Asia Humanoid & Physical AI — Group meeting takeaways: Humanoid sector progress and watchpoints in China and Korea

Our Asia Robotics analysts hosted a group meeting with Asia-based investors. In China, component progress is running ahead of humanoid ramps. Leader Drive is a clear actuator beneficiary, with humanoid-related products reportedly contributing ~40% of revenue and a plan to expand capacity ~10x over three years; Orbbec/Mech-Mind argue perception (3D vision, AI recognition) could monetize earlier than broad humanoid rollouts via task-specific physical AI. In Korea, debates center on cost and customer concentration: Mobis is positioned as Hyundai Motor Group's key actuator supplier from 2028, is considering a US actuator manufacturing footprint near the Georgia humanoid plant, and is co-developing a four-finger, 13-DOF dexterous hand;