摘要： AI陪伴硬件在200-400元低价区疯狂内卷，退货率居高不下。当资本追逐"会说话的毛绒玩具"，谁在重 构情感科技的价值链？ 这个国庆假期，今年38岁的李曦抱着试试看的心态，为女儿买了一只价值300多元的"水系芙崽 （Fuzozo）"。当面对女儿刁钻的数学题时，"芙崽"给出了"不要把本芙崽当计算器"的回复，这让她意 识到，AI不再只是工具，它一定程度实现了情感陪伴。 芙崽的形象类似一个毛绒挂件，不同颜色与"金木水火土"的五行概念对应，有各自的MBTI。相关数据 显示，芙崽这款AI玩具月销突破2万台。 热销的芙崽是今年AI情感陪伴硬件赛道热度攀升的缩影。从AI毛绒玩具到陪伴机器人，产品层出不 穷，资本与创业者也纷纷涌入。 不过，风口之下，挑战也很快到来。在生产端，AI陪伴硬件陷入同质化困局，产品多依赖第三方大模 型，仅在外观材质上有差异，导致低价内卷与高退货率并存。 曾在经纬、光源资本等投资公司工作，NLP（自然语言处理）专业出身的AI领域投资人Vivian指出，用 户价值指标如NPS（净推荐值）才是关键，行业亟待突破"会说话"的表层需求，建立持续情感连接。 消费端则面临"愿尝试、难留存、付费意愿低"的现 ...

例如，黄金珠宝领域，周大福与商汤科技联合打造黄金珠宝AI垂直大模型，助推售后服务响应时效大 幅提升。自行车领域，喜德盛持续深耕轻量高强新材料，不断实现产品的迭代升级，高端碳纤维车型销 量持续攀升。眼镜领域，乐活眼镜建设支持快速上新与定制化产品需求的数字化装配产线，直销模式大 大提升了行业效率；雅视集团通过AI和VR技术打造智能穿戴营销平台，显著提高验配精确度和效率。 （原标题：剑指7000亿产值！深圳12条新政力推传统产业升级） 21世纪经济报道记者 雷若馨 深圳报道 深圳市将如何探索传统产业高质量转型新路径，为全国贡献"深圳智慧"与"深圳方案"。 9月29日上午，深圳市政府新闻办召开"推动传统产业向'新'向'智' 加快建设现代化产业体系"新闻发布 会。深圳市工业和信息化局副局长平原介绍了深圳市推进传统产业优化升级的工作背景、亮点成绩和主 要举措，并与市商务局副局长周明武、市市场监管局副局长李军、罗湖区副区长时冬昕、龙华区副区长 赵妍妍就相关问题回答了记者提问。 （新闻发布会现场，图源：深圳发布） 传统产业瞄准超7000亿元目标 "传统产业是现代化产业体系的基底，一头连着千企万岗，一头连着千家万户。"平原表示 ...

南都讯高端女装品牌数量居全国前列，黄金珠宝行业年工业产值连续多年稳居全国首位，中高端眼镜产 量约占全球50%，拥有7家中国钟表"十强企业"……经济特区建立45年来，深圳已从一座边陲小镇发展 成为具有全球影响力的国际化大都市。不但战略性新兴产业、未来产业取得了日新月异的发展，传统产 业的发展同样取得了丰硕成果。近年来，以人工智能为代表的科技革命正在重塑产业格局，传统产业迎 来重大历史发展机遇。在此背景下，深圳市将如何探索传统产业高质量转型新路径为全国贡献"深圳智 慧"与"深圳方案"？ 9月29日上午，深圳市政府新闻办召开"推动传统产业向'新'向'智' 加快建设现代化产业体系"新闻发布 会。深圳市工业和信息化局副局长平原介绍了深圳市推进传统产业优化升级的工作背景、亮点成绩和主 要举措，并与市商务局副局长周明武、市市场监管局副局长李军、罗湖区副区长时冬昕、龙华区副区长 赵妍妍就相关问题回答了记者提问。 瞄准超7000亿元目标 大幅提升全市传统产业发展能级 "传统产业是现代化产业体系的基底，一头连着千企万岗，一头连着千家万户。"平原表示，近年来，以 数字化技术、人工智能为代表的科技革命正在重塑产业格局，深圳传统产业领 ...

Core Viewpoint - The AI toy market has rapidly expanded over the past year, with diverse product paths, increased financing, and a growing consumer base willing to purchase these products. The global AI toy market is projected to exceed 100 billion by 2030, with a compound annual growth rate (CAGR) of over 50%, and the Chinese market expected to grow at a CAGR exceeding 70% [5][9]. Group 1: Market Growth and Trends - The first-generation product BubblePal, launched by YueRan Innovation, achieved over 200,000 units sold, leading to significant capital market recognition and a new round of financing totaling 200 million [9][14]. - The introduction of AI toys has led to a surge in sales for various companies, with products like Ropet and 可豆陪陪 (KeDou PeiPei) also experiencing unexpected sales growth [11][12]. - The market for AI toys is not limited to first- and second-tier cities, as demand is also rising in lower-tier markets, where parents view these products as important tools for compensating for the lack of parental companionship [13][14]. Group 2: Product Differentiation and Innovation - AI toys are designed to utilize AI technology to create more lifelike interactions, with different teams exploring various development paths to meet diverse needs and create distinct business models [7][26]. - Companies like 贝陪科技 (BeiPei Technology) focus on providing educational and emotional support through their AI toys, while 萌友智能 (MengYou Intelligent) emphasizes the emotional connection through AI pets [26][31]. - The AI toy industry is characterized by a pursuit of "life-like" qualities, with companies aiming to create products that can form emotional bonds with users, thus enhancing user engagement and brand loyalty [16][21]. Group 3: Technological and Market Challenges - The AI toy market faces challenges related to supply chain integration and the need for advanced technology to create products that can effectively interact with users [37][38]. - Companies are exploring various sales channels, including e-commerce and physical retail, to reach their target demographics effectively [38]. - The industry is still in its early stages, with significant room for innovation and differentiation among companies, as they seek to carve out unique market positions [33][34].

Key Insights - The article highlights the recent trends in capital markets, focusing on sectors such as hard technology, healthcare, and internet services, with significant funding activities reported in these areas [6][7]. Hard Technology - The embodied intelligence sector remains a major hotspot, with RuoYu Robotics successfully completing a new round of angel+ financing amounting to hundreds of millions of RMB, led by its founding shareholder, Dongfang Precision Group [7][16]. - The robotics infrastructure company MechaMand completed nearly 500 million RMB in new financing, with participation from various investment funds including Xiong'an Fund and Huachuang Capital [7][17]. - Source Intelligent, focusing on dexterous hand development, announced several million RMB in financing led by Qiancheng Capital [14]. Healthcare - AI-driven innovative pharmaceuticals are gaining traction, with Xinhua Biopharmaceutical completing a series A financing of several tens of millions of USD, led by Xingze Capital [7][26]. - Nanjing Mainoway Pharmaceuticals secured 100 million RMB in B round financing, led by IDG Capital [7][27]. - Other notable funding includes HanTong Medical's completion of several million RMB in Pre-A+ financing [25] and the strategic investment in Suzhou Yulu Qianxing Biotechnology [35]. Internet/Enterprise Services - AI companies are actively raising funds, with Lingmou Technology completing a new round of financing worth several tens of millions of USD, led by BlueRun Ventures [37]. - ZeroMou Intelligent announced several tens of millions of RMB in Pre-B round financing, led by Lion City Capital [39]. - Orange Vision completed a new round of financing worth several million RMB, led by Yuntian Capital [40].

Company Dynamics - Didi's Q2 orders increased by 15.2% year-on-year, with a total transaction value (GTV) of 109.6 billion yuan, reflecting a 15.9% growth at fixed exchange rates [2] - JD's cross-border e-commerce brand Joybuy officially launched in France, with plans to enter the German market soon [2] - Temu topped Brazil's e-commerce traffic with 410 million visits in July, a 70% increase month-on-month, surpassing competitors like Mercado Livre and Shopee [2] - TikTok Shop upgraded its logistics in Southeast Asia, implementing next-day delivery services across six countries, with over 170,000 merchants participating [3] - Leapmotor's European manufacturing base will be established in Zaragoza, Spain, with production expected to start in Q3 2026 [3] - BYD announced plans to build an assembly plant in Malaysia, expected to commence production in 2026 [3] Investment and Financing - Mech-Mind Robotics completed a nearly 500 million yuan financing round, with overseas business revenue accounting for 50% [6] - AI toy company Haivivi raised 200 million yuan in Series A financing, becoming the global leader in AI toy shipments [6] - Hefei Tianyao, a semiconductor materials developer, completed a multi-million yuan Series A financing to expand overseas markets [6] - Tianxing Exploration, focused on satellite internet, secured angel round financing for core technology development [6] - Weijian Intelligent, a chip packaging equipment developer, raised over 100 million yuan in Series B financing, with over 20% of orders coming from exports [6] Policy & Market - Amazon's Prime Day will globally launch on October 7-8, covering 16 countries, providing cross-border sellers with significant traffic opportunities [8] - The Ministry of Commerce announced measures to optimize the service export zero tax rate declaration process, enhancing export tax refund efficiency [8] - New US tariff regulations create uncertainty, with 25 countries suspending parcel shipments to the US due to changes in tax exemptions [8]

Industry Overview - AI toys are products that integrate AI technology with traditional toys, offering interactive and personalized experiences through voice recognition, image recognition, natural language processing, deep learning, and emotional analysis [1][4] - The advantages of AI toys include multimodal interaction, emotional understanding and feedback, and intelligent learning and adaptation [3] Industry Chain Analysis - The upstream of the AI toy industry chain includes raw materials (metals, textiles, plastics), hardware (chips, sensors, batteries), and software (AI technologies) [4][5] - The midstream involves the design and manufacturing of AI toy products, including smart dolls, robot toys, AI plush toys, and AI-themed merchandise [4][5] - The downstream consists of sales channels, including offline retail and online e-commerce platforms [4][5] Industry Development History - The period before 2020 was characterized as a technology exploration phase, with limited AI applications in children's educational hardware [6][10] - From 2020 to 2023, the market entered a budding phase, with the introduction of interactive products and policy support for AI education, although product functionality was often homogeneous [6][10] - Post-2024, the industry is expected to enter a rapid development phase, with multimodal interaction becoming standard and significant advancements in AI technology [6][10] Industry Policy Direction - The government is promoting the "Artificial Intelligence +" action plan, which aims to integrate AI with traditional and emerging industries, creating a conducive environment for AI toy development [11][12] Current Industry Status - The toy market in China is projected to exceed 150 billion yuan in 2024, with AI toys expected to reach a market size of approximately 246 billion yuan [14][22] - The number of registered AI toy companies has shown a fluctuating trend, with a peak in 2019 and a decline in new registrations from 2021 to 2025 due to increased technical barriers and market regulation [15] Competitive Landscape - The AI toy market features a diverse competitive landscape, including traditional toy companies, tech startups, internet tech firms, and companies with strong IP reserves [21][22] - AI toy prices vary significantly, ranging from around 300-400 yuan for basic models to over 10,000 yuan for high-end products with advanced features [17][21] Future Development Trends - The AI toy market is expected to continue expanding, with a focus on emotional connection and deep companionship, targeting not only children but also young adults and the elderly [22] - By 2030, the AI toy market in China is predicted to exceed 700 billion yuan, driven by the integration of AI technology into various toy categories [22]

Core Insights - Shenzhen Haivivi Innovation Technology Co., Ltd. has completed a Series A financing round of 200 million yuan, which will be used for product development, talent building, and market expansion [1][2] - The company is set to launch its second-generation AI toy product, the CocoMate series, which is the world's first AI toy equipped with an end-to-end voice model, expected to go on sale on August 27 [1][2] - Haivivi's first AI toy, BubblePal, launched in June 2024, has sold over 200,000 units, demonstrating strong market demand for AI-integrated toys [1][2] Financing and Investment - The recent financing round was led by CICC Capital, Sequoia China, Huashan Capital, and Joy Capital, with participation from other investors including Zhaoyin International and Brizan Ventures [1] - The company has successfully raised several hundred million yuan since its inception, indicating strong investor confidence in the AI toy sector [2] Product Development and Features - The CocoMate series will feature a detachable design, enhancing flexibility, and will support multiple interaction modes, including theme card games and chat rooms [2] - The product lineup includes popular IPs such as Ultraman and Haivivi's original IP "Bubble," showcasing the company's strategy to leverage well-known characters to attract consumers [2] IP Strategy - Haivivi has established partnerships with various renowned IPs, including Ultraman and Peppa Pig, to enhance its product offerings and market presence [2] - The company's founder emphasizes the importance of IP in consumer purchasing decisions and plans to implement a dual strategy of collaborating with top IPs and signing artists to create new IPs [2]

Core Insights - Haivivi has successfully completed a Series A funding round of 200 million yuan, led by prominent investors including CICC Capital, Sequoia China, Huashan Capital, and Joy Capital, with additional participation from other investors [1] - The funding will be allocated towards new product development, talent acquisition, and market channel expansion [1] - Haivivi is recognized as a pioneer in the global AI toy industry, with its first AI toy, BubblePal, achieving impressive sales of over 100,000 units in its first month and a total of over 200,000 units sold [1] - The company has established partnerships with well-known IPs such as Ultraman, Peppa Pig, and Milk Dragon, and aims to create an IP ecosystem through collaborations with leading IPs and artists [1] Investment Perspective - Investors have expressed confidence in the AI toy sector and Haivivi's business model, with CICC Capital highlighting the penetration of AI technology from production to consumer end, and Haivivi's "AI + IP" model effectively addressing emotional companionship [1] - Huashan Capital is optimistic about Haivivi's ability to implement AI in the consumer sector, which will facilitate its expansion into overseas markets [1] - Joy Capital noted that AI transforms toys from "passive" to "active," opening new directions for the traditional toy industry [1]

Core Insights - The Chinese AI toy industry is characterized by a diverse competitive landscape, with various types of companies participating, including traditional toy manufacturers, tech startups, internet companies, and IP-rich firms [4][11]. Group 1: Competitive Landscape - The AI toy market features a wide price range, from basic models priced around 300-400 yuan to high-end products exceeding 10,000 yuan, reflecting significant performance differences among brands [1][9]. - Major players include traditional toy companies like Aofei Entertainment and Shifeng Culture, which leverage manufacturing capabilities and IP resources to enhance their AI toy offerings [4][11]. - Tech startups such as Haivivi and FoloToy focus on niche markets, creating differentiated products through the integration of software and hardware [4][11]. Group 2: Product Types - AI toys are categorized into three main types: AI smart dolls, AI robot toys, and AI leisure toys, each utilizing advanced technologies like voice recognition and natural language processing [6][9]. - AI smart dolls combine traditional plush toys with AI capabilities, while AI robot toys are highly anthropomorphized robots, and AI leisure toys incorporate AI into traditional puzzle games [6][9]. Group 3: Market Dynamics - The industry has a low concentration of participants, with a diverse competitive structure driven by technological advancements and IP competition [11]. - Key suppliers include chip manufacturers and AI technology providers, with a reliance on imported components, although domestic alternatives are emerging [11]. - The high-end market shows a strong acceptance of premium pricing, and companies are enhancing user engagement through private channels like brand apps and subscription models [11].