RoboSense Named to Morgan Stanley Global Humanoid Robot 100 for Second Consecutive Year | Xinxing PORTFOLIO

On May 7, global investment bank Morgan Stanley released Humanoid Horizons: Money Meets Machines (hereafter referred to as "the Report"). Heart Capital portfolio company RoboSense was once again named to the "Global Humanoid Robot 100" for its leading full-stack AI capabilities, digital product performance, and strong ecosystem of core customers in the humanoid robot industry. It was also included in the "China Humanoid Robot Value Chain" map — making it the only Chinese lidar company to appear in both the global and China-specific humanoid robot industry maps simultaneously.

In the Report's "Global Humanoid Robot 100" list, Morgan Stanley divides the humanoid robot industry into three modules: "Brain," "Body," and "Integrators." RoboSense was placed in the "Body" sensors track, appearing in both the "Radar/Lidar" and "Vision/Camera Sensors" categories alongside international giants such as Intel, Aptiv, and Sony. In the "China Humanoid Robot Value Chain" map that Morgan Stanley specifically developed for the Chinese market, RoboSense was likewise listed in the core components layer under the "Vision/Lidar" category.

In February 2025, Morgan Stanley released The Humanoid 100: Mapping the Humanoid Robot Value Chain, the first systematic mapping of 100 core companies across the global humanoid robot value chain, covering software, hardware, and integration. RoboSense was included in this map as a key representative of the humanoid robot sector, joining a list of publicly traded companies that includes NVIDIA, Microsoft, Google, and Tesla.

In capital markets, Morgan Stanley's "Humanoid 100" index has become more than an investment tool — it serves as an important window for observing the development of the global humanoid robot industry. The Report shows that the "Humanoid 100" index, which includes RoboSense, has risen 45% cumulatively since its inception, outperforming the S&P 500, MSCI Europe, and MSCI China indices.

Morgan Stanley's analysis also projects that by 2050, the global installed base of humanoid robots will reach 1 billion units, with annual market revenue of $7.5 trillion. The bank emphasizes that China is poised to replicate its success in new energy vehicles. Driven by policy and capital, China's humanoid robot supply chain is maturing rapidly, with China's share of global manufacturing expected to rise from 15% currently to 16.5% by 2030. By 2050, cumulative humanoid robot adoption in China is projected to reach approximately 302.3 million units, about 30% of the global total, representing a market size exceeding $1.15 trillion.

Since implementing its "AI + Robotics" strategy, RoboSense has successfully built a full-stack AI technology闭环 spanning core hardware to algorithms, achieving a dual-wheel business model of "automotive + robotics." In 2025, RoboSense's annual sales of lidar products for robotics exceeded 300,000 units, up 1,458.8% year-over-year, ranking first globally.

In the competitive humanoid robot segment, RoboSense has established a leading position, topping both the "2025 China Humanoid Robot Lidar Sales Ranking" and the "2026 China Embodied Intelligence Lidar Brand Ranking." RoboSense has already partnered with nearly 50 leading humanoid and quadruped robot customers including AgiBot, Unitree, EngineAI, Galaxy Universal, DOBOT, NEURA, Pudu, and China Mobile, jointly advancing large-scale deployment and deep application of robots across diverse scenarios.

Beyond core components, RoboSense continues to push forward in algorithms and self-developed large models, building full-stack AI capabilities. It plans to launch its first embodied intelligence solution by the end of 2025. Based on this solution, RoboSense enabled the world's first robot "delivery courier" to achieve long-range, highly dexterous, and highly flexible human-like operations. The system helped Gesong Technology win a dexterous hand competition and, during CES, performed fully autonomous complex tasks including packing, unpacking, and transferring over four consecutive days totaling 20 hours — stunning international audiences.

This renewed inclusion in Morgan Stanley's humanoid industry map represents strong recognition of RoboSense's technological leadership, industry positioning, and core ecosystem advantages. It also further broadens the capital market's imagination of RoboSense's value during this critical phase of rapid growth in embodied intelligence and humanoid robots. As global commercialization of humanoid robots accelerates, RoboSense will continue strengthening its full-stack AI capabilities from hardware to algorithms to embodied intelligence solutions, pushing embodied intelligent robots into thousands of industries and bringing lasting convenience to everyday human life.

Heart Capital was founded in 2022 as a venture capital fund focused on investing in early-stage Chinese technology startups.

The Heart Capital team is primarily composed of founding partners and core investors from Lightspeed, along with seasoned investors from industry. The team's past investments include MetaX (688802.SH), Xpeng Motors (NYSE: XPEV, 09868.HK), Full Truck Alliance (NYSE: YMM), Sunmi Technology (06810.HK), RoboSense (02948.HK), Ambiq Micro (NYSE: AMBQ), Hanshow Technology (301275.SZ), FinVolution (NYSE: FINV), Qimengdao Group (NASDAQ: HERE), as well as LandSpace, Microsat, Baichuan, Manbang Cold Chain, World Logistics, and Fan Deng Reading, among others.

Rooted in China with a global outlook, Heart Capital is committed to early-stage support for entrepreneurial teams with the potential to become world-class Chinese technology companies. Heart Capital advocates the value of "heart," believing that technology can serve as a bridge connecting minds. Heart Capital looks forward to accompanying more young Chinese entrepreneurs onto the world stage.