Core Viewpoint - The article discusses the current state of the humanoid robot industry, highlighting the commercialization efforts and challenges faced by leading companies like Yushu Technology, while contrasting it with competitors like Figure AI, which has achieved significant valuation and market presence [4][7][11]. Group 1: Market Dynamics - 2023 is seen as the year of commercialization for humanoid robots, with investors focusing on companies that can demonstrate mass production capabilities and self-sustainability [4]. - Many robot companies have secured substantial orders this year, with Yushu Technology leading in public procurement projects, having won 25 contracts so far, nearing its total for 2024 [6][7]. - The market is shifting from betting on general technologies to focusing on practical applications, with companies like Yushu and others actively pursuing orders and partnerships [4][6]. Group 2: Competitive Landscape - Yushu Technology is recognized as the industry leader, but faces increasing scrutiny regarding its technological advancements, particularly in AI and robotics capabilities [7][8]. - Competitors like Figure AI have achieved a post-financing valuation of approximately 270 billion RMB, raising questions about Yushu's relative valuation and market position [11]. - The article notes that while Yushu excels in hardware performance and cost control, it is perceived as conservative in AI model development, which could hinder its ability to maintain leadership in a rapidly evolving market [10][11]. Group 3: R&D Investment - Yushu's R&D spending over the past three years totals around 350 million RMB, with a significant portion allocated to hardware rather than algorithm development, raising concerns about its long-term competitiveness [8][10]. - In contrast, competitors like Zhiyuan Robotics have invested heavily in AI model development, spending approximately 400-500 million RMB annually [8]. - The article emphasizes the importance of continuous innovation in AI models, as the industry is rapidly advancing and requires substantial investment to keep pace [10][11]. Group 4: Industry Challenges - The humanoid robot industry is still in its early stages, with many companies relying on academic and government contracts, leading to questions about the sustainability of demand [19][22]. - The article highlights the challenges of standardizing humanoid robots for various applications, which complicates the business model and limits widespread adoption [17][21]. - There is a prevailing sentiment that the industry is experiencing a speculative bubble, with calls for more tangible results and applications to validate the market's potential [7][22].