报告来源 报告导读： 智元、宇树中标中移 1.24 亿元人形机器人代工项目，标志行业从研发迈向商 业化。智元凭全栈技术实现量产，宇树在核心零部件领域全球领先。此次采购加速场景落 地，通信成重要应用场景。建议关注相关标的。 投资建议：智元、宇树在人形机器人领域优势显著，场景落地加速，建议关注相关产业链投资机会及技术 迭代带来的增长潜力。总体来看，国内人形机器人产业发展快速，具备产业链优势，国外以特斯拉人形机 器人为例，未来预计有较大的技术迭代预期，建议重点关注。 事件：智元机器人和宇树科技在中移（杭州）信息技术有限公司 2025 年至 2027 年人形双足机器人代工 服务采购项目中中标。根据此前该项目的比选公告，中移（杭州）信息技术有限公司本次采购的项目总预 算为 1.2405 亿元（含税）。采购包 1 为全尺寸人形双足机器人，预算为 7800 万元（含税），最终中 选人为智元机器人；采购包 2 为小尺寸人形双足机器人、算力背包、五指灵巧手，预算为 4605 万元 （含税），中标人为宇树科技。 智元和宇树在人形机器人优势领先。 1 ）智元机器人凭借 "本体 +AI " 全栈技术，旗下远征、精灵、灵犀 三大机器人 ...

财联社7月1 5日电，在国务院新闻办公室举行的"新征程上的奋斗者"中外记者见面会上， 宇树科技创始人&CEO王兴兴在回答记者提问时表示，今年宇树科技机器人的出货量相对 于去年有明显的增长。 创始人王兴兴在2 0 2 5年夏季达沃斯论坛上透露， 公司年度营收已超1 0亿元，且自2 0 2 0年 以来连续五年保持盈利状态。 二、人形机器人订单潮来袭，商业化拉开序幕 一、宇树科技连续五年盈利，营收突破10亿 宇树科技早期以四足机器人起家，2017年推出首款四足机器人La i k a g o，后逐步拓展至人 形机器人。四足机器人包括Go1、Ali e ngo、B2等型号，应用于教育、巡检、救援等领 域。 人形机器人方面，有上了春晚的H1和面向C端的G1。2025年央视春晚舞台上，1 6台宇树 H1人形机器人身着东北花袄表演的《秧BOT》节目技惊四座。身高1 . 8米、体重4 7公斤的 H1搭载22个自研关节电机，最大关节扭矩达360 牛米，配合强化学习算法实现复杂舞蹈 动作的精准控制，甚至能根据音乐节奏实时调整动作韵律。 虽然因春晚而出名，但宇树科技的机器人多运用于高校科研、能源、医疗、消防等领域。 天眼查显示， 清 ...

Core Insights - China Mobile's recent procurement announcement has garnered significant attention in the humanoid robot industry, with Zhiyuan Robotics and Yushu Technology winning major contracts for full-size and half-size humanoid robots respectively [1][4]. Group 1: Company Overview - Zhiyuan Robotics, led by Wang Chuang, has developed the Yuanzheng series of humanoid robots, with the full-size humanoid robot being part of the Yuanzheng series [1][4]. - Wang Chuang, a PhD from the Chinese Academy of Sciences, has a background in leading the core algorithm design for DJI's laser radar product line, achieving over 50% market share in the surveying and industrial robot sectors [1][4]. Group 2: Procurement Details - The total budget for the humanoid robot procurement project by China Mobile is approximately 124.05 million yuan (including tax), marking it as the largest disclosed single procurement order in China's humanoid robot sector [4]. - Zhiyuan Robotics secured a budget of 78 million yuan for the full-size humanoid robot, while Yushu Technology received 46.05 million yuan for the small-size humanoid robot [4]. Group 3: Market Potential and Future Outlook - Industry experts predict that humanoid robots will achieve mass production commercialization within five years, with China Mobile already issuing orders worth hundreds of millions [4]. - Wang Chuang emphasized the potential for humanoid robots to become new terminal devices with significant market demand, suggesting that the number of humanoid robots could surpass that of humans in the future [10][11]. Group 4: Technical and Production Advantages - Zhiyuan Robotics' success in securing the China Mobile order is attributed to its technological leadership, mass production capabilities, and product stability [4][22]. - The company has developed a closed-loop system for the Yuanzheng robots, ensuring high consistency and reliability in mass production, with over 90 workstations dedicated to quality control [18][22]. Group 5: Competitive Landscape - The Yuanzheng series includes both bipedal and wheeled robots, with the company recognizing the importance of both forms for different applications [22]. - Wang Chuang noted that humanoid robots possess greater flexibility and can adapt to various tasks over time, distinguishing them from traditional AGVs (Automated Guided Vehicles) [22].

Market Overview - As of July 14, the Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) closed up 0.30%, with leading stocks such as Stone Technology rising by 9.61% and Aobo Zhongguang by 4.18% [1] - The Robot ETF (562500) showed a strong performance, closing up 1.78%, with leading stocks like Buke Co., Ltd. rising by 11.52% [1] - The trading volume reached 1.135 billion yuan, indicating a robust market activity with a turnover rate of 7.57% [1] Industry Trends - The robot concept stocks exhibited strong performance throughout the day, indicating a significant capital inflow [1] - The PEEK materials, Yushu Robotics, and reducer concept indices rose by 5.31%, 3.13%, and 2.90% respectively, reflecting the market's confidence in the commercialization of humanoid robots [1] - The acceleration of humanoid robot commercialization is supported by major contracts won by companies like Zhiyuan and Yushu Technology [1] Company Developments - Meta's CEO Mark Zuckerberg announced plans to invest "hundreds of billions" in building multiple large-scale AI data centers, including the first cluster "Prometheus" expected to launch in 2026 [2] - Robotics supplier "Langyi Robotics" completed a multi-million angel round financing led by Inno Angel Fund, focusing on mass production and technology upgrades for embodied navigation modules [2] - Amazon launched a preview version of its AI programming tool Kiro, which collaborates with programmers to define requirements and system designs before coding [2] Institutional Insights - Zhongyou Securities highlighted that the humanoid robot industry is undergoing a critical transition from technology validation to industrialization, with global competition and ecological restructuring as key features [3] - The investment strategy emphasizes companies with capabilities in "mass production + cost control + scene adaptation," as well as leaders in core components and AI algorithms [3] ETF Highlights - The Robot ETF (562500) is noted as the only fund in the market with over 10 billion yuan in scale, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) is characterized as the "brain" of robotics, capturing the "singularity moment" in the AI industry with a 20% price fluctuation range [5]

公司方面，据西部证券表示， 宇树链：美湖股份、长盛轴承、豪江智能；智元链：富临精工、汉威科技、中大力德、德马科技。 7月11日，中国移动采购与招标网显示智元机器人和宇树科技中标中移（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。 根据此前该项目的比选公告，中移（杭州）信息技术有限公司本次采购的项目总预算为1.2405亿元（含 税）。采购包1为全尺寸人形双足机器人，预算为7800万元（含税），最终中选人为智元机器人；采购 包2为小尺寸人形双足机器人、算力背包、五指灵巧手，预算为4605万元（含税），中标人为宇树科 技。 据统计，自2024年12月起，智元机器人共有8项中标成交公告，近日，智元机器人还中标了"珠海具身智 能应用创新中心数采及展演机器人采购项目"，中标金额为1273.62万元。而宇树科技目前已披露168项 中标成交公告，金额在几万元至数百万元不等，整体上看，年内宇树科技中标项目主要为教育科研、工 厂巡检等。 国泰海通证券认为，本次采购招标的落地是国内人形机器人行业商业化进程中的重要里程碑事件，当前 人形机器人产业仍处于由0到1的关键拐点阶段，短期需要重点关注由事件催化的行业景气度波动，而长 ...

Group 1 - The core viewpoint highlights significant advancements in the humanoid robotics industry, with companies accelerating collaboration to enhance application scenarios [1] - Zengguang Intelligent announced nearly 100 million yuan in new financing for its "maglev magic carpet" technology, achieving a positioning accuracy of 5 micrometers and introducing a "transmission is processing" model [1] - The humanoid robot industry is entering a new phase of vigorous development, with strategic partnerships being formed among key players like Yubiquitous and Kepler in sectors such as automotive and electronics [1] Group 2 - Jianghai Securities notes that the mass production expectations for humanoid robots face significant uncertainty due to the need for further accumulation of general scenario training data and the iteration of core component technologies [1] - The collaboration between Nvidia and Foxconn aims for humanoid robot production in Q1 2026, indicating strong confidence from major companies in the industry's future [1] - The launch of Yubiquitous's industrial humanoid robot Walker S1 marks a critical step towards commercialization, which is expected to drive the domestic industry forward [1]

Core Viewpoint - The report highlights the technological layout and industrialization progress of UBTECH in the humanoid robot sector, indicating its potential for commercial success and an "Accumulate" investment rating [1]. Group 1: Company Overview - UBTECH is the first publicly listed company in China focusing on humanoid robots, with products targeting three main application scenarios: home, commercial, and industrial [1]. - The home scenario includes consumer-grade robots and educational robots, while commercial and industrial scenarios feature humanoid robots, smart logistics robots, and cleaning robots [1]. Group 2: Financial Performance - Revenue has grown from 740 million yuan in 2020 to an expected 1.295 billion yuan in 2024, with a compound annual growth rate of 15.0%, driven mainly by consumer-grade and smart logistics robots [2]. - The company’s net profit has worsened from a loss of 707 million yuan in 2020 to a projected loss of 1.234 billion yuan in 2023, with a net profit margin declining from -95.5% to -120.8% due to high R&D and market expansion costs [2]. - In 2024, the company aims to improve cost control, narrowing losses to 1.124 billion yuan [2]. Group 3: Technological Development - UBTECH has six humanoid robot models, with the Walker S series focused on industrial applications, addressing high-efficiency needs in sectors like automotive and 3C [2][3]. - The company has established partnerships with major automotive and logistics firms, receiving 500 orders for industrial humanoid robots, with a production target of approximately 1,000 units this year [3]. Group 4: Revenue Contributions - In 2024, revenue from consumer-grade robots, educational robots, and logistics robots is projected to be 477 million yuan, 363 million yuan, and 322 million yuan, respectively, making them the primary revenue sources [3]. - The company plans to enhance its consumer-grade robot offerings and expand offline channels to increase brand reach and repurchase rates [3]. Group 5: Future Projections - The company is expected to generate revenues of 1.891 billion yuan, 2.662 billion yuan, and 3.621 billion yuan from 2025 to 2027, with year-on-year growth rates of 45%, 41%, and 36% respectively [4]. - Despite anticipated losses of 964 million yuan, 771 million yuan, and 442 million yuan during the same period, the company expects to benefit from economies of scale as revenue increases [4].

Group 1 - The humanoid robot sector is gaining significant attention from global investors, with domestic investment reaching 6.106 billion yuan in 2025, surpassing the total of 5.893 billion yuan for 2024 [1] - In the first five months of this year, China saw the establishment of 100,000 new humanoid robot-related companies, marking a 44% year-on-year increase [1] - Despite the growth, there are concerns regarding the short-term commercialization of humanoid robots, particularly in consumer applications due to high demands for functionality and autonomous interaction [1] Group 2 - To clarify the commercialization path for humanoid robots, it is suggested to enhance the research and development of key common technologies through cross-departmental and cross-industry collaboration [2] - The integration of resources from academia and industry can accelerate the development of critical components, such as the "dexterous hand" of robots, improving performance and reliability [2] - There is a need to fully explore application scenarios to reduce data collection complexity and enhance data accumulation for the autonomous development of robots [2] Group 3 - Companies should focus on cultivating their core competencies, emphasizing core technology research, product quality improvement, and brand building [3] - Mastery of core component technologies, such as high-precision reducers and servo controllers, is crucial for companies to maintain a strategic position in the industry [3] - Increased investment in core technology research is essential for enhancing product performance and competitiveness [3]

Core Viewpoint - The automotive industry is increasingly focusing on humanoid robots, driven by Tesla's early initiatives, leading to a surge in interest and investment from various car manufacturers and suppliers [1][3]. Group 1: Market Trends - Several car manufacturers, including Xpeng, Xiaomi, and GAC, have launched their humanoid robot products, following Tesla's lead [1]. - The Chinese humanoid robot market is projected to reach 75 billion yuan by 2029, with an expected shipment of 350,000 units by 2030 [1]. Group 2: Current Developments - Xpeng's humanoid robot, IRON, was a highlight at the Shanghai Auto Show, although most robots are currently showcased as models rather than functional units in factories [3]. - Many plans to deploy robots in factories remain in the conceptual stage, with reports indicating that Tesla's plans to deploy thousands of robots have not yet materialized [3][6]. Group 3: Technical Challenges - The development of humanoid robots is still in its infancy, with hardware and software standardization not yet fully realized [3][4]. - Humanoid robots face more complex technical challenges than autonomous vehicles, requiring advanced training and sensor capabilities to navigate a three-dimensional environment [4]. Group 4: Industrial Application - The automotive assembly line is one of the most challenging environments for automation, with companies like Tesla and BYD still relying heavily on human labor [6]. - The cost of humanoid robots, such as Tesla's Optimus at $60,000, is currently too high to replace human workers, whose average labor costs are significantly lower [6][8]. Group 5: Strategic Considerations - Despite the enthusiasm for humanoid robots, companies should carefully evaluate their strategic positioning and market prospects before making significant investments [8].

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 ...