第一批人形机器人，已经开始倒闭了

Core Insights - Humanoid robots are viewed as the "next trillion-dollar terminal," but the industry faces significant challenges as exemplified by the closure of K-Scale Labs, which burned through its funding and had to refund over 100 pre-orders [1][2][5] - The current environment is characterized by tightening financing, supply chain issues, and high production costs, making the anticipated "mass production year" appear more like a "survival year" for many companies [1][7] Company Summary - K-Scale Labs, a humanoid robot startup founded in 2024, aimed to create an open-source, low-cost humanoid robot platform for researchers and developers [4][5] - The company raised approximately $4 million in seed funding at a valuation of $50 million but failed to secure additional financing, leading to its closure [2][5] - K-Scale developed a bipedal humanoid robot priced at around $15,000, with over $2 million in orders, but faced challenges in scaling production due to limited resources and high costs [3][5] Industry Challenges - The humanoid robot industry is struggling with high production costs, with an average Bill of Materials (BOM) cost of 400,000 RMB, which is double the target price of $20,000 set by industry leaders like Elon Musk [8][9] - Technical limitations include high energy consumption for joint modules, significant perception errors, and a lack of sufficient training data, which hinder the mass production of humanoid robots [7][8][9] - The supply chain is fragmented, with key components largely imported, leading to increased costs and production delays [9][10] Market Dynamics - The market for humanoid robots is currently limited, with industrial applications primarily in niche areas, and consumer acceptance remains low due to high costs and limited functionality compared to existing automation solutions [10][11] - The ROI for businesses considering humanoid robots is often unfavorable, with long payback periods compared to traditional industrial robots [10] - Despite these challenges, the humanoid robot's design offers a versatile interface that could potentially lead to widespread adoption if costs decrease and functionality improves [12][13]