SIASUN(SZ:300024) Jing Ji Guan Cha Wang·2025-10-21 10:44Core Viewpoint - Yushu Technology has officially launched its next-generation humanoid robot, Unitree H2, which has garnered significant attention in the tech community and social media, reflecting the rapid development of the humanoid robot industry in China this year [2][3] Industry Overview - The humanoid robot sector in China has seen 127 investment events from January to August 2023, totaling 36.436 billion yuan, surpassing the expected total for the entire year of 2024 [2] - The global humanoid robot industry faces challenges such as technological breakthroughs, outdated functions, market expansion, and weak performance despite predictions of long-term demand reaching 10 billion units [2][6] Product Features - Unitree H2 stands 180 cm tall and weighs 70 kg, designed to closely resemble human form, enhancing its humanoid appearance [3] - The new model shows significant improvements in flexibility and stability compared to its predecessor, Unitree H1, and features a bionic face, making it more aligned with sci-fi robot depictions [3][5] Competitive Landscape - The Chinese humanoid robot market has over 20 models from various companies, including UBTECH, Da Vinci Technology, Xiaomi, and iFlytek, covering sectors like education, service, research, and industry [3][4] - Companies are differentiating themselves through unique features: UBTECH focuses on stability and interaction, Yushu on high-performance motion control, and Da Vinci on cloud-based intelligent robots [4][5] Market Growth Potential - The humanoid robot market is projected to become a $100 billion industry, with estimates suggesting the global market could exceed $20 billion by 2030 and China's market reaching around $5 billion [6][7] - Goldman Sachs predicts the global humanoid robot market could reach $154 billion by 2035, indicating a robust growth trajectory over the next 10-20 years [7] Investment Activity - The global humanoid robot market has seen over $5 billion in financing in 2023, with a significant portion directed towards companies in the U.S. and China [7] - Notable funding activities include UBTECH's $1 billion IPO in 2023 and Yushu's nearly $100 million Series B funding in 2022 [7][8] Financial Performance - Despite revenue growth, many companies in the humanoid robot sector are experiencing losses. For instance, UBTECH reported a revenue of 621 million yuan in the first half of 2025 but incurred a net loss of 440 million yuan [9] - The overall trend shows that while revenues are increasing, profitability remains a challenge due to high R&D costs and limited market demand [11]