安克创新（300866.SZ）12月12日在投资者互动平台表示，公司在机器人业务上沿既定战略推进，持续 整合感知、规划、交互等核心技术栈，并依托广泛的用户数据和使用场景提升商业化能力，推动产品快 速迭代与优化，以更好满足用户需求。公司将通过"三步走"战略实现机器人业务的整体目标：第一阶段 聚焦二维基础型机器人，如扫地机器人、割草机器人等；第二阶段布局三维移动型机器人；第三阶段为 三维交互型机器人。目前，公司产品仍主要集中在二维平面应用领域，后续将根据技术演进和市场需 求，逐步推动更高维度的产品落地。 （记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：董秘好！作为长期关注公司的投资者，已知公司规 划"二维感知-三维移动-三维交互"的机器人战略，其中三维交互型包含人形/类人形机器人。想请教： 1）公司人形机器人当前的技术研发重点是否聚焦具身智能算法、核心零部件（如伺服电机、传感器） 等关键领域？2）底层技术栈搭建已推进至哪一阶段，是否有与高校或外部机构的技术合作？3）该业务 的中长期战略目标（如落地场景、量产规划）是否有明确时间表？ ...

Core Insights - The private equity and venture capital market in China is experiencing a decline in new registrations and fundraising activities, with a notable drop in the number of new fund managers and a significant decrease in total financing amounts [1][17]. Group 1: Market Overview - In November 2025, 11 new private equity and venture capital fund managers were registered, representing a year-on-year decrease of 31.3% and a month-on-month decrease of 8.3% [1]. - A total of 404 new private equity and venture capital funds were registered, with 134 private equity funds and 270 venture capital funds, showing a slight increase of 2.5% compared to October and a year-on-year increase of 29.5% [1]. - The domestic primary equity investment market recorded 614 financing events in November, marking a year-on-year increase of 40.5% and a month-on-month increase of 34.4% [17]. Group 2: Fundraising and Investment Trends - The total disclosed financing amount in November was approximately 28.227 billion yuan, which is a significant decrease of 49.0% compared to November 2024 and a 34.2% decrease compared to October 2025 [17]. - The average single financing amount saw a decline of over 50%, with the average size being only 45.9725 million yuan [17]. - The investment stage for the majority of financing events was concentrated in the angel round (44.4%), seed round (33.3%), and Pre-A round (11.1%) [23]. Group 3: Focus on AI Investments - The Inno Angel Fund, established in 2013, has focused heavily on artificial intelligence projects, which accounted for 55.6% of its investments in November [26]. - The fund has also invested in enterprise services, which made up approximately 22.2% of its portfolio, aligning with current early-stage investment trends [26]. - The fund's investment strategy includes a "single track dominance + multi-field supplementation" approach, reflecting a strong supply of quality AI projects [26]. Group 4: Regional Investment Distribution - The majority of companies invested in by the Inno Angel Fund are located in Beijing and Shenzhen, accounting for nearly 90% of its investments, which aligns with the strategy of being close to resources [29]. - The fund also considers the Yangtze River Delta region as a supplementary area for investment, focusing on manufacturing strengths [29]. Group 5: Notable Investment Case - The company "Lingqi Wanwu" (Mind On), specializing in embodied intelligent algorithms, has completed three rounds of financing within five months, with total funding nearing 100 million yuan [32]. - The company aims to develop humanoid robots and is expected to enter retail and fast food sectors within 1-2 years, and household services within 3-5 years [32].

Group 1 - The core performance characteristics of UBTECH include a revenue increase from 740 million to 1.305 billion yuan from 2020 to 2024, with a compound annual growth rate of 15.2% [1] - The company has a strong patent portfolio with 2,680 global authorized patents and focuses on core technologies such as servo drive, motion control, and embodied intelligent algorithms [1] - The company has secured over 500 intention orders for its Walker S series, which has been implemented in factories of major automotive companies like BYD [1] Group 2 - The humanoid robot industry is expected to reach a global market size of $20 billion by 2030, with China's market projected to reach $5 billion [2] - The demand for humanoid robots is driven by a labor shortage in the manufacturing sector, with a projected gap of 30 million workers by 2025 in China [2] - The company is focusing on industrial humanoid robots, particularly in automotive manufacturing, while also expanding into education and logistics sectors [2] Group 3 - The company invests over 30% of its revenue in R&D, with an expected investment of 478 million yuan in 2024 [3] - The company aims to enhance its competitive edge through deep collaboration in research and development, with six major projects planned [3] - The company has established strategic partnerships for large-scale deployments, targeting the manufacturing sector's labor gap [3] Group 4 - Revenue forecasts for the company are projected at 1.748 billion, 2.385 billion, and 3.306 billion yuan for 2025, 2026, and 2027 respectively [3] - The company anticipates net losses of 1.032 billion, 678 million, and 312 million yuan for the same years [3] - The company is positioned to capitalize on growth opportunities in consumer, education, logistics, and humanoid robot sectors [3]

Industry Overview - The report titled "2025 Embodied Robot Industry Status and Future Trend Analysis" provides a comprehensive analysis of the embodied robot industry, covering current status and future directions [1][4] - The industry is experiencing breakthroughs in hardware technology, but faces challenges such as insufficient energy efficiency and high costs of core components, which hinder large-scale commercial applications [1][10][11] Current R&D Status - Energy efficiency is a critical issue, with robots currently having a maximum operational time of 4 hours, necessitating improvements in power density for long-duration tasks [10] - The cost of core components remains high, with individual units like Tesla's Optimus exceeding $100,000, which slows market adoption [11] - Motion control has made progress, but still struggles with adapting to complex terrains, limiting applications in fields like disaster rescue [12] - AI algorithms are at a GPT-2 level, heavily reliant on data, which increases costs and limits adaptability to diverse scenarios [13] - Multi-modal interaction technologies are not yet mature, leading to inefficiencies in service applications [14] - There are compatibility and stability issues between AI systems and hardware, affecting reliability and market trust [15] Application Status - The education market shows stable demand, with global annual needs exceeding 20,000 units, driving technological advancements [22] - In industrial pre-research, robots are replacing human inspectors, enhancing efficiency and safety [23] - Commercial display scenarios are increasing, with projects requiring 5-20 units, improving brand image and operational efficiency [24] - Successful cases like Unitree H1 in education and Star Sea's warehouse robots demonstrate the potential for market expansion and efficiency improvements [27][28] Future Development Trends - Short-term goals (2025-2027) focus on enhancing robot practicality, while mid-term (2028-2030) aims for breakthroughs in human-like environmental cognition [2] - The industry is expected to reshape a $15 trillion labor market over the next decade, indicating significant investment value [2] Commercialization Challenges and Solutions - Cost remains a key challenge, but can be mitigated through scale production, domestic alternatives, and effective cost control strategies [2] - Supportive policies from China and the EU are fostering technological innovation and application promotion [2] - High-potential applications in medical and agricultural sectors could drive significant industry growth if breakthroughs are achieved [2]

Group 1 - The current job market for civil engineering graduates, particularly female candidates, is challenging, with employers often citing "inconvenience at construction sites" as a reason for not offering interviews [1] - The "Million Talents Gathering in South Guangdong" recruitment event took place in Shanghai, attracting job seekers from various regions, with subsequent events planned in other cities [1][3] - The event featured a dual recruitment model, allowing both companies and candidates to showcase their offerings, with robots used to attract attendees [3] Group 2 - Shenzhen-based companies, such as Zhongqing Robotics and Zhihui Square, are actively seeking talent, with significant hiring needs and competitive compensation packages [5][6] - Over 35,000 job positions were offered by 751 companies from Guangdong, including major firms like Huawei and Tencent, indicating a strong demand for high-quality talent [6][8] - High-paying positions were highlighted, with over 4,000 roles offering annual salaries between 500,000 to 1,000,000 yuan, and more than 800 positions exceeding 1,000,000 yuan [8][10] Group 3 - The highest salary reported at the event was for a research position at the Pengcheng National Laboratory, offering an annual salary of 1,500,000 yuan for top global talent [10] - Companies are looking to recruit experienced professionals from Shanghai's talent pool, particularly in the semiconductor sector, while also focusing on nurturing fresh graduates [10]