全球人形机器人调研纪要（2025）

Core Insights - The humanoid robot sector is currently experiencing unprecedented attention globally, particularly in China, where it is supported by policies and government funds [2][21] - The competition among major players in the humanoid robot field is intense, with many startups likely to fail in the commercialization process [3][5] Group 1: Market Overview - The humanoid robot market is characterized by a dual approach of "self-research + investment" from major automotive and tech companies, but most are still in the early stages without commercially viable bipedal robots [3][5] - The industry is witnessing a surge in capital interest, with new startups continuously emerging despite existing technological bottlenecks [4][5] - The commercial applications of humanoid robots remain limited to research, education, and entertainment, with industrial and household applications still in the early stages [5][10] Group 2: Commercialization Progress - Domestic humanoid robot startups have made significant commercialization progress compared to their international counterparts, primarily due to better scene selection rather than technological superiority [5][22] - Major companies like Tesla and Figure AI are focusing on versatile robots for industrial and household applications, while domestic firms are often limited to educational and exhibition scenarios [22][26] Group 3: Technological Development - The humanoid robot sector is divided into two main camps: hardware-focused companies and software-driven firms, with both facing unique challenges in commercialization [5][6] - The development of the "brain" of humanoid robots, driven by advancements in AI and large models, is seen as a critical barrier to achieving widespread commercialization [6][8] - The VLA model has emerged as the mainstream technical path in the field of embodied intelligence, indicating a lack of consensus on technology convergence [6][8] Group 4: Investment and IPO Trends - The secondary market is seeing a rush of IPOs from leading humanoid robot companies, with significant attention on T-chain companies due to the positive market sentiment surrounding Tesla's Optimus [4][11] - Companies like Zhiyuan Robotics and Yushun Technology are leading the way in the IPO process, indicating a growing interest in the humanoid robot sector [10][11] Group 5: Future Directions - The development of dexterous hands and multi-modal tactile sensors is gaining traction, as these components are crucial for the performance of humanoid robots [9][10] - The healthcare and elderly care sectors are expected to become key focus areas for humanoid robot startups in the future [10][12]