The concept is being hyped up, but the performance is lacking. On July 3-4, five listed companies including Fosai Technology, Riying Electronics, Ruidi Intelligent Drive, Zhongzhong Technology, and Changsheng Bearing clarified the current status of their humanoid robot business and reminded investors of the risks of speculative themes. On July 6th and 7th, in the two trading days following the announcement, except for Fosai Technology, the other four companies experienced a stock price correction, with Changsheng Bearing plummeting by over 8% in July and June. The differentiation of the market also makes it a focus of attention whether capital will re-examine the humanoid robot track.

In the previous week, the five humanoid robot concept stocks mentioned above all experienced abnormal fluctuations in stock trading and continuous price surges. However, based on the progress of the implementation of humanoid robot related businesses disclosed by the five companies, there are common problems such as small business volume, lack of profitability, and uncertain commercial prospects.

Fusai Technology, which specializes in automotive parts, has seen a staggering increase in its stock price recently, with a cumulative increase of nearly 500% over the past year. As of the close of July 3rd, the stock price has risen by nearly 11%, reaching 124.3 yuan (about 22 yuan in the same period last year), with a total market value of 14.7 billion yuan. The main business of Fosai Technology's subsidiaries is the manufacturing of automotive interior functional components and related molds, and does not involve the independent operation of robot machines or core components. Although it was announced in January this year that it plans to invest 20 million yuan to participate in the establishment of the "Hangzhou Xihu Shangdian Technology Humanoid Robot Entrepreneurship Investment Partnership Enterprise (Limited Partnership)", Fosai Technology admitted in the announcement that its robot component products are in the early stages of research and development, small-scale trial production, and sample testing. This part of the business has not yet formed formal orders, and has not achieved revenue and profit. In the short term, it cannot support the company's operating performance, and there is uncertainty about its future commercialization landing. At the same time, it is reminded that the company's price to earnings ratio is significantly higher than the average level of comparable listed companies in the same industry, which is four times the latest value of the "automotive parts and tires" industry. Investors are advised to pay attention to investment risks.

Riying Electronics also saw a significant increase in its stock price due to the concept of humanoid robots, with a stock price increase of over 108% in the past year. On July 3rd, it hit the daily limit up, with a market value of 6.7 billion yuan. The company announced that after self-examination, it was listed as a concept stock related to humanoid robots because the 2024 annual report mentioned the layout of electronic skin products, the core sensing component of humanoid robots. However, the product is still in the stage of client verification and small-scale trial production, and the project revenue is less than 10000 yuan (unaudited), which accounts for a very low proportion of the company's overall revenue and does not have a significant impact on the company's operating performance. Moreover, there is significant uncertainty regarding the industrialization process and future order size of the new business. At the same time, Riying Electronics incurred a loss of 6.4866 million yuan in the first quarter. Therefore, we would like to remind investors to make rational decisions and invest prudently.

Ruidi Intelligent Drive specializes in harmonic reducers, which are the core components of humanoid robot joints. Its stock price has risen by more than 31% for three consecutive days, triggering an abnormal announcement. On July 3, it hit a limit up of 20 centimeters, with a cumulative increase of 33% over five trading days. Data shows that as of the end of 2025, the harmonic reducer business only accounts for 8.44% of Ruidi Intelligent Drive's total revenue, with a relatively small business volume that cannot significantly boost overall performance, and the prospects for business expansion are unclear.

Zhongzhong Technology directly distinguishes itself from the humanoid robot business, stating that all operating income comes from the main business of metallurgical intelligent equipment, and currently does not carry out research and development related to humanoid robots, nor does it have corresponding business income. Zhongzhong Lingxi, a subsidiary of the company, specializes in flexible automation production lines with a small scale and continuous losses. The annual revenue of related businesses does not exceed 1 million yuan. On July 3rd, Zhongzhong Technology's stock price rose by over 6%, with a cumulative increase of 19% in the previous five trading days.

Changsheng Bearing's main business is self-lubricating bearings. Although it is involved in the matching of intelligent components, the related business income accounts for less than 1% of the main business, and the impact on performance can be ignored. The stock also achieved a 20 centimeter daily limit up on July 3, with an increase of over 32% in the previous five days and a total market value of 23.1 billion yuan on that day.

After the investment risk is transmitted, the market immediately reacts. In the two trading days following the announcement, only Fosai Technology closed slightly higher, while the other four stocks saw a significant correction. Compared to the closing price on July 3rd, Zhongzhong Technology has experienced a slight decline for two consecutive days, with Ruidi Zhijin experiencing a cumulative decline of 7.4% and Daying Electronics experiencing a cumulative decline of 6%; Changsheng Bearing experienced a significant drop of over 8% on July 6th, and by the close of July 7th, its stock price had dropped by 13%. This is interpreted as funds gradually moving away from pure thematic speculation and beginning to face the reality that various companies' humanoid robot related businesses have very small volumes and cannot achieve short-term performance.

However, there are still long-term industry expectations for financial competition. At the close of July 7th, the stock price of Fosai Technology has surged to 125.63 yuan. Market analysis believes that the main reasons for the continued positive outlook on Fosai Technology are the high volume of new energy vehicle orders, the release of overseas production capacity, the turnaround in performance, the stable foundation brought by high-quality customers, and the imaginative space in the humanoid robot race.

Compared to the other four companies, Fosai Technology is deeply tied to top new energy vehicle companies such as Tesla and BYD, with stable profits in its automotive main business. Even if the robotics business has no short-term revenue, there is no need to worry about its basic funds. In the field of humanoid robots, Fosai Technology has accumulated years of precision manufacturing technology in the automotive interior field, which is believed to help it cross the supply chain of lightweight structural components for robots, and there is ample room for long-term mass production imagination. This prompts funds to be willing to play the second curve of their long-term growth.

Behind the market differentiation is the industry situation where embodied intelligence is experiencing differentiation in valuation in segmented fields while the financing heat continues to rise. According to the semi annual panoramic statistics of IT Orange, the total financing scale of the domestic embodied intelligence track in the first half of 2026 significantly exceeded that of the whole year of 2025, with a cumulative financing of 48.9 billion yuan in the first five months. In June, multiple large-scale delivery funds from leading enterprises were concentrated, pushing up the overall financing volume for the first half of the year.

But the investment direction clearly shows polarization. Capital is no longer indiscriminately laying out the embodied race track, and the difficulty of raising funds for early small and medium-sized projects such as quadruped robots, wheeled mobile devices, and those lacking landing scenarios is beginning to increase. The vast majority of funds are concentrated in core industry chain links such as humanoid robots, harmonic reducers, electronic skins, and dexterous hands, with frequent large-scale financing by leading enterprises. The main focus of speculation in the secondary market and heavy capital holdings in the primary market is on the humanoid robot track, which is also the core logic behind some component companies experiencing a significant increase in stock prices with only a small amount of business.

However, although core components, data infrastructure, and landing scenarios have become new directions for capital pursuit, due to the decreasing tolerance of capital for "no product, no revenue" projects, the financing approval rate of complete machine enterprises without research and development capabilities, only able to produce prototypes, and no deterministic batch orders has significantly declined, and the growth space of related supply chain enterprises is inevitably reduced.

At present, many listed companies' humanoid robot related businesses are still in the research and development and sample delivery stage, with minimal revenue contribution and difficulty in achieving short-term performance. They rely solely on the industry's long-term imagination space to attract short-term funds. The business risk warning for the five humanoid robot concept stocks this time is also an active cooling down of the obvious phenomenon of speculative themes by regulatory authorities. Based on the response of the capital market in the past two days, some institutions predict that pure concept enterprises will be liquidated, and top enterprises with engineering delivery capabilities will still have strong financing.