Haisung Aero-Robotics

Haisung Aero-Robotics is a reducer specialist founded in 1997 that listed on KOSDAQ in April 2021 under the technology-growth listing track and changed its name from Haisung TPC in 2024.

The company has long produced traction machines that drive elevators as its core product, and has recently broadened its lineup to include industrial reducers and ultra-precision robot reducers. Its core elevator reducer business holds an effectively dominant share of the domestic market.

The second pillar covers industrial and wind-turbine reducers, while the third is precision robot reducers, where the company is described as the only domestic mass producer, centered on RV and Cycloid designs.

More recently it has developed an in-house HS reducer for industrial humanoid robots, designed to replace the low-torque harmonic reducers traditionally used in humanoids, offering higher torque and rigidity.

Its customer base spans domestic elevator makers as well as semiconductor process equipment makers, collaborative- and medical-robot manufacturers, and exoskeleton wearable-robot maker Hexa Robotics.

Cycloid reducers are essential components for industrial robots and automation equipment requiring both high precision and high torque, and localizing them addressed a market that had long depended on imports.

In 2026, the controlling shareholder changed from TPC to K-Humus, a precision-technology and defense-solutions company.

Consolidated revenue fell from KRW 13.91 billion in 2022 to KRW 13.68 billion in 2023, then rose for two straight years to KRW 14.94 billion in 2024 and KRW 15.08 billion in 2025.

Over the same period, the operating loss widened from KRW 1.27 billion in 2022 to KRW 1.50 billion in 2023 before narrowing to KRW 716 million in 2024 and KRW 621 million in 2025. The operating margin improved steadily from -10.9% in 2023 to -4.8% in 2024 and -4.1% in 2025.

Net income attributable to owners posted losses for three consecutive years from 2022 to 2024 (KRW -1.03 billion, -778 million and -528 million, respectively), before turning positive at KRW 148 million in 2025.

On a quarterly basis, Q2 2025 posted revenue of KRW 4.00 billion and a small operating profit of about KRW 12 million, but the company slipped back into operating losses in Q3 (-KRW 27 million) and Q4 (-KRW 229 million).

Q1 2026 continued the loss streak with revenue of KRW 3.29 billion, an operating loss of about KRW 304 million and a net loss of about KRW 279 million. Q2 2026 revenue was similar at KRW 3.32 billion, but the operating loss widened to roughly KRW 736 million, the largest in recent quarters.

Despite that, net income attributable to owners swung sharply positive to about KRW 1.28 billion, a divergence from the operating result that suggests a non-operating item was likely involved, though the specific detail has not yet been separately disclosed.

Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative net income attributable to owners totaled roughly KRW 699 million, reflecting substantial quarter-to-quarter volatility.

Korea's elevator market is generally viewed as a mature market with stagnant new-installation demand, and elevator reducer revenue growth has been limited by domestic market weakness and delayed overseas expansion, though cost reductions have helped narrow operating losses.

By contrast, the market for precision robot reducers is expanding as applications broaden beyond industrial and collaborative robots into humanoid and wearable robots.

In early 2026, Hyundai Motor's announcement of a plan to produce 30,000 units per year of its Atlas humanoid robot by 2028 drew buying interest toward Haisung Aero-Robotics, given that precision reducers account for roughly 30% of a robot's cost.

Policy conditions have also been supportive, with the government signaling plans to discuss core regulations hindering the growth of new industries including youth employment, data, autonomous driving and robotics.

That said, the precision robot reducer market remains one where Japanese leaders such as Nabtesco and Harmonic Drive Systems hold strong technology and track records; localizing supply in a market long dependent on imports is viewed as a meaningful shift for Korean industry, but scaling it into substantial revenue still requires validation and field trials.

Domestically, competitors such as robot-reducer maker SBB Tech are targeting the same market, meaning the localization competitive landscape continues to take shape.

In May 2026 the company issued its third round of private convertible bonds worth KRW 20 billion, of which KRW 10 billion is earmarked for expanding robot reducer production facilities between the following month and June 2027.

Another KRW 6 billion in operating funds is designated for R&D expenses tied to robot reducer development, including labor, materials and tooling costs.

In July it decided on a separate KRW 10 billion investment focused on doubling production capacity for RV reducers used in existing industrial robots and building a new production line for the high-torque HS reducer aimed at humanoid robots, with equipment installation underway and completion targeted within the first half of 2027.

In June the company signed a three-way memorandum of understanding with Hexa Robotics and i-Robotics aiming to adopt its lightweight, high-torque HS reducer alongside i-Robotics' harmonic reducer in Hexa Robotics' exoskeleton wearable robots RESILION and CLEGYM and its next-generation humanoid platform HECTOR.

In late July the company said the annual supply volume for a single ultra-precision robot reducer model ordered by a global semiconductor process equipment maker is expected to exceed KRW 1.6 billion, a figure that alone represents more than 100% growth versus last year's entire robot-segment revenue.

The company also said it plans to supply the HS reducer to Hexa Robotics, RV and HS reducers to a KOSDAQ-listed industrial robot maker referred to as Company Y, and has secured continued orders from an existing medical-robot reducer customer referred to as Company Q.

A company representative said it expects substantial growth to become possible in 2027, when capacity expansion and additional model validation with existing customers are expected to create synergy.