Refusing to Be a 'Little Inovance,' Leadshine Sets Its Sights on Tesla's Path

Leadshine reported revenue of 1.909 billion yuan and net profit attributable to shareholders of 299 million yuan for the first three quarters of 2026, up 46.77% and 86.8% year on year, marking its seventh consecutive quarter of positive growth. It avoids Inovance's main PLC battleground and focuses on frameless torque motors, joint modules, and dexterous hands for humanoid robots. In 2025, it delivered more than 120,000 frameless torque motors, and by the end of the first half of 2026, its order backlog exceeded 1 million units. Its core robot components have entered the supply chains of 80% of mainstream domestic humanoid robot makers, but cooperation with Tesla and Huawei remains at the preliminary communication and prototype testing stage.