First Read: China Auto Supply Chain "C-suite tour takeaways: NEV busines..."

研报英文原文证据摘录

First Read: China Auto Supply Chain "C-suite tour takeaways: NEV busines..."

Global Research

11 June 2026ab

First Read

EquitiesChina Auto Supply Chain

C-suite tour takeaways: NEV business improving, China

humanoid robotics in focus Auto Parts

Nora Min

Analyst

nora.min@ubs.com

Key takeaways from the tour +86-21-3866 8905

On 10 June, we hosted a one-day field trip for investors in Jiaxing to visit Shuanghuan Paul Gong

and Rongtai, touring factories and holding in-depth conversations with C-level Analyst

executives. NEV is a key downstream market of Shuanghuan and Rongtai's traditional paul.gong@ubs.com

business, and both companies are actively entering the humanoid robotics business. The +852-2971 7868

key takeaways are: 1) domestic NEV-related business improved sequentially in Q226; 2) Jenny Wang

rising penetration of NEV in European market likely to bring new growth momentum to Analyst

the traditional businesses; 3) progress in the robotics business has been positive, the S1460523110001

humanoid robotics of a leading North American humanoid robot maker is going into jenny-zb.wang@ubs.com

mass production soon. +86-21-3866 8837

Shuanghuan: NEV gear leader diversifying to AIDC and humanoid robotics

Shuanghuan shared encouraging improvement on its NEV business: 1) shipment of NEV

gears increased significantly QoQ in Q226, with capacity utilisation rate surpassing

90%; 2) adoption of coaxial reducers in China likely to accelerate; 3) target 1m set

shipment of NEV gears in overseas market, with Hungary plant to ramp up steadily.

Shuanghuan is diversifying the application of its gears to AIDC generators, with

Caterpillar and Yuchai as its core customers, revenue contribution from this segment will

start in 2026. Regarding humanoid robotics, Shuanghuan has been engaged in