Group 1 - The humanoid robot sector is experiencing significant growth, with events like the first humanoid robot half marathon and combat competitions showcasing advancements in the field [2][3][4] - Tesla's announcement of its humanoid robot, "Tesla Bot," in 2021 marked a pivotal moment in the current wave of interest in humanoid robots [3][4] - The emergence of numerous domestic teams in China focusing on embodied intelligence indicates a growing investment and interest in this area [5] Group 2 - The hardware development for humanoid robots has benefited from advancements in related industries, such as renewable energy and industrial automation, which have lowered the barriers to entry [6][13] - The software aspect is evolving with the introduction of large models that enhance the algorithmic capabilities of robots, particularly in perception and decision-making [6][17] - The pursuit of humanoid and general-purpose robots reflects a universal aspiration influenced by cultural representations in media [6][7] Group 3 - The commercialization of humanoid robots is still in its early stages, with many companies focusing on resource acquisition and technology development rather than immediate market applications [24][25] - The investment landscape for embodied intelligence is currently overheated, suggesting a peak in the Gartner technology maturity curve [26][29] - Future opportunities may arise from the spillover of technologies developed in the humanoid robot sector into other industries, enhancing existing robotic capabilities [29][30] Group 4 - The balance of success rate, generality, and cost is crucial for the practical application of humanoid robots, especially in high-value sectors like biomedicine [30] - The landscape for humanoid robot companies differs significantly between the U.S. and China, with U.S. firms focusing on software and algorithmic advancements while Chinese companies pursue a more integrated approach [31][32] - The public's expectation of robots entering domestic spaces may require overcoming various technical and ethical challenges [30][34]

Core Viewpoint - Embodied intelligence is a key focus in the AI field, particularly in humanoid robots, raising questions about the best path to achieve true intelligence and the current challenges in data, computing power, and model architecture [2][5][36]. Group 1: Development Stages of Embodied Intelligence - The industry anticipates 2025 as a potential "year of embodied intelligence," with significant competition in multimodal and embodied intelligence sectors [5]. - NVIDIA's CEO Jensen Huang announced the arrival of the "general robot era," outlining four stages of AI development: Perception AI, Generative AI, Agentic AI, and Physical AI [5][36]. - Experts believe that while progress has been made, the journey towards true general intelligence is still ongoing, with many technical and practical challenges remaining [36][38]. Group 2: Transition from Autonomous Driving to Embodied Intelligence - Many researchers from the autonomous driving sector are transitioning to embodied intelligence due to the overlapping technologies and skills required [17][22]. - Autonomous driving is viewed as a specific application of robotics, focusing on perception, planning, and control, but lacks the interactive capabilities needed for general robots [17][19]. - The integration of expertise from autonomous driving is seen as a bridge to advance embodied intelligence, enhancing technology fusion and development [18][22]. Group 3: Key Challenges in Embodied Intelligence - Current robots often lack essential capabilities, such as tactile perception, which limits their ability to maintain balance and perform complex tasks [38][39]. - The operational capabilities of many humanoid robots are still in the demonstration phase, lacking the ability to perform tasks in real-world contexts [38][39]. - The complexity of high-dimensional systems poses significant challenges for algorithm robustness, especially as more sensory channels are integrated [39]. Group 4: Future Applications and Market Focus - The focus for developers should be on specific application scenarios rather than pursuing general capabilities, with potential areas including home care and household services [48]. - Industrial applications are highlighted as promising due to their scalability and the potential for replicable solutions once initial systems are validated [48]. - The gap between laboratory performance and real-world application remains significant, necessitating a focus on improving system accuracy in specific contexts [46][47].

Core Insights - Embodied intelligence has gained significant attention in both industry and academia, particularly in humanoid robots, which integrate perception, movement, and decision-making capabilities [1][4][30] - The development of embodied intelligence is seen as a pathway towards achieving general robotics, with ongoing discussions about the challenges and milestones that lie ahead [1][30] Group 1: Current State and Future Prospects - The industry anticipates that 2025 may mark the "year of embodied intelligence," with significant competition emerging in the multimodal and embodied intelligence sectors [3][4] - NVIDIA's CEO Jensen Huang has proclaimed that the era of general robotics has begun, outlining four stages of AI development, culminating in "physical AI," which focuses on understanding and interacting with the physical world [3][4] - Experts believe that while progress has been made, the journey towards true general robotics is still in its early stages, with many technical and conceptual hurdles remaining [31][32] Group 2: Technical Challenges and Opportunities - The current landscape of embodied intelligence is characterized by a lack of comprehensive models and algorithms, with many systems still not achieving convergence [32][33] - Key technical challenges include the integration of sensory feedback, the development of robust algorithms, and the need for advanced perception capabilities, such as tactile sensing [33][34] - The industry is witnessing a shift where many researchers from the autonomous driving sector are transitioning to embodied intelligence, leveraging their expertise in perception and interaction [15][19] Group 3: Application Scenarios - Potential application areas for embodied intelligence include home care, household services, and industrial automation, which are seen as practical and immediate needs [41] - The focus on specific vertical applications rather than general-purpose robots is emphasized, as the technology is still maturing and requires targeted development to meet real-world demands [36][41] - The integration of embodied intelligence into existing industrial systems is viewed as a promising avenue for scalability and broader adoption [39]

从宏观背景来看，人形机器人板块在 4 月中旬之前主要受到业绩期的影响，股 价处于低点。从 4 月中下旬开始到 5 月，整个机器人板块出现了结构性分化行 情，部分公司因轻量化材料和实质性进展而受到关注。整体而言，人形机器人 板块的股价处于修复反弹过程中，并且许多公司已经突破了前高。因此，从当 前位置来看，该板块仍然具有较好的发展前景。产业进展相对顺利，特斯拉第 三代产品及国内相关公司的催化作用将进一步推动整个板块的景气度向上。 灵巧手在通用机器人领域的重要性体现在哪些方面？ 灵巧手再推荐：如何获得多模态"感觉"20250511 摘要 • 人形机器人板块整体处于修复反弹，多家公司股价突破前高，预示板块具 有较好发展前景，特斯拉等公司的产品催化将进一步推动板块景气度。 • 灵巧手在通用机器人领域至关重要，其驱动、传动、传感优势显著，看好 腱绳（南山智尚）及微型四杆技术（恒立液压），以及电子皮肤（汉威科 技）和运控环节（信捷电器、汇川技术）。 • 灵巧手传感器需实现机械刺激（触觉传感器，捕捉震动、接触力、拉力）、 温度刺激（温度传感器）和本体刺激（六维力传感器，感知空间位置）三 大核心功能。 • 触觉传感器分为输入端 ...

证 券 研 究 报 告 信测标准（300938）2024 年报及 2025 年一季报点评 强推（维持） 夯实精细化管理，打造通用机器人+AI 大模 型+检测新模式 事项： 公司发布 2024 年报以及 2025 年一季报：2024 年公司实现收入 7.25 亿元，同 比+6.71%，归母净利润 1.76 亿元，同比+7.67%，扣非归母净利润 1.65 亿元， 同比+10.77%；2025Q1 公司实现收入 1.66 亿元，同比-8.04%；归母净利润 3714.70 万元，同比-9.48%；扣非归母净利润 3428.99 万元，同比-9.45%。 评论： 公司研究 仪器仪表Ⅲ 2025 年 05 月 04 日 目标价：39.74 元 当前价：30.56 元 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：丁祎 邮箱：dingyi@hcyjs.com 执业编号：S0360523030001 公司基本数据 | 总股本(万股) | 16,450.77 | | --- | --- | | 已上市流通股 ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, while facing challenges in Q1 2025, indicating a mixed performance outlook for the near term [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 725 million yuan, a year-on-year increase of 6.71%, and a net profit attributable to shareholders of 176 million yuan, up 7.67% year-on-year [1]. - For Q1 2025, the company reported revenue of 166 million yuan, a decline of 8.04% year-on-year, and a net profit of 37.14 million yuan, down 9.48% year-on-year [1]. - The gross profit margin for 2024 was 57.99%, a decrease of 1.11 percentage points compared to the previous year [2]. Business Segments - The company's testing business showed growth, with revenues from automotive testing, electronic and electrical product testing, equipment sales, consumer goods testing, and health and environmental testing at 306 million, 171 million, 154 million, 50 million, and 45 million yuan respectively, reflecting year-on-year growth rates of 12.41%, 9.11%, -5.91%, 22.2%, and 7.0% [2]. - The gross margins for automotive testing, electronic and electrical product testing, and equipment sales were 67.71%, 60.98%, and 39.10%, with declines of 4.38, 2.17, and 6.94 percentage points respectively [2]. Management Efficiency - The company demonstrated strong management capabilities, with a decrease in expense ratios for sales, management, and financial expenses in 2024 [2]. - The sales, management, financial, and R&D expense ratios for 2024 were 14.80%, 7.58%, -1.25%, and 8.36%, showing improvements in cost management [2]. Strategic Initiatives - The establishment of a joint venture in February 2025 with Guangdong Wali Technology Co., Ltd. aims to enter the robotics sector, focusing on the development and sales of various types of robots [4]. - The company plans to integrate AI with testing robots to enhance operational efficiency and improve service quality, addressing the industry's reliance on manual labor [4][5]. Future Outlook - The company is set to leverage its technological advantages and market resources to expand into military product testing and enhance its capabilities through AI and robotics [5]. - The projected net profits for 2025-2027 are 198 million, 228 million, and 262 million yuan, representing year-on-year growth rates of 12.5%, 14.9%, and 15.2% respectively [6][7].

整理 | 梦依丹 出品丨AI 科技大本营（ID：rgznai100） 在刚刚过去的周末，大家或多或少地被一群机器人刷屏了吧。跌倒后"无头奔跑"的钢铁身躯、工作人员亦步亦趋地为机器人"降温"、以及略显"笨拙"却 奋力迈动双腿的身影…… 4月19日，全球首个的"人机共跑"半程马拉松在北京亦庄开跑，以其前所未有的形式和硬核的技术含量，瞬间引爆了科技圈和大众视野。让我们用一组 数字，快速回顾这场充满未来感的"机械竞速"： 这不仅是一场技术的比拼，更是一场"未来已来"的公众现场体验。 跌倒了，站起来，重启后，继续前行。每一位"选手"都带着自己独特的性格与技术路线登场。他们不是冷冰冰的机器，而是技术团队理想与工程能力的 具象化身。 同时，"天工 Ultra"采用大功率一体化关节和低惯量腿部结构，为其爆发性速度提供硬件基础；而轻量化设计、关节导热及风冷散热技术则保障了其持 续奔跑的散热需求。 1 场里程碑式的赛事： 这是全球首个为"人形机器人"设立半程马拉松的赛事，标志着具身智能迈入一个全新的发展阶段； 21.0975 公里的赛道：涵盖了平地、坡道、弯道等多种复杂地形，其中共设有 6 个左转道与 8 个右转道，转弯角度≥9 ...

国内首款开源验证人形机器人Fourier N1 4月11日消息，钛媒体AGI获悉，通用机器人公司傅利叶（FOURIER-Robotics）今天发布首款开源人形 机器人Fourier N1。这也是国内首款开源验证的人形机器人产品。 Fourier N1采用紧凑型硬件架构设计，身高1.3米，体重38公斤，不包含灵巧手，全身拥有23个自由度， 最高奔跑速度达到每秒3.5米，最大关节扭矩96N.m，单次续航超过2小时，支持背插拔电池更换模式。 傅利叶表示，在工程验证环节，N1 已累计完成超过1000小时的户外复杂地形测试，单次连续运行时间 超过72小时，全面验证了其结构设计的稳定性、耐久性与环境适应性。同时，N1可稳定实现15度到20 度坡度斜坡通行、20 厘米楼梯攀爬、及撑地爬起等高难度动作。 值得注意的是，此次傅利叶Fourier N1人形机器人"开源即ready"，开发者可实现N1的完整复刻，属于全 面开源。从可直接加工的结构图纸、材料到装配指南教程，从硬件制造体系到基础操作软件代码、通讯 接口封装等，都进行了全方位开源开放，很多信息都放在云盘和GitHub当中，堪称"0元复刻"，公司还 透露后续还将开放更多的 ...

"嗨X，我想要一杯威士忌和一罐可乐。" "好的，请问可乐是要无糖的还是普通的？" "无糖 的。" "好的，请稍等。" 2分钟后，"酒保"机器人XMAN便端上了一杯威士忌和一罐无糖可 乐。 这是服务机器人企业擎朗智能近期发布的人形具身服务机器人XMAN-R1，目前， XMAN-R1已可完成服务场景内"点单-配餐-送餐-收餐"等任务，未来将向更多场景探索。 成 立于2010年的擎朗智能，提供服务机器人产品和完整解决方案。目前他们拥有配送机器人、 清洁机器人、引导机器人、消毒机器人等品类，业务覆盖餐饮、酒店、医疗康养、工厂、商 超、机场等场景。截至目前，擎朗智能机器人在全球出货量累计超10万台。 3月27日，南方 都市报"走进未来产业"调研团队来到上海擎朗智能科技有限公司（以下简称"擎朗智能"）， 对话擎朗智能创始人兼CEO李通。 专用机器人率先上岗，餐厅、酒店、医院需求高 成立15年以来，擎朗智能已发布5个系列的服务机器人，包括配送机器人 T系列、清洁机器人C系列、 楼宇机器人W系列、迎宾机器人G系列，以及医疗配送机器人X系列等。 官方数据显示，截至目前，擎朗智能机器人在全球出货量累计超10万台，足迹遍布全球60 ...

【文/观察者网 王一】自宇树人形机器人今年春晚火爆出圈以来，中美两国的科技公司近来越来越频繁 地提及人形机器人，这一领域正成为投资者眼中的"香饽饽"。 随着特斯拉、英伟达等美国科技巨头加大对人形机器人的投资，美国消费者新闻与商业频道（CNBC） 在3月28日却发出警告称，他们可能已经面临着输给中国公司的局面。分析师表示，就像比亚迪等中国 电动汽车制造商开始超越特斯拉一样，类似的赶超之势可能会在人形机器人领域再次上演。 人形机器人竞赛，中美引领 人形机器人是外观和动作都像人类的人工智能（AI）机器。CNBC称，目前美国做人形机器人做的最好 的是特斯拉的Optimus项目，其首席执行官马斯克3月20日在一次员工会议上宣布，Optimus今年计划生 产5000台，到2026年将增加到生产5万台。 香港《南华早报》3月20日称，近期的一些事件凸显出2025年的一个重要趋势——人形机器人大规模生 产的竞争愈演愈烈，中美两国将引领这场竞赛。 报道称，尽管人形机器人尚未实现量产，但几家公司似乎即将突破这一障碍。美国人形机器人初创企业 Figure AI在3月18日推出了一条自动化生产线，据称每年可以生产1.2万台人形机器人 ...