远征A3让人形机器人从"单一功能演示"迈向"多模态沉浸式互动服务"，也为文娱演出、智慧导览、品牌 营销、适老助残等行业提供可落地的智能化解决方案。（经济日报记者 唐一路） 据介绍，远征A3突破了全尺寸人形机器人本体能力和运动智能极限。该系列定位导览导购、文娱商演 等高频人机互动场景，针对商用服务场景需求，从系统安全性、硬件及关节性能、电源系统到传感器与 算力方面进行了全面升级。远征A3身材比例按照真实人体比例设计，轻量化腿部采用外骨骼结构设 计。远征A3还首创电池嵌入式躯干设计，搭载外观嵌合双电池系统，满电综合续航最高可达8小时，配 合快速换电和充电技术，可满足一天使用需求。 智元机器人日前正式发布的全新一代全尺寸人形机器人远征A3，可以完成一系列高难度动作，显示出 智元机器人在全尺寸人形机器人本体和运动控制算法方面的创新能力。 ...

Group 1 - The core focus of the article is on the rapid development and commercialization of humanoid robots, with a specific emphasis on the IPO journey of Tianjin Atongmu Robot Co., Ltd. [2][3][33] - The company has established itself as a leader in the domestic parallel robot market, holding the top market share for five consecutive years [3][10][29]. - The article highlights the challenges faced by the company, including profitability stability, cash flow pressures, and competition in new business areas [3][33][29]. Group 2 - The founder, Liu Songtao, has successfully led the company through seven rounds of financing over ten years, with significant backing from notable investors [6][36][37]. - The company’s valuation has increased dramatically, from approximately 12 million RMB in 2015 to 2.5 billion RMB by 2025, reflecting over 208 times growth [7][36]. - Liu Songtao and co-founder Song Tao hold significant shares, controlling a combined voting power of 33.99% [9][38]. Group 3 - The core business of Atongmu Robot is parallel robots, which are widely used in various production lines, and the company has become the top domestic brand in this segment [10][41]. - The revenue from parallel robots accounted for 64.2%, 52.1%, and 52% of total revenue in 2023, 2024, and the first nine months of 2025, respectively [12][41]. - The company is expanding its product line, introducing heavy-duty collaborative robots in 2023, high-speed SCARA robots in 2024, and plans to enter the embodied intelligent robot market in 2025 [10][39][43]. Group 4 - The company has faced challenges with new product lines, such as heavy-duty and high-speed SCARA robots, which have shown negative gross margins [17][23]. - The overall gross margin has improved, reaching 28.9% in 2025, but new product lines are struggling to contribute positively to profitability [16][19]. - The company has been operating with negative cash flow from operations, indicating challenges in self-sustaining financial health [20][21]. Group 5 - The company is pursuing a strategy that includes the development of space robots and smart cleaning robots, although these markets are highly competitive and uncertain [24][26][27]. - The company plans to allocate part of its IPO proceeds to support the research and early commercialization of space robots, but the potential returns remain uncertain [27][29]. - The article emphasizes the need for the company to validate its self-sustaining capabilities in the market amidst ongoing cash flow issues and competitive pressures [29].

Group 1 - Tencent's ride-hailing service has integrated with Uber, supporting over 20 countries and regions, including Hong Kong, Japan, and the UK, allowing users to access the service via WeChat Mini Programs and use WeChat Pay [3] - BYD has officially entered the Egyptian market in collaboration with Mansour Group, showcasing three new car models and aiming for overseas sales of 1.3 million units by 2026, a nearly 25% increase from the 2025 target of over 1.04 million units [4] - AITO Wenjie has announced its entry into the UAE market through a partnership with Abu Dhabi Motors, marking a significant step in its global expansion strategy [4] Group 2 - FAW Jiefang has signed a strategic dealer cooperation agreement with a Saudi distributor, including a memorandum for the first batch of 500 vehicles, focusing on high-quality commercial vehicle products and services in Saudi Arabia and surrounding markets [5] - Junlian Zhixing showcased its full range of intelligent automotive solutions at Volkswagen's global headquarters, emphasizing core solutions in intelligent driving assistance and vehicle safety [5] - Pop Mart announced that it expects to sell over 400 million products globally across all IP categories by 2025, with THE MONSTERS category alone projected to exceed 100 million units [5] Group 3 - WeRide and Uber have upgraded their strategic partnership to deploy at least 1,200 Robotaxis in the Middle East by 2027, aiming to become the largest commercial Robotaxi project in the region [5] - LoBo Kuaipao and Uber plan to launch fully autonomous driving services in Dubai by Q1 2026, marking the first such service in the city [6] - Midea Group has signed a strategic cooperation memorandum with CMA CGM to enhance cross-border logistics efficiency between China and the US [7] Group 4 - Qunche Intelligent has completed a multi-hundred million yuan Series A financing round, with participation from several overseas funds, to expand its global market presence [8] - HeXin Power has completed a multi-million yuan angel round financing, focusing on agricultural embodied intelligence and expanding into global markets [8] - MiFeng Technology, a subsidiary of Zhiyuan Robotics, has completed several hundred million yuan in seed and angel round financing, aiming to enhance technology development and global expansion [9] Group 5 - The global humanoid robot shipment is expected to reach 17,800 units by 2025, with a year-on-year growth of 508%, and Chinese manufacturers leading the market [11] - China is deepening trade cooperation with South Africa and Kenya, with South Africa seeking zero-tariff access for 100% of its products to China [12] - China's digital trade surplus is projected to double by 2025, driven by rapid global expansion in cloud computing and AI sectors [12]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 12.64 CNY per share as of February 13, 2026 [2]. Core Insights - The company is transitioning from a traditional steel wheel manufacturer to a new materials platform based on the Avatar niobium micro-alloy, aiming to create multiple growth curves across various industries [6][7][12]. - The global demand for wheels is expected to rise, with an estimated 530 million wheels needed by 2025, driven by trends in lightweighting and cost reduction [6][37]. - The Avatar niobium micro-alloy demonstrates significant advantages over traditional materials in terms of tensile strength, yield strength, fatigue strength, Vickers hardness, density, and cost, making it suitable for both passenger and commercial vehicles [8][48]. Summary by Sections 1. Transition and Transformation - The company has evolved through three stages: initial growth in steel wheels, a transformative phase starting in 2012 with the Avatar project, and a current focus on the Avatar low-carbon wheel business [16]. - The company has successfully completed the transition to Avatar low-carbon wheels, with production and customer expansion leading to a return to growth in its core business [24][25]. 2. Market Demand and Trends - The global wheel demand is projected to increase steadily, with lightweighting and cost reduction being major trends influencing the market [37][41]. - The Avatar niobium micro-alloy is positioned to meet the growing demand for lightweight and cost-effective solutions in the automotive sector, particularly in the context of electric vehicles [51][54]. 3. New Materials Platform - The company is building a new materials platform based on the Avatar niobium micro-alloy, which has applications across various industries, including electric two-wheelers, intelligent robotics, commercial aerospace, and low-altitude flying vehicles [12][27]. - The company has established a comprehensive system integrating talent, materials, processes, equipment, and patents to create a strong competitive advantage [8][13]. 4. Financial Projections - Revenue forecasts for the company are as follows: 33.58 billion CNY in 2024, 44.38 billion CNY in 2025, 66.14 billion CNY in 2026, and 88.96 billion CNY in 2027, with corresponding net profits of 0.23 billion CNY, 0.97 billion CNY, 4.56 billion CNY, and 9.24 billion CNY [2][6]. - The earnings per share (EPS) are projected to increase significantly, reaching 0.93 CNY by 2027, with a corresponding price-to-earnings (PE) ratio decreasing from 543 in 2024 to 14 by 2027 [2].

道总有理 . 科技创新与商业动态观察家，探究产业趋势，深挖商业内幕，只讲有用的干货，只做有价值的输出。 以下文章来源于道总有理 ，作者道总 来源丨 道总有理 （ID： daotmt ） 作者丨 道总 图源丨AI制作 去年春晚，宇树科技的机器人一身花棉袄，在舞台上扭了一把秧歌，直接引爆了人形机器人的赛道。 今年，春节还没来，机器人企业已经围绕春晚的"入场券"展开了激烈的竞逐。 有消息称，智元机器人为争夺春晚权益曾率先开价6000万元，但宇树科技直接将报价拉升至1亿元。 截至目前，魔法原子、银河通用、宇树科技及松延动力四家厂商相继官宣，将登陆2026年央视春 晚，而有行业人士透露，今年将会有五家机器人公司登陆春晚，每家分别出资金额1亿元。 机器人企业在舞台上红红火火，机器人租赁的市场也热热闹闹。 节前 ，租赁商不仅订单"起飞"，各 地赶场，市场上还迎来了大型平台的接连入场。前段时间，由智元等发起的机器人租赁平台擎天租正 式上线，不到一个月的时间，另一家机器人租赁平台万机易租也高调亮相。 它们想做机器人界的"滴滴"。 平台一统"租赁江湖"？ 去年，宇树扭秧歌留下的余波影响了人形机器人租赁市场一整年，需求火热，订单猛 ...

新京报贝壳财经讯（记者韦博雅）2月13日，智元机器人正式发布全新一代全尺寸人形机器人远征A3。在宣传视频中，远征A3接连完成凌空飞踹、连续飞 踢、空中漫步、摸地旋风等高难度动作，展现在本体和运动控制算法方面的突破。智元介绍，远征A3系列定位于导览导购、文娱商演等高频人机互动场 景。 编辑 岳彩周 校对 柳宝庆 智元人形机器人远征A3。智元供图 ...

2月13日，智元机器人发布全新一代全尺寸人形机器人远征A3，这款以"绝世高手"为主题亮相的产品， 凭借凌空飞踹、空中漫步、摸地旋风等一系列高难度动态动作，展现出了在人形机器人本体设计与运动 控制算法领域的技术突破。 能源续航是商用机器人落地的关键指标，远征A3首创电池嵌入式躯干设计，搭配外观嵌合双电池系 统，满电状态下综合续航最高可达8小时，结合快速换电与充电技术，能够满足商用场景下一天的工作 续航需求。 在人机交互层面，这款产品搭载了升级版多模态交互系统，实现端到端主动陪聊，无需唤醒词即可完成 自然交流，物理触碰如拍肩膀的方式也可唤醒机器人，大幅降低了非专业用户的交互门槛。同时，远征 A3接入智元灵渠OS，兼容ROS生态，还支持智元灵创、灵心平台并开放底层接口，为行业开发者提供 了更多的二次创作与功能开发空间。 长期以来，动态平衡能力不足、高速运动稳定性差、复杂动作连贯性弱等问题，一直是制约全尺寸人形 机器人商用化的核心技术瓶颈。而远征A3首次在商用级全尺寸人形机器人上实现了"武打演员级"的动 作表现力，将行业的运动控制能力提升至新高度，也进一步拓宽了人形机器人在内容创作、文化演出等 领域的应用可能性。 （ ...

2026年春节期间，机器人租赁需求正在集中释放。近日有租赁厂商告诉南都N视频记者，手中的订单从 上月底就已排到3月份，为了应对春节档正准备入手更多机器人。 春节假期订单破千，首次租赁用户占比约三成 擎天租是智元机器人旗下租赁平台，于去年年底上线。据披露，平台三周内注册用户突破20万，日均订 单超200单，并已于今年1月完成种子轮融资，引入高瓴创投、复星创富等资本。 近期，擎天租推出"999元全民机器人体验计划"，可以999元一天的价格体验此前智元在其自办晚会《机 器人奇妙夜》演出的机器人。该计划受到广泛关注。 而叠加春节租赁热，擎天租的订单近期也在攀升。平台数据显示，截至2月12日，平台已累计收到覆盖 春节假期的订单超过1000单。综合当前已下单及预约情况测算，整个春节假期平台整体GMV预计环比 涨80%。截至春节假期结束，平台累计订单量预计将突破5000单。 擎天租方面透露，从整体成交额来看，春节期间机器人租赁市场仍呈现出量价齐升的特征。平台数据显 示，春节前两周，平台订单量环比增长30%，春节前一周的订单量增速进一步放大至47%。平台预计， 春节当周订单量环比增长将超过60%，节后仍将保持50%左右的高位 ...

Group 1: Events and Forums - The "Dubai Business Forum - China" will take place in Shenzhen on May 14, 2026, focusing on economic collaboration and investment opportunities between China and Dubai [2] - A closed-door sharing session on Japanese robot market entry will be held in Shenzhen on March 12, organized by JETRO and 36Kr [3] Group 2: Company Developments - Tencent's ride-hailing service has integrated with Uber, supporting services in 20 countries and regions, including Hong Kong and Japan [4] - Temu has partnered with DEKRA to enhance product safety compliance for electronic goods on its platform [4] - BYD has officially entered the Egyptian market in collaboration with Mansour Group, showcasing three new car models [4] - AITO announced its entry into the UAE market through a partnership with Abu Dhabi Motors [5] - FAW Jiefang signed a strategic agreement with a Saudi dealer for the first batch of 500 vehicles [5] - Junlian Zhixing showcased its intelligent automotive solutions at Volkswagen's global headquarters [5] Group 3: Financing and Investments - Qunche Intelligent has completed a multi-hundred million yuan Series A financing round, with participation from several overseas funds [8] - Hexin Power has secured several million yuan in angel round financing, focusing on agricultural intelligent solutions [8] - Bee Technology, a subsidiary of Zhiyuan Robotics, has completed several hundred million yuan in seed and angel round financing [8] - MossCode, an AI smart sports wear brand, has completed several million yuan in angel round financing, planning to launch in the European and American markets in 2026 [9] - Starry Dream House has completed a total of 80 million yuan in financing, with significant orders secured in Australia [9] Group 4: Market Trends and Policies - The surgical robot market is expected to grow significantly, with AI enabling autonomous operations and enhancing remote surgery capabilities [10] - By 2025, global humanoid robot shipments are projected to reach 17,800 units, with Chinese manufacturers leading the market [11] - China is deepening trade cooperation with South Africa and Kenya, aiming for zero-tariff access for products [12] - China's digital trade surplus is expected to double by 2025, driven by rapid growth in cloud computing and AI sectors [12]

2月13日，智元机器人正式发布全新一代全尺寸人形机器人"远征A3"。 据智元机器人方面介绍，远征A3定位于导览导购、文娱商演等高频人机互动场景。针对商用服务场景 需求，该款机器人从系统安全性、硬件及关节性能、电源系统到传感器与算力等方面都进行了全面升 级。 具体到硬件层面，远征A3具备超拟人全身自由度，手臂末端负载达3Kg，TCP末端速度最高可达2m/s， 可搭载超拟人、超高自由度灵巧手；远征A3还具备轻作业能力，能够在展厅展示台、行政前台、休息 区水吧台等区域执行抓握、操作、递送等多种作业形式。 智元机器人方面表示，未来，远征A3将在各行各业里学习更多专业技能，成为各类场景中的"绝世高 手"，在各种枯燥、重复甚至危险的工作岗位上成为人类的得力助手。 （文章来源：中国经营报） 《中国经营报》记者注意到，在智元机器人对外发布的视频中，远征A3在练功房里接连完成凌空飞 踹、连续飞踢、空中漫步、摸地旋风等多个高难度动作。 ...