2025年机器人行业系列报告之五：智元发布通用具身基座大模型GO-1和机器人灵犀X2，模型迭代加速具身智能发展

Investment Rating - The report maintains a rating of "Outperform the Market" for the automation equipment industry [4]. Core Insights - The report highlights the launch of the Genie Operator-1 model (GO-1) by Zhiyuan Robotics, which introduces the innovative ViLLA architecture, enabling robots to learn from human video and achieve rapid generalization with small samples, thus lowering the barriers to embodied intelligence [1][2][19]. - The release of the Lingxi X2 robot showcases significant advancements in motion control and interaction capabilities, with a modular design that enhances its performance in complex tasks [3][33]. - The report emphasizes the rapid development of the humanoid robot industry, with manufacturers planning to initiate mass production of thousands to tens of thousands of units by 2026, suggesting a focus on companies with cost-effective component supply capabilities and technological advantages [3][36]. Summary by Sections 1. Rapid Development of Zhiyuan Robotics - Zhiyuan Robotics has achieved mass production of general-purpose embodied robots since its establishment in February 2023, with significant milestones including the launch of the first commercial humanoid robots and the establishment of a manufacturing facility [9][10]. 2. Launch of GO-1 Model - The GO-1 model, released on March 10, 2025, utilizes the ViLLA architecture to enhance robot learning capabilities by leveraging human video data for training, which significantly reduces training costs and accelerates the adoption of embodied intelligence [19][23][30]. 3. Introduction of Lingxi X2 Robot - The Lingxi X2 robot, launched on March 11, 2025, features a modular design and advanced motion control capabilities, allowing it to perform complex actions such as cycling and dancing, while also achieving rapid interaction responses [3][35][33]. 4. Humanoid Robot Industry Chain Analysis - The report outlines the expected mass production plans for humanoid robots, recommending a focus on companies with strong supply chain capabilities and technological advantages, highlighting key players in the industry [3][36].