002050.SZ)

acegaesdimDCFvaluaton.ukeyasmpionsicude 2%WAC(45%c

pf.equity and 6.3%cost of debt)and a 3%terminal growth rate.

Risks to Upside

■ Stronger-than-expected Tesla sales,especiallyn China

■ Higher-than-expected air conditioner sales growth

■ Order wins from new EVcustomers

■ Robotic business wins

Risks to Downside

■ Sales slump in China's property market (affecting residential HVAC)as seen in 2015

■ Global EV demand slowdown

■ Growing competition in NEV business

■ FX/export risks amid macro uncertainty

Ningbo Tuopu Group Co Ltd(601689.SS)

Base case,derived from DCF valuation.We want to capture Tuopu's growth potential in the long run,because the company remains in the early stages of growth in its chassis,thermal management,and intelligent driving systems.Our key assumptions include a 12%WACC (14.5%cost of equity and 6%cost of debt)and a 3%terminal growth rate.

Risks to Upside

■ New project wins from existing customers or new customer order gains

■ Higher value content per vehicle from product coverage expansion

■ Margin expansion from falling aluminum alloy costs

■ New project wins in robotics business

Risks to Downside

■ Weaker-than-expected Tesla demand

■ Lower-than-expected utilization for its chassis parts capacity

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■ Rising aluminum alloy costs

Tesla Inc(TSLA.O)

Our PTof $410 is comprised of 5coimponents:(1) $75/share for core Tesla Auto business on 4.7mm units in 2030,90%WACC,14x 2030 exit EBITDA multiple,exit EBITDA margin of 16.1%.(2) Network Services at $160,65%attach rate at $200 ARPU by 2040 (3) Tesla Mobility at $90 on DCF with~7.5mn cars at~$1.46/mile by 2040.(4) Energy at $67/share,&

(5) Tesla as a 3rd party supplier at $17/share.

Risks to Upside

34

■ Disclosure on service revs

■ Increased FSD attach rate

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■ Cost milestones on new battery

■ New model intro(Cybertruck,multivan,Semi)

■ 3rd party battery win

■ Geographic penetration &new capacity

isksto DooRR12

■ Competition:legacy OEMs/Chinese players/big tech

■ Execution risk:multiple factory ramps

■ Market does not recognize Dojo-enabled servicesop,lower than expected attach rate &RPU

■ China risk

■ Dilution

■ Valuation

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The equtyresearc analysts orstrategistspinciallyresposbe forthe peparationof MorganSanley Research have received compensation based upon varou factors,incudingqualty

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Morgan Stanley | RESEARCH

GLOBAL IDEA

of research,investor client feedback,stock pickng,competitive factors,firm revenues and overall investment banking revenues.Equity Research analysts'or strategists'compensation is not Linked to investment banking or capital markets transactions performed by Morgan Stanley or the profitablity or revenues of particular trading desks

Morgan Stanley and its affilates do busness that relates to companies/instruments covered in Morgan Stanley Research,including market making,providing liquidity,fund management, commercial banking,extension o credit,investment services and investment banking.Morgan Stanley sells to and buys from customers the securities/instruments of companiescovered in Morgan Stanley Research ona principal basis.Morgan Stanley may have a position in the debt of the Company orintruments discussed in this report.Morgan Stanley trades or may trade as principal in the debt securities (or in related derivatives)that are the subject of the debiCesearch report.

Certain disclosures listed above are also for compliance with applicable regulatiprsin non-US jurisdictions

STOCK RATINGS

Morgan Stanley uses arelatve ratng system uiog tehs3bchas Vemweight,Equal weight;Not Rated or Underweight(se defintons below).MorganStanleydo数 3 2sin ratingsof Buy, Hod or ellto thestoks we cover;?vervegneEqualwejght,Not Rated and Underweightare not the equivalent of uy hold andselL lvestoshoudrefuly read te defntionsofall ratings usedinMorgan Stanleyeseachlinadtio,sinceMorgan Stanley Researchcontainsmore completeinformationconcerningtheanyls nes;ivestors should carefulyreadMorgan Stanley Researchoitsentirety,and not inferthe contents from the rating alone Inany case,ratings(orresearch)shouldnot be usedbrrelied upon as investment advice.Aninvestor's decision to bupselastóck should depend on individual circumstances (such as the investo's existing holdings)and othen cblsilerations

Global Stock Ratings Distribution

(as of May 31,2025)

The Stock Ratings described below apply to Morgan Stanleys Fundamental Equity Research and do not apply to Debt Research produced by the Firm.

Fordisclosure purposes ny Gn acordance with FNRA requrements),e incudethe category headingsof uy Hold,and ellalongsideour raigsof Overweigt,Equal weight,Not Rated and Underweght.Morgan Stanley doesnot assgn ratngs of Buy,Hod or elto thestoks we cover.Overweght,Equal weight,Not Rate and Underweight are not te equalen of buy, hod,and sel bu represent recommended relatve weghtings(se defintos below.To stsfyregulator eurement,we corespond verweight,our most postve stok rating,witha buy recommendation;we correspond Equal-weight and Not-Rated to hold and Underweight to sell recommendations,respectively.

Stock Rating

Category

40% 379 46% 25%

44% 372 45% 23%

0% 0 0% 0%

16% 74 9% 12%

825

Other Material Investment Services

Clients(MISC)

Count

698

782

2

235

1717

%of Total Other MISC

41%

46%

0%

14%

Dat incdue common stock and ADRs curentyasignedratngs.Investment Banking Clents are companies from whom MorganStanle receved investment bankin compensationinthe last 12months.Due to roundingoff of decimals,the percentages provided in the "%of total"column may not add up to exactly 100 percent.

Analyst Stock Ratings

Overweight(Oor Over)-The stock's total return is expected to exceed the total return of the relevant country MSCI Index or the average total return of the analyst's industry(r industry team's)coverage universe,on a risk-adjusted basis over the next 12-18 months.

Equalweight(Eor EquaD-The stokstotl returnisexpetedto be in ine with thetotal returnof therelevant country MSCInde or the average total etum of the analystsindustry(Gr industry team's)coverage universe,on arisk-adjusted basis over the next 12-18 months

Not Rated (NR)-Curentythe analyst does not haveadequat convition abou the stosks eotalretumrelaivetothe relevant countyMSGIndexor theaverage totalretumofthe analyst's industry (or industry team's)coverage universe,on a rskadjusted basis,over theriekt 12-18months

Underweight(UorUnder)-Thestockstota returnisespectedtabebelGa thetotalreturnoftherelevant countryMSCIndexortheaveragetotalreturnofthe analystsnusty oriGDSiry team's)coverage universe,on a riskadjusted basis,over net 12-18 months.

Unless otherwise specfied,the time framefcpiee targets included in Morgan Stanley Research is 12 to 18months

Analyst Industry Views

Attractive(A):Theanalbyst expects the performance ofhis or her industry coverage universe over the next 12-18months tobeatctivevs.therelevant broad market benchmark,as indicated belov周

瓶Lne D.Theanalystexpetsthe performanceofhisorher industrycoverage universe overthe next1318mon instobein Lne with therelevan broad market benchmark,asindcated belou. Cautious(C:The analystviesthe performanceofhis orher industrycoverage universe overthespeK2-18monthswithcaution vs therelevan broad market benchmark,asindicated belo.

Benchmarks for eachregon reas fllows:North America-S8P500;Latin Amenica-relevant MSCI countyindexor MSCLatin Amerc Inde,Europe-MSC Europe;apan-TOPX;Asia- relevant MSCI country index or MSC sub-regional index or MSCIAC Asia Pacific exJapan Index.

Stock Price,Price Target and Rating History(See Rating Definitions)

MORGAN STANLEY RESEARCH 37

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Morgan Stanley | RESEARCH

GLOBAL IDEA

Ningbo Tuopu Group Co Ltd(601689.SS)-As of 06/26/25 GMT in CNY Industry :China Autos &Shared Mobility

2022 2023 2024 2025

Stock Rating History:6/1/20:NA/I;8/3/20:NA/C;9/1/21:NA/A;8/25/22:NA/I;1/10/23:E/I;3/6/24:0/I

Price Target History:1/10/23:42.76;9/7/23:46.9;3/6/24:53.1;4/29/24:53.79;7/19/24:52;9/27/24:50;11/1/24:55; 2/13/25:80;4/30/25:72;6/18/25:63

Source:Morgan Stanley Research Date Format:MM/DD/YY Price Target - No Price Target Assigned(NA)

Stock Price(Not Covered by Current Analyst) 一 Stock Price(Covered by Current Analyst)

Stock and Industry Ratings(abbreviations below)appear as ◆Stock Rating/Industry View

Stock Ratings:0verue ight(0)Equa1-ueight(E)Underueight(U)Not-Rated (NR) No Rating Auailable(NR)

Industry View: Attractive(R) In-1ine(I) Cautious (C) o Rating(NR)

Effective January 13,2014,the stocks covered by Horgan Stanley Asia Pacific will be rated relative to the analyst's industry

(or industry team³s)coverage.

Effective January 13,2014,the industry view benchoarks for Morgan Stanley Asia Pacific are as follous:relevant MSCI country

index or HSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index.

Tesla Inc(TSLA.0)-As of 06/26/25 GMT in USD

Industry :Autos &Shared Mobility

Stock Ratins Histou约 A920E/I;6/12/20:U/I;8/13/20:E/I;11/18/20:0/1;6/22/23:E/I)9410236>i;3/13/24:0A;

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Stock Rating History:6/1/20:0/I;8/3/20:0/C;9/1/21:0/A;3/1/22:EA;8/15/22:E/A;8/25/22:/I;6/18/25:0/I

Price Target History:3/13/20:19.23;6/12/20:22;3/1/22:21;4/13/22:17;8/15/22:26;3/6/24:25;4/30/24:23; 9/27/24:21;2/13/25:29;6/18/25:30

Source:Morgan Stanley Research Date Format:MM/DD/YY Price Target - No Price Target Assigned(NA)

Stock Price(Not Covered by Current Analyst) 一 Stock Price(Covered by Current Analyst)

Stock and Industry Ratings(abbreviations below)appear as◆Stock Rating/Industry View

Stock Ratings:0verue ight(0)Equa1-ueight(E)Underueight(U)Not-Rated (NR) No Rating Auailable(NR)

Industry View: Attractive(R) In-1ine(I) Cautious (C) o Rating(NR)

Effective January 13,2014,the stocks covered by Horgan Stanley Asia Pacific will be rated relative to the analyst's industry

(or industry team³s)coverage.

Ef fective January 13,2014,the industry view benchoarks for Morgan Stanle Asia Pacific are as follousrelevant MSCI country

in dex or HSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index.

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MORGAN STANLEY RESEARCH 39

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INDUSTRY COVERAGE:Autos &Shared Mobility

COMPANY(TICKER)	RATING(AS OF)	PRICE*(06/25/2025)
Adam Jonas,CFA
Adient PLC(ADNTN)	U(03/17/2021)	$19.35
American Axle &Manufacturing Holdings Inc(AXLN)	0(02/28/2022)	$4.12
Aptiv Plc(APTV.N)	U(02/06/2024)	$67.41
Avis Budget Group Inc(CAR.O)	0(06/20/2023)	$175.73
BorgWarner Inc. (BWA.N)	0(05/15/2023)	S33.15
Carmax Inc(KMX.N)	0(07/10/2018)	$67.50
CarvanaCo(CVNA.N)	0(03/25/2025)	S315.76
Ferrari NV(RACE.N)	0(05/09/2019)	$475.12
Ford Motor Company (EN)	E(09/25/2024)	$10.48
General Motors Company (GM.N)	E(12/10/2024)	$48.13
Hertz Global Holdings Inc(HTZ.0)	E(02/08/2024)	$7.32
Lear Corporation (LEA.N)	0(05/10/2024)	$92.76
Lucid Group Inc(LCID.O)	E(03/17/2025)	$2.14
Magna International Inc. (MGA.N)	E(09/25/2024)	$37.52
Mobileye Global Inc(MBLY.O)	E(08/02/2024)	Z.2 ·
PHINIA INC(PHIN.N)	E(09/25/2024)	S43.57
Quantumscape Coro(Qsn)	NR(11/21/2024)	$5.67
Rivian Autornigtve,Inc. (RIVN.O)	E(09/25/2024)	$13.76
Tesla Inc(TSLA.0)	0(09/10/2023	$327.55
Visteon Corporation(VC.O)	E06/01/2022)	$91.44
Daniela M Haigian	重
Asbury Automotive Group Inc(ABG.N)	E(09/25/2024)	$240.73
AutoNation Inc. (AN.N)	0(09/25/2024)	$199.92
Group 1 Automotive,Inc(GPLN)	0(09/25/2024)	$441.96
Lithia Motors Inc. (LAD.N)	E(09/25/2024)	$331.37
Penske Automotive Group,Inc(PAG.N)	0(09/25/2024)	$174.37
Sonic Automotive Inc(SAH.N)	E(09/25/2024)	$80.62

Shaqeal A Kirunda

Goodyear Tire &Rubber Company(GT.O) E(06/13/2024) $10.38

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Stock Ratings are subject to change.Please see latest research for each company. *Historical prices are not split adjusted. INDUSTRY COVERAGE:China Industrials
COMPANY(TICKER)	RATING(AS OF)	PRICE*(06/25/2025)
Chelsea Wang China Railway Group(601390.SS)	E(05/12/2022)	Rmb5.43.
China Railway Group(0390.HK报	0(09/01/2017)	HKS3.80
China State Construction Engineering(601668.SS)	0(04/24/2023)	Rmb5.83
Han's Laser (002Q08.SZ)	E(10/25/2024)	Rmb24.19
Hefe Meyer optoelectronic Technology (002690.SZ)	o(08/30/2024	Rmb17.10
iRay Technology Company Limited(688301.SS)	E万6/2025)	Rmb89.95
Shanghai BOCHU Electronic Technology(688188.SS)	o(08/22/2024)	Rmb132.37
Shenzhen Envicool Technology Co Ltd(002837.SZ)	O(08/19/2024)	Rmb29.07
Sheng Zhong
Centre Testing International Group(300012.SZ)	E(11/18/2024)	Rmb11.74
CRRC Corp Ltd(1766.HK)	0(07/03/2024)	HKS4.85
CRRC Corp Ltd(601766.SS)	E(06/30/2022)	Rmb7.08
DRLaser(300776.SZ)	E(12/17/2021)	Rmb52.38
Estun Automation CoLtd(002747.SZ)	U(06/30/2022)	Rmb20.35
Haitian International Holdings Limited(1882.HK)	0(01/08/2025)	HK$19.52
Hongfa Technology Co Ltd(600885.SS)	0(05/23/2023)	Rmb22.40
Jiangsu Guomao Reducer Co Ltd(603915.SS)	U(01/08/2025)	Rmb14.52
Jiangsu Hengli Hydraulic Co.Ltd(601100.SS)	0(05/23/2023)	Rmb70.96
Jingsheng Mechanical &Electrical Co(300316.SZ)	U(01/08/2025)	Rmb26.94
Leader Harmonious Drive Systems(688017.SS)	E(05/19/2025)	Rmb126.93
Sany Heavy Industry Co.,Ltd. (600031.SS)	0(01/08/2025)	Rmb18.01
Shenzhen Inovance Technology (300124.SZ)	o(05/19/2025)	Rmb64.95
Shenzhen SC New Energy Technology Corp(300724.SZ)	E(07/03/2024)	Rmb54.00
Sinotruk(Hong Kong)Limited(3808.HK)	E(05/19/2025)	HKS22.60
Suzhou MaxwellTechnologies Co Ltd(300751.SZ)	U(09/15/2023)	Rmb68.87
Times Electric(3898.HK)	o(08/30/2022)	HKS$31.80
WeiChai Power(2338.HK)	0(01/05/2024)	HKS17.12
WeiChai Power(000338.SZ)	o(01/05/2024)	Rmb15.78
Wuxi Autowell Technology Co Ltd(688516.SS)	E(01/08/2025)	Rmb33.17
Wuxi Lead Inteligent(300450.SZ)	E(01/08/2025)	Rmb24.94
Zhejiang Dingli Machinery Co Ltd. (603338.SS)	o(08/28/2024)	Rmb44.19
Zhejiang Hangke Technology (688006.SS)	E(01/08/2025)	Rmb19.81
Zhejiang Shuanghuan Driveline Co.Ltd. (002472.SZ)	0(08/25/2023)	Rmb32.18
Zoomlion Heavy Industry(1157.HK)	E(01/05/2024)	HK$6.24°
Zoomlion Heavy Industry (00Q158Sz)	E(05/23/2023)	Rmb7.25

Stock Ratings are gubet to change.Please see latest research for each company.

*Historical pnegs are not split adjusted.

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