前言 人形机器人正从科幻走向现实。2024年可以算是机器人产业的拐点之年。特斯拉Optimus、Figure AI、波士顿动力等公司推 出的机器人产品展示了前所未有的灵活性和实用性，从工厂车间到家庭场景，机器人的商业化落地正在加速。 近期，机器人相关概念股在A股、港股和美股市场再度受到资金追捧。产业与资本的共振，标志着机器人产业正从"概念阶 段"迈向"商业化阶段"。 01 资本市场 机器人赛道进入"去伪存真"淘汰阶段 人形机器人指数复盘 数据来源：高盛，HTI 从 2023 年以来每轮行情的领涨标的来看： 第一轮2022 年 6-9 月：主题赛道为主，涨幅靠前的为小市值股票，市场重视丝杠、六维力、丝杠设备、空心杯电机等价值 量大、国产化降本诉求强、壁垒高的赛道，首选客户关系绑定强的标的、有能力做核心部件的标的。 第二轮2023 年 5 月-2024 年 2 月：涨幅靠前的为有潜力或有能力进入 T 链的标的，包括绑定两家TIER1、配合度高的 TIER2，或直接对接 T 的 TIER0.5。 第三轮2024 年 3-9 月：国产链+机器人业务布局边际变化大的公司涨幅靠前，市场"审美"聚焦在华为、宇树国产链，以及 ...

证券研究报告/投资策略 技术创新与市场共振，机器人产业商业化进程提速 机器人行业研究 投资要点 ➢ 全球机器人市场持续增长，中国机器人产业规模不断壮大 根据IFR和中国电子学会的统计，全球机器人市场总体规模继续保持高速增长态 势，国际机器人联合协会数据显示全球机器人销售额自2020年持续增长，2020 年销售额为343亿美元，至2024年增长至660亿美元，复合增速高达17.8%。中 国同样高度重视机器人科技与产业发展，市场规模快速增长，产业体系不断完善 壮大。中国电子学会数据显示中国机器人市场规模2020年以来持续增长，2020 年中国机器人整体市场规模为174亿美元，而后逐年增长至2024年的470亿美元， 年复合增速为14.3%。 ➢ 竞争格局逐渐呈现多元化趋势 在全球工业机器人本体制造领域，ABB（瑞士）、发那科（FANUC，日本）、安 川电机（YASKAWA，日本）和库卡（KUKA，德国）凭借深厚的技术积淀和长期 的行业经验，在高端市场竞争中占据优势地位。但国内头部厂商通过持续的产品 迭代升级，凭借本地化供应链、快速服务响应和灵活的定价策略，不断拓展市场 份额，国产化进程稳步推进，推动全球机器人市场 ...

Core Insights - Shenzhen Senhe Innovation Technology Co., Ltd. (Senhe Innovation), once a leading player in the lawn mowing robot sector, has unexpectedly collapsed due to unforeseen challenges including team restructuring, manufacturing difficulties, and funding constraints [1][4][8] - The company, founded in August 2022, gained significant attention and funding from notable venture capital firms, but ultimately failed to deliver on its promises, reflecting the mixed quality within the booming robotics industry [2][12] Company Overview - Senhe Innovation was established to focus on the development of "borderless intelligent lawn mowing robots," with its founder, Li Chang, previously a core member of the successful cleaning robot company, Yunzhong [1][5] - The company aimed to serve global markets, particularly targeting the U.S. and Europe, where there are approximately 250 million gardens, with the U.S. holding 100 million, representing 40% of the global market [4][5] Product Development - The flagship product, Oasa R1, was designed as the world's first robot lawn mower using a rolling blade system, which was expected to outperform traditional rotary blade mowers [6][7] - Despite raising $2.3 million through crowdfunding on Kickstarter, the actual delivery of orders was minimal, leading to disappointment among backers [2][7] Market Challenges - The lawn mowing robot market in Europe has a penetration rate of 10-15%, while in the U.S. it is only 2%, indicating a significant opportunity but also a challenge for new entrants [4] - Senhe Innovation faced severe operational and financial pressures, which ultimately led to its inability to maintain operations and fulfill orders [8][10] Financial and Operational Issues - The company struggled with high production costs due to the advanced technology used in Oasa R1, which made the product less competitive in terms of pricing [8][10] - Despite initial angel funding of nearly 100 million yuan, the rapid consumption of funds in R&D and production led to a financial crisis, exacerbated by supply chain issues and low production efficiency [9][10] Industry Context - The robotics industry experienced a significant influx of capital in 2025, with a 300% year-on-year increase in funding, but many projects, including Senhe Innovation, failed to transition from development to mass production [11][12] - The industry's rapid growth has been accompanied by a harsh elimination process, where only companies that can survive the competitive landscape will continue to innovate and succeed [3][12] Lessons Learned - The collapse of Senhe Innovation serves as a cautionary tale for the robotics sector, highlighting the importance of balancing technological innovation with market demand and cost management [12][15] - Future robotics projects must focus on establishing robust business models and understanding market needs to avoid the pitfalls that led to Senhe Innovation's downfall [13][15]