交付成拐点，智元与figure正赛开始？

Core Insights - The current landscape of humanoid robotics emphasizes the importance of delivery and practical applications over theoretical advancements, with companies like Zhiyuan focusing on compliance and stability for industrial B-end clients [1][10] - Zhiyuan is accelerating its overseas market expansion, aiming for 30% of its revenue to come from international business by next year, indicating a competitive stance against global players like Figure and Optimus [1][2] Group 1: Product Development and Market Strategy - Zhiyuan's G2 robot has received significant orders, including a multi-billion yuan framework order from Longqi Technology and a procurement order exceeding 100 million yuan from Junsheng Group, with deliveries already underway [2] - The G2 features a redesigned structure with a seven-degree-of-freedom force-controlled arm, enhancing its application scenarios and increasing the complexity of transitioning from demonstration to delivery [3][5] - The company emphasizes "automotive-grade" standards for stability and consistency in industrial applications, collaborating with Junsheng Group to ensure a robust supply chain for G2 production [5][11] Group 2: Technological Advancements - G2 is equipped with NVIDIA's Jetson Thor chip, providing a peak computing power of 2070 TFLOPS, which supports lower latency in operations and is crucial for high-speed industrial interactions [6] - The design of G2 incorporates redundancies to allow for future expansion into various scenarios, contrasting with competitors that focus on niche applications [7][10] Group 3: Competitive Landscape - The humanoid robotics market is witnessing diverse strategies, with Zhiyuan opting for a pragmatic approach of securing immediate orders, while competitors like Figure AI and Tesla's Optimus pursue more ambitious, long-term goals [8][10] - Recent challenges faced by competitors, such as production delays and technical issues with Optimus, highlight the risks associated with high expectations in the robotics sector [8][10] Group 4: Market Dynamics and Future Outlook - Zhiyuan's strategy of focusing on practical applications and real-world data collection is expected to enhance its competitive edge, especially in overseas markets where labor costs are higher and profit margins are more favorable [10] - The company has reported thousands of units delivered in the first three quarters of the year, indicating a growing scale of operations while still navigating supply chain challenges [11]