买机器人就像买奢侈品，谁在为机器人买单？

Core Viewpoint - The humanoid robot industry is on the verge of significant growth, with the potential for the first A-share listing in this sector by Yushutech in September 2025, despite the current early-stage technology and limited commercial viability [5][6][30]. Group 1: Industry Overview - The humanoid robot sector is expected to become a major technological frontier, likened to smartphones and automobiles, with over 40 billion in financing attracted in the first half of 2025 [6][30]. - The industry is characterized by a significant gap between the current capabilities of humanoid robots and the expectations set by promotional materials, with many robots still requiring human control for basic functions [7][11]. - The commercial sales volume of humanoid robots in China is projected to be around 2,000 units in 2024, which is considered low compared to other manufacturing sectors [10][22]. Group 2: Market Dynamics - Companies in the humanoid robot space are currently leveraging a "bubble" to attract investment and media attention, which is essential for maintaining high valuations [10][23]. - The pricing structure in the industry is misleading, with "display prices" often much lower than the actual "purchase prices" that include necessary software and services [19][21]. - The competition for orders is intense, with companies resorting to various tactics to secure contracts, including inflating order numbers and leveraging relationships [27][28]. Group 3: Future Outlook - The industry is expected to see substantial growth, with projections of 50%-100% growth for each company in the first half of 2025, and potential annual output doubling in the coming years [30][31]. - However, the initial advantages held by startups may diminish as larger tech companies like Tencent and Alibaba enter the market, leveraging their resources and established supply chains [32]. - Companies must act quickly to secure orders and establish themselves as leaders in the market before the competitive landscape changes significantly [23][32].