Investment Rating - The report provides an investment recommendation of "Increase Holdings" for the relevant companies in the robotics industry, indicating a potential growth exceeding 15% relative to the CSI 300 index over the next 12 months [11]. Core Insights - Figure AI has launched the next-generation Figure 03, which is designed for household applications and is prepared for large-scale production, with a current annual production capacity of 12,000 units and a target of 100,000 units over the next four years [3][5]. - The Figure 03 robot is capable of performing various household tasks, including organizing furniture, preparing snacks, watering plants, doing laundry, and cleaning, leveraging its Helix system for long-chain task processing [5]. - The robot also demonstrates advanced capabilities in object classification and interaction, such as playing fetch with pets and assisting in commercial settings like hotel receptions [5]. Summary by Sections Product Features - The Figure 03 features an upgraded visual system with doubled frame rates, reduced latency, and enhanced depth perception, providing stable data for complex environments [5]. - It supports 10Gbps millimeter-wave data transmission for massive data uploads, facilitating iterative learning for the robot [5]. - The new design includes wireless charging capabilities, a lightweight structure reduced by 9%, and improved dexterity with advanced sensors for precise control [5]. Production and Cost Efficiency - The design of Figure 03 reduces the number of parts and assembly steps, transitioning from CNC to die-casting, injection molding, and stamping to lower production costs [5]. - The self-developed Manufacturing Execution System (MES) ensures traceability and product consistency throughout the production process [5]. Related Companies - The report highlights several companies in the supply chain, including Changying Precision, Zhaowei Electromechanical, Lingyi Technology, Yinlun Machinery, and Hammer Nano Machinery, as potential investment targets [5].

Core Viewpoint - Figure AI has launched the new generation Figure 03, which relies on the Helix system and focuses on household scenarios, preparing for large-scale production and showcasing potential for future applications and production progress [1][2]. Group 1: Product Features and Capabilities - Figure 03 is designed for various household tasks, including organizing furniture, preparing snacks, watering plants, doing laundry, and cleaning, leveraging its long-chain task processing capabilities [2]. - The robot can classify items such as plates and cups, sort vegetables after grocery shopping, and fold clothes, demonstrating mature object recognition and flexible item handling abilities [2]. - In interactive scenarios, Figure 03 can play fetch with pets, showing advancements in dynamic biological recognition [2]. - The robot also exhibits versatility in commercial settings, such as greeting guests and handling packages at hotel front desks [2]. Group 2: Technical Specifications - The new visual system of Figure 03 has doubled the frame rate, reduced latency to one-fourth, and expanded the single-camera field of view by 60%, enhancing perception data for complex environments [3]. - Data transmission supports 10Gbps millimeter-wave data offloading, facilitating massive data uploads for iterative learning [3]. - The power system features wireless charging with a built-in charging coil, allowing for 2kW charging power on the robot's stand, enabling convenient recharging in various settings [3]. - The design includes a new camera for sensing when the main camera is obstructed, and the fingertips are equipped with self-developed tactile sensors for precise control [3]. - The new actuators have doubled the speed and increased torque density, improving the robot's ability to quickly grasp and place items [3]. - The overall weight of the robot has been reduced by 9% [3]. Group 3: Production and Cost Efficiency - Figure 03 is designed for large-scale production, optimizing processes to reduce production costs by minimizing the number of parts and assembly steps [4]. - The manufacturing process has shifted from CNC to die-casting, injection molding, and stamping, further lowering production costs [4]. - The BotQ factory's first production line currently has an annual capacity of 12,000 units, with a target of achieving a total production of 100,000 robots within four years [4].

Group 1 - The core viewpoint is that humanoid robots are expected to experience a compound annual growth rate of 100% over the next six years, potentially surpassing the number of smartphones and cars, leading to a market size of hundreds of billions of units [1][2] - The humanoid robot sector is identified as a significant beta opportunity for the next decade, comparable to the consumer electronics and electric vehicle industries [1] - The integration of high-end manufacturing and AI technology in humanoid robots is seen as a long-term value proposition, with 2025 being a critical milestone for scaling production [1][2] Group 2 - The humanoid robots will utilize numerous components such as motors, sensors, and joints, with Chinese companies expected to become key suppliers in this market [2] - The anticipated "iPhone moment" for robots is projected for the second half of 2025, with the potential release of the latest version of Optimus and the initiation of small-scale production [2] - The domestic robot industry is rapidly evolving, with leading manufacturers achieving mass production and companies like Huawei driving technological integration and ecosystem development [2]