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Maker of harmonic-drive precision reducers used in industrial and collaborative robot joints.
Maker of harmonic-drive precision reducers used in industrial and collaborative robot joints.
Sells harmonic reducers, compact gears that give a robot joint precise, high-torque movement, in volume to robot makers, so its fortunes follow robot output. Chinese buyers have been shifting from imported units to local ones. A newer line packages the reducer into complete joint modules, moving it up the value chain.
In one line: China's Harmonic Drive Systems (Japan).
Moat: narrow (IP / patents, process know-how). One of few domestic makers of precision harmonic drives, a hard-to-manufacture robot component.
Headquarters: Suzhou, Jiangsu, China · Founded: 2003 · Employees: 1,087
Size Leader Harmonious Drive Systems (688017.SS) is a China Industrials company (Industrial Machinery) with a market value of $7.84B, the 317th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥285.05 on 6 Nov 2026.
Performance Over six months the shares gained 27.2%, against -14.6% for the median peer and -16.4% for the China market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 45.7% over the last twelve months (peer median +12.4%); the operating margin is 14.5% (peer median 12.5%).
Valuation It trades at 283.8× forward earnings against a peer median of 22.2× (most expensive of 21).
Capital Return on invested capital runs 8.8 points below its cost of capital (14.0% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥755M | CN¥569M | CN¥385M | CN¥353M | CN¥444M |
| Revenue growth | — | +48% | +9% | -21% | — |
| Gross profit | CN¥293M | CN¥197M | CN¥132M | CN¥133M | CN¥207M |
| EBITDA | n/a | CN¥143M | CN¥73.9M | CN¥89.7M | CN¥158M |
| Net income | CN¥153M | CN¥124M | CN¥56.2M | CN¥84.2M | CN¥155M |
| Free cash flow | -CN¥119M | CN¥123M | CN¥10.00M | CN¥78.1M | -CN¥42.1M |
| Capital expenditure | CN¥177M | CN¥99.7M | CN¥32.4M | CN¥76.0M | CN¥87.4M |
| Total debt | CN¥92.3M | CN¥101M | CN¥168M | CN¥670M | CN¥352M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Leader Harmonious Drive Systems 688017.SS | $7.84B | +27% | +46% | 15% | 283.8× | n/a |
| Harmonic Drive Systems 6324.T | $2.60B | -18% | +12% | 7% | 62.4× | n/a |
| Nabtesco 6268.T | $2.77B | -28% | -8% | 9% | 17.6× | 7.8% |
| Sumitomo Heavy Industries 6302.T | $3.64B | -10% | +9% | 6% | 13.0× | 6.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688017.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.4% | -9.2% | 4th highest of 21 |
| 6-month return | +27.2% | -14.6% | highest of 21 |
| Distance from 52-week high | -42.5% | -51.2% | 9th highest of 21 |
| Revenue growth (TTM) | +45.7% | +12.4% | 5th highest of 21 |
| Operating margin | 14.5% | 12.5% | 10th highest of 21 |
| Forward P/E | 283.8× | 22.2× | most expensive of 21 |
| ROIC minus cost of capital | -8.8 pp | -0.5 pp | 3rd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Leader Harmonious Drive Systems 688017.SS | China | $7.84B | +27% | +46% | 15% | 283.8× | n/a | n/a |
| Wuxi Lead Intelligent Equipment 300450.SZ | China | $7.88B | -41% | +28% | 10% | 22.9× | 10.4% | +19.9% |
| Rational Aktiengesellschaft RAA.DE | Germany | $7.95B | -4% | +6% | 27% | 26.1× | 14.8% | +14.2% |
| Han's Laser Technology Industry 002008.SZ | China | $7.97B | -48% | +59% | 12% | 19.1× | 19.6% | +9.5% |
| Zhejiang Jingsheng Mechanical & Electrical 300316.SZ | China | $7.69B | -13% | -25% | 0% | 74.3× | 39.6% | +24.6% |
| Zoomlion Heavy Industry Science & Technology 1157.HK | Hong Kong | $7.63B | -36% | +23% | 7% | 8.1× | 12.6% | -5.0% |
| Kokusai Electric 6525.T | Japan | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% | -1.5% |
| GlobalWafers 6488.TWO | Taiwan | $8.15B | -23% | -6% | 11% | 21.4× | n/a | n/a |
| Sulzer SUN.SW | Switzerland | $7.39B | +23% | -3% | 13% | 17.9× | -1.4% | +3.7% |
| Robotechnik Intelligent Technology 300757.SZ | China | $7.37B | -42% | +203% | 9% | 219.2× | n/a | n/a |
| Spirax SPX.L | United Kingdom | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% | +7.4% |
| Zurn Elkay Water Solutions ZWS | United States | $7.18B | -15% | +10% | 23% | 21.8× | 10.9% | -2.4% |
| Shenzhen Han's CNC Technology 3200.HK | Hong Kong | $8.58B | -66% | +109% | 21% | 9.9× | n/a | n/a |
| Shenzhen Envicool Technology 002837.SZ | China | $7.13B | -49% | +22% | 9% | 53.5× | 56.2% | +29.0% |
| Timken TKR | United States | $7.07B | -14% | +6% | 15% | 14.5× | 3.7% | +5.5% |
| IMI IMI.L | United Kingdom | $8.81B | +3% | +8% | 21% | 19.9× | 14.3% | +4.8% |
| Beijing Huafeng Test & Control Technology 688200.SS | China | $6.87B | -4% | +44% | 36% | 50.0× | 47.7% | +27.6% |
| Beijing E-Town Semiconductor Technology 688729.SS | China | $8.94B | -14% | +10% | 12% | 52.3× | n/a | n/a |
| JBT Marel JBTM | United States | $6.66B | -8% | +20% | 10% | 14.2× | 12.7% | +17.0% |
| Guangdong Dtech Technology 301377.SZ | China | $9.23B | -18% | +119% | 36% | 50.9× | n/a | n/a |
| NIBE Industrier NIBE-B.ST | Sweden | $9.25B | +7% | +2% | 10% | 27.3× | 13.5% | +8.5% |