研发投入方面，公司采取"精准化"策略。2022年至2024年，公司研发开支分别为0.81亿元、0.67亿元、 0.62亿元，2025年上半年研发投入同比增长10.1%。 "研发支出变动是战略转型的结果——前期基础技术投入进入收获期，行业应用级开发转移至事业部团 队，实现边际成本降低。"优艾智合相关负责人解释道。目前，优艾智合具备一支实力强劲、经验丰富 的研发团队，汇聚超过140名高精尖技术人才。目前，公司拥有217项授权专利(包括30项发明专利)及67 项软件著作权，并申请356项专利(包括139项发明专利)。 9月26日，合肥优艾智合机器人股份有限公司(以下简称"优艾智合")正式向港交所主板提交上市申请， 独家保荐人为中金公司（601995）。作为全球工业移动操作机器人领域的领军者，优艾智合凭借"一脑 多态"具身智能技术架构和"技术—场景—产品"成长飞轮，在半导体、能源化工等高端工业场景中占据 先发优势。 对于此次募集资金用途，9月29日，优艾智合相关负责人在接受《证券日报》记者采访时表示，此次上 市所募资金将主要用于加强具身智能技术研发、建设多功能中心、提升国际品牌影响力，并寻求产业链 相关的战略投资与并 ...

Group 1: Industry Overview - The robotics industry in the Yangtze River Delta is rapidly emerging as a central player in China's manufacturing landscape, supported by financial arrangements, financing channels, and policy subsidies [1] - The government has prioritized "embodied intelligence" as a key direction for technological and industrial upgrades, enhancing the innovation advantages of Shanghai, Jiangsu, and Zhejiang [1][2] Group 2: Key Players - Shanghai Qianlang Intelligent Technology Co., Ltd. (Qianlang Intelligent) is a leading player in the commercial service robot sector, with over 100,000 units shipped globally and operations in over 600 cities across 60 countries [2][3] - Nanjing Estun Automation Co., Ltd. (Estun) exemplifies a model of industrial robot development driven by mergers and acquisitions, integrating high-end technology into its operations [6][8] - Zhejiang Hongshun Intelligent Technology Co., Ltd. (Hongshun Intelligent) focuses on addressing aging population issues through its elder care robot, "A Tie," which has been implemented in over 50 nursing homes [10][12] Group 3: Financial Support - Financial support is crucial for the rapid development of these companies, with banks providing essential funding and services to facilitate international expansion and technological integration [3][8] - Shanghai's Qianlang Intelligent benefits from cross-border RMB funding pools and foreign exchange services provided by Shanghai Pudong Development Bank, which are vital for its global strategy [3] - Estun's international expansion has been supported by bank loans and investment from industrial funds, highlighting the importance of financial institutions in the robotics sector [6][8] Group 4: Regional Development - Jiangsu is accelerating its transition from manufacturing to intelligent manufacturing, incorporating the robotics industry into its key development framework [6][9] - The establishment of industrial clusters in regions like Nanjing is fostering a competitive environment for robotics and automation, with over 150 related enterprises benefiting from financial services [9] - Zhejiang's artificial intelligence industry is projected to exceed 570 billion yuan in annual output by 2024, with significant contributions from companies in the Hangzhou area [13]

Core Viewpoint - Alibaba's stock has recently surged, reaching a nearly four-year high, prompting significant investment interest, including a notable re-entry by Cathie Wood's ARK fund, indicating a potential market sentiment shift and a strategic transformation within Alibaba [1] Group 1: AI Strategy - Alibaba is deepening its collaboration with NVIDIA in the field of Physical AI, which allows AI to operate in the real world, enhancing its cloud services [2][5] - This partnership enables businesses to utilize NVIDIA's AI tools directly on Alibaba Cloud, transforming its offerings from basic infrastructure to comprehensive "AI + Cloud" solutions, which have higher profit margins and growth potential [3] - Alibaba's self-developed Tongyi Qianwen model is becoming the foundational technology across its business ecosystem, revitalizing its commercial model and positioning AI as the next-generation operating system [3] Group 2: Instant Retail - Alibaba is investing 50 billion yuan to subsidize its food delivery business, reflecting a commitment to regain market share and prioritize user experience in the competitive instant retail sector [4][7] - The company is leveraging its high user base of 800 million monthly active users on its mapping service, Gaode, to expand its monetization strategies beyond traditional services [4][7] Group 3: Self-Developed Chips - Alibaba's semiconductor division, Tsinghua Unigroup, is crucial for its AI strategy, focusing on developing cloud computing and AIoT chips to provide stable and efficient computing power for its AI models [8][9] - This "soft and hard integration" approach strengthens Alibaba's position in the AI era, ensuring both software and hardware capabilities are aligned for future growth [9] Group 4: Market Sentiment and Valuation - Citigroup has raised Alibaba's stock price target from $187 to $217, citing accelerated growth in its AI and cloud businesses, with a projected compound annual growth rate of 29% for cloud revenue [11] - Cathie Wood's significant investment in Alibaba signals a strong market belief in the company's potential for exponential growth in the AI sector, marking a strategic transformation from an e-commerce giant to an AI-driven technology company [11]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [5]. Core Insights - The company is recognized as the "first stock of smart mining" on the Beijing Stock Exchange, focusing on industrial internet technology for smart mining, IoT+, and smart municipal services [1][16]. - The company emphasizes R&D, with a high proportion of R&D personnel and significant investment in innovation, which is crucial for long-term growth [2][10]. - The market for mining robots is projected to be a trillion-dollar opportunity, with significant demand for inspection robots in coal mines [3][10]. - The collaboration with partners like Yushu Technology and Shanxi Coking Coal Group aims to address industry pain points and lead the transformation towards "embodied intelligence" in mining [4][10]. - The company plans to acquire a 51% stake in Haitu Technology to enhance its industrial internet capabilities and AI strategy [9][10]. Summary by Sections Company Overview - Founded in November 2000, the company is headquartered in Taiyuan, Shanxi Province, and was listed on the Beijing Stock Exchange in November 2021 [1][16]. - The company has developed a range of technologies and products for smart mining, including robots that have been recognized by national authorities [1][16]. R&D Focus - In 2024, the company has 278 R&D personnel, accounting for 43.2% of total employees, with a significant increase in patent holdings [2][10]. - The R&D expenditure for 2024 is projected at 51.24 million yuan, representing 11.81% of revenue, indicating a strong commitment to innovation [2][10]. Market Potential - The demand for inspection robots in coal mines is estimated at around 400,000 units, with a conservative market value exceeding 100 billion yuan [3][10]. - The company is positioned to capitalize on the growing trend of smart mining, supported by government policies and technological advancements [27][28]. Strategic Partnerships - The collaboration with Yushu Technology and Shanxi Coking Coal Group aims to create a comprehensive solution for mining automation, addressing the challenges of deploying multifunctional robots in complex environments [4][10]. - The partnership leverages the strengths of each company to overcome technological and operational barriers in the mining sector [4][10]. Financial Projections - The company forecasts net profits of 26.05 million yuan, 71.47 million yuan, and 101.26 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios indicating potential for value re-evaluation [10][11].

在 AI 技术迎来迭代爆发的关键阶段，人工智能正加速从技术概念走向产业实践。无论是 AI 大模型的场 景化落地，亦或是具身智能驱动的智能硬件创新，均已成为推动各行业转型升级的核心动力。 然而，处于发展早期的优质 AI 创新项目，往往受限于信息壁垒、资源短缺等问题，难以被市场充分发 现，其技术潜力与商业化价值亟待专业平台挖掘与赋能。 作为早期创业者 "被看见、被发现" 的最佳平台，创业邦 启动 2025 年 "值得关注的 AI 创变者" 榜单 评选 。 榜单 以 "挖掘早期潜力、赋能生态成长" 为核心，聚焦 AI 创新应用、机器人及智能硬件两大核心领域 —— 通过 "线上问卷提交、内部初审、线下创新展示" 三层评选流程，历时两个月推进评选工作，最终汇 聚超百家早期 AI 企业参与。其中，通过初审的企业于 2025 年 9 月 24 日 - 25 日，在创业邦 Demo China 大会现场展开创新展示，由现场专家进行终审评分，最终 33 家企业成功入榜。 与此同时， 本届活动最高荣誉 "DEMO GOD" 得主 —— 荆华密算， 出自 AI 创新应用专场。该企业核心 团队源自清华大学，由清华长聘副教授任炬担任首 ...

随着机器人逐渐进入更多工业与公共场景，安全边界正成为一道不可忽视的考题。 事后，Hinterdobler对特斯拉和制造商工业机器人公司发那科（FANUC）提起了5100万美元（约3.6亿元人民币） 的诉讼。根据损害声明，Hinterdobler因为这场发生在2023年的悲剧，他的医疗费用已超过100万美元，预计未来 还会增加600万美元。同时，Hinterdobler正在为身体疼痛、折磨和日常不便寻求2000万美元的赔偿，外加1000万 美元用于支付严重的情绪困扰，包括持续的心理创伤，另外100万美元则是迄今为止的工资损失。此外，该诉讼进 一步要求支付800万美元用于弥补未来收入减少的可能性，500万美元用于支付过去和未来的家庭服务损失。 一位长三角地区的机器人工程师告诉记者，自己在调试机器人的过程中也"偶尔会被机器人碰到，但力道不会这么 大"。他负责跟进人形机器人的模型训练，"在强化学习的过程中，机器人偶尔会表现出一些不可控的情况，我必 须时刻盯着"。 这位工程师指出，即便当前机器人本体不断轻量化，单个手臂的重量也有"好几斤"。 另一位杭州的机器人租赁商 也表示，带机器人到户外表演时，都会格外注意隔离观众区 ...

在城市的地下深处，一场静默的革命正在发生。 地下管网中，一台特种机器人正穿梭于狭窄空间，精准捕捉毫米级的裂缝；化工园区高危环境里，另一台机器 人代替人工，7×24小时无休巡检——这些看似科幻的场景，正是深圳市施罗德工业集团有限公司打造的日常 现实。 当大多数人的目光还停留在人形机器人或工业机械臂时，这家专注有限空间具身智能特种机器人的企业，已经 悄然构建起一个完整的技术生态： 从检测到作业，从预警到运维，他们正用机器人技术重新定义城市生命线 与工业安全的标准。 ·城市之痛：地下"血管"的运维盲区 地下供排水、燃气、热力管网是城市的"血管"，但 这些关键的有限空间，其"在哪里、什么状态、存在哪些风 险" 却长期以来是行业盲区。 70%以上的安全风险长期潜伏，仅在暴雨内涝、管道老化爆管等极端情况发生 时才被动暴露。更棘手的是，当前治理模式以"事后应急"为主：排水不畅引发内涝后才紧急抢险，燃气泄漏突 破安全阈值后才被动处置，往往等事故发生后，才能介入干预。 数据孤岛进一步加剧了运维困境。 80%的运维数据仍以纸质或离线形式存在，水务、市政、气象等部门信息 无法互通。险情发生时，依赖的是"拉群+电话"式的临时调度，决 ...

1、 优必选获3000万元人形机器人订单 9月29日，"人形机器人"第一股优必选宣布，子公司UQI优奇与天奇股份签订采购合同，天奇股份将采购 总价3000万元的优必选工业人形机器人Walker S系列，2025年12月31日前完成交付。天奇股份成立于198 4年，聚焦智能装备、循环、人形机器人三大主业。优必选称，加上此次订单，其Walker系列人形机器人 已获近4.3亿元合同。 2、 优艾智合冲刺港股"移动操作机器人第一股" 9月26日，优艾智合向港交所递交招股书，拟通过18C章程在主板上市。作为工业具身智能领域先行者， 其2022 - 2024年营收复合年增长率达80.9%，但三年累计亏损近7亿元。2024年，优艾智合在全球工业移 动操作机器人领域排名第一。目前，其客户覆盖多行业，方案进入30多个国家和地区。此次上市募资将用 于技术研发、品牌建设等。 3、 四川坤弘远祥"鸓鸟"抑爆系统斩获国际大奖 9月28日，四川天府辖区企业四川坤弘远祥科技有限公司自研的"鸓鸟智能抑爆系统"，在2025金砖国家工 业创新大赛中，获工业设计赛道一等奖及印尼国别赛金奖。该系统融合数十项专利，抑爆效率提升3倍，1 00毫秒内完成 ...

事实上，在今年全球首个人形机器人半程马拉松和全球首个以人形机器人为参赛主体的综合性体育盛会 ——2025世界人形机器人运动会的背后，都有信步科技的身影。比如，夺得人形机器人半程马拉松冠军 的人形机器人"天工"的具身小脑主板就是由信步科技提供。 今年4月，英特尔正式发布具身智能大小脑融合方案。英特尔方面彼时表示，以人形机器人为代表的具 身智能，当下普遍采取大小脑双系统的主流算力方案，即负责AI计算的"大脑"和控制运动的"小 脑"（注：以X86为主，包括英特尔12、13代酷睿及凌动N97、N305）分属不同主板，但长远来看大小 脑融合将是趋势。 当时，英特尔便与其工控主板供应商信步科技推出了具身智能硬件开发平台HB03，HB03搭载英特尔酷 睿Ultra 200系列处理器和英特尔锐炫B570显卡，峰值算力能达96TOPS。 中经记者 李玉洋 上海报道 人形机器人或具身智能，无疑是当前热门赛道之一。在今年的第25届中国国际工业博览会（CIIF）期 间， 深圳市信步科技有限公司（以下简称"信步科技"，Seavo Technology）对外展示了百款工控主板新 品。 "工控市场竞争环境和5年、10年前相比不一样了，今天 ...

本报记者 张文湘 见习记者 占健宇 港股市场的支持力度同样强劲。"港交所为特专科技公司开辟上市绿色通道，大幅降低尚未盈利企业的上市门槛，契合具 身智能领域'高投入、长周期'的特性。"何兆烽指出。 "当前中国具身智能行业正处在'政策托底、产业筑基、资本接力'的关键阶段，技术从实验室走向产业场景的步伐正在加 快。"近日，安永大中华区上市服务主管合伙人何兆烽在接受《证券日报》记者专访时，对具身智能产业发展态势作出判断。 作为深耕资本市场与新兴产业交叉领域的资深人士，何兆烽从产业竞争力、资本适配性与商业化落地等维度，解析了行业 发展的核心逻辑。 政策与产业链共振 在何兆烽看来，中国具身智能企业的全球竞争力源于政策与产业生态的深度协同。"今年，'具身智能'首次被写入《政府工 作报告》，各地也持续出台相关支持政策，国家人工智能基金亦为产业创新发展提供长期、稳定的资金要素保障。"这种自上 而下的政策支持体系，为行业发展奠定了稳定基础。 产业端的全链条布局更让优势进一步凸显。"中国具身智能行业形成了'核心零部件-本体制造-场景应用'的全产业链布 局。"何兆烽表示，"例如深圳具备全球最完善的硬件供应链，伺服电机、传感器等关键组 ...