Core Viewpoint - The strategic partnership between Giant Star Legend and Yushu Technology aims to develop and commercialize consumer-grade robots with strong IP attributes, particularly in the entertainment sector [1][4]. Group 1: Partnership Details - Giant Star Legend will handle IP planning, design, AI interaction, and global marketing strategies for the collaborative products, while Yushu Technology will focus on technology, hardware development, and application software [1]. - The collaboration is expected to accelerate the commercialization process of humanoid robots and provide a model for other companies in the robotics industry [2]. Group 2: Market Opportunities - The partnership is seen as a new path for the commercialization of humanoid robots, starting from entertainment and gradually moving into industrial and household applications [2]. - Yushu Technology recently secured significant orders, including a 124 million yuan contract with China Mobile, marking a substantial step towards the commercialization of humanoid robots [2][3]. Group 3: IP Integration and Business Model - The collaboration will leverage cultural IP to create a new ecosystem for robot products, enhancing the commercial value of robots in entertainment settings [4][5]. - Giant Star Legend plans to utilize its extensive fan base and IP resources to create immersive experiences and enhance its competitive edge in the market [4][5]. Group 4: Financial Performance - For the fiscal year 2024, Giant Star Legend reported a revenue of 584 million yuan, a year-on-year increase of 35.8%, with IP business revenue growing by 65.1% [6]. - Following the announcement of the partnership, Giant Star Legend's stock surged, reflecting positive market sentiment [6].

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].

近日，"人形机器人第一股"深圳企业优必选中标觅亿（上海）汽车科技有限公司的机器人设备采购项 目，中标价格为9051.15万元。这也是目前人形机器人披露过的中标金额最大的采购订单。 就在不久前，智元机器人和宇树科技成功中标中国移动旗下公司"人形双足机器人代工服务采购项目"， 总金额达1.24亿元，其中智元分得7800万元，宇树4605万元。 人形机器人市场大订单的出现，预示着人形机器人商业化正在加速。 与传统商品需求催生产品不同，创新含量高的产品，很多时候是产品激发需求。正因为这个属性，创新 型产品在商业化探索上常常面临应用场景匮乏问题，这也正是深圳提出要将整座城市打造成为创新应用 场景的原因。而有了应用场景的助力，创新就能得到加速进化，市场大门常常就此被一举推开。 今年上半年，全国工业机器人、服务机器人产量同比分别增长35.6%和25.5%，人形机器人正在迎来爆 发期。 优必选的"一举夺魁"代表了深圳在这一赛道上的实力。日前发布的《GEI中国独角兽企业研究报告 2025》显示，2024年深圳拥有独角兽企业42家，属于机器人产业的有4家。《深圳市机器人产业发展白 皮书（2024年）》则显示，机器人正成为深圳具有 ...

热钱涌入很快，但真正跑出来的，往往是握住场景的人。 京东和美团，在机器人投资赛道"打"起来了。 7月21日，京东在人形机器人赛道接连完成三笔融资布局。7月伊始，在两笔超过1亿美元的人形机器人企业融资中，美团也都以领投或联合领投的身份出现 在"金主"名单中。 第一财经记者了解到，除了已经官宣的几家，美团和京东还在接触更多的人形机器人项目。在这场人形机器人商业化竞速中，京东和美团不仅伸出了资本的 手，更通过销售渠道、场景资源等"隐性资本"，试图将自己转变为落地能力的"赋能者"。而对初创机器人公司而言，比估值和账面现金更重要的，是找到真 正能带来订单、数据和场景的合作伙伴。 热钱涌入很快，但真正跑出来的，往往是握住场景的人。 参与项目均过亿 第一财经记者梳理发现，2024年以来，美团和京东参投的人形机器人项目都不少于1亿元，且这两家互联网企业多以领投方角色出现。 | | | | 它石智航 | 2025年7月 | 天使+轮 | | --- | --- | --- | | 自变量机器人 | 2025年5月 | A轮 | | 银河通用 | 2024年6月 | 天使轮 | 具体来看，千寻智能今日早间宣布完成了融资额近6亿元 ...

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》， ...

Investment Rating - The report maintains an "Accumulate" rating for the mechanical equipment industry [1] Core Insights - The recent order of 124 million yuan for humanoid robots from China Mobile marks a significant step in the commercialization of humanoid robots, with Zhiyuan winning 78 million yuan for a full-size humanoid package and Yushun winning 46.05 million yuan for a smaller humanoid package [1] - Both Zhiyuan and Yushun have secured multiple large orders since 2025, indicating a growing trend in the humanoid robot market, particularly in performance display and data collection applications [2] - Yushun's recent C-round financing led by a fund from China Mobile, with a pre-financing valuation exceeding 10 billion yuan, highlights the increasing investment interest in the robotics industry [3] - The acceleration of robot commercialization is evident in various sectors, including automotive, pharmaceuticals, and infrastructure inspection, with notable applications in quality inspection, logistics, and service industries [4] Summary by Sections - **Recent Orders**: China Mobile's 124 million yuan order for humanoid robots, with Zhiyuan and Yushun as the main winners [1] - **Market Activity**: Yushun and Zhiyuan have secured several significant contracts in 2025, showcasing the initial commercialization of humanoid robots [2] - **Investment Trends**: Yushun's C-round financing led by China Mobile's fund, indicating strong market confidence and potential leadership in humanoid robot commercialization [3] - **Application Expansion**: Robots are being integrated into various industries, enhancing efficiency and safety, with expectations for further application expansion as intelligence improves [4] - **Investment Recommendations**: The report suggests focusing on the supply chain of Zhiyuan and Yushun, including companies like Green Harmonics, Zhongdali De, and others [5]

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]