{"slug":"inovance","name":"Inovance","name_en":"Inovance Technology","ticker":"300124.SZ","updated_at":"2026-07-12T08:21:11.632658+00:00","canonical":"https://valuechain.wiki/inovance","same_as":["https://finance.yahoo.com/quote/300124.SZ"],"citable":"밸류체인 그래프 기준 Inovance의 직접 연결 기업은 1곳(관계 기준 공급 0·매출 1)이고, 사슬을 2차까지 넓히면 2곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Inovance Technology is directly linked to 1 companies (0 supply, 1 revenue relationships) and reaches 2 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"선전증시 · 산업 자동화 · 서보·휴머노이드 관절","kicker_en":"Shenzhen · industrial automation · servos & humanoid joints","lead":"중국 서보·드라이브·PLC 모션제어 선두 기업. 서보·컨트롤러에서 완성 로봇까지 중국 로봇 가치사슬을 폭넓게 커버하며, 2025년 휴머노이드용 관절 모듈(서보+감속기) 부품을 출시했다. 정밀 모션제어 기술이 휴머노이드 관절에 직접 적용돼, UBTech 등 중국 휴머노이드의 핵심 공급사.","lead_en":"A leader in Chinese servo, drive and PLC motion control. It spans the robotics value chain from servos and controllers to full robots, and in 2025 launched humanoid joint-module (servo plus reducer) components. Its precision motion-control tech applies directly to humanoid joints, making it a core supplier to Chinese humanoids like UBTech.","segments":{"fy":2025,"parts":[{"desc":"중국 서보·드라이브 1위 — 산업 자동화 매출의 본체이자 휴머노이드 관절 기술의 뿌리.","name":"서보·드라이브"},{"desc":"PLC·컨트롤러로 공장 자동화 시스템을 완성 — 서보와 묶어 파는 수직 통합 축.","name":"PLC·모션제어"},{"desc":"2025년 출시한 서보+감속기 관절 모듈 — UBTech 등에 공급하는 신성장 옵션, 휴머노이드 양산이 방아쇠.","name":"휴머노이드 관절모듈"}],"total":"매출 ¥451억 (2025 연결, +22%), 중국 산업자동화·서보 선두","source":"Inovance FY2025 실적","concentration":"서보+감속기 관절모듈. UBTech 공급."},"segments_en":{"fy":2025,"parts":[{"desc":"China's No.1 in servos/drives — the core of industrial-automation revenue and the root of its humanoid-joint tech.","name":"Servo/drives"},{"desc":"PLCs and controllers completing factory-automation systems — a vertical-integration axis bundled with servos.","name":"PLC/motion control"},{"desc":"Servo-plus-reducer joint modules launched in 2025 — a new-growth option supplied to UBTech and others, with humanoid mass production the trigger.","name":"Humanoid joint modules"}],"total":"RMB 45.1bn (FY2025 consolidated, +22%), China's industrial-automation/servo leader","concentration":"Servo+reducer joint modules; supplies UBTech."},"returns_yearly":{"2021":-5.1,"2022":19.2,"2023":-20.9,"2024":8.4,"2025":24.8,"2026":-14.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"apple","name":"Apple","name_en":"Apple","tier":3,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"foxconn","name":"Foxconn","name_en":"Foxconn (Hon Hai)","tier":2,"returns_yearly":{"2021":-5.1,"2022":2.8,"2023":7.8,"2024":80.1,"2025":26.9,"2026":10.9}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":1,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}}],"benefiting":[],"analysis":"이노반스의 논지는 산업 자동화 강자에서 휴머노이드 부품 공급사로의 확장이다. 중국 서보·드라이브·PLC 모션제어 1위로 산업 자동화 저변을 쥔 위에, 정밀 모션제어 기술을 휴머노이드 관절 모듈(서보+감속기)에 직접 얹어 UBTech 등 중국 휴머노이드의 핵심 공급사가 됐다 — 서보·컨트롤러에서 완성 로봇까지 가치사슬을 넓게 커버하는 수직 통합이 강점이다. 2026년 주가 약세(-14%)는 중국 산업 수요 둔화(EV·설비투자)를 반영하지만, 휴머노이드 관절이라는 옵션은 별개 축이다. 재평가 트리거는 중국 휴머노이드 양산 진입 속도, 관절 모듈 채택 확대, 그리고 EV·산업 자동화 사이클의 회복이다.","analysis_en":"Inovance's thesis is expansion from an industrial-automation champion into a humanoid-components supplier. As China's No.1 in servo, drive and PLC motion control, it holds the industrial-automation base, and by applying that precision motion-control tech directly to humanoid joint modules (servo plus reducer) it has become a core supplier to Chinese humanoids like UBTech — its vertical integration, spanning servos and controllers through to full robots, is the strength. The 2026 share weakness (-14%) reflects slowing Chinese industrial demand (EV, capex), but the humanoid-joint option is a separate axis. Re-rating triggers are the pace of Chinese humanoids reaching mass production, wider joint-module adoption, and recovery of the EV/industrial-automation cycle.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"중국 로봇·산업 (서보·PLC)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"CNY","value":45100000000,"period":"Inovance FY2025 매출(+22%)","qualifier":"company_scale"},"note":"중국 로봇·산업 자동화에 서보·드라이브·PLC 공급 — 서보 1위로 산업 자동화 매출의 본체.","note_en":"Servos, drives and PLCs to Chinese robotics and industrial automation — the No.1 servo maker's core industrial revenue.","sources":[{"stance":"confirms","publisher":"Robotics & Automation News","publisher_en":"Robotics & Automation News","kind":"news","lang":"en","published_at":"2025-09-25","url":"https://roboticsandautomationnews.com/2025/09/25/inovance-technology-targets-humanoid-robot-components-and-bolsters-core-plc-business/94751/","title":"Inovance, 휴머노이드 부품·서보 진출","title_en":"Inovance targets humanoid components and servo","excerpt":"중국 로봇·산업 자동화에 서보·드라이브·PLC 공급(서보 선두).","excerpt_en":"Servos, drives and PLCs to Chinese robotics and industrial automation (servo leader)."},{"stance":"confirms","publisher":"Morgan Stanley","publisher_en":"Morgan Stanley","kind":"research","lang":"en","published_at":"2025-01-01","url":"https://advisor.morganstanley.com/john.howard/documents/field/j/jo/john-howard/The_Humanoid_100_-_Mapping_the_Humanoid_Robot_Value_Chain.pdf","title":"휴머노이드 가치사슬 지도(서보·감속기)","title_en":"Mapping the humanoid robot value chain","excerpt":"중국 로봇·산업 자동화에 서보·드라이브·PLC 공급(서보 선두).","excerpt_en":"Servos, drives and PLCs to Chinese robotics and industrial automation (servo leader)."}]},{"direction":"revenue","counterparty":"UBTech","counterparty_slug":"ubtech","confidence":"mid","metric":{"type":"amount","unit":"CNY","value":45100000000,"period":"Inovance FY2025 매출(+22%)","qualifier":"company_scale"},"note":"UBTech 등 중국 휴머노이드에 서보·관절 모듈 공급 — 정밀 모션제어를 관절에 얹은 핵심 공급 관계로, 휴머노이드 양산이 곧 수요.","note_en":"Supplies servos and joint modules to Chinese humanoids like UBTech — a core relationship placing precision motion control in the joint, where humanoid mass production is demand.","sources":[{"stance":"confirms","publisher":"Inovance/SZSE","publisher_en":"Inovance/SZSE","kind":"filing","lang":"zh","published_at":"2026-03-01","url":"https://www.inovance.com/global/aboutus/investor","title":"Inovance 회사·IR(선전거래소 300124)","title_en":"Inovance company/IR (SZSE 300124)","excerpt":"Inovance 연차·IR: 서보·모션제어·휴머노이드 부품.","excerpt_en":"Inovance annual/IR: servo, motion control and humanoid components."},{"stance":"confirms","publisher":"Robotics & Automation News","publisher_en":"Robotics & Automation News","kind":"news","lang":"en","published_at":"2025-09-25","url":"https://roboticsandautomationnews.com/2025/09/25/inovance-technology-targets-humanoid-robot-components-and-bolsters-core-plc-business/94751/","title":"Inovance, 휴머노이드 부품·서보 진출","title_en":"Inovance targets humanoid components and servo","excerpt":"UBTech 등 중국 휴머노이드에 서보·관절모듈 공급.","excerpt_en":"Supplies servos and joint modules to Chinese humanoids like UBTech."},{"stance":"confirms","publisher":"Morgan Stanley","publisher_en":"Morgan Stanley","kind":"research","lang":"en","published_at":"2025-01-01","url":"https://advisor.morganstanley.com/john.howard/documents/field/j/jo/john-howard/The_Humanoid_100_-_Mapping_the_Humanoid_Robot_Value_Chain.pdf","title":"휴머노이드 가치사슬 지도(서보·감속기)","title_en":"Mapping the humanoid robot value chain","excerpt":"UBTech 등 중국 휴머노이드에 서보·관절모듈 공급.","excerpt_en":"Supplies servos and joint modules to Chinese humanoids like UBTech."}]},{"direction":"revenue","counterparty":"EV·신에너지 (드라이브)","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"CNY","value":45100000000,"period":"Inovance FY2025 매출(+22%)","qualifier":"company_scale"},"note":"EV·신에너지에 드라이브·인버터 공급 — 산업 자동화 밖 전방시장이나, 2026년 중국 EV 둔화에 노출된 축.","note_en":"Drives and inverters to EV/new-energy — an end-market beyond automation, but the axis exposed to 2026's Chinese EV slowdown.","sources":[{"stance":"mentions","publisher":"애널리스트 컨센서스","publisher_en":"Analyst consensus","kind":"research","lang":"en","published_at":"2026-04-01","url":"https://www.investing.com/equities/shenzhen-inovance-tech-consensus-estimates","title":"인오반스(300124) 애널리스트 컨센서스 — 매수, 목표가 ¥87.5(22개사)","title_en":"Inovance (300124) analyst consensus — Buy, target RMB 87.5 (22 firms)","excerpt":"인오반스 FY2025 매출 ¥451억(+22%); 범용 자동화 역성장 속 성장·NEV 램프, 컨센서스 매수 목표가 ¥87.5","excerpt_en":"Inovance FY2025 revenue RMB 45.1bn (+22%); countercyclical automation growth + NEV ramp; consensus Buy, target RMB 87.5"},{"stance":"confirms","publisher":"Robotics & Automation News","publisher_en":"Robotics & Automation News","kind":"news","lang":"en","published_at":"2025-09-25","url":"https://roboticsandautomationnews.com/2025/09/25/inovance-technology-targets-humanoid-robot-components-and-bolsters-core-plc-business/94751/","title":"Inovance, 휴머노이드 부품·서보 진출","title_en":"Inovance targets humanoid components and servo","excerpt":"EV·신에너지 드라이브·인버터.","excerpt_en":"EV and new-energy drives and inverters."}]},{"direction":"cost","counterparty":"제조·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"amount","unit":"CNY","value":45100000000,"period":"Inovance FY2025 매출(+22%)","qualifier":"company_scale"},"note":"모션제어 제조·증설 — 휴머노이드·산업 수요 대응을 위한 캐파 투자(비공개).","note_en":"Motion-control manufacturing and capacity — capex to meet humanoid and industrial demand (undisclosed).","sources":[{"stance":"confirms","publisher":"Morgan Stanley","publisher_en":"Morgan Stanley","kind":"research","lang":"en","published_at":"2025-01-01","url":"https://advisor.morganstanley.com/john.howard/documents/field/j/jo/john-howard/The_Humanoid_100_-_Mapping_the_Humanoid_Robot_Value_Chain.pdf","title":"휴머노이드 가치사슬 지도(서보·감속기)","title_en":"Mapping the humanoid robot value chain","excerpt":"모션제어 제조·증설.","excerpt_en":"Motion-control manufacturing and capacity."}]},{"direction":"cost","counterparty":"부품·소재·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"amount","unit":"CNY","value":45100000000,"period":"Inovance FY2025 매출(+22%)","qualifier":"company_scale"},"note":"전력반도체·부품·R&D — 서보·드라이브 성능의 원가 축으로 부품 내재화가 마진을 좌우(공급사 비공개).","note_en":"Power semis, parts and R&D — the cost axis of servo/drive performance, where in-housing parts drives margin (suppliers undisclosed).","sources":[{"stance":"confirms","publisher":"Robotics & Automation News","publisher_en":"Robotics & Automation News","kind":"news","lang":"en","published_at":"2025-09-25","url":"https://roboticsandautomationnews.com/2025/09/25/inovance-technology-targets-humanoid-robot-components-and-bolsters-core-plc-business/94751/","title":"Inovance, 휴머노이드 부품·서보 진출","title_en":"Inovance targets humanoid components and servo","excerpt":"전력반도체·부품·R&D.","excerpt_en":"Power semis, parts and R&D."}]}]}