The rise of Leader Harmonious Drive is closely tied to the narrative of domestic substitution. Since 2013, the company began offering cheaper products with shorter delivery cycles to the market, and successfully overturned the dominant position of Japanese company Harmonic Drive in the domestic harmonic reducer market several years later.

However, at that time, harmonic reducers only served products such as industrial collaborative robots, semiconductor equipment, and small precision instruments, with limited market space. In 2022, the overall domestic market size for harmonic reducers was only 3.26 billion yuan, far from the trillion-yuan scale expectations of tracks like new energy vehicles and AI.

Meanwhile, institutional valuation logic for players in this track was also limited to domestic substitution, with growth space quickly narrowing after substitution is completed.

The turning point occurred on October 1, 2022. This day was Tesla's AI Day, where the company's humanoid robot "Optimus" prototype made its debut. Less than two months later, large models strongly related to embodied intelligence became explosively popular. Capital began pouring into the humanoid robot track.

This also made harmonic reducers "sexy."

Compared to other precision reducers, harmonic reducers have characteristics such as small size, light weight, and high transmission accuracy. Their main application scenarios are in robot forearms, wrists, hands, and other parts.