SIASUN(SZ:300024) 3 6 Ke·2025-10-26 02:35Core Insights - Shenzhen Leju Robotics has completed nearly 1.5 billion yuan in Pre-IPO financing, marking one of the largest single financings in the humanoid robot sector this year [1] - The company focuses on two product categories: small bipedal robots for the education market and full-sized humanoid robots for industrial and research applications [1] - The industry is witnessing emerging opportunities in collaborative innovation within the supply chain and new technology breakthroughs, such as 5G-A remote control technology and solid-state battery technology [1] Company Overview - The founder of Leju Robotics, Cold Xiaokun, born in 1992, has a strong background in robotics, having won national awards during his school years and later leading a team to establish the company in Shenzhen [2] - The company initially faced challenges in the humanoid robot industry, including high costs of prototype production and reliance on imported core components [2][4] - Leju Robotics adopted a strategy of starting with small robots to generate revenue before advancing to full-sized humanoid robots, which has been crucial for overcoming industry hurdles [2] Product Development - In 2016, Leju Robotics received 10 million yuan in angel investment, leading to the mass production of its first small bipedal robot, "Aelos" [3] - By 2017, the company secured a strategic investment of 50 million yuan from Tencent, which facilitated the upgrade of its educational robots [4] - The full-sized humanoid robot "Kua Fu" was launched in 2023, showcasing advanced capabilities such as jumping and traversing various terrains [5] Market Dynamics - The humanoid robot market is on the verge of explosive growth, with projections indicating that sales in China will exceed 4,000 units in the first half of 2025, reaching 7,300 units for the entire year [6] - Despite the growth potential, the industry faces challenges such as high costs of core components, insufficient scene adaptability, and production capacity issues [6][7] - Leju Robotics stands out by successfully scaling both educational and industrial humanoid robots, with a competitive landscape showing a CR3 of 79.63% by mid-2025 [7] Technological Advancements - The integration of multiple technologies is driving the evolution of humanoid robots, with a focus on combining Model-Based and Reinforcement Learning algorithms for improved adaptability [7] - The "Kua Fu" robot has achieved a terrain adaptation error rate of 3.2% through these technological advancements [7] - Collaborations with companies like CATL aim to enhance battery technology, with plans for the next generation of "Kua Fu" robots to utilize solid-state batteries for improved performance [8] Future Opportunities - Future opportunities in the humanoid robot industry are concentrated in three areas: vertical market penetration, global expansion, and collaborative innovation within the supply chain [9] - The demand for caregiving robots is expected to grow significantly due to the aging population in China, with a projected market size exceeding 20 billion yuan by 2028 [9] - Leju Robotics is conducting research in Southeast Asia, planning to launch a simplified version of its industrial robots by 2026 to meet local market needs [9]