温馨提示 ： 点击下方图片，查看运营团队2025年6月最新原创报告（共235页） 说明： 欢迎 约稿、刊例和商务合作、行业人士交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号： lietou100w ）微信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 近期，[字节跳动]机器人团队迎来一系列架构调整，加大具身智能机器人研发投入，同时伴随的还有，诸位核心 骨干离职。 在本波具身智能浪潮中，字节入局较早；公司于2023年初开始加大机器人方向投入，2023年7月正式内部组建机 器人团队， 隶属于字节AI Lab (人工智能实验室)， 由Al Lab总监李航亲自挂帅，目前团队规模已达百人； 团队 业务分为两大部分:一是生产一些机器人（复合机器人），优先服务字节的电商履约需求；二是关注前沿技术，探 索把AI大模型能力用到机器人上；于2024年 10月发布第二代机器人大模型GR- 2。 今年4月份，字节AI Lab全部收归Seed团队下，同时伴随诸多架构变动，由向朱文佳汇报转向汇报给Seed新负责 人吴永辉，之后李航退休返聘管理范围无变化，在内部系统中的身份变更为"劳务 ...

温馨提示 ： 点击下方图片，查看运营团队2025年6月最新原创报告（共235页） 正文： 近日，又有两位互联网大厂内部具身智能机器人团队骨干（ 腾讯Roboticx X实验室副总经理韩磊和字节跳动机 器人团队研究一号位孔涛 ）入局具身智能赛道创业或任职。 [腾讯集团]作为国内最早设立机器人研究院的互联网大厂，初期 阵容班底堪称豪华， 早期成果显著，但在这波具 身智能浪潮中接近隐形，随着 3月24日领投国内头部人形机器人创企 [智元机器人]B轮融资，才实现首次入局， 后续又联合领投了[宇树科技]C轮融资，持续以投资方式加码具身智能赛道。 小编往期文章曾经提到，具身智能智能赛道创企中"学院派"背景兼职创业团队占据半壁江山（银河通用、星动纪 元等）；其次是 "大厂+高校"双重背景的全职创业公司，这类公司创始人基本来自于自动驾驶行业、 头部互联网 公司内部研究院，其中以自动驾驶行业为主且备受资本青睐（它石智航、星海图等），2024年四季度以来，自动 驾驶领域技术"大牛"纷纷离职后入局具身智能赛道创业，一度刷屏网络，成为"最强"创企派系； 早期互联网大厂 内部设立具身智能机器人相关实验室的并不多， 典型代表是 腾讯Ro ...

Core Viewpoint - Yushu Technology, a humanoid robot company, has achieved significant milestones with an annual revenue exceeding 1 billion yuan and a valuation surpassing 10 billion yuan, positioning itself as a leading player in the industry [1][2]. Financial Performance - Yushu Technology disclosed its annual revenue for the first time, reporting over 1 billion yuan, with projections of 200 million yuan and 400 million yuan for 2023 and 2024 respectively, and net profits ranging from 10 million to 70 million yuan [2][3]. - The company has maintained profitability since 2020, with a consistent positive financial outlook [2]. Market Position and IPO Speculation - Yushu Technology is speculated to be preparing for an IPO, having recently changed its corporate name and completed a significant round of financing [4][5]. - The company is recognized as the most commercially successful humanoid robot firm in China, potentially becoming the second listed humanoid robot company after UBTECH [5][6]. Recent Developments and Funding - In June 2025, Yushu Technology completed a C-round financing led by major investors including China Mobile, Tencent, and Alibaba, achieving a pre-investment valuation of over 10 billion yuan [8]. - The company has attracted significant interest from various investment firms, indicating a strong market position and investor confidence [8][14]. Industry Trends and Competition - The humanoid robot sector is witnessing increased competition, with major tech companies like Google and Meta entering the market, prompting domestic firms to accelerate their investment strategies [10]. - Yushu Technology's recent product launches and performances have garnered widespread attention, although the company faces challenges related to the sustainability of its market appeal [12][16]. Challenges and Criticism - Despite its successes, Yushu Technology is experiencing backlash due to perceived discrepancies between its promotional content and actual product performance, leading to a trust crisis among consumers [16][20]. - The company, along with others in the industry, is criticized for focusing on flashy demonstrations rather than practical applications, raising concerns about the long-term viability of its business model [20][21]. Market Dynamics - The market for humanoid robots is characterized by a divide between hardware-focused companies like Yushu Technology and software-driven firms, with the latter currently enjoying higher valuations [22]. - The industry consensus emphasizes the need for technological breakthroughs and effective commercialization strategies to ensure long-term success [22].

温馨提示 ： 点击下方图片，查看运营团队2025年6月最新原创报告（共235页） 说明： 欢迎 约稿、刊例和商务合作、行业人士交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号： lietou100w ）微信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 上周，关于特斯拉Optimus机器人供应商遭遇"砍单"的消息刷屏行业圈， 整个机器人板块都迎来巨大波动（向 下）， T链概念股们波动更大，并出现跌停股。 小编上周文章： 裁员、量产搁置，特斯拉Optimus团队恐迎至暗时刻！ 有进行一定解读，而随着更多消息的透 露和核实，特斯拉Optimus机器人"砍单"缘由也渐渐清晰。 整体而言，Optimus软硬件变动是真、短期暂停量产是真、供应商订单暂时delay是真、裁员存疑。 接下来小编将进行详细梳理： —— 6月6日， 特斯拉Optimus机器人部门负责人米兰·科瓦奇（Milan Kovac）宣布离职，后续将由 人工智能软 件部门副总裁 阿肖克·埃卢斯瓦米 （Ashok Elluswamy）接任；（市场虽有唱空，但此消息发布后，对T链 几乎没有影响） 6月10日， ...

Core Viewpoint - The article focuses on the emerging Vision-Language-Action (VLA) model, which integrates visual perception, language understanding, and action generation, marking a significant advancement in robotics and embodied intelligence [1][2]. Summary by Sections VLA Model Overview - The VLA model combines visual language models (VLM) with end-to-end models, representing a new generation of multimodal machine learning models. Its core components include a visual encoder, a text encoder, and an action decoder [2]. - The VLA model enhances the capabilities of traditional VLMs by enabling human-like reasoning and global understanding, thus improving its interpretability and usability [2][3]. Advantages of VLA Model - The VLA model allows robots to weave language intent, visual perception, and physical actions into a continuous decision-making flow, significantly shortening the gap between instruction understanding and task execution. This enhances the robot's ability to understand and adapt to complex environments [3]. Challenges of VLA Model - The VLA model faces several challenges, including: - Architectural inheritance, where the overall structure is not redesigned but only output modules are added or replaced [4]. - Action tokenization, which involves representing robot actions in a language format [4]. - End-to-end learning, integrating perception, reasoning, and control [4]. - Generalization issues, as pre-trained VLMs may struggle with cross-task transfer [4]. Solutions and Innovations - To address these challenges, companies are proposing a dual-system architecture that separates the VLA model into VLM and action execution models, potentially leading to more effective implementations [5][6]. Data and Training Limitations - The VLA model's training requires large-scale, high-quality multimodal datasets, which are difficult and costly to obtain. The lack of commercial embodied hardware limits data collection, making it challenging to build a robust data cycle [7]. - Additionally, the VLA model struggles with long-term planning and state tracking, as the connection between the "brain" (VLM) and "small brain" (action model) relies heavily on direct language-to-action mapping, leading to issues in handling multi-step tasks [7].

温馨提示 ： 点击下方图片，查看运营团队2025年6月最新原创报告（共235页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 从产品和技术层面考量，目前国内人形机器人创企粗略可分为两大阵营，以[宇树科技]为代表的以运动能力为亮 点的"硬件派"和以[智元机器人]、[银河通用]为代表的以具备强大AI能力为亮点的"软件派"。 随着， 国内头部人形机器人创企[ 北京银河通用机器人有限公司 ]（以下简称"银河通用"）于 6月23日 官宣完成 由宁德时代领投的11亿元新一轮融资，累计融资已超24亿元，晋升"独角兽"阵营后，"软件派"再次呈现"南"智元 机器人，"北"银河通用两强局面，同时也不乏它石智航、星海图等高估值创企伺机而动，争夺"软件派"头把交 椅。 不同于[智元机器人]采用 "高举高打" 发展模式， 用运营大公司的方式创业， 多产品线、多商业化场景落地路 线， [银河通用]则是典型的创企发展路线，更是"百花齐放"的人形机器人赛道的一股清流，专 注于 ...

Core Viewpoint - The article discusses the current landscape of humanoid robotics in China, highlighting two main camps: the "hardware faction" represented by Yushu Technology, which focuses on motion capabilities, and the "software faction" represented by Zhiyuan Robotics and Galaxy General, which emphasizes strong AI capabilities. The article notes significant recent funding rounds for these companies, indicating a growing interest in the sector [1][2]. Funding and Valuation - Zhiyuan Robotics completed a B-round financing led by Tencent on March 24, achieving a post-investment valuation of 15 billion yuan. The company has received additional investments from Tencent and JD.com [1]. - Yushu Technology announced a C-round financing on June 19, led by a fund under China Mobile, Tencent, and others, with a post-investment valuation of 10 billion yuan [1]. - Galaxy General secured 1.1 billion yuan in a new financing round on June 23, bringing its total funding to over 2.4 billion yuan and elevating it to the "unicorn" status [1]. Market Dynamics - The article notes a competitive landscape in the humanoid robotics sector, with Zhiyuan Robotics and Galaxy General emerging as the leading players in the "software faction," while Yushu Technology remains the top player in the "hardware faction" [2]. - The rental market for humanoid robots is also highlighted, with Yushu's G1 robot commanding a rental price of 15,000 yuan per day, leading to significant profits for early adopters [8]. Performance and Challenges - Yushu Technology faced a trust crisis following a poor performance at a humanoid robot marathon, leading to skepticism about its products and a decline in the rental market [10]. - In contrast, Songyan Power, a new entrant in the "hardware faction," gained significant attention after its robot N2 performed well in the same marathon, leading to a surge in orders and interest from investors [12][16]. Future Prospects - Songyan Power aims to leverage its recent success to expand its product offerings and market presence, with a goal of selling 1,000 units of the N2 robot this year [20]. - The article suggests that the humanoid robotics sector is at a crossroads, with companies needing to balance impressive demonstrations of capabilities with sustainable commercial applications [21][24].

温馨提示 ： 点击下方图片，查看运营团队2025年6月最新原创报告（共235页） [北京人形机器人创新中心]副总经理李春枝出席并在研讨会致辞中表示，具身智能作为人工智能与机器人技术融 合的前沿领域，正迎来爆发式发展的关键阶段。技术的突破不仅依赖于算法与硬件的迭代，更需要高质量数据、 标准化测评、场景化应用和专业化人才的协同支撑。本次研讨会聚焦数据、测评、应用、产教四大核心环节，旨 在通过跨界合作，打通技术落地的最后一公里，推动产业生态的加速成型。 —— 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 6月20日，以数智驱动、生态共融为主题，由北京市经信局及北京经济技术开发区管委会指导、[北京人形机器人 创新中心]主办的具身智能产业研讨会，在中关村（亦庄）国际机器人产业园机器人大世界成功举办。多地产业创 新中心、产业核心企业参会，围绕数据-测评-应用-产教等多个行业热门话题展开探讨。研讨会上， 具身智能测评 实验室联合体正式揭牌成立，具身智能产业人才 ...

Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Yushu Technology, a leading humanoid robot company in China, highlighting its financial performance, market presence, and the challenges it faces in the humanoid robotics sector [1][2][6]. Group 1: Company Developments - On May 30, Yushu Technology changed its name to Yushu Technology Co., Ltd. and appointed a new board member, signaling preparations for an IPO [1]. - On June 19, Yushu Technology announced the completion of its Series C financing round, with a pre-investment valuation exceeding 10 billion yuan, officially entering the unicorn club [1]. - The company has maintained profitability since 2020, with projected revenues of approximately 200 million yuan in 2023 and 400 million yuan in 2024, and net profits ranging from 10 million to 70 million yuan [2]. Group 2: Market Performance - Yushu Technology's humanoid robots gained significant attention after their appearance on the Spring Festival Gala in early 2025, leading to increased interest in the stock market and related companies [6]. - The company has secured numerous contracts, with a notable order from Shanghai Tongji University for 10 humanoid robots valued at 825.66 million yuan [3][13]. - As of March 2025, Yushu Technology's project wins have nearly matched the total for the entire year of 2024, indicating strong market demand [3]. Group 3: Industry Challenges - Despite initial success, the humanoid robotics market faces challenges, including a lack of substantial commercial applications and a tendency for companies to focus on showcasing capabilities rather than practical uses [16][19]. - The rental market for humanoid robots has seen a surge, but there are concerns about sustainability as interest may wane once the novelty wears off [16]. - The industry is criticized for prioritizing physical capabilities over advanced AI and practical applications, which are essential for long-term success [19][20].

Core Insights - The article discusses the entry of major global tech companies into the embodied intelligence sector, highlighting Nvidia and Tesla as key players, with Tesla leading in humanoid robotics through its Optimus model, while Nvidia focuses on building a foundational development ecosystem [1] - Huawei is identified as a leading domestic player in the humanoid robotics space, following Nvidia's approach, while XPeng Motors aims to commercialize humanoid robots, taking inspiration from Tesla [1][2] Group 1: Industry Landscape - Major global tech giants like Google, Microsoft, Meta, and OpenAI are entering the humanoid robotics market, with Nvidia and Tesla being prominent examples [1] - Morgan Stanley's report indicates that original equipment manufacturers (OEMs) with integrated humanoid robot capabilities hold the highest value in the humanoid robotics value chain [2] - The report emphasizes that the development of large models, particularly visual-language-action (VLA) models, is crucial for the generalization capabilities of humanoid robots, with data and computational costs being significant barriers [2] Group 2: Huawei's Developments - Huawei launched its CloudRobo platform at the HDC 2025, focusing on cloud-based intelligence rather than directly manufacturing robots [3][6] - The CloudRobo platform integrates various capabilities, including data synthesis, model development, and security oversight, to accelerate innovation in embodied intelligence [11] - Huawei's collaboration with 16 companies in the humanoid robotics sector was formalized during the launch of its global innovation center [6][26] Group 3: Technological Advancements - The CloudRobo platform features three core models: embodied multimodal generation, planning, and execution models, enhancing the training efficiency of humanoid robots [11][14] - The platform allows for a significant portion of training data to be generated rather than collected, improving data acquisition efficiency [11] - Huawei's humanoid robot "Kuafu" was showcased, demonstrating enhanced intelligence and generalization capabilities through the integration of the Pangu model [23] Group 4: Investment and Strategic Partnerships - Huawei has made strategic investments in humanoid robotics, including a stake in Qianxun Intelligent and a partnership with UBTECH Robotics to develop humanoid robots for various applications [18][19] - The company has been actively expanding its partnerships with leading robotics firms to foster innovation and development in the humanoid robotics space [18][26] - The article notes that domestic tech giants are increasingly investing in humanoid robotics, with companies like Meituan and Tencent leading funding rounds for startups in this sector [19]