The revenue of 54 A-share listed companies in the humanoid robot industry reached 246.71 billion yuan ($34.59 billion) in the first nine months of 2024, up 9.21 percent on a yearly basis, while the net profits recorded 13.94 billion yuan, up 14.82 percent year-on-year, said Securities Daily on Tuesday.

40 of the 54 listed companies, accounting for over 70 percent, recorded profits in the humanoid robot industry. Inovance Technology Co Ltd, the leading company in domestic industrial automatic control, earned 3.35 billion yuan, the most net profit. Everwin Precision Technology, which entered the core components supply chain of global top two humanoid robot companies, registered growth that jumped 382 times in the first three quarters from the previous year.

The 54 listed companies in the humanoid robot industry invested 18.51 billion yuan in research and development, up by 7.42 percent on a yearly basis in the first three quarters of this year.

The global humanoid robot sector has raised over 7 billion yuan in the first half of this year, surpassing the total amount raised last year. China’s humanoid robot industry has entered a crucial stage from zero to one, and it is expected to record a sustained growth in this sector in the future, according to China Avic Securities.

Tesla CEO Elon Musk said at the Saudi Future Investment Initiative on Oct 29 that at least 10 billion robots will be put into use by 2040, which will outnumber humans.

Each robot may cost between $20,000 and $25,000, he added.