温馨提示 ： 点击下方图片，查看运营团队2025年6月最新原创报告（共235页） 说明： 欢迎约稿、刊例合作、行业人士交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ） 微信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 因春晚而火爆海内外， 被誉为下一个"大疆"； 因人形机器人半马比赛而 被冠上"影视"公司称号； 半年时间，国 内"最火"人形机器人公司[宇树科技]从 被寄予厚望到遭遇信任危机。 5月份的一次 媒体访谈， 谈到人形机器人未来发展时，王兴兴的言论更是遭到清一色吐槽且相关视频持续转发。 采访中，王兴兴表示：我能做工厂里面能干活的通用人形机器人，能做出来，那我就可以让机器人去生产更小的 机器人，更小的机器人生产更小的机器人，更小的机器人生产更小的机器人，给更大的人做更大的事，他其实可 以做成像楼那么高的样子，原本一些想象不到的事情，就可以完成；比如说，去年有些大坝决堤，无法挡住，那 如果我们有一些像楼房一样大的人形机器人，就可以走过去、蹲下，然后就把大坝扛住了！ 虽然是未来畅想，但此番言论一出，相关视频被各科技媒体转发，但下 ...

Group 1 - The humanoid robot industry is experiencing a surge in investment activity, with 59 investment events reported in China this year, totaling several billion yuan [1][3] - Companies such as Juyuan Technology and Luming Robotics have recently completed significant funding rounds, indicating strong investor interest in humanoid robots [3] - The overall investment in the global robotics sector has exceeded 30 billion yuan since 2025, with China's robotics industry accounting for over 82% of global investment activity [3] Group 2 - The commercialization of humanoid robots is accelerating, with companies like Qingbao Engine Robotics signing contracts worth over 50 million yuan and planning applications in various sectors [4] - The year 2025 is projected to be a pivotal year for the mass commercialization of humanoid robots, with expectations for widespread deployment in smart factories and family companionship roles [4] - Despite advancements, the humanoid robot industry faces challenges related to technology and cost, with significant portions of production costs attributed to core components [4][5] Group 3 - The technology framework for China's humanoid robot industry has developed a complete structure, but limitations in training data and hardware still restrict practical applications [5] - Companies need to focus on innovation in key technologies and cost optimization of critical components to facilitate the large-scale commercialization of humanoid robots [5]

Group 1: Industry Overview - The humanoid robot industry is experiencing a historic turning point, with significant growth in financing driven by breakthroughs in AI large model technology and favorable policies [1][2] - As of June 5, 2023, there have been 59 investment events in the humanoid robot sector in China this year, amounting to several billion yuan [1] - The global investment in robotics has exceeded 200 billion yuan since 2025, with China's investment activity accounting for over 82% of the total [2] Group 2: Company Developments - Beijing Accelerated Evolution Technology Co., Ltd. has completed its Series A financing, which will be used for product iteration and large-scale production [2] - Sichuan Embodied Humanoid Robot Technology Co., Ltd. announced the completion of several million yuan in angel round financing and plans to release a robot with an emotional cognition system by the end of the year [2] - Lu Ming Robot Technology (Shenzhen) Co., Ltd. has completed three rounds of financing within six months, with notable investors including Inno Angel Fund and Fosun Ruijing [2] Group 3: Market Trends - The humanoid robot commercialization process is beginning, with significant orders reported by various companies, indicating a shift towards practical applications in sectors like education and tourism [3] - 2025 is anticipated to be a pivotal year for the mass commercialization of humanoid robots, with expectations for widespread deployment in smart factories and emotional companionship robots [3][4] - The number of robot-related enterprises in China has surpassed 900,000, with a 44% increase in new companies compared to the same period in 2024 [3] Group 4: Challenges and Innovations - Despite the optimistic outlook, the humanoid robot industry faces challenges related to technology and cost, with current systems having limitations in decision-making, motion control, and execution [4][5] - The cost structure of humanoid robots remains high, with components like the actuator joint module accounting for a significant portion of the overall cost [5] - Companies are focusing on innovation and collaboration within the core supply chain to overcome these challenges, with notable advancements in key components such as harmonic reducers and 3D vision sensors [6]

Market Overview - On June 3, 2025, the Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) rose by 0.81%, with leading stocks such as Lanke Technology increasing by 5.77%, Lexin Technology by 4.81%, and Fudan Microelectronics by 4.41% [1] - The Robotics ETF (562500) remained unchanged, with leading stocks including iFlytek (002230) up by 4.02%, while Yingfeng Environment (000967) fell by 2.33% [1] - The trading volume for the day was 384 million yuan, making it the top ETF in terms of trading activity, with a turnover rate of 3% [1] Key Developments - On June 3, Xiaomi's founder Lei Jun revealed at the Xiaomi Investor Conference that the company has been investing in robotics for five years, with current trials of related capabilities in automotive factories [2] - The Beijing Humanoid Robot Innovation Center released a video showcasing the "Tiangong 2.0" humanoid robot's performance in various real-world environments, highlighting its long battery life and applications in commercial services, industrial tasks, logistics, and home use [2] - Recent intellectual property information indicates that Xiaomi Technology has transferred several "kimi" trademarks to Beijing Moonlight Technology Co., Ltd., with these trademarks originally applied for in 2013 and currently mostly registered [2] Industry Insights - Open Source Securities believes that the commercialization of humanoid robots has officially begun, with a surge in orders pushing the industry to expand production capacity, making delivery capabilities crucial for companies competing for orders [3] - The entry of robots into real-world scenarios is accelerating the evolution of intelligence, with high-frequency usage allowing robots to continuously collect real-world data, aiding in algorithm optimization and operational capability enhancement, particularly in unstructured environments [3] ETF Highlights - The Robotics ETF (562500) is the only fund in the market with a scale exceeding 10 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robotics industry chain, facilitating investors' access to the sector [4] - The Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) serves as the "brain" of robotics, with a 20% fluctuation range and the potential to capture "singularity moments" in the AI industry [4]

导读 ： 荣耀进军机器人赛道；多家公司加速布局Robotaxi ； 解锁【第一财经智享会员】实时解读 市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 速 读 】 精选行业研报，助您捕捉行业风口 【精选快读】 1 .荣耀进军机器人赛道，关注产业链带来的增量机遇 5月2 8日晚间，荣耀CEO李健在回应进军机器人赛道时表示，机器人无疑是公司重点关注的核心赛 道。"我们的核心思路围绕不同场景与用户需求展开，若特定场景需要与相关厂商合作，我们会以 开放姿态推进，同时，荣耀具备自主技术实力，包括长期积累的硬件研发能力与算法优势，这些自 主可控的技术足以支撑新产业的自主开发。" 2025.05.30 点击一键解锁 2. 国内外公司纷纷加码，Robotaxi商业化有望提速 近期，特斯拉、小马智行等多家国内外公司纷纷发布有关Ro b o t a x i的计划。 在当晚的荣耀4 0 0系列发布会上，荣耀展示了一款机器人，跑步速度已经达到4m/s，打破了之前的 机器人行业记录。 万联证券表示，人形机器人产业正处于技术突破与商业化落地的关键节点，政策支持、入局者不断 增加及AI大模型赋能共同推动行业加速发展，2 0 ...

Market Review - The Huaxia Sci-Tech AI ETF (589010) fell by 1.94% as of the close on May 23, with mixed performance among its holdings. Tianhuai Technology led the gains with an increase of 2.33%, while Hengxuan Technology dropped by 8.96%, marking the largest decline among the holdings. The total trading volume for the day was 697 million yuan, with a turnover rate of 5.26%, indicating active market participation [1]. Hot News - The CMG World Robot Competition series, featuring humanoid robots, will hold its mech combat arena on May 25, showcasing the first global competition of its kind. Four Yushu G1 humanoid robots demonstrated various combat moves before the official start [1]. - According to the National Enterprise Credit Information Publicity System, JD.com and Shanghai-based Intelligent Fund participated in a new financing round for Zhiyuan Robotics, with JD Technology becoming a new shareholder contributing 61,890.9 yuan. No response has been received from JD regarding this financing information [1]. Institutional Viewpoints - According to招商证券, the recruitment of partners for Zhiyuan Lingxi X2 and the financing of several startups in various segments indicate active efforts in commercializing humanoid robots. While humanoid robots have entered mass production in industrial sectors, full commercialization will require advancements in intelligence and cost reduction [2]. Popular ETFs - The Robot ETF (562500) is the largest robot-themed ETF in the market, providing investors with a streamlined way to invest in China's robotics industry [2].

Group 1 - The commercialization of humanoid robots has begun, with significant future market potential as they mimic human appearance and behavior, having reached a third stage of development with initial intelligence and human-machine interaction capabilities [1] - Tesla's humanoid robot, Optimus, was officially launched in October 2022, standing 1.72m tall, weighing 57kg, capable of carrying 20kg, with a maximum speed of 8km/h, featuring 28 degrees of freedom and a bionic joint design [1] - The components of humanoid robots are more diverse and costly compared to industrial robots, including powertrain systems, battery systems, and electric drive systems, with a high value contribution from powertrain and intelligent sensing components [1] Group 2 - The demand for hollow cup motors is expected to surge due to their application in robotic "dexterous hands," providing efficiency and power density without compromising battery life and performance [2] - The Chinese smart sensor market is projected to grow from 73.89 billion yuan in 2019 to 133.62 billion yuan in 2023, with a compound annual growth rate of 15.96%, and is expected to reach approximately 155.12 billion yuan in 2024 [2] - The domestic sensor industry in China is fragmented with limited core chip supply capabilities, although the share of domestic smart sensors has been gradually increasing, leading to the emergence of competitive smart sensor companies [2]

与工业机器人相比，人形机器人零部件种类多、成本高，主要包括有动力总成系统、电池系统、电驱系 统。另外还有智能感应系统、结构件、其他零散单元。动力总成与智能感应价值量占比较高，相关零部 件厂商有望深度受益。 空心杯电机：运用于机器人"灵巧手"，未来电机的发展方向 人形机器人有望带动空心杯电机需求大幅增长。空心杯自1930s起，至今已有80年的历史，空心杯电机 最初由于价格较高，商业化难以进行。1960s汽车制造商可以用较低廉的价格购买空心杯电机，迅速使 空心杯电机成为最受欢迎的电机产品之一。空心杯电机提供了在不影响电池寿命及性能的情况下更轻、 更敏捷的人形机器人所需的效率和功率密度，将随特斯拉人形机器人的量产推进逐步放量。 机器人的感知能力源于对外界信息的收集加工，感知能力采用智能传感器方案 据中商产业研究院测算，2019-2023年中国智能传感器市场规模从738.9亿元增长至1336.2亿元，年复合 增长率达15.96%。中商产业研究院预测，2024年中国智能传感器行业市场规模约为1551.2亿元。从国产 化率来看，我国传感器行业较为分散，核心芯片供给能力差，且大多集中于低端供给。近年来国产智能 传感器份额逐 ...

Core Insights - The core strategy of the company is to leverage differentiated positioning and a full-stack ecosystem capability as its competitive advantage [1][9] - The company is initiating a new round of commercialization with the launch of the Lingxi X2 robot, targeting entertainment and exhibition scenarios rather than traditional research and education [2][6] Product Features - The Lingxi X2 robot is designed to have a "lifelike" quality, featuring a height of approximately 1.3 meters and 25-31 degrees of freedom, allowing for natural movements such as nodding and head-turning [4][5] - The robot incorporates proactive interaction capabilities, greeting users when they approach, which enhances the perception of its lifelike qualities [4][6] Market Strategy - The company plans to sell the Lingxi X2 in different versions (Interactive, Pro Exploration, and Ultra Flagship) with prices ranging from hundreds of thousands to several million [4][5] - The commercialization approach involves a B to B to C model, where B-end clients will interact with C-end users, and the robot will support secondary development through open interfaces [7][8] Ecosystem Development - The company is expanding its ecosystem through partnerships and investments, having completed eight rounds of financing and collaborating with various industry players [8][9] - The establishment of a joint venture, Annu Intelligent, focuses on developing and selling robotic application system solutions, indicating a strategic move towards integrated solutions [8] Future Outlook - The company aims to accumulate effective data in entertainment and exhibition scenarios to inform technological iterations, which is crucial for successful commercialization [2][7] - By the end of 2026, the company anticipates shipping several thousand units of the Lingxi X2, indicating a strong growth trajectory [7]

Core Insights - The competition in the small-sized humanoid robot market is intensifying, with companies like Zhiyuan Robotics launching new models and seeking partners for commercialization [1][4] - Small-sized humanoid robots, typically around 1.3 meters tall, are gaining traction due to their application in educational, entertainment, and exhibition scenarios, where they offer cost advantages over larger models [1][5] - The market for humanoid robots in entertainment and exhibitions may face challenges due to potential declines in public interest, leading to questions about the sustainability of demand [2] Market Dynamics - Zhiyuan Robotics announced the launch of the Lingxi X2 humanoid robot, priced between 100,000 to 400,000 yuan, with plans for mass production and a target of several thousand units by the end of 2026 [1][4] - The Lingxi X2 features a weight of 35 kg, a maximum payload of 3 kg, and a battery life of approximately 2 hours, with capabilities for various interactive and performance tasks [4] - The company is adopting a B to B to C model to meet specific market needs through partnerships, addressing customization requirements for different scenarios [4][5] Competitive Landscape - The small-sized humanoid robot market is characterized by significant sales, with models like the N2 robot from Songyan Power achieving over 1,000 units sold, indicating strong demand in the education and exhibition sectors [1][5] - Companies are focusing on enhancing interactive capabilities, as many existing models lack advanced interaction features, which are crucial for engaging users in entertainment contexts [5] Future Developments - Zhiyuan Robotics is exploring the elder care market, collaborating with other companies to develop humanoid robots for senior living communities [6] - The company has established a strong leadership team with extensive experience in the smart hardware sector, positioning itself for future growth in the humanoid robot industry [8]