全球人形机器人年鉴：从一级市场到二级市场

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 - Since 2025, major automotive and tech companies have adopted a dual approach of "self-research + investment" in the embodied intelligence sector, but most are still in the early stages without commercially viable bipedal humanoid robots [3][5] - The industry is characterized by a lack of consensus, with various new startups continuously emerging despite existing technological bottlenecks [4][5] Group 2: Commercialization Progress - In the second half of 2025, domestic humanoid robot startups have made significant commercialization progress, surpassing that of leading foreign companies, primarily due to better scene selection rather than advanced technology [5][22] - Current commercial applications remain limited to research, education, and entertainment, with industrial and household applications still a long way off [5][22] Group 3: Technological Development - The humanoid robot sector is entering an era focused on self-research of the robot "brain," driven by breakthroughs in artificial intelligence and large model technologies [5][6] - The dual-system architecture, specifically the VLA model, has become the mainstream approach in the field of embodied intelligence, with no consensus yet on hardware and software technologies [6][8] Group 4: Investment Trends - The secondary market is seeing a surge in interest, particularly in T-chain companies, driven by the positive developments surrounding Tesla's Optimus project [4][11] - Leading startups are increasingly pursuing IPOs, with companies like Zhiyuan Robotics and Yushun Technology initiating their IPO processes [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]