Investment Rating - The report maintains an "Accumulate" rating for the mechanical equipment industry [1] Core Insights - The first humanoid robot marathon took place on April 19, 2025, in Beijing, with 21 robot teams participating in a 21-kilometer race [1][2] - The event showcased the capabilities of humanoid robots, with notable performances from TianGong Ultra and SongYan Power N2, highlighting advancements in robotic movement and control [4][6] - The use of reinforcement learning technology was prevalent among the participating robots, indicating a promising direction for future development in humanoid robotics [5][36] Summary by Sections Event Overview - The first humanoid robot marathon was held on April 19, 2025, in Beijing, featuring 21 robot teams competing in a half marathon [1][14] Participating Teams - A total of 21 humanoid robot teams participated, including notable entries like TianGong Ultra, Kuavo, and SongYan Power N2 [2][16] Race Format and Rules - Robots participated in the marathon through remote operation, with engineers accompanying them. Each robot started at one-minute intervals, maintaining a distance of over one meter from each other [3][19] Race Results - TianGong Ultra won the marathon with a time of 2 hours 40 minutes 42 seconds, benefiting from advanced technology and design [4][22] - SongYan Power N2 secured second and third places, demonstrating excellent stability and humanoid gait without requiring dedicated support [4][26] Future Development Directions - The marathon set three world records, emphasizing the need for improved robustness and hardware stability for commercial viability [32][35] - The report suggests that enhancing the robots' endurance and joint cooling capabilities is crucial for their long-term operational success [37] Investment Recommendations - The report recommends focusing on the supply chains of TianGong Robotics and SongYan Power, highlighting specific companies for potential investment [6][38]