# Who are Inovance Technology's customers? Who does Inovance Technology earn revenue from?
Canonical: https://valuechain.wiki/inovance · Facet: customers · Updated: 2026-07-12T08:21:11.632658+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Inovance Technology's confirmed revenue counterparties include UBTech plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).

### 중국 로봇·산업 (서보·PLC) (high)
- metric: Amount ¥45.1B · Inovance FY2025 매출(+22%)
- note: Servos, drives and PLCs to Chinese robotics and industrial automation — the No.1 servo maker's core industrial revenue.
- [confirms] Robotics & Automation News (EN, news, published 2025-09-25) https://roboticsandautomationnews.com/2025/09/25/inovance-technology-targets-humanoid-robot-components-and-bolsters-core-plc-business/94751/: "Servos, drives and PLCs to Chinese robotics and industrial automation (servo leader)."
- [confirms] Morgan Stanley (EN, research, published 2025-01-01) https://advisor.morganstanley.com/john.howard/documents/field/j/jo/john-howard/The_Humanoid_100_-_Mapping_the_Humanoid_Robot_Value_Chain.pdf: "Servos, drives and PLCs to Chinese robotics and industrial automation (servo leader)."

### UBTech (mid)  → /ubtech.md
- metric: Amount ¥45.1B · Inovance FY2025 매출(+22%)
- note: Supplies servos and joint modules to Chinese humanoids like UBTech — a core relationship placing precision motion control in the joint, where humanoid mass production is demand.
- [confirms] Inovance/SZSE (ZH, filing, published 2026-03-01) https://www.inovance.com/global/aboutus/investor: "Inovance annual/IR: servo, motion control and humanoid components."
- [confirms] Robotics & Automation News (EN, news, published 2025-09-25) https://roboticsandautomationnews.com/2025/09/25/inovance-technology-targets-humanoid-robot-components-and-bolsters-core-plc-business/94751/: "Supplies servos and joint modules to Chinese humanoids like UBTech."
- [confirms] Morgan Stanley (EN, research, published 2025-01-01) https://advisor.morganstanley.com/john.howard/documents/field/j/jo/john-howard/The_Humanoid_100_-_Mapping_the_Humanoid_Robot_Value_Chain.pdf: "Supplies servos and joint modules to Chinese humanoids like UBTech."

### EV·신에너지 (드라이브) (mid)
- metric: Amount ¥45.1B · Inovance FY2025 매출(+22%)
- note: Drives and inverters to EV/new-energy — an end-market beyond automation, but the axis exposed to 2026's Chinese EV slowdown.
- [mentions] Analyst consensus (EN, research, published 2026-04-01) https://www.investing.com/equities/shenzhen-inovance-tech-consensus-estimates: "Inovance FY2025 revenue RMB 45.1bn (+22%); countercyclical automation growth + NEV ramp; consensus Buy, target RMB 87.5"
- [confirms] Robotics & Automation News (EN, news, published 2025-09-25) https://roboticsandautomationnews.com/2025/09/25/inovance-technology-targets-humanoid-robot-components-and-bolsters-core-plc-business/94751/: "EV and new-energy drives and inverters."

Reverse side: https://valuechain.wiki/inovance/suppliers.md · Ripple: https://valuechain.wiki/inovance/ripple.md

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Full node: https://valuechain.wiki/inovance.md · JSON: https://valuechain.wiki/inovance.json