Core Insights - Goldman Sachs' supply chain report highlights a significant gap between optimistic production capacity plans and actual confirmed orders in the humanoid robot industry, indicating a typical characteristic of the current market [1] - The report suggests that while companies have planned annual production capacities ranging from 100,000 to 1,000,000 units, none have secured large, definitive orders [1] - The industry is facing scrutiny regarding the authenticity of product deliveries, as evidenced by public disputes among leading companies [3] Industry Developments - UBTECH, a leading humanoid robot company, has faced criticism regarding the authenticity of its delivery video, which was challenged by competitors citing visual discrepancies [3] - In response to the criticism, UBTECH released unedited footage to validate its claims, while also emphasizing its partnerships with major companies like BYD and Foxconn to drive commercialization [5][3] - The humanoid robot sector has seen over 18 significant orders exceeding 10 million yuan since 2025, with companies like UBTECH and ZhiYuan Robotics securing contracts in automotive manufacturing and smart logistics [5] Investment Trends - The investment landscape for humanoid robots has been robust, with over 100 financing events in the first half of 2025, totaling over 15 billion yuan [6] - Major investments have been made by top firms, indicating a shift in focus from speculative investments to evaluating actual delivery capabilities [6] - Despite the influx of capital and reported orders, there remains a gap in actual delivery volume, suggesting that the industry is still in the early stages of scaling up [6][7] Company Strategies - UBTECH aims for a production capacity of 5,000 units by 2026 and 10,000 units by 2027, with a target of delivering 500 humanoid robots in 2025 [8] - Accelerated Evolution, another key player, adopts a "small steps" approach, focusing on single-unit deliveries initially to refine production and service capabilities [8] - Both companies are navigating the competitive landscape by emphasizing delivery as the core logic for competition by 2025, transitioning from technology validation to large-scale commercial implementation [9][10]