高盛：中国人形机器人2025 年第一季度要点：产品快速迭代，供应链积极研发

1Q25 takeaways: Fast product iterations with active R&D across the supply chain China Humanoid Robots 6 May 2025 | 7:05AM CST We follow closely comments from robot makers and supply chain names on their latest humanoid technology and products progress. From FY24/1Q25 earnings disclosures, an increasing amount of humanoid makers (EV/home appliance/industrial automation players/humanoid startups) and supply chain names have been putting strong emphasis on humanoid robot related R&D, reinforcing this future te ...