The Ambition of the OEM: Dissecting Leju Robot's External Investments to Understand the 'Ecosystem Positioning' Battle in the Humanoid Robot Track
Leju Robotics, a leading humanoid robot manufacturer from China, is aggressively building an industrial ecosystem through strategic investments as it pursues a public listing. Founded in 2016 and known for its "Kuavo" robot, Leju saw its revenue surge to 258 million yuan in 2025, though it remains unprofitable. Its IPO plan, submitted in May 2026, outlines a strategy focused on cost reduction and full-stack capability development.
Analysis of Leju's 13 disclosed investments reveals a three-pronged approach to securing its value chain. First, it targets core components like precision actuators (e.g., Lingxinqiaoshou), joint modules, and motors to control costs and supply. Second, it invests in software and AI layers, including companies working on foundational models and embodied intelligence datasets, to develop an independent "brain" while maintaining partnerships with giants like Huawei. Third, it forms alliances with firms in logistics and service robotics to transform from a hardware seller into a solution provider for real-world applications.
While this investment network aims to create a competitive moat and support Leju's industrialization story, risks persist. The company faces ongoing losses, declining gross margins, and potential industry price wars. Many investments are early-stage with long payback periods and unproven synergistic benefits. Leju's strategy exemplifies how humanoid robot players are moving beyond pure R&D to ecosystem competition, betting that controlling the "hard work" of the supply chain will be the ultimate barrier to entry.
marsbit10m ago
