SIASUN(SZ:300024) Hua Er Jie Jian Wen·2026-01-22 12:43Core Insights - The humanoid robot industry in China is transitioning from "general imagination" to "specific implementation," driven by significant advancements in motion control and rapid iteration cycles [1] - Major manufacturers are setting ambitious shipment targets for 2026-2027, aiming for several times the expected output compared to 2025 [2] Shipment Volume and Market Dynamics - Goldman Sachs estimates global humanoid robot shipments will reach approximately 15,000 to 20,000 units by 2025, with Chinese companies contributing the majority [2] - The demand is primarily driven by sectors such as research, AI training, education, entertainment, and data factories [2] - Manufacturers are targeting shipment volumes of thousands to tens of thousands for 2026-2027, indicating a significant growth expectation [2] Technological Advancements - Substantial improvements in motion control have been observed, with some manufacturers achieving "cerebellum-level" full-body control capabilities [3] - The product iteration cycle has been reduced to approximately 6-8 months, largely due to 80%-90% in-house design capabilities [3] Application Focus - The industry is prioritizing "specific" commercial deployments, focusing on applications such as security patrols and guidance services in public spaces, which leverage existing task planning and interaction capabilities [4] - Current humanoid robots are limited to logistics tasks like box moving and simple item sorting due to AI limitations in unpredictable factory environments [5] Data Strategy and Competitive Edge - Manufacturers are increasingly integrating standardized methods with established large language models (LLMs) and vision-language models (VLMs), making proprietary data engines a key differentiator [6] - High-quality real-world data is seen as crucial for bridging the gap between mature hardware technology and scalable practical applications [6] Business Model Differentiation - Companies targeting consumer applications (2C) focus on enhancing user experience and emotional value, while those targeting business applications (2B) emphasize return on investment (ROI) [7] - In logistics applications, clients are willing to invest when robots achieve about 50% of human worker productivity, with a payback period of approximately two years [7]