Constituents  ›  Kinco

Kinco步科股份

688160.SH Components & actuators
Index weight
0.66%
Rank #35 of 41
Market cap
$1.5B
USD, live
PAI exposure
80%
Revenue from Physical AI
HQ
Shanghai
Founded 1996
Valuation
$1.5B · market cap
via Yahoo Finance · 2026-06-24

About

Pioneer and dominant player in frameless torque motors for humanoid robots, with ~50% domestic market share. Listed on STAR Market (688160.SH). Fourth-generation FMK series motors feature large split-ratio hollow design optimized for humanoid robot wiring and PCB layout needs. Each humanoid robot (per Tesla Optimus design) uses 28 frameless torque motors across 14 linear and 14 rotary actuators, making this component 15.4% of total robot value. R&D centers in Shanghai, Shenzhen, Changzhou, and Chengdu. Revenue ~¥509M, net profit ~¥44.5M (2025).

Shanghai, Shanghai · Founded 1996 · Company website

Why in the Index

Servo systems, HMIs, and motion controllers for industrial automation and robotics integration.

PAI exposure of 80% reflects the share of trailing-twelve-month revenue attributed to Physical AI activities. See methodology §4 for inclusion criteria and §6 for how PAI exposure scales the weight.

Key Physical AI activities

  • 4th-Gen FMK Frameless Torque MotorsReleased July 2025. Large split-ratio hollow design for humanoid robot joint wiring/PCB layout. Reduced weight, improved power density vs Gen 3. Each humanoid robot needs 28 units.
  • 3rd-Gen FMC Frameless MotorsReleased 2022. Pioneered frameless potting process. 10 frame sizes available.
  • Hollow ActuatorsComplementary actuator product supporting compact joint design.

Key partnerships

  • Unitree
  • AgiBot
  • Xiaomi
  • UBTECH
  • Fourier Intelligence

Milestones

  • 1996Founded (predecessor Shenzhen Bujin)
  • 2016Launched first-generation frameless torque motor
  • 2020IPO on STAR Market (688160.SH)
  • 2022Released 3rd-gen FMC series with pioneered potting process
  • 2025-07Released 4th-gen FMK series optimized for humanoid robots
  • 2026-03Confirmed 4th-gen iteration with continuous performance optimization

Competitive position

~50% domestic frameless torque motor market share. Frameless torque motors = 15.4% of humanoid robot BOM (Tesla AI Day 2022 data). 4 generations of product iteration since 2016. Revenue ~¥509M, net profit ~¥44.5M (2025). Competes with international players entering the market.

Recent activity

No events tracked yet — this company is monitored daily.

Disclaimer

This profile is part of the China Physical AI Index — a public information product published by Tech Buzz China for informational and educational purposes only. It is not investment advice and is not a recommendation regarding Kinco or any other security. Company data is based on public filings and TBC research; revenue-exposure estimates are point-in-time and subject to update. See the full methodology §11 and disclaimer page.