「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨 巴里 编辑丨 关雎 图源 丨Midjourney 日前， 深圳乐动机器人 股份有限公司（简称："乐动机器人"）递交招股书，准备在港股上市。 公司两位创始人是华科大差两岁的 85 后师兄弟，其主营业务是被称为智能机器人"眼睛"的视觉感知 技术，广泛搭载于扫地机器人、服务机器人及割草机器人等场景，搭载其技术的机器人数量超过 600 万台。 2014 年， 乐动机器人 已经成为该细分领域全球营 收规模 最大的公司，妥妥的行业隐形冠军。 值得一提的是，其连投四轮的投资方华业天成的两位掌门人——孙业林和杨华君同样是华科大校友。 其中，孙业林还曾 是前华为 高级副总裁。此外，阿里巴巴集团 CEO 吴泳铭 旗下圆璟 鼎恒还 参与 了乐动机器人的 C 轮 投 资。 如今， 乐动机器人 所在的位于深圳南山区，已经涌现出一支产值突破 400 亿元的机器人创业军团， 汇聚了大疆、普渡科技、 云鲸智能 、优必选、 云鲸智能 、 速腾聚创 等一批明星企业。 85 后华科大 ...

Group 1 - The A-share market experienced a weak decline on June 6, with the Robot ETF (159770) falling by 0.8% and a trading volume exceeding 65 million yuan [1] - The Robot ETF saw a net inflow of 86.16 million yuan on June 5, with a total circulation of 6.292 billion shares and a market size of 5.51 billion yuan [1] - The Robot ETF closely tracks the CSI Robot Index and is the largest robot ETF in the Shenzhen market, also offering two off-market linked funds [1] Group 2 - Guosen Securities believes that Tesla's humanoid robot Optimus is gradually clarifying its mass production schedule, and the humanoid robot industry is expected to accelerate with major players' ongoing investments [2] - Jianghai Securities indicates that the robot sector has shown signs of stabilization after a period of adjustment, but market feedback remains weak, suggesting a likelihood of range-bound fluctuations [2] - The report emphasizes the importance of focusing on companies with established orders or potential order placements in the robot industry [2]

Summary of Conference Call Records Industry Overview - The conference call discusses the **dexterous hand sensor industry**, highlighting advancements in sensor technology and market trends related to dexterous hands and their applications in robotics and automation [1][2]. Key Points and Arguments 1. **Increased Degrees of Freedom**: Dexterous hands are evolving with degrees of freedom exceeding 10, with products like Lingqiao Intelligent's Hand Zero One 21 achieving 19 degrees and Yushu Technology's Dex 5-1 reaching 20 degrees, indicating a continuous pursuit of operational flexibility in the industry [1]. 2. **Importance of Tactile Sensors**: Tactile sensors are crucial for simulating human skin's ability to perceive temperature, pressure, and other physical variables, even in low-light conditions [1][2]. 3. **Sensor Technology Pathways**: Key technological pathways in dexterous hands include force sensors, position sensors, and various sensing principles such as strain, capacitive, and optical methods, each with distinct advantages and applications [1][5]. 4. **Market Growth Projections**: The global force sensor market reached **$8.89 billion** in 2020 and is expected to grow rapidly, particularly the six-dimensional force sensor market, which is projected to exceed a compound annual growth rate (CAGR) of **100%** post-2024 due to the mass production of humanoid robots [11][12]. 5. **Flexible/Tactile Sensor Market**: The flexible/tactile sensor market was nearly **$2 billion** globally in 2022, with China's market reaching **¥2.47 billion** in 2023, primarily applied in consumer electronics, healthcare, and automotive automation [13]. Additional Important Content 1. **Types of Dexterous Hands**: Various dexterous hand products are highlighted, such as Lingqiao Intelligent's Hand Zero One 21 with 19 degrees of freedom and Yushu Technology's Dex 5-1 with 20 degrees, showcasing the diversity in design and functionality [4]. 2. **Sensor Classification**: Tactile sensors can be classified into capacitive, resistive, piezoelectric, optical, and triboelectric types, each with unique working principles and performance characteristics [8][9]. 3. **Performance Metrics of Tactile Sensors**: Performance metrics such as sensitivity, linearity, response time, resolution, and stability vary across different types of tactile sensors, influencing their application suitability [10]. 4. **Market Concentration**: The six-dimensional force sensor market is highly concentrated, with companies like Yuli Instruments and Landpoint Touch holding over **50%** market share [12]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the dexterous hand sensor industry, its technological advancements, market dynamics, and competitive landscape.

文 | 镜相工作室 黄依婷 编辑 | 卢枕 1973年，世界上第一台全尺寸人形机器人WABOT-1在早稻田大学诞生。它有一岁半左右儿童的智力，可以通过"嘴巴"进行简单的日语对话，凭借"耳 朵""眼睛"测量距离和方向，再依靠"双脚"行走；行走的速度有些慢，每走一步需要45秒。 半个世纪后，人类在人形机器人身上投射了更多想象——它在家能端茶倒水，在外能跳舞翻跟斗，进厂能打螺丝、搬重物，21.0975公里的半程马拉松比 赛，跑得最快的机器人只花了2小时40分42秒，戴着护具走上擂台也是个像模像样的格斗选手…… 一场扭秧歌表演让我们憧憬人"人"共存时代的到来，也掀起了新一轮机器人的投资热潮。IT桔子数据显示，上半年，机器人领域发生223起融资事件，融 资金额高达232亿人民币，远超去年同期。喧闹背后，是几十家机构、几百位投资人倾注数百亿资金押注的关于未来的构想，而每一家明星机器人公司背 后，也站着不同类型、不同诉求的投资方，在复杂的博弈中左右着机器人公司的技术和商业路线。 我们挑选了几家备受关注的机器人公司，梳理了它们的融资历程和背后的资金谱系，试图理解资本是如何汇聚于此，又将如何影响行业的未来。 人形机器人赛道，后 ...

Group 1 - The "Explosive-Proof Robot Technology Innovation Development Forum" was held in Chongqing, focusing on standardization and technological exchange in the explosive-proof robot industry [1][3] - The forum was guided by the China Machinery Industry Federation Robot Branch and the TC591 National Robot Standardization Technical Committee, and hosted by the National Robot Quality Inspection and Testing Center (Chongqing) [3] - Major companies such as CITIC Heavy Industries, China Coal Technology and Engineering Group, and others presented reports on various themes related to explosive-proof robots, including standardization status and testing technologies [3][4] Group 2 - The forum systematically introduced the current technology and development status of explosive-proof robots, addressing technical challenges and solutions in research and field applications [3][4] - In 2024, the hosting company, Kerry Robotics, will establish a specialized explosive-proof testing laboratory to meet testing requirements for various explosive-proof robots [4] - By 2025, Kerry Robotics will obtain approval from the China National Accreditation Service for Conformity Assessment (CNAS) and the State Administration for Market Regulation, enhancing its testing capabilities for explosive-proof electrical products [4]

中新网湖北新闻6月5日电(杜佳琦)蒸包子、按铃传菜、清理餐桌……在湖北人形机器人创新中心三楼， 光谷东智3台人形机器人正在一家餐厅"实习"，分别模拟全流程的就餐服务。 6月4日，湖北人形机器人创新中心(以下简称"中心")正式揭牌。中心位于湖北人形机器人产业园，由东 湖高新区投资建设，包括动作训练场、数据采集场、应用实践场和人才培养基地，打造创新、联合、开 放、共享的人形机器人公共服务平台。 湖北人形机器人创新中 心。施佳敏 摄 中心工作人员介绍，全球人形机器人正处于技术创新和产业发展关键期。让人形机器人真正走进千家万 户，参与现实生产生活，还需要机械、材料、人工智能等多学科团队合力。中心坚持"平台牵引、园区 集聚、金融支撑、人才助力、场景落地"的产业发展路径，将带动相关企业共同推动人形机器人产业突 破性发展。 在动作训练场和数据采集场，光谷东智公司近百台人形机器人进驻超市、餐厅、住宅、工厂、实验室等 14个细分场景开始训练。例如，在住宅场景，机器人每天需要在数采人员的遥控操作下，叠300件短 裤、熨烫500下衣服、擦500次桌子、为500件药品装箱。 理货架。施佳敏 摄 人形机器人在便利店整 在应用实践场，" ...

南方日报消息，6月6日，广东省人工智能与机器人产业联盟将成立，意味着产业链整合和技术攻关进入 加速阶段。多位企业负责人表示，随着人工智能技术的进步，中美在人形机器人领域的技术差距正在迅 速缩小。凭借自主可控的产业链和强大的内需支撑，广东在中美关税战中展现出显著韧性，正稳步迈向 全球人工智能与机器人产业创新高地。 民生证券表示，人形机器人技术加速演进，已成为科技竞争的新高地、未来产业的新赛道、经济发展的 新引擎，产业奇点已至，应用端、成本端、软件端迎来三重突破，产业化关键瓶颈正在打开。推荐：1) 供给维度：把握全球科技巨头、创业公司、汽车主机厂和产业政策的持续共振，看好特斯拉"0—1"产业 化进程，小米、小鹏等强智能化主机厂在机器人领域布局，以及宇树、智元等下游需求确定性强的国内 供应链。2)产品维度：综合价值量、国产化率及市场规模三维度，建议重点关注行星滚柱丝杠、六维力 传感器、触觉传感器等低渗透率、高成长性赛道。 中信证券认为，2025年将成为具身智能机器人产业的量产元年，具身智能机器人是AI与物理世界的重 要结合，其量产及场景的开拓试验性应用宣告了人工智能AGI和机器人产业的深度融合，推动新一轮的 产业革 ...

Core Viewpoint - The humanoid robot industry is experiencing significant advancements in technology and commercialization, highlighted by recent competitions and increased investment activity, indicating a shift from laboratory testing to practical applications [3][10]. Group 1: Technological Progress in Humanoid Robots - The CMG World Robot Competition showcased humanoid robots like the G1 from Yushu Technology, demonstrating advanced motion control and dynamic balance capabilities, with features such as a height of 130 cm, weight of 35 kg, and a battery life of approximately 2 hours [4][5]. - The G1 robot can perform complex movements and respond to external impacts in milliseconds, showcasing its agility and stability during the competition [5]. - The competition generated 10TB of motion data, which will be made available to global developers, potentially improving industry responsiveness by 15%-20% [5]. Group 2: Commercialization Progress - The humanoid robot sector is moving towards mass production, with 2025 anticipated as a pivotal year for global humanoid robot manufacturing [10]. - In April 2025, UBTECH signed a procurement contract for humanoid robots for industrial applications, marking a significant step in the commercial viability of humanoid robots in manufacturing [10]. - Tesla plans to produce 5,000 units of its Optimus humanoid robot in 2025, with expectations to ramp up production to 50,000 units in the following year [11][12]. Group 3: Government Support and Funding - Government-led funds are crucial for the humanoid robot industry's development, providing financial support for research, production, and market expansion [16][17]. - Several government funds have been established in 2025 to support humanoid robot innovation, including a 100 billion yuan fund in Beijing aimed at investing in various humanoid robot enterprises [18][20]. Group 4: Investment Dynamics - The humanoid robot sector has seen over 50 financing cases in 2025, totaling more than 5 billion yuan, primarily in early-stage investments [21]. - Diverse investors, including state-owned enterprises and leading tech companies, are actively participating in the humanoid robot market, indicating broad recognition of its investment potential [21].

Core Viewpoint - Lianhe Sowell International Group Ltd has secured sales agreements for 500 Nine-Axis Linkage Spray Painting Robots, marking a significant achievement post-NASDAQ listing and positioning the company as a leader in intelligent painting robotics in China's vehicle repair and maintenance industry [1][4][5]. Group 1: Sales Agreements and Financial Impact - The total sales amount for the 500-unit order is approximately RMB200 million [4]. - The agreements represent a pivotal achievement for the company, showcasing market confidence in its technological advantages and product reliability [5][6]. - The successful sales of the Painting Robots are expected to deliver substantial cost savings for clients by reducing material waste by up to 30% and cutting operational timelines by 25% [5]. Group 2: Technological Advancements - The Painting Robots will feature an advanced 3D vision recognition system, enabling real-time surface mapping and dynamic path optimization for efficient painting operations [5]. - The technology guarantees consistent coating uniformity, enhancing operational flexibility and performance excellence [7]. Group 3: Strategic Positioning and Future Plans - The contracts validate Lianhe Sowell's strategic roadmap and position the company for sustained growth through global application expansion and a diversified solution portfolio [8]. - The company plans to intensify collaborations across the industrial ecosystem to pioneer smart manufacturing advancements, embedding industrial vision technology into global supply chains [9].

Core Viewpoint - Ningbo aims to become a significant hub for humanoid robot research, manufacturing, and application in China by 2027, as outlined in the "Ningbo Humanoid Robot Industry Innovation Development Action Plan (2024-2027)" [2][3] Industry Development - The establishment of the Zhejiang Humanoid Robot Innovation Center in Ningbo last year marks a significant step in the local humanoid robot industry, with the launch of the "Navigator 2" robot [2] - Ningbo has seen the emergence of specialized institutions for humanoid robot R&D and production, alongside a growing number of component suppliers supporting humanoid robot enterprises [3] Competitive Advantages and Challenges - Ningbo's industrial landscape is rich, providing a strong foundation for the humanoid robot industry, but it faces challenges due to its strong manufacturing focus and relatively weaker software capabilities [3][12] - The city has a well-developed parts industry, which can quickly adapt to support humanoid robot production, although the number of humanoid robot manufacturing companies remains limited [12] Market Applications - The humanoid robot sector is still in the exploratory phase, with significant potential in healthcare and service industries, but practical application remains challenging [15] - The complexity of humanoid robots, which often require extensive data training, complicates their integration into existing industrial processes [15][16] Future Prospects - The establishment of the Ningbo Embodied Intelligent Robot Innovation Center aims to address data challenges for AI training in humanoid robots, indicating a long-term commitment to this sector [18] - Industry experts predict that while humanoid robots may not be cheaper than simpler industrial robots, their unique capabilities could drive future demand in various applications [16][19]