Group 1 - The humanoid robot industry is experiencing a rare wave of financing, primarily from established internet giants, marking a shift in investment dynamics [1][3] - Major players like JD.com, Tencent, and Meituan are actively investing in humanoid robotics, with JD.com making significant investments in multiple companies within a short timeframe [2][20] - Meituan has invested in around 30 robotics-related companies over the past three years, positioning itself as a dominant player in the robotics sector [5][6] Group 2 - Tencent is focusing on creating an open collaborative ecosystem in the humanoid robotics space, rather than competing directly in hardware development [9][10] - Tencent's Tairos platform aims to provide modular capabilities for robot manufacturers, emphasizing a supportive role in the industry [11][12] - Alibaba's approach to investment in humanoid robotics is more subdued, focusing on foundational technologies rather than direct competition in the hardware space [13][14][17] Group 3 - JD.com's strategy in humanoid robotics emphasizes scene collaboration and deep integration, leveraging its extensive supply chain for practical applications [22][24] - The company has launched its own brand, JoyInside, to enhance interaction capabilities in humanoid robots, indicating a comprehensive approach to the technology [23][25] - The investment landscape is evolving, with internet giants increasingly collaborating rather than competing, as seen in shared investments in key projects like Yushun Technology [27][30] Group 4 - The current financing environment in the humanoid robot industry shows a stark contrast between well-funded leading projects and those struggling to secure investment [31]

Core Viewpoint - The article highlights the active performance of the robotics sector, particularly driven by Tesla's Optimus project and significant contracts won by domestic companies, indicating a pivotal moment for commercialization in the humanoid robotics industry [1][4]. Group 1: Tesla's Optimus Project - Tesla's CEO Elon Musk announced the release of the third prototype of the humanoid robot Optimus by the end of this year, with mass production expected to start in 2026, aiming for an annual production of 1 million units within five years [1]. - The recent adjustments to the Optimus project are necessary to address technical challenges such as overheating of joint motors, low load capacity of dexterous hands, and short battery life [5]. - The leadership change in the Optimus project, with AI Vice President Akshay taking over, suggests a shift towards integrating AI capabilities more deeply into the hardware design [7]. Group 2: Industry Developments - The humanoid robotics sector has seen a surge in capital activity since 2025, with numerous companies filing for IPOs and significant acquisitions, indicating a transition from technology validation to commercial production [1]. - The contract won by Zhiyuan Robotics and Yushun Technology for a humanoid robot project with China Mobile, valued at 124 million yuan, marks a significant milestone in the domestic humanoid robotics industry [1][8]. - The integration of hardware, deployment scenarios, and data infrastructure is expected to accelerate technological iterations in the robotics sector, providing a competitive edge for Chinese companies [8]. Group 3: Commercialization Pathways - The commercialization of robotics is anticipated to follow a gradual path, starting with industrial manufacturing and smart logistics, where tasks are highly structured and repetitive [9]. - Successful deployment of specialized tasks will not only generate revenue but also provide valuable real-world data for training more generalized models, moving towards true versatility in robotics [10].

Core Viewpoint - The article discusses the recent positive trends in the Chinese stock market, highlighting the stabilization of the Shanghai Composite Index above 3500 points and the potential for it to surpass last year's high of 3674 points, while also noting the healthy increase in market volume and sentiment [1][4]. Group 1: Macro Environment - Investors are still stuck in outdated perceptions of the A-share market, such as the belief that it will remain around 3000 points, failing to recognize the changing macro narrative [4]. - Key factors influencing the macro environment include: - Diminished tariff expectations and reduced geopolitical risks [4]. - Anticipated fiscal policy support due to pressures on growth and declining exports [4]. - Increased policy support for the capital market, including initiatives like the "National Nine Articles" [4]. - A surge in domestic liquidity and a low-interest-rate environment leading to a shift of funds from deposits to equities [4]. - Expectations of easing from the Federal Reserve, benefiting emerging markets and particularly A-shares and H-shares [4]. Group 2: Investment Opportunities - The article identifies critical opportunities that investors may have missed, emphasizing the importance of being present in key moments and sectors [6]. - Notable phases of market uptrends this year include: - The emergence of domestic AI models in February, leading to a revaluation of technology stocks [7]. - The market recovery following a panic sell-off in April due to tariff concerns, supported by long-term funds [7]. - A structural rotation in June, with sectors like stablecoins and healthcare gaining traction [7]. - ETFs are highlighted as advantageous investment vehicles during market surges due to their high liquidity, low fees, and ability to mitigate individual stock volatility [7]. Group 3: Investment Strategies - Investors are cautioned against frequent trading and chasing trends, which can lead to losses [8]. - The article suggests that successful investment requires understanding the nature of industry rotations and focusing on high-potential sectors that have undergone significant corrections [8][10]. - The "Dumbbell Strategy" is recommended, which involves: - Allocating to high-growth sectors like AI and pharmaceuticals while also capturing short-term opportunities in undervalued sectors like finance and infrastructure [15][16]. - Maintaining defensive positions in stable, dividend-paying sectors to hedge against uncertainties [17].

Core Viewpoint - The company UBTECH (09880.HK) has won a significant procurement project worth over 90 million yuan from Miyi (Shanghai) Automotive Technology Co., leading to a surge in its stock price. However, the announcement of a discounted share placement has dampened investor sentiment and caused a decline in stock value [2][3][4]. Group 1: Financial Actions and Implications - UBTECH plans to raise 2.473 billion HKD through a share placement at a price of 82.00 HKD per share, which is a 9.14% discount from the previous closing price of 90.25 HKD [3]. - The share placement will increase the total number of shares by 6.83%, reducing the public holding percentage from 59.29% to 55.51% [3]. - This is not the first instance of UBTECH engaging in share placements; the company has conducted four placements in the past 12 months, raising a total of approximately 19.56 million HKD for similar operational and debt repayment purposes [4]. Group 2: Operational Financial Health - In the fiscal year 2024, UBTECH reported cash receipts from sales and services totaling 854 million RMB, while cash payments for goods and services reached 804 million RMB, leading to a net cash outflow of 1.908 billion RMB for operational activities [5]. - Despite securing large orders, UBTECH's high operational costs indicate a need for time to achieve cash flow balance, which is a likely reason for its continuous financing through share placements [5]. Group 3: Industry Context and Trends - Other companies in the robotics sector, such as Yujiang (02432.HK) and Horizon Robotics (09660.HK), are also engaging in fundraising activities to support R&D and operational expansion [6]. - Several robotics firms have submitted IPO applications to broaden their financing channels, indicating a trend of increasing capital influx into the industry [6]. - Recent financing rounds for companies like Zhiqi Robot and Zhujidian Power highlight the growing interest from both industrial and financial investors in the robotics sector [7]. Group 4: Industry Challenges and Future Outlook - The robotics industry is showing signs of commercial viability, but high R&D and operational costs keep many companies in a state of financial dependency on external funding [8]. - For sustainable growth, companies must focus on technological advancements to reduce costs and enhance profitability, rather than relying solely on external financing [8]. - Investors should be cautious of the potential risks associated with frequent share placements, which can dilute ownership and suppress short-term stock prices [9].

行 业 及 产 业 机械设备 2025 年 07 月 15 日 国产机器人阵营崛起，商业化场景 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 联系人 胡书捷 (8621)23297818× husj@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 应用已现 看好 ——机器人行业点评 - ⚫ 机器人公司实现证券化是大趋势，优必选、越疆等港股上市，多家零部件公司被上市公 司收购，港股多家机器人公司排队上市，智元等人形机器人公司有积极动作： ⚫ 1）5 月 28 日，杭州宇树科技有限公司即日起名称变更为"杭州宇树科技股份有限公 司"，并于 6 月完成 C 轮融资的交割，由中国移动旗下基金、腾讯、锦秋基金、阿 里、蚂蚁集团、吉利资本等共同领投。 ⚫ 2）7 月 8 日，上纬新材发布公告：智元与上市公司控股股东签署《股份转让协议》， ...

证券研究报告·行业点评报告·机械设备 机械设备行业点评报告 智元与宇树拿下 1.24 亿订单，人形机器人商 业化加速 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 中国移动招标 1.24 亿元机器人大订单，智元与宇树中标 近日，智元和宇树中标"中移（杭州）信息技术有限公司人形双足机 器人代工服务采购项目"，其中智元中标 7800 万的全尺寸人形标包 1，宇 树中标 4605 万包含小尺寸人形、算力背包、五指灵巧手的标包 2。 ◼ 2025 年智元/宇树频频出手，中标量可观 除本订单外，根据企查查数据，2025 年以来宇树与智元均拿下诸多其 他大订单。宇树方面：2025 年上半年曾中标同济大学通用人形机器人训练 平台设备采购项目，中标金额 826 万元；中标中国科学技术馆 2025 年度 流动科普设施采购项目，中标金额 627 万元。智元方面：2025 年上半年曾 中标珠海具身智能应用创新中心数采及展演机器人采购项目，中标金额 1274 万元；中标人形机器人有限公司数据采集平台项目，中标金额 398 万 元。从中标结果来看，目前人形机器人初步商业化的场景是表演展示领域 以及 ...

Market Overview - On July 14, humanoid robots and PEEK materials sectors showed strength against the market trend, with several companies including Zhongwei New Materials and Changrong Co. hitting the daily limit up [1] Events - On July 11, Zhiyuan Robotics and Yushu Technology won a humanoid biped robot contract from China Mobile with a total budget of 1.2405 billion [2] - On July 14, the National News Office reported that China's industrial robot export market share rose to second globally, with a 61.5% increase in exports in the first half of this year [2] - On July 13, UBTECH announced that its Tian Gong Xing Zhe humanoid robot received orders for 100 units, with expectations to deliver over 300 units by 2025 to meet market demand [2] Institutional Commentary - The recent procurement is a significant milestone in the commercialization of the domestic humanoid robot industry, which is currently at a critical turning point from 0 to 1, with a need to focus on industry fluctuations driven by events in the short term and quality companies in the long term [3] - The humanoid robot sector has moved past the product definition stage and is evolving towards functional realization and commercialization, with a focus on hardware and software upgrades and their integration [3] - Lightweight solutions are addressing key challenges in the humanoid robot industry, such as endurance and flexibility, with major manufacturers like Tesla and UBTECH making advancements [3]

Core Insights - The article highlights the successful IPO of Geek+ (极智嘉), marking it as the first global AMR (Autonomous Mobile Robot) warehousing robot company to be listed on the Hong Kong Stock Exchange, raising a net amount of HKD 2.206 billion with a market capitalization exceeding HKD 21.8 billion [1][9] - The company has achieved significant milestones in its growth trajectory, including a strong customer base and impressive financial performance, positioning itself as a leader in the AMR solutions market [9][10] Company Overview - Geek+ was founded by Zheng Yong, who was inspired by the advancements in robotics during a visit to an Amazon warehouse in 2014. He later recruited a CTO with extensive experience in robotics to help establish the company [2][3] - The founding team has maintained a stable ownership structure, with Zheng Yong holding 38.14% of the shares, indicating a willingness to share profits among the founders [3][5] Growth and Funding History - The company received its first investment of RMB 10 million from Xinyi Technology, followed by additional funding from Volcano Stone and Gao Rong Venture Capital, totaling RMB 42.5 million at a post-investment valuation of RMB 210 million [5] - Geek+ expanded internationally, entering markets in Japan, Germany, and the United States, and completed multiple funding rounds, with a valuation reaching USD 1.16 billion by 2020 [6][7] Financial Performance - As of 2024, Geek+ has become the largest provider of warehousing fulfillment AMR solutions globally, with a market share of 9% and a customer base of 800, including 63 Fortune 500 companies [9][10] - The company reported revenues of RMB 14.52 billion in 2022, RMB 21.43 billion in 2023, and projected RMB 24.09 billion in 2024, with a compound annual growth rate of 45% from 2021 to 2024 [11][12] Market Position and Competitive Landscape - Geek+ has established a strong foothold in the AMR market, with a focus on warehousing solutions, while facing competition from companies like Hikvision and Exotec [15][17] - The global demand for warehousing fulfillment AMR solutions is projected to grow significantly, with the market size expected to reach RMB 100 billion by 2029, reflecting a compound annual growth rate of 32.4% [15][17] Commercialization Success - The company has successfully navigated the challenges of commercialization in the robotics sector, achieving significant sales and establishing itself as a leader in the B2B robotics market [16][17] - Geek+ has demonstrated a strong customer retention rate, with a repurchase rate of approximately 74.6% in 2024, indicating the effectiveness of its solutions in the supply chain [10][11]

Core Viewpoint - The article highlights the rapid commercialization and investment growth in the robotics sector, particularly focusing on humanoid robots and their integration with battery technology, indicating a significant market opportunity and competitive landscape ahead [5][7]. Group 1: Event Information - The 2025 Fifth Start Point Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit will be held on July 10-11, 2025, at the Shenzhen Baoan DENGXILU International Hotel [2][10]. Group 2: Company Financing and Partnerships - Galaxy General completed a new round of financing amounting to 1.1 billion RMB, with total financing exceeding 2.4 billion RMB over two years, led by CATL and involving top-tier investors [3][4]. - Galaxy General has established partnerships with major automotive manufacturers such as Mercedes-Benz, Zeekr, and Hyundai for the deployment of robotic solutions [5][6]. Group 3: Robotics Market Trends - The robotics sector has seen a significant increase in investment activity, with 223 financing events totaling 23.232 billion RMB as of May 31, 2025, indicating a growing interest in humanoid and embodied intelligence robots [5][7]. - The market for humanoid robots is projected to exceed 50 billion RMB in 2025, marking it as a pivotal year for commercialization [7]. Group 4: Battery Technology Integration - Battery companies are playing a crucial role in the robotics sector, with firms like CATL, Xinwanda, and Ganfeng Lithium actively investing in and developing battery solutions tailored for robotic applications [6][7]. - Ganfeng Lithium's battery solution offers a high discharge rate of 7C and a range of over 15 km, showcasing the potential for customized battery packs for various robotic needs [6].

9日，工信部、民政部发布开展智能养老服务机器人结对攻关与场景应用试点工作的通知，其 中指出，分阶段实施一批智能养老服务机器人攻关和应用试点项目，形成一批能够满足多层 次、多样化养老服务需求的机器人产品。 与此同时，中国工业机器人出口数据也超出市场预期。海关总署9日发布的数据显示，今年 前5个月，我国出口装备制造业产品6.22万亿元，增长9.2%。其中，工业机器人增长 55.4%。 通知还提出，完善标准及评价体系。鼓励产品研制单位和应用试点单位联合开展智能养老服 务机器人标准研究，聚焦场景需求和应用安全研制智能养老服务机器人产品和服务标准规 范，聚焦安全性、可靠性、适老化、经济性等研制智能养老服务机器人产品评价标准。引导 行业紧扣老年人的生理心理特点及服务需求，进行智能养老服务机器人产品的设计开发，提 升产品适老化、智能化和安全可靠水平。 猛增超55% 6月9日，海关总署发布的数据显示，今年前5个月，我国出口装备制造业产品6.22万亿元， 增长9.2%，占我国出口总值的58.3%。其中，出口电动汽车增长19%、工程机械增长 10.7%、船舶增长18.9%、工业机器人增长55.4%。前5个月，我国装备制造业产品对 ...