SIASUN(SZ:300024) Sou Hu Cai Jing·2025-08-16 13:16Core Viewpoint - The current state of humanoid robots is characterized by a significant gap between their technological capabilities and the high valuations they receive, leading to a sense of disconnection in the industry [4][5]. Group 1: Humanoid Robot Performance - Humanoid robots are struggling with basic tasks, often failing to perform effectively in real-world scenarios, which raises questions about their practical applications [2][4]. - The performance of humanoid robots is likened to a "high-scoring low-ability" student, excelling in certain areas but failing in others, such as endurance and practical execution [4][5]. Group 2: Investment and Valuation Discrepancies - There is a stark contrast in valuations between Chinese and international companies in the humanoid robot sector, with Chinese firms often receiving inflated valuations despite lacking advanced technology [5]. - Investment in humanoid robots is heavily skewed towards research and development, with many orders coming from academic institutions rather than practical applications in industries like manufacturing or healthcare [5]. Group 3: Industry Trends and Challenges - Major automotive companies are entering the humanoid robot market, but their motivations remain unclear, leading to skepticism about the sustainability of this trend [5]. - The industry is criticized for its focus on creating humanoid robots that mimic human physical traits rather than developing practical, functional robots that can assist in real-world tasks [5][6]. Group 4: Future Outlook - While the future may belong to robots, the current control and direction of development still lie with human operators, indicating a need for more grounded approaches in robot design and application [6].