「宇树」向左，「智元」向右，「乐聚」蓄势而上

Core Viewpoint - The article discusses the recent developments in the humanoid robot industry in China, focusing on three leading companies: Leju Robotics, Yushutech, and Zhiyuan Robotics, highlighting their IPO progress and differing strategies in technology, ecosystem, and commercialization [2][15]. Technology Route - Domestic humanoid robot startups can be categorized into two main camps: the "hardware faction" represented by Yushutech, emphasizing motion capabilities, and the "software faction" represented by Zhiyuan and Galaxy General, focusing on strong AI capabilities [5] - Leju Robotics, as one of the earliest developers in the humanoid robot sector, has achieved a full-stack technology capability, covering hardware and software [5][6]. Ecosystem Strategy - Leju Robotics adopts a more cautious and pragmatic approach compared to Zhiyuan Robotics, which employs an aggressive internet-style operational model [7] - Leju has invested in various companies to create a collaborative innovation ecosystem, enhancing its technological barriers [7] - The company has formed strategic partnerships with leading manufacturing firms to ensure stable supply chains and cost control [7][14]. Commercialization Path - The article outlines the market potential for humanoid robots, indicating that the ToC (consumer) market is larger than ToB (business) and ToG (government) markets, with varying degrees of difficulty in implementation [8] - Leju Robotics has successfully deployed its humanoid robot "Kua Fu" in industrial manufacturing, commercial services, and academic research, showcasing its versatility [12][15]. Competitive Landscape - Leju, Yushutech, and Zhiyuan represent different development paths in the humanoid robot sector, with Yushutech leveraging its first-mover advantage and price competitiveness in the research market [15] - Zhiyuan Robotics has established a comprehensive product lineup and is focusing on various commercialization scenarios, while Leju emphasizes a more practical approach to market entry [15].