Shenzhen’s robotics industry is leaning into its early‑mover advantage in humanoids, with local media this week highlighting how a cluster of home‑grown companies has emerged as core enablers in a global value chain that is now scaling fast. The reports cited Humanoid Horizons: Money Meets Machines – a study published by the financial services firm Morgan Stanley on 7 May. 

The renewed attention comes as the city’s robotics sector posted record output of around 242.6 billion yuan (US$35.5 billion) in 2025, up 20.56 percent year on year, according to the Shenzhen Robot Industry Development White Paper released at April’s FAIR of AI and Robotics. Analysts say that growth – driven by both industrial and service robots – is now feeding directly into China’s humanoid boom.

A key touchstone for investors is Morgan Stanley’sHumanoid 100 list – first published in February 2025 – which includes Shenzhen firms such as BYD, Tencent, Ubtech Robotics, RoboSense, China Leadshine Technology, and Shenzhen Zhaowei Machinery & Electronics. 

Of the Chinese firms that made it on the Humanoid 100, about a quarter originate from Shenzhen. The tech-hub’s influence, however, is more pervasive than the list suggests, as some Chinese firms such as Baidu have a strong presence in the tech hub, even if they are not based there. 

Morgan Stanley breaks the humanoid space into three groups: “Brain” companies supplying semiconductors and software; “Body” companies producing motors, gearboxes, sensors and power systems; and “Integrators” that have the capability to assemble full humanoid robots. 

China dominates the Body category thanks to its component supply chain, with Morgan Stanley research estimating that Chinese firms account for more than 60 percent of the global humanoid hardware value chain.

The investment bank’s report also featured a separate ranking of “the China humanoid value chain,” which featured 66 companies, 17 of which were based in Shenzhen. 

Nationally, Morgan Stanley analysts expressed optimism regarding the future development of China’s robotics and humanoid sector, highlighting the way it was developing in a manner mirroring the local EV industry, which rose to the top globally over the past ten years. 

“Looking ahead, humanoids and robots will be the next key driver of China’s export machinery over the coming 5 to 10 years,” Morgan Stanley economists said. 

In comments cited by South China Morning Post, the analysts pointed out that around 90 percent of the 13,000 to 16,000 humanoid robots deployed worldwide came from Chinese manufacturers. Meanwhile, humanoid robot sales in China are also projected to grow to around 28,000 units this year, an increase of more than 100 percent. 

By contrast, Morgan Stanley pointed out that rivals such as the US and Japan were still mostly focused on prototype work, frequently relying on China for their robotics development and parts. 

A forecast by Chetan Ahya, the lead analyst of the report, indicated that China’s growing production of robots would bolster its share of the world’s export market from the current 15 percent to 16.5 percent by 2030.