2025.12. 16 本文字数：2066，阅读时长大约4分钟 作者 | 第一财经 乔心怡 屈师培在电脑上简单操作了一分钟左右，记者面前的机器人头部指示灯很快从蓝色变成红色。 " 现在，机器人就完全由我们控制了。 " 屈师培告诉第一财经记者。这时，不管记者怎么操控这台宇 树机器人的遥控器，机器人都无法听从自己的指令。而在屈师培和其他两位 " 白帽黑客 " 的操纵 下，这台机器人突然猛然提速，向记者走来，挥舞起了拳头。 屈师培是第三方安全机构 DARKNAVY 深蓝的网络安全研究员，也被称之为 " 白帽黑客 " 。和以攻 击对方为目标的黑客不同， " 白帽黑客 " 主要通过漏洞挖掘与风险评估，提前暴露潜在安全问题， 推动厂商在实际危害发生前完成修复。 屈师培告诉记者，他的团队已提前把安全漏洞告知宇树科技。现在，团队所展示的系统漏洞已经修 复。 DARKNAVY 深蓝网络安全研究员肖轩淦用 " 千疮百孔 " 来形容当前的机器人安全性问题。他透露， 团队此前购买了许多品牌的四足机器狗产品和双足人形机器人产品。 " 这里面有行业头部的品牌， 也有一些中腰部的小厂。 " 他向记者举例，在研究云深处面向科研教育用户推出的 ...

不少人形机器人仍被视作"开发中的产品"，而非已经完成安全收敛的终端设备。 屈师培在电脑上简单操作了一分钟左右，记者面前的机器人头部指示灯很快从蓝色变成红色。 在机器人工程师林逸培看来，这个画面是"恐怖且自大的"。他告诉记者，机器人对人类进行攻击，是对人形机器人与公众接触时安全边界的试探。"机器人 一个胳膊一个腿，就会动辄十余斤，在缺乏明确安全约束与标准的情况下，这类展示值得商榷。" "现在，机器人就完全由我们控制了。"屈师培告诉第一财经记者。这时，不管记者怎么操控这台宇树机器人的遥控器，机器人都无法听从自己的指令。而在 屈师培和其他两位"白帽黑客"的操纵下，这台机器人突然猛然提速，向记者走来，挥舞起了拳头。 屈师培是第三方安全机构DARKNAVY深蓝的网络安全研究员，也被称之为"白帽黑客"。和以攻击对方为目标的黑客不同，"白帽黑客"主要通过漏洞挖掘与 风险评估，提前暴露潜在安全问题，推动厂商在实际危害发生前完成修复。 屈师培告诉记者，他的团队已提前把安全漏洞告知宇树科技。现在，团队所展示的系统漏洞已经修复。 DARKNAVY深蓝网络安全研究员肖轩淦用"千疮百孔"来形容当前的机器人安全性问题。他透露，团队此前购 ...

Core Viewpoint - The recent A2 round financing of Zhongqing Robotics marks a significant capital injection and a strategic industrial layout driven by top market-oriented funds and regional state-owned capital [1][3]. Financing Details - The financing round is led by Huangpujiang Capital, which has a long-standing focus on hard technology, alongside Henan State-owned Assets Platform Huirong Fund. Notable existing shareholders like Middle East Stone and Huakong Fund have increased their stakes, while new investors include Guozhong Chuangtou, CCTV Fund, Geely Xingyuan, and Nanshan District Government [3]. - The participation of Jiangxi State-owned Capital Operation Holding Group and Ganzhou Development Group highlights the collaborative effort of state-owned platforms in this financing round [3]. Industry Positioning - Huangpujiang Capital's decision to lead the investment is based on the critical transition of the humanoid robot industry from technology research and development to industrialization [5]. - The humanoid robot sector is on the brink of a scale explosion, driven by rapid advancements in artificial intelligence and significant reductions in core component costs [7]. Technological Advancements - Zhongqing Robotics' latest humanoid robot, T800, has established industry-leading advantages in motion stability and adaptability to complex environments [9]. - The T800 integrates a complete self-developed technology loop, including high-performance joint modules and specialized solid-state batteries, showcasing a strong engineering capability [11]. Strategic Vision - The investment logic of Huangpujiang Capital emphasizes deep collaboration with portfolio companies to reduce R&D and manufacturing costs, accelerate product iteration, and create competitive advantages in the market [8]. - The alignment of Zhongqing Robotics' technology development with national smart manufacturing strategies and local government industrial upgrade needs provides a unique competitive edge [11]. Future Outlook - With the completion of this financing round, Zhongqing Robotics is well-positioned for accelerated commercialization, which will determine its leadership in the humanoid robot industry [14].

Investment Rating - The report suggests a positive outlook for the robotics industry, indicating a potential for significant growth in the coming months [29]. Core Insights - The robotics sector is experiencing accelerated growth, with the U.S. government considering an executive order on robotics technology, reflecting a strategic focus on advanced manufacturing and a competitive race in robotics between the U.S. and China [1][4]. - The launch of the T800 humanoid robot by Zhongqing Robotics is a significant milestone, aiming to redefine performance standards in humanoid robotics with advanced features and capabilities [1][16]. - Strategic partnerships, such as the collaboration between Cao Cao Mobility and Yuejiang Technology, are enhancing the application of robotics in operational scenarios, particularly in the Robotaxi sector [2][19]. Summary by Sections Industry Dynamics - The shift from policy guidance to commercial implementation is driving long-term development in the embodied intelligence sector, with significant policy support from local governments [9][10]. - A survey indicated that 62% of Chinese enterprises plan to deploy humanoid robots within the next three years, highlighting substantial market potential [4][9]. Main Body - Zhongqing Robotics has officially launched the T800 humanoid robot, which is designed to address industry challenges related to size adaptability and is priced starting at 180,000 yuan [16][17]. - Cao Cao Mobility and Yuejiang Technology have signed a strategic cooperation agreement to integrate robotics technology into their Robotaxi operations, enhancing service efficiency and operational capabilities [2][19]. Core Components - Fuliwang has developed micro planetary roller screws in various specifications and is currently in the sample delivery phase to major industry clients, focusing on precision transmission technology [22][27]. - Microglow's subsidiary has begun small-scale production of joint modules for humanoid robots, indicating progress in component supply for the robotics industry [22][28]. Investment Recommendations - The report emphasizes that embodied intelligence represents the strongest application of AI, with humanoid robots being a key focus area. The ROBO+ sector is expected to reshape the automotive supply chain significantly [29]. - Investors are advised to monitor technological iterations and component supply dynamics in the second half of the year, particularly focusing on companies like Tesla, Huawei, and ByteDance [29][30].

Summary of Duolun Technology Conference Call Company Overview - **Company**: Duolun Technology - **Industry**: Robotics and Transportation Technology Key Points and Arguments Entry into Robotics - Duolun Technology has entered the humanoid robotics field by investing in Zhongqing Robotics, aiming to leverage its expertise in transportation technology for secondary development in vehicle inspection and traffic management applications [2][3][4] Innovation and R&D - The company has established a collaborative innovation center and a joint R&D laboratory with a team of approximately 40 people focused on humanoid robotics, new algorithms, SLAM, and perception technology [2][7] - Plans to complete prototypes for inspection robots by the end of 2025, along with secondary development for service and traffic command robots [2][6] Strategic Partnerships - Duolun collaborates with Zhongqing Robotics on motion and posture control technologies, aiming to enhance the application of service and traffic command robots [2][8] - The investment in Zhongqing Robotics was made through the Zhuhai New Star Investment Fund, acquiring a 2% stake initially, which has been diluted to 1.57% after subsequent financing rounds [3][8] Market Applications - The company is focusing on three main application scenarios: inspection robots, service robots, and traffic command robots, with prototypes expected to be market-ready by the end of the year [6][15] - Plans to expand the application of inspection robots to used car inspection agencies and mandatory vehicle inspection stations [11] Revenue Model - Duolun's business model involves purchasing robot bodies from Zhongqing, modifying them with proprietary algorithms, and selling them to end customers, generating revenue from both hardware and software sales [12][13] Industry Standards and Regulations - Currently, there are no existing industry standards for the applications in vehicle inspection and traffic management, prompting Duolun to explore the establishment of relevant standards in collaboration with research institutions [10] Financial Performance - In the first half of 2025, Duolun's overall business performance was subpar, with revenue and profit declining compared to the previous year, primarily due to fiscal constraints faced by government clients [19] - Anticipates improved cash flow and project acceptance in the second half of the year as repayment plans with clients are established [19] Future Growth Strategy - Duolun Technology's future strategy includes expanding into new energy and intelligent sectors while maintaining its core business in public safety and transportation [21] - The "One Body, Two Wings" strategy aims to leverage existing operations for cash flow while exploring new technologies and markets [21] Additional Insights - The company is also involved in assembling coffee robots and may expand this assembly business to other humanoid robot partners to alleviate production pressure [20] - The development of humanoid robots is seen as having strong applicability in the transportation sector, with potential extensions into commercial spaces like malls and exhibitions [15] Product Development and Market Readiness - The current focus is on enhancing the performance of humanoid robots, particularly in traffic command and service roles, with significant advancements in algorithm integration for improved task execution [19] Conclusion Duolun Technology is strategically positioning itself in the humanoid robotics market, leveraging its transportation expertise while navigating financial challenges and exploring new growth avenues in the robotics and intelligent technology sectors.