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「智元」、「宇树」齐向上,「优必选」向下

Core Viewpoint - The WAIC2025 conference showcased nearly 200 humanoid robots, highlighting the rapid advancements in the domestic humanoid robot industry, with companies like Zhiyuan Robotics and Yushutech taking center stage [1][3]. Market Performance - UBTECH Robotics: The company went public at a price of 90 HKD per share on December 29, 2023, reaching a peak of 328 HKD but closing at 91.35 HKD on July 29, 2025, with a market capitalization of approximately 43.11 billion HKD (39.41 billion CNY) [8]. The company has undergone five rounds of placement financing, raising a total of about 4.54 billion HKD (approximately 4.14 billion CNY) [8]. - Zhiyuan Robotics: Acquired a 66.99% stake in the listed company Shuangwei New Materials for about 2.1 billion CNY, marking its entry into the capital market and positioning itself as the first humanoid robot company on the A-share market [9]. The market capitalization of Shuangwei New Materials surged from 3.138 billion CNY to 33.955 billion CNY, becoming the first tenfold stock in A-shares this year [9]. - Yushutech: The company is in the process of launching its IPO, with a valuation of approximately 12 billion CNY, and is expected to list in the first half of 2026 [12]. Commercialization Progress - UBTECH Robotics: The company has established numerous strategic partnerships but remains in the proof of concept (POC) stage for many of its products. Recent announcements include the delivery of 300 humanoid robots and a significant procurement project worth 90.51 million CNY [15][17]. - Zhiyuan Robotics and Yushutech: Both companies have secured contracts for humanoid robot projects, with Zhiyuan winning a bid for 200 humanoid robots valued at 78 million CNY and Yushutech winning a bid for smaller humanoid robots valued at 46.05 million CNY [18]. Industry Trends - The humanoid robot sector is experiencing a surge in interest, with companies like Zhiyuan Robotics and Yushutech leading the charge, while UBTECH Robotics is facing challenges in maintaining its market position [20]. The industry is characterized by a mix of hardware and software approaches, with varying degrees of success in commercialization [20].