2025年是云深处科技快速发展的一年，业绩实现了快速增长。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，杭州云深处科技股份有限公司（以下简称"云深处科技"）于2025年12月8日同 中信建投证券签署辅导协议并由后者于12月10日向浙江证监局备案登记。 这意味着，云深处科技成为继宇树科技后、又一家正式启动A股IPO的具身智能企业；同时也是继群 核科技、宇树科技后，"杭州六小龙"中第三家启动IPO的企业。 其中，宇树科技的境内上市辅导工 作已于2025年11月10日全部完成，总计历时4个月。 成立于2017年的云深处科技聚焦具身智能技术创新与行业应用，是专注于四足机器人、人形机器人 及核心零部件的研发、生产、销售和服务的国家级高新技术企业。其坚持自主创新，构建了"感知- 决策-执行"全链路技术体系，其核心的多模态环境感知、跨场景具身导航、AI驱动的感控融合运动 控制等新技术，已在多个新场景中应用落地。 今年以来，云深处科技在产品与技术上持续实现突破。4月，云深处科技重磅发布山猫M20 ——全 球首款专为复杂地形和危险环境设计的行业应用轮足机器人。其 ...

Core Insights - The article discusses the OPENTOUCH framework, which integrates full-hand tactile data collection in real-world environments, addressing the limitations of existing single-modal systems in capturing critical tactile information [3][4][6]. Group 1: Challenges in Tactile Perception - The framework identifies four core challenges in tactile perception: lack of modal information, poor adaptability to real-world environments, difficulties in multi-modal synchronization, and low annotation efficiency [6][7][8][9]. Group 2: Technical Design of OPENTOUCH - OPENTOUCH consists of a three-layer technical loop: hardware perception system, large-scale data collection, and benchmark testing [11]. - The first layer includes a low-cost, robust hardware kit designed for high-precision multi-modal data collection, featuring a full-hand tactile sensing glove and a hand pose tracking glove [12]. - The second layer focuses on building a large-scale multi-modal dataset that covers real-life scenarios, addressing data scarcity [13]. - The third layer establishes a benchmark testing system for cross-modal retrieval and tactile classification tasks, ensuring effective multi-modal integration [15]. Group 3: Performance Validation - OPENTOUCH employs a three-tier validation system to demonstrate its effectiveness, including cross-modal performance, ablation studies, and real-world applications [18]. - The framework shows significant performance improvements in multi-modal fusion models compared to single-modal and linear baselines, with notable metrics in cross-sensory retrieval and tactile classification tasks [20][21]. Group 4: Future Directions and Limitations - While OPENTOUCH represents a breakthrough in full-hand tactile research, there are areas for optimization, such as expanding the tactile dimensions captured, enhancing hardware durability, and improving annotation accuracy in challenging conditions [28][29].

Group 1 - Hangzhou Yundongchu Technology Co., Ltd. officially launched its listing guidance on December 23, 2025, with CITIC Construction Investment Securities as the advisory institution [1] - Yundongchu Technology, one of the "Six Little Dragons" in Hangzhou and a national high-tech enterprise, focuses on the research and development of embodied intelligent robots, establishing a full-link technology system covering perception, decision-making, and execution [1] - The company has completed two rounds of financing exceeding 1 billion yuan in total this year, with over 500 million yuan raised in the C round in December, led by China Merchants International and Huaxia Fund, with participation from funds under China Telecom and China Unicom [1] Group 2 - Huafu Securities believes that humanoid robots can take over repetitive physical labor in human society, representing a significant technological direction for the benefit of humanity [2] - The humanoid robot market in China is expected to have a compound annual growth rate of over 61% from 2024 to 2030, with the market size reaching nearly 38 billion yuan by 2030, and sales projected to grow from approximately 4,000 units to 271,200 units [2] Group 3 - Nandu Property holds a 33% stake in the Saizhi Zhulong Fund, which indirectly holds 1.0638% of Yundongchu Technology [3] - Zhejiang Shuju Culture invested 50 million yuan in 2019 in the Hangzhou Yunqi Venture Capital Partnership, holding a 5.7471% stake, while the Yunqi Fund holds 6.3073% of Yundongchu Technology [3]

Company Performance - iRobot's collapse is being analyzed to understand what went wrong [1] Industry Analysis - The Equity crew is breaking down the reasons behind iRobot's difficulties [1]

"机器人可以让生活变得更好，前提是要先让机器人走进生活，让人们在生活空间中可以自然的和机器 人相处"。近日，消费级具身智能公司Vbot维他动力召开产品发布会，正式推出其首款产品——Vbot超 能机器狗。该公司创始人兼CEO余轶南博士在发布会上的发言表明，这家公司正试图打开家庭机器人应 用的商业化突破口。 Vbot超能机器狗定位"家庭生活伙伴，以12988元定价、9988元创始权益价切入消费市场，凭借"本体智 能+空间智能+Agent智能"三层架构，可实现自主随行、载物、跟拍等全场景能力。值得注意的是，该 产品宣称实现了"无需遥控"的自主行动能力，这在全球消费级机器狗领域尚属首次。 即日起，用户在"Vbot维他动力"官方小程序及"Vbot京东自营旗舰店"上便可参与预订。维他动力表示该 产品将于2026年1月启动公测，3月起进入批量交付阶段。据悉，这款机器狗上线52分钟订单便超过了 1000台，火热程度超出预期。 从生活搭子到社交神器 在社交媒体上，提前尝鲜的媒体人已经展示了Vbot机器狗的各种玩法：让其背着饮料箱一起跟去露营、 拉着坐了小孩的车子在公园溜达、在背上安装摄像头对主人一路跟拍、远程遥控用"狗狗视角" ...

Core Viewpoint - The essence of current great power competition is technological competition, with China's technological innovation being a crucial driver as the country approaches the GDP levels of moderately developed nations [1][2]. Group 1: Technological Innovation in China - By 2025, China is expected to showcase remarkable achievements in technological innovation, including the launch of the DeepSeek R1 model and a rise in the global innovation index ranking [1]. - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster has ranked first among global innovation clusters, highlighting China's growing influence in various future industries such as 6G, quantum computing, and biomedicine [1][3]. - The emphasis on technology and innovation in China's economic development is underscored by the frequent mentions of these terms in the 14th Five-Year Plan [1]. Group 2: Domestic and International Context - The shift towards high-quality economic growth in China necessitates technological innovation, as previous cost advantages are no longer sufficient for further economic expansion [3][4]. - China has transitioned from relying on imported technologies to achieving original innovations, establishing a robust industrial chain in various technology sectors [4][5]. - The concentration of global technological capacity is primarily in the U.S. and China, with other economies struggling to compete at scale due to high costs and resource requirements [5][6]. Group 3: Challenges and Opportunities - The rapid growth of technology sectors may lead to issues such as redundancy and market saturation, but competition will ultimately determine the successful players [8]. - The acceptance of new technologies in Chinese society provides fertile ground for innovation, emphasizing the importance of an effective market, proactive government, and a supportive social environment [9][10]. - The need for a balance between "open" and "closed" innovation strategies is highlighted, with a long-term view favoring open approaches for sustained progress [10]. Group 4: Role of Enterprises in Innovation - The increasing prominence of enterprises in technological innovation is evident, as they focus on practical and application-driven research, contrasting with the more theoretical approach of universities [12][13]. - The recognition of private sector scientists as academicians reflects a significant shift in China's perception of innovation, indicating a growing role for businesses in foundational research [12][13]. - The cultivation of "technology brokers" who understand both technology and market dynamics is essential for enhancing the conversion of research into practical applications [14]. Group 5: Future Directions and Policy Recommendations - There is a call for institutional reforms to align production relations with new productive forces, particularly in the innovative pharmaceutical sector [15]. - Support for high-tech startups and specialized small and medium enterprises is crucial, with a focus on creating a fair competitive environment and avoiding monopolistic practices by larger firms [16][17]. - The establishment of a collaborative ecosystem among cities like Guangzhou, Shenzhen, and Hong Kong is proposed to facilitate the internationalization of innovative outcomes [15][16].

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry [2][33]. Core Insights - The humanoid robot industry is experiencing significant financing activities and market expansion, with companies like Galaxy General completing a $300 million financing round, raising its valuation to $3 billion [6][28]. - The launch of the "Qingtian Rental" platform by Zhiyuan Robotics marks a significant development in the rental market for humanoid robots, aiming to cover over 200 cities by 2026 [24]. - The report highlights the successful production capacity of Zero Point Robotics, which has surpassed 100 units per month, indicating a strong foothold in the commercial application of humanoid robots [19][21]. Industry Dynamics - The humanoid robot index saw a decline of 2.11% from December 15 to December 19, 2025, while the Shanghai Composite Index showed a slight increase of 0.03% during the same period [6][13]. - The report notes that the industry is undergoing supply-side reforms, with leading companies benefiting from policy changes aimed at enhancing product quality and market competitiveness [3]. Company Developments - Galaxy General's recent financing round was led by China Mobile Chain Long Fund and included investments from various domestic and international institutions, indicating strong market confidence [28]. - Zhiyuan Robotics has launched an open rental platform that connects over 600 service providers, offering a range of rental services for humanoid robots [24]. - Itstone Intelligent Navigation has introduced the world's first autonomous embroidery robot, showcasing advancements in precision and control in flexible material handling [25]. Investment Recommendations - The report suggests focusing on companies such as Top Group, Sanhua Intelligent Control, Zhejiang Rongtai, and others, which are positioned well within the humanoid robot sector [33][34].

Group 1 - ByteDance's Volcano Engine will be the exclusive AI cloud partner for the 2026 CCTV Spring Festival Gala, with its smart assistant Doubao providing various interactive features [1] - The Spring Festival Gala has become a highly sought-after IP among internet giants, initiating a new round of competition for traffic [1] - Previous collaborations include WeChat's partnership in 2015, which resulted in 11 billion interactions on New Year's Eve, and Douyin's exclusive partnership in 2019, generating 24.7 billion video views [1] Group 2 - AI has emerged as a new collaboration element for internet companies with the Spring Festival Gala, with Alibaba Cloud being the exclusive AI cloud partner in 2025, utilizing AI technology for innovative stage designs [2] - In 2024, Baidu partnered with CCTV for the Spring Festival Gala, introducing features like AI fireworks and AI costume transformations [2] Group 3 - Robotics also played a significant role in the Spring Festival Gala, with the Yuzhu robot gaining popularity through its performance in the 2025 gala, showcasing advanced capabilities [3] - Yuzhu Technology is reportedly participating in the sponsorship bidding for the Spring Festival Gala [4]

Group 1 - The company, Opcon Vision (300595.SZ), has invested in a fund that is developing an ophthalmic surgical robot, which is currently in the clinical trial phase [1] - The company has also invested in a fund that is developing a companion robot, which is in the prototype development and validation stage [1] - Both products have not yet been officially launched [1]

维他动力成立于2024年12月9日，老大是余轶南，曾任地平线副总裁及软件平台产品线总裁，两位联创是赵哲伦与 宋巍，前者曾任理想智能驾驶产品总监，并在i8发布会前理想官方放了挺长时间李想与哲伦一起体验VLA的视频； 后者曾任地平线软件平台总架构师及智驾创始团队成员。 2025年12月8日TOP2线下体验了7小时左右，并与维他动力的多位研发/产品经理进行了交流。顺带一提理想团队此 前也问了维他动力团队是如何理解具身智能。 分享8个点： 1.汽车以外的其他具身智能C端产品已经可以面向创新者/早期采用者提供有用的产品了。 2025年11月26日李想在25Q3电话会议上花了 14min46s讲对具身智能怎么看，理想打算怎么做。完整版详见《 理想25Q3电话会议文字版 》 2025年12月23日维他动力发布的机器狗是具身智能时代真的拉开序幕的侧面印证。 世界具身智能中心一定会在中国，背后依托是中国物理世界供应链的即时响应/各个维度的成熟度/人才丰富度，数 字世界同样的即使响应/各个维度的成熟度/人才丰富度。这样的时势，必然会诞生多位具身智能杰出人物，中国人 一定会在其中占据超高比例。 只有中国才有机会在此时此刻发布一款9 ...