IPO动态 下周，10月27日，丰倍生物(603334)将在上交所主板进行申购；10月28日，德力佳(603092)将在上交所 主板进行申购。 港股 热点追踪 乐聚机器人已完成股改正推进IPO计划，刚完成15亿元融资 10月22日，乐聚机器人已完成股改，IPO计划推进中。 近日，乐聚机器人完成近15亿元Pre-IPO轮融资，参投机构包括深投控资本、深圳龙华资本、前海基础 投资等。乐聚机器人表示，本轮融资将用于强化核心技术研发、深化产业链布局、完善产业场景应用， 推动人形机器人迈向大规模量产与多元化场景应用。 A股 本周，A股上会公司共有三家。 新股上市： 新股申购： 本周共有俩只新股进行申购。 天眼查显示，今年9月，乐聚机器人发生市场主体类型变更，从有限责任公司变更为股份有限公司（非 上市、自然人投资或控股），公司名称也从"乐聚（深圳）机器人技术有限公司"变更为"乐聚智能（深 圳）股份有限公司"。 资料显示，乐聚机器人成立于2016年，专注于人形机器人核心技术自主研发与产业化，目前已构建"大 脑-小脑-操作系统-本体"全栈技术体系，陆续推出AELOS（小型）、ROBAN（中型）、KUAVO（大 型）等机器人产 ...

Group 1 - The Robot ETF (562500) is experiencing a moderate rebound, with the latest price at 1.018 yuan, up 0.89% from the previous close, indicating stable market sentiment [1] - Among the 73 constituent stocks, 66 have risen while 7 have fallen, showing a general recovery in the sector, with leading stocks including Weichuang Electric, Jingpin Special Equipment, and Jingye Intelligent [1] - The overall market style is growth-oriented, with mechanical automation and intelligent manufacturing sectors leading the performance [1] Group 2 - Hangzhou Yushu Technology Co., Ltd. has recently been granted a patent for a robot joint control method and system based on motion capture technology, aimed at improving human-robot collaboration and natural interaction [2] - The patent addresses the limitations of existing robot joint control solutions, enhancing the flexibility of robots to better express the operator's intentions and handle complex operations [2] - Guotai Junan Securities notes that the humanoid robot industry is rapidly commercializing, emphasizing the need to focus on industry dynamics driven by events in the short term and quality companies in the long term [2] Group 3 - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion, covering various segments such as humanoid robots, industrial robots, and service robots, facilitating investors' access to the entire robot industry chain [3]

Core Insights - The unveiling of the humanoid robot pilot base and application promotion center in Hangzhou marks a significant advancement for the company in the transition from technology research and development to industrial implementation [1] Company Developments - The pilot base serves as an important industrial service platform built through collaboration between government and enterprises, highlighting the strategic importance of public-private partnerships in the robotics sector [1] - The company has established strategic cooperation with other players in the robotics industry chain, such as Changyuan Donggu [1] - Financing agreements were signed with entities like the Guoxin Fund, indicating strong financial backing for future projects [1]

Group 1 - The Robot ETF (159770) has seen a 1.63% increase, with a trading volume of 4.30 billion yuan and a turnover rate of 4.83% [2] - Notable stocks tracking the index include Weichuang Electric (688698) up 4.79%, Jingpin Special Equipment (688084) up 4.55%, and Jingye Intelligent (688290) up 4.32% [2] - The Robot ETF has achieved a net subscription of 1.67 million shares, indicating strong investor interest [2] Group 2 - The Robot ETF has experienced a significant growth of 4.05 billion yuan in the past week, reaching a new high of 8.398 billion shares [3] - Over the last six days, the ETF has seen continuous net inflows, with a peak single-day inflow of 97.0674 million yuan, totaling 268 million yuan [3] - The ETF closely tracks the CSI Robot Index, providing investors with an efficient tool to invest in the entire robotics industry chain [3] Group 3 - Alibaba's Quark has launched a dialogue assistant powered by its self-developed Qwen model, marking a strategic move to compete with ChatGPT in the AI sector [4] - Zhiyuan Robotics has partnered with Anta and Xiaolu Intelligent to create an "AI + Robotics" digital operation ecosystem, integrating their core strengths for smart upgrades in sports technology [5] Group 4 - Chongqing is accelerating the application of construction robots, aiming to implement over 50 pilot projects by the end of 2025, with a focus on prefabricated and green buildings [6] - CITIC Construction Securities remains bullish on the robotics sector, citing the acceleration of Tesla's Optimus and the completion of high-valuation financing for Figure, indicating a favorable market environment [6]

乐聚机器人这轮融资由深投控资本、深圳龙华资本、前海基础投资、石景山产业基金、东方精工、拓普 集团、中信金石、中证投资、道禾长期投资、盛奕资本、联新资本、探针创投、合肥产投、玖兆投资及 中美绿色基金联合投资。 天眼查工商信息显示，成立以来，乐聚机器人共获得6轮融资，除上述投资方外，投资阵营还包括松禾 创新、腾讯产业共赢基金、深报一本、洪泰基金、茅台金石基金等。 华夏时报记者 石飞月 北京报道 资本持续加码人形机器人，10月22日，乐聚机器人宣布近日完成近15亿元Pre-IPO轮融资。与此同时， 乐聚机器人已经同步开启上市准备，10月23日该公司方面向《华夏时报》记者透露："上市正在计划 中。" 与全身心投入机器人研发的企业不同，资本驱动之外，乐聚机器人更深层次的较量在于产业化的深度与 速度。获得"弹药"后，该公司正将资本优势转化为构建供应链和场景应用护城河的行动，如通过投资泉 智博、立聚动力等上下游企业，实现供应链的自主可控。 资本持续加码 2016年，毕业于哈尔滨工业大学的冷晓琨南下深圳，创立了乐聚机器人，以双足人形机器人研发作为创 业起点。发展到现在，乐聚机器人旗下已有多条产品线：通用人形机器人、中小尺寸双 ...

Core Insights - The article discusses the rising trend of using household chore videos as high-value training data for humanoid robots, with companies like Encord, Micro1, and Scale AI actively purchasing this content [7][10][19]. Industry Overview - The robotics sector is currently experiencing significant investment, with venture capital in the field reaching $12.1 billion this year alone [10]. - There is a notable data scarcity issue in the robotics industry, as robots require real-world training data that is not readily available like internet datasets for language models [11]. Data Sources - Training data for robots can be sourced from two main paths: real-world data and synthetic data [12]. - Real-world data can be collected through precise equipment that remotely controls robots, capturing detailed physical interactions [12][14]. - Synthetic data is generated in virtual environments, allowing for the creation of numerous action variations at a lower cost [16]. Data Processing Strategies - Companies are combining real and synthetic data to address the scarcity of quality training data, utilizing a small amount of real-world data alongside large volumes of synthetic data [18]. - Encord has reported a fourfold increase in data processing this year compared to last year, with high compensation for high-skill task videos reaching $150 per hour [19]. Market Demand - Demand for training data is coming from companies like Physical Intelligence and Boston Dynamics [22]. - Some startups are even advertising for users to film household chores for as little as $10 to $20 per hour [23]. Data Availability Challenges - Despite efforts from various companies, high-quality training data remains scarce, with the largest available datasets only amounting to about 5,000 hours, which is insufficient for training needs [26].

机器人ETF（562500）是全市场唯一规模超两百亿的机器人主题ETF，成分股覆盖人形机器人、工 业机器人、服务机器人等多个细分领域，帮助投资者一键布局机器人上中下游产业链。场外联接（华夏 中证机器人ETF发起式联接A：018344；华夏中证机器人ETF发起式联接C：018345）。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 今日截至9点37分，机器人ETF（562500）小幅上扬0.59%，最新价1.015元，整体走势稳中偏强。 盘面上，机器人指数上涨0.44%，略强于上证指数的0.39%，ETF价格同步跟随，维持红盘震荡。持仓股 中，64只个股上涨、9只下跌，结构性分化明显，晶品特装、大华股份（+2.94%）、科德数控领涨，而 汇川技术、中信重工位居跌幅前列。近五个交易日ETF合计净流入约9.17亿元，资金参与度保持积极。 消息方面，10月23日，据天眼查A ...

Group 1 - The robot index ETF (560770) has seen a significant inflow of capital, with its scale surpassing 2 billion since its listing on September 1, reflecting a growth of over 109% in share volume [1] - Despite a decline of 7.67% in the underlying index from October 9 to October 23, the ETF attracted over 660 million in the last 10 trading days [1] - The ETF tracks the CSI Robot Index, which includes companies involved in system solutions, digital workshops, automation equipment manufacturing, and other robot-related sectors, covering the entire industry chain [1] Group 2 - Leju Robotics announced the completion of nearly 1.5 billion in its initial public offering, with funds aimed at technology research and development, industry chain integration, and expanding application scenarios [2] - The humanoid robot sector is expected to enter a mass production phase next year, driven by leading companies in the industry [2] - Current market conditions show that the humanoid robot sector has retraced its gains from September, with a focus on companies with strong manufacturing and management capabilities [2]

Market Overview - On October 23, the Huaxia Sci-Tech AI ETF (589010) closed at 1.414 CNY, down 0.42%. The ETF experienced slight fluctuations in the morning and rebounded in the afternoon, with a trading volume of approximately 96.27 million units and a turnover of 135 million CNY, indicating stable trading activity. Among the constituent stocks, 18 rose and 11 fell, showing a mixed performance with leading gains from Zhongke Xingtou, Kingsoft Office, and Jingchen Technology, while losses were led by Chipone, Fudan Microelectronics, and Weisheng Information [1] - The Robot ETF (562500) closed down 0.10% at 1.009 CNY, with a total trading volume of 894 million units and a turnover of about 893 million CNY. The trading pattern showed a "high-low return—fluctuation consolidation—end-of-day rebound" structure, maintaining a focus around the 1 CNY mark. Among the holdings, 32 stocks rose and 41 fell, with notable gains from Dazhu Laser and Xinbang Intelligent, while significant losses were seen in high-volatility stocks like CITIC Heavy Industries and Jingpin Special Equipment. Overall, the sector is in a consolidation phase, with potential technical support around the 1 CNY level [1] Key Developments - Elon Musk reiterated his prediction that Tesla's humanoid robot, Optimus, could become the world's best-selling product, with an annual production target of 1 million units. He emphasized the importance of Tesla's scale advantage and announced plans to launch the third-generation humanoid robot (Optimus V3) in Q1 next year. However, he acknowledged the engineering challenges in manufacturing the robot's hands and forearms, which are more complex than other body parts. Musk highlighted the need for vertical integration of the supply chain for Optimus to succeed, with the production line expected to start by the end of 2026 after the prototype launch [2] - The Standing Committee of the National People's Congress held a press conference on October 23, announcing that the 18th meeting will review the draft amendment to the Cybersecurity Law, which aims to enhance the safety and development of artificial intelligence. Key proposed changes include enriching cybersecurity work guidelines, adding content to promote AI safety and development, improving personal information protection in line with existing laws, and refining related penalty provisions [3] - On October 22, Songyan Power, a company heavily invested by Shicheng Holdings, launched the world's first high-performance humanoid robot priced under 10,000 CNY, named "Bumi Xiaobumi," at a price of 9,998 CNY. This launch marks a significant step in breaking the price barrier for mass production and popularization of humanoid robots, indicating the entry of humanoid robots into the consumer market [3] Institutional Insights - CITIC Jiantou Securities believes that the fourth quarter will be a crucial period for the humanoid robot sector, serving as an important window for trading based on changes and production expectations for Tesla's third-generation Optimus. The firm remains optimistic about the sector's performance, anticipating continuous releases of news related to capital operations, order shipments, and scenario implementations in Q4. The recommendation includes focusing on the T chain and sectors with better industry trends and faster growth, such as sensors, dexterous hands, vertical applications, and domestic supply chains [4]

Summary of Beijing Geekplus Technology Co., Ltd. Conference Call Company Overview - **Company**: Beijing Geekplus Technology Co., Ltd. (2590.HK) - **Industry**: Robotics and Automation - **Market Cap**: RMB 35,823.2 million - **Current Share Price**: HK$29.20 (as of October 22, 2025) - **Price Target**: HK$37.00, representing a 27% upside Key Points Stock Performance and Market Sentiment - Geekplus stock has recently experienced a sell-off, attributed to a negative article on Stockstar and delays in Tesla's Gen3 Optimas unveiling [1][2] - Despite the sell-off, the company's fundamentals remain strong, with revenue growth exceeding 30% year-over-year and order intake accelerating to 38% in Q3 [1][8] Financial Performance - Revenue for 2025 is projected at RMB 3,131.5 million, with expectations of breakeven net profit (NP) and positive operating cash flow (OCF) in 2025 [6][12] - The company anticipates a positive asset/equity ratio of 1.9x by 2025, following its IPO in July [3] Strategic Insights - The shift from Robotics as a Service (RaaS) to Autonomous Mobile Robot (AMR) solutions is enabling rapid expansion without significant fixed asset investments [3] - Inventory levels were only up 10% in the first half of 2025, while revenue grew by 30%, indicating efficient inventory management [3] Market Position and Valuation - Geekplus is currently trading at 8x 2026 estimated price-to-sales (P/S) ratio, which is attractive compared to peers: Symbotic at 14x, UBtech at 19x, and Dobot at 26x [4][6] - The company is expected to benefit from strong revenue and order intake growth into 2026, with a projected revenue CAGR of 32% from 2025 to 2027 [9][10] Competitive Landscape - The robotics automation market is trending towards increased use of robots, with significant opportunities highlighted by Amazon's plan to replace 600,000 workers with robots by 2033 [8] - Geekplus is gaining traction with key clients, including Coupang and Walmart, indicating a growing market share [8] Risks and Challenges - Potential risks include intensifying competition, loss of key clients, and delays in product launches [19] - The company faces challenges from high inventory levels, reliance on AMR solution sales, and negative cash flow from operations [2][19] Future Outlook - Management expects to launch new intelligent robot products early next year, which could serve as a catalyst for growth [8] - The company aims for continued profitability and market share expansion, supported by positive sentiment in the robotics sector [19] Conclusion - Despite recent stock price volatility, Beijing Geekplus Technology Co., Ltd. presents a compelling investment opportunity due to its strong fundamentals, strategic market positioning, and growth potential in the robotics industry. The recommendation is to "buy the dip" as the company is expected to achieve breakeven and positive cash flow in 2025, with significant upside potential in the coming years [1][4][19]