Green Harmonic Targets Hong Kong IPO
💡Green Harmonic’s IPO plan reveals both the scale opportunity and margin pressure behind humanoid-robot hardware.
⚡ 30-Second TL;DR
What Changed
Green Harmonic's board approved a preliminary plan to apply for an H-share listing on the Hong Kong Main Board; timing, price, and size remain undecided.
Why It Matters
The listing could provide capital for capacity expansion and strengthen Green Harmonic's position in embodied-AI supply chains. However, the 42% decline in average reducer prices from 2017 to 2024 and increasing competition indicate that humanoid-robot growth will not automatically translate into stronger profitability.
What To Do Next
When evaluating a humanoid-robot build, benchmark harmonic reducers and integrated joint modules from Green Harmonic against at least two competing suppliers on precision, cycle life, price, and delivery capacity.
Key Points
- •Green Harmonic's board approved a preliminary plan to apply for an H-share listing on the Hong Kong Main Board; timing, price, and size remain undecided.
- •Its harmonic reducers convert high-speed, low-torque motor output into the low-speed, high-torque motion required by robot joints.
- •The company supplies Unitree, Zhiyuan Robotics, UBTECH, and Tesla-related programs; Unitree's upper-limb purchases once represented about 70% of relevant supply.
- •Harmonic reducers and metal components generated RMB 288 million in first-half revenue, more than 80% of total revenue, while mechatronic modules contributed RMB 54.735 million.
- •Production capacity is reportedly 1 million units, with a target of 1.5 million by year-end and order visibility extending to Q3 2027.
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Original source: 虎嗅 ↗
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