Lifu Harmonic Drive Files for Hong Kong Listing, with a 21.4% Market Share in Robotic Harmonic Reducer
Claire Weston
China's No. 2 harmonic reducer maker Laifuharmonic has filed for a Hong Kong listing — revenue nearly tripled in two years, yet the company has posted losses for three straight years. A textbook growth-for-losses bet on the robotics supply chain.
Who is Laifuharmonic, and why file now?
Laifuharmonic (来福谐波) was founded in 2013 and is one of China's earliest developers of harmonic reducers — the precision gearboxes inside robot joints that make movement accurate.
On May 29, 2026, the company filed a listing application on the HKEX main board, with CMB International as sole sponsor. This means → the company chose Hong Kong over an A-share listing, and the prospectus was first filed confidentially on January 2, 2026.
In plain terms = this company makes the part that decides whether a robot arm can turn precisely and steadily.
Ranked second in the market — how big is second?
According to Frost & Sullivan (灼识咨询), by 2025 shipment volume Laifuharmonic ranked No. 2 among China's robot harmonic reducer suppliers with a 21.4% market share; it also ranked second by revenue.
It is one of only two domestic manufacturers that have delivered harmonic reducers for humanoid robots and entered mass production.
This reflects an extremely concentrated field: very few makers can mass-produce, and a top ranking means orders arrive first.
Revenue is growing — so why is it still losing money?
From 2023 to 2025, revenue came in at roughly RMB 94.5 million, RMB 108 million, and RMB 261 million — nearly tripling in two years.
Yet losses over the same period were roughly RMB 169 million, RMB 169 million, and RMB 171 million — three consecutive years of red ink with almost no narrowing.
In plain terms = revenue is running, but losses haven't shrunk. Where is the money going? Gross margins offer a clue: 29.5%, 24.1%, and 25.6% across those three years — not low. This means → losses are driven not by thin margins on sales, but by heavy spending on R&D and capacity expansion.
How advanced is the technology?
The prospectus states that by 2025, Laifuharmonic's reducers achieved ±15 arc-second positioning accuracy and a service life exceeding 10,000 hours, placing them in what the company calls the global first tier.
The product line has expanded from reducers to joint modules, robotic arms, and automated workstations, with R&D priorities shifting in that direction from 2022.
This reflects a strategy of moving up the value chain — from selling components to selling modules and eventually full systems.
How big could this market get?
Frost & Sullivan projects China's precision robot transmission market will grow from roughly RMB 26.8 billion in 2025 to about RMB 197.5 billion by 2030, a CAGR of 49.2%.
The harmonic reducer sub-segment alone is expected to grow from about RMB 3.5 billion to RMB 23.1 billion over the same period, a CAGR of 45.9%.
Humanoid robot shipments are projected to rise from roughly 15,200 units in 2025 to about 1.1 million by 2030, a CAGR of 133.8%. In plain terms = if these forecasts hold, the market in five years is nearly seven times its current size.
Who controls the company?
Founder Mr. Zhang holds a combined 32.67% of voting rights: 4.13% directly, 23.45% through Laifu Investment, and 5.09% through Jieyang Information.
This means → Zhang maintains control through a multi-layered structure, but his stake isn't particularly large — post-IPO dilution and governance will be worth watching.
Content is for reference only, not financial advice.