A Chinese robotics company called AgiBot hit 10,000 cumulative units shipped on March 30. Morgan Stanley estimates global humanoid robot shipments in 2025 were between 13,000 and 16,000 total, with China making about 90%.
Unitree grew 2025 revenue roughly 335%. 60% gross margins. UBTech got its Walker S2 into mass production.
So one country is producing nearly all the humanoid robots on the planet and the iteration speed is increasing. TrendForce expects Unitree and AgiBot to control near 80% of 2026 shipments. Embodied intelligence is a named priority in the 2026 to 2030 plan.
Same ingredients as the EV supply chain buildup.
I went looking for US listed ETF exposure and it's limited. KWEB is internet only and CQQQ keeps a limited A share slice, so they mostly miss this. CNQQ holds crossover names like CATL, BYD, and Xiaomi, though it's a small fund with short history.
60% gross margins on a hardware company scaling that fast. idk if it sustains but that number jumped out at me.