机器人行业跟踪报告：智元&宇树获1.24亿订单 人形机器人商业化加速

Core Viewpoint - The successful bids by Zhiyuan and Yushu for a 1.24 billion yuan humanoid robot OEM project signify a shift from research and development to commercialization in the humanoid robot industry, with communication becoming a key application scenario [1][4]. Group 1: Investment Highlights - Zhiyuan and Yushu have significant advantages in the humanoid robot sector, with accelerated scene implementation suggesting potential investment opportunities in the related industrial chain and growth driven by technological iterations [2][3]. - The project budget for the humanoid biped robot OEM service is set at 1.2405 billion yuan, with Zhiyuan winning the bid for the full-size robot package worth 780 million yuan and Yushu winning the bid for the small-size robot package worth 460.5 million yuan [2]. Group 2: Company Strengths - Zhiyuan leverages a "body + AI" full-stack technology, with its three major robot families covering multiple commercial scenarios, and has achieved mass production of its 1,000th general-purpose humanoid robot by January 2025 [3]. - Yushu specializes in the research, production, and sales of biped robots, demonstrating leadership in core components and motion control, with comprehensive self-developed key components and algorithms [3]. Group 3: Industry Implications - The order serves as a "shot in the arm" for the industry, marking the transition of humanoid robots from R&D to commercialization, attracting more companies and accelerating technological innovation and industrial upgrades [4]. - The procurement by a telecommunications giant indicates traditional industry demand, suggesting that communication services will become an important application scenario, with potential for further deepening and expansion [4]. - This development provides a commercial model for the industry, allowing Zhiyuan and Yushu to accumulate data and iterate products, thereby expanding their customer base and fostering a virtuous cycle in the industry [4].