China Securities Co.,Ltd.: The upstream and downstream resonance of the Siasun Robot & Automation industrial chain, and the domestic market is thriving.

China Securities Co., Ltd. issued a research report stating that in recent years, the level of policy support has gradually increased. With core drivers in technology, payment, and applications, the exoskeleton Siasun Robot&Automation has entered a phase of accelerated commercialization. With the expansion of downstream market demand and the gradual maturity of products, the market size of the exoskeleton Siasun Robot&Automation is rapidly growing, and the consumer market is expected to pick up. In the upstream core component link, the demand growth of the exoskeleton Siasun Robot&Automation is expected to drive the expansion of the market for frameless torque motors and posture sensors; in the midstream and downstream application links, domestic companies currently focus mainly on medical rehabilitation products and are gradually expanding into consumer and industrial sectors. Since 2025, many companies have successively released consumer-grade assistive products. Product innovation, performance improvement, and cost reduction in the industry are expected to drive accelerated commercialization. Key points from China Securities Co., Ltd.: Policy support In recent years, the level of support has gradually increased, and the domestic and foreign exoskeleton Siasun Robot&Automation market has developed vigorously. Since 2021, various departments such as the State Council, the Ministry of Industry and Information Technology, and the National Medical Products Administration have successively issued policies to support the development of the Siasun Robot&Automation industry at the top-level design level. In January 2023, the Ministry of Industry and Information Technology and 17 other departments issued the "Siasun Robot&Automation+" application action plan, which actively promotes the application verification of exoskeleton Siasun Robot&Automation and elderly care Siasun Robot&Automation in elderly care service scenarios. In July 2025, the National Medical Products Administration issued a notice on optimizing the supervision of the entire life cycle to support the innovative development of high-end medical devices, proposing to accelerate the release of relevant standards for medical exoskeleton Siasun Robot&Automation and actively establish standardization technical organizations for medical Siasun Robot&Automation. With the expansion of downstream market demand and the gradual maturity of products, the heat in the domestic and foreign exoskeleton Siasun Robot&Automation industry investment and financing market is gradually increasing. Accelerated commercialization The exoskeleton Siasun Robot&Automation has entered a phase of accelerated commercialization, with core drivers coming from technology, payment, and applications. On the technological front, early products faced technical bottlenecks such as power, materials, and controls. Now, breakthroughs in battery energy density improvement, lightweight material applications, and intelligent algorithms have made the exoskeleton Siasun Robot&Automation more efficient and reliable. In terms of payment, the past high costs restricted popularity. Nowadays, through the exploration of medical insurance, commercial insurance cooperation, and innovative leasing models, user economic pressure has been alleviated. In terms of applications, early application scenarios were single, but now they have expanded from medical rehabilitation to industrial, consumer, and other fields. The increased market demand has driven the acceleration of the commercialization process. Market size The market is expected to grow rapidly in the next few years, and the consumer market is expected to accelerate. According to data from consulting companies such as Markets and Markets, the global exoskeleton market is estimated to be around 39 billion RMB in 2025, and it is expected to maintain rapid growth in the next 6-8 years. The market size of the exoskeleton Siasun Robot&Automation in China is still in a rapid growth stage. According to data from Yunhu Consulting, the market size of the exoskeleton Siasun Robot&Automation in China has grown from 0.45 billion RMB in 2018 to 10.6 billion RMB in 2023, with a compound annual growth rate of 88%. With the improvement of the performance of exoskeleton Siasun Robot&Automation products and the growth of downstream medical demand, the market size is rapidly expanding. The bank believes that assuming that exoskeleton Siasun Robot&Automation becomes widely used in medical rehabilitation, industry, consumer and other fields in the future, the potential demand for exoskeleton Siasun Robot&Automation in the long term is expected to reach tens of millions of units, and the market size could reach billions. The market incremental space of core components is also in the billions, with huge potential space. Core components The growth in demand for the exoskeleton Siasun Robot&Automation is expected to drive the expansion of the market for components such as motors, reducers, and posture sensors. According to calculations by the bank, for every ten million units of exoskeleton Siasun Robot&Automation, the incremental market space for frameless torque motors, harmonic/planetary reducers, and posture sensors is 32 billion, 80/40 billion, and 40 billion RMB respectively. Frameless torque motors are an important power source for exoskeleton Siasun Robot&Automation; recommended companies to watch include Wuxi Xinje Electric. Reducers are important transmission components for exoskeleton Siasun Robot&Automation; recommended companies to watch are Leader Harmonious Drive Systems and Guilin Fuda Co., Ltd. Posture sensors are generally located at key positions such as the back of exoskeleton Siasun Robot&Automation, enabling the simulation of human balance and spatial orientation functionality; recommended companies to watch are Shanghai W-Ibeda High Tech Group, and so on. Situation of some domestic companies Currently, products are primarily focused on medical rehabilitation and are gradually expanding into consumer and industrial products. Xiangyu Medical relies on its own technological accumulation in the field of rehabilitation. In the short term, it will use medical-grade exoskeleton Siasun Robot&Automation as a breakthrough, and in the medium to long term, it will gradually improve household products. Some medical-grade products are expected to be approved for listing this year. Chengtian Technology has mastered the core technology of the entire chain of exoskeleton Siasun Robot&Automation and has gradually realized the localization of core components. The deployment quantity and usage frequency of products are industry-leading. Fourier was early focused on rehabilitation Siasun Robot&Automation, cooperating with many well-known universities worldwide to develop products, forming a complete rehabilitation product matrix, and gradually expanding into humanoid Siasun Robot&Automation fields. Maibu Siasun Robot&Automation focuses on flexible driver interaction technology, creating a variety of lower limb exoskeleton rehabilitation products. Aoshark Intelligence is a general exoskeleton Robot&Automation company, expanding from the fields of rehabilitation and industry to consumer scenes. Risk warning: risks of R&D progress falling short of expectations; risks of intellectual property and patents; risks of main business performance falling short of expectations; risks of commercialization progress falling short of expectations, etc.