Leaderdrive (Leader Harmonious Drive Systems, also called Suzhou Green Harmonic) is China's answer to Japan's Harmonic Drive Systems, and its STAR Market stock (688017) has become a favorite way to bet on humanoid robot joints. Revenue is now growing over 50% a year, but the shares trade at a multiple that assumes humanoids become a mass market. This page, part of our Tesla Optimus stocks series, looks at the business behind the price.
- Ticker: 688017, Shanghai STAR Market; Hong Kong H-share plan approved by the board in August 2026.
- Product: harmonic reducers, the compact gearboxes in robot wrists, elbows and shoulders.
- Q3 2026: revenue RMB 242M (+56%), total profit RMB 62M (+39%).
- Price: CNY 290 (Oct 23, 2026); market cap ~CNY 53B; ~250x 2026E earnings.
- Tesla: a link is reported, not confirmed. Named customers are Unitree, UBTech and AgiBot.
Leaderdrive at a Glance
| Item | Value |
|---|---|
| Company | Leader Harmonious Drive Systems Co., Ltd. (Suzhou) |
| Ticker / exchange | 688017 · Shanghai STAR Market (listed 2020) |
| Recent price | CNY 290.00 (Oct 23, 2026) |
| Market cap | ~CNY 53.2 billion |
| P/E | ~369x trailing, ~248x forward |
| 52-week range | CNY 139.62 to 495.66 |
| Analyst consensus | Hold (15 analysts), avg target ~CNY 323 |
Price data from StockAnalysis (delayed); consensus from MarketScreener (October 2026). The stock was added to the FTSE All-World Index in September. It can move 10% or more in a day: it rose 12% on October 23 alone, so check a live quote.
Why Humanoids Need Harmonic Reducers
A harmonic reducer uses a flexible steel cup (the flexspline) that flexes inside a rigid ring to deliver very high gear ratios with almost no backlash in a small, light package. That makes it ideal for light-load joints such as wrists, elbows and fingers. Gasgoo cites reducers as 30% to 35% of a humanoid's cost, and Guojin Securities research cited by 36Kr puts Optimus at about 14 harmonic reducers per robot, possibly rising above 20. Heavier joints such as knees and hips tend to use planetary roller screws or planetary gearboxes instead; our Optimus actuator guide shows the split.
Leaderdrive vs Harmonic Drive Systems
| Leaderdrive (688017) | Harmonic Drive Systems (6324) | |
|---|---|---|
| Home market | China (overseas ~14% of revenue) | Japan, with US and German units |
| Latest full-year revenue | RMB 570.7M (2025, +47%) | JPY 59.6B (FY to Mar 2026) |
| Latest full-year net profit | RMB 124.4M (2025, more than doubled) | JPY 1.6B (FY to Mar 2026) |
| Growth driver | Chinese humanoid makers, industrial robots | Industrial robots, semiconductor equipment |
| Positioning | Lower price, fast capacity build | Technology originator, premium pricing |
Sources: Leaderdrive 2025 figures via Humanoid Guide; Harmonic Drive Systems figures from StockAnalysis. Harmonic Drive Systems still sells several times more by revenue, but its profit has been weak since a large loss in fiscal 2024. Leaderdrive built its business on replacing Japanese imports in China. For the Japanese side, see our Harmonic Drive Systems stock page.
Q3 2026: Fastest Growth in Years
The Q3 2026 report (corrected version filed November 2) said the scale of the embodied-intelligence robot business grew substantially. Q3 total profit rose 38.8% to RMB 62.3 million and basic EPS rose 29.1% to RMB 0.28. Profit is growing more slowly than revenue: first-half gross margin fell 2.5 points to 32.3% as new capacity was absorbed, according to Soochow Securities. Operating cash flow was negative RMB 71 million for nine months, which the company tied to paying suppliers with bank notes.
Capacity, Orders and Prices
According to a 36Kr analysis (September 4, 2026):
- Harmonic reducer capacity is about 1 million units a year, with a plan to reach 1.5 million by the end of 2026.
- Order visibility runs to Q3 2027, and humanoid-related orders are over 40% of the backlog.
- Average selling prices fell from about CNY 1,900 in 2017 to about CNY 1,100 in 2024, a 42% drop.
- Its share of China's harmonic reducer market slipped from about 33% in 2019 to 25% in 2024, then recovered to 27.5% in 2025. J.P. Morgan puts it at 30% to 40%.
In July 2026 Leaderdrive also formed a joint venture with Sweden's SKF to make precision bearings and transmission parts for robot joints, which is meant to use SKF's sales network in Europe, Japan and the US.
Price vs volume: falling unit prices are normal as volumes rise, but they mean revenue grows slower than unit shipments. A humanoid boom built on cheap robots could cut reducer prices further.
Who Buys: Unitree, UBTech, AgiBot and Tesla?
Reported customers are mainly Chinese humanoid makers. 36Kr says Leaderdrive at one point supplied about 70% of the upper-limb reducers used by Unitree, and also lists UBTech and AgiBot as customers. The same report said its products had received Tesla certification. Neither company has confirmed an Optimus contract, so treat the Tesla link as reported only. Leaderdrive does not name customers in its filings.
Unconfirmed: lists of "Optimus suppliers" often include Leaderdrive. As of November 10, 2026, no official Tesla or Leaderdrive disclosure confirms it.
The Valuation Problem
Soochow Securities forecasts net profit of RMB 212 million in 2026, RMB 322 million in 2027 and RMB 429 million in 2028. At a market value of about CNY 53 billion, that is roughly 250 times 2026 and 124 times 2028 earnings (our estimate). Even the MarketScreener average target of about CNY 323 only adds about 11% from the October 23 price. The stock is pricing in years of humanoid-driven growth; a slowdown in Chinese humanoid orders or a price war could cut that multiple quickly. Other key risks: new reducer entrants, customer concentration in a young industry, and dilution from the planned Hong Kong listing.
How to Buy Leaderdrive Stock
- STAR Market access: 688017 is a STAR Market share. Northbound Stock Connect covers some STAR shares for institutional investors and eligible accounts; ask your broker whether it is available to you.
- Hong Kong (future): if the H-share listing completes, it would be easier for international brokers to trade.
- Funds: China A-share and robotics funds may hold it; check current holdings. See our humanoid robot stocks guide and the Optimus suppliers list for alternatives.
This article is for information only and is not investment advice.
FAQ: Leaderdrive Stock
What is Leaderdrive’s stock ticker?
Leaderdrive, officially Leader Harmonious Drive Systems and also known as Suzhou Green Harmonic, trades as 688017 on the Shanghai Stock Exchange STAR Market. Its board approved a plan for a Hong Kong H-share listing in August 2026, which still needs regulatory approval.
Does Leaderdrive supply Tesla Optimus?
Not confirmed. A September 2026 36Kr analysis said Leaderdrive products had received Tesla certification, but neither Tesla nor Leaderdrive has disclosed an Optimus supply contract. Its confirmed humanoid customers named in reports are Chinese makers such as Unitree, UBTech and AgiBot.
What were Leaderdrive Q3 2026 results?
Leaderdrive reported Q3 2026 revenue of RMB 242.3 million, up 56.1% year over year, and total profit of RMB 62.3 million, up 38.8%. Nine-month revenue was RMB 590.9 million, up 45.3%, with growth attributed largely to embodied-intelligence robot demand.
How does Leaderdrive compare with Harmonic Drive Systems?
Japan’s Harmonic Drive Systems is the long-time technology leader and still several times larger by revenue, at about 59.6 billion yen in the year to March 2026. Leaderdrive is smaller but growing much faster and is cheaper per unit, and it holds roughly a quarter to a third of China’s harmonic reducer market.
Is Leaderdrive stock expensive?
By earnings, yes. At about CNY 290 in late October 2026 the market value was roughly CNY 53 billion, about 250 times Soochow Securities’ 2026 profit forecast of RMB 212 million. The average analyst target from MarketScreener was about CNY 323, with a consensus Hold.
The Bottom Line
Leaderdrive is the clearest Chinese listed play on harmonic reducers, with revenue up 56% in Q3 2026 and humanoid orders now over 40% of its backlog. The business is real; the question is price. At about 250 times this year's expected earnings, the shares already assume humanoids become a high-volume market, and the Tesla link remains unconfirmed. Investors who want the same component with a lower multiple can compare Harmonic Drive Systems in Japan.
Sources: StockAnalysis (price data Oct 23, 2026), MarketScreener (Oct 2026), Q3 2026 report via Stockstar (Nov 2, 2026), Soochow Securities via Gelonghui (Aug 31, 2026), 36Kr (Sep 4, 2026), Gasgoo (Aug 28, 2026), Humanoid Guide (2026). Not investment advice. Last fact-check: November 10, 2026.
FOLLOW THE ROBOT ECONOMY
We track Optimus suppliers and humanoid robot makers as the market forms: orders, earnings and production numbers.
