（原标题：瑞银证券最新报告：具身智能加速场景落地，量产积极信号逐步显现） 南方财经记者李振 广州报道 在全球市场情绪波动的背景下，中国人形机器人制造商展现出强劲的订单动能。报告指出，中国的人形机器人制造商正持续收到大金额新订单， 中国具身智能机器人公司越疆（2432.HK），近期斩获了多份订单，包括人形机器人、四足机器人和具身智能协作机器人。 12月1日，瑞银证券（UBS）发布《Humanoid Robot Insight》报告，对2025年11月全球人形机器人产业的最新进展进行了全面分析，2026年量产的 积极信号正在逐步显现。具身智能订单落地与应用场景扩展正在为行业注入新的活力。 10月29日，瑞德丰向越疆公司采购总金额超8050万元的具身智能机器人订单，包含人形机器人及具身智能协作机器人在内的产品与解决方案。11 月4日，蓝思科技承诺于2025年向越疆采购1000台具身智能机器人。11月27日，绿源与越疆达成战略合作，双方将共同推动规模达5000台机器狗应 用于智慧门店升级计划，探索具身智能在智慧门店、智能工厂等的应用，应用场景涵盖门店导览、产品演示、客户服务等，标志着具身智能从"技 术验证"到"商业创 ...

本报讯(记者刘晓一)近日，瑞银证券发布《Humanoid Robot Insight》报告(以下简称"报告")，对2025年 11月份全球人形机器人产业进展进行分析。报告显示，2026年行业量产积极信号显现，特斯拉、深圳市 越疆科技股份有限公司(以下简称"越疆")等企业产能规划落地，中国厂商订单增长，欧洲投资者兴趣升 温，具身智能应用场景扩展为行业注入活力。 中国厂商亦展现出强劲订单动能。作为唯一从制造现场走出来的中国具身智能机器人公司，越疆已斩获 多份人形、四足及具身智能协作机器人订单。10月29日，江苏瑞德丰精密技术股份有限公司向越疆采购 超8050万元具身智能机器人订单；11月4日，蓝思科技（300433）股份有限公司承诺2025年采购1000台 越疆具身智能机器人，这些订单验证了中国厂商在工业与消费电子制造环节的应用价值。 报告特别强调，具身智能应用场景正加速向商业服务领域延伸。11月份，越疆与绿源集团签署5000台四 足机器人合作协议，推动机器狗应用于智慧门店升级，涵盖导览、产品演示等场景，标志着具身智能 从"技术验证"迈向"商业创造"。近日，越疆还与曹操出行达成战略合作，人形机器人入驻行业首个"绿 ...

Core Insights - The global humanoid robot industry is entering a critical turning point towards mass production, with positive signals emerging for 2026 production capabilities [2][4]. Group 1: Industry Developments - UBS's report highlights that Tesla plans to rapidly expand the production line for its humanoid robot, Optimus, starting with a capacity of 1 million units in Fremont, California, and subsequently scaling to 10 million units in Austin, Texas [2]. - European investors are showing increased interest in Chinese technology and embodied intelligence, indicating structural growth opportunities in the sector [2][3]. Group 2: Order Momentum - Chinese humanoid robot manufacturers are experiencing strong order momentum, with significant new orders being received, particularly by the company Yujian, which has secured multiple contracts for humanoid and quadruped robots [3][4]. - Notable orders include over 80.5 million yuan from leading precision manufacturing company Ruidefeng for embodied intelligent robots, and a commitment from Lens Technology to purchase 1,000 embodied intelligent robots by 2025 [4]. Group 3: Application Expansion - The application scenarios for embodied intelligent robots are rapidly expanding from industrial manufacturing to commercial services, marking a transition from "technology validation" to "commercial creation" [4]. - A strategic partnership between Cao Cao Mobility and Yujian aims to develop industry-level solutions for the large-scale application of embodied intelligent robots in transportation and logistics [5].

Core Viewpoint - Recently, Yuejiang Technology completed a new round of share issuance, raising 780 million yuan to advance research and innovation in intelligent robotics, invest in the supply chain, and enhance sales channels and market promotion efforts [1][16][21] Group 1: Financing Activities - Yuejiang Technology has conducted two rounds of share issuance in the past six months, raising a total of over 1.8 billion yuan for its robotics business and liquidity needs [2][8][21] - The company raised approximately 1.037 billion yuan in July and 780 million yuan in November for similar purposes, totaling 2.5 billion yuan in fundraising within a year of its IPO [8][21][27] Group 2: Financial Performance - Despite the increase in revenue from the sales of collaborative robots, marketing expenses have risen even faster, with the sales expense ratio reaching 53% in the first half of the year, significantly higher than comparable companies [3][9][22] - Yuejiang Technology reported a net loss of 41 million yuan in the first half of the year, continuing its trend of negative net profit and operating cash flow, which was -65 million yuan [12][25][27] - Accounts receivable increased by 83% year-on-year, with the accounts receivable turnover days rising to 85 days, indicating deteriorating cash collection conditions [12][25][27] Group 3: Capital Structure and Debt Management - Following its IPO, Yuejiang Technology's cash and cash-equivalent assets significantly increased, and its debt ratio decreased from 50% at the end of 2023 to 26.5% by June 2024, nearly halving [5][19][21] - The company has been actively raising funds despite having sufficient cash reserves, which raises questions about its financial strategy and market positioning [14][27]

12月1日，瑞银证券(UBS)发布《Humanoid Robot Insight》报告，对2025年11月全球人形机器人产业的 最新进展进行了全面分析，2026年量产的积极信号正在逐步显现。特斯拉、越疆等人形机器人企业的产 能规划逐步落地，中国厂商订单持续增长，欧洲投资者兴趣明显升温。具身智能订单落地与应用场景扩 展正在为行业注入新的活力。 瑞银证券报告特别强调，具身智能机器人的应用场景正在迅速扩展，从工业制造延伸到商业服务领域并 且正在加速落地。报告显示，作为代表企业之一的越疆在11月与绿源集团正式签署了 5000 台四足机器 人合作协议，双方将共同推动规模达5000台四足机器狗应用于智慧门店升级计划，应用场景涵盖门店导 览、产品演示、客户服务等，标志着具身智能从"技术验证"到"商业创造"关键跃迁。 瑞银证券研报预测：特斯拉的产能规划、越疆等公司的持续斩获大额订单，均表明产业链正在加速落 地。随着欧洲投资者兴趣升温，中国市场订单不断扩展，全球人形机器人产业正在迎来新的增长周期。 近日，曹操出行与越疆达成战略合作，越疆人形机器人入驻行业首个"绿色智能通行岛"，联合打造了行 业级解决方案，为具身智能机器人在出行 ...

11月4日晚，越疆机器人公众号发文称，蓝思科技与越疆科技正式达成深度战略合作，该协议由蓝思科 技股份有限公司董事长、总经理周群飞与越疆机器人创始人、董事长兼CEO刘培超共同签署，以1000台 机器人采购订单与持续深化合作层次承诺为核心，标志着双方战略伙伴关系进入规模化、全方位的新阶 段，共同致力于为全球工业智能化升级树立领先标杆。 根据协议，蓝思科技承诺于2025年向越疆采购1000台具身智能机器人。这一工厂实质性规模应用部署订 单，是双方战略合作的重要里程碑。值得一提的是，公司近期利好不断，此前10月30日，越疆宣布与瑞 德丰精密技术股份有限公司正式签署具身智能机器人采购合同。瑞德丰将向越疆采购总金额超8050万 元，包含人形机器人及具身智能协作机器人在内的产品与解决方案。 来源：新浪港股 越疆（02432）逆势上涨3.58%，现报51.50港元，成交额6499.024万港元。 ...

Core Insights - 越疆科技's stock rose over 2%, reaching 51 HKD, with a trading volume of 32.89 million HKD following the announcement of a strategic partnership with 蓝思科技 [1] Group 1: Strategic Partnership - 蓝思科技 and 越疆科技 have officially entered into a deep strategic cooperation, marked by a procurement order of 1,000 robots [1] - The agreement was signed by 蓝思科技's Chairman and CEO 周群飞 and 越疆科技's Founder and CEO 刘培超, indicating a significant milestone in their partnership [1] - The collaboration aims to set a leading benchmark for global industrial intelligence upgrades [1] Group 2: Procurement Details - 蓝思科技 commits to purchasing 1,000 embodied intelligent robots from 越疆科技 by 2025, representing a substantial application deployment order [1] - This procurement order is a key milestone in the strategic cooperation between the two companies [1] - Additionally, 越疆科技 recently signed a procurement contract with 瑞德丰精密技术股份有限公司 for over 80.5 million CNY, including humanoid robots and collaborative robots [1]

Core Viewpoint - 越疆科技's stock rose over 2% following the announcement of a strategic partnership with 蓝思科技, marking a significant milestone in their collaboration [1] Group 1: Strategic Partnership - 越疆科技 and 蓝思科技 have officially entered into a deep strategic cooperation agreement, signed by their respective leaders [1] - The agreement includes a commitment from 蓝思科技 to purchase 1000 units of intelligent robots from 越疆科技 by 2025, indicating a substantial scale application deployment [1] - This partnership aims to set a leading benchmark for global industrial intelligence upgrades [1] Group 2: Recent Developments - Prior to this announcement, 越疆科技 signed a procurement contract with 瑞德丰精密技术股份有限公司 for intelligent robots, with a total value exceeding 80.5 million yuan [1] - The recent contracts highlight 越疆科技's growing market presence and demand for its robotic solutions [1]

Group 1 - The core viewpoint of the news is that Yujian Robotics has signed a procurement contract with Ruidefeng Precision Technology Co., Ltd., marking a significant breakthrough in the commercial application of embodied intelligent robots in the new energy precision manufacturing sector, with a total contract value exceeding 80.5 million yuan [1] - The cooperation includes humanoid robots and embodied intelligent collaborative robots, which will drive the intelligent upgrade of new energy precision manufacturing processes and enhance the integration and large-scale application of embodied intelligent robots in high-end precision manufacturing [3] - The newly introduced series of embodied intelligent robots will perform key tasks in smart production lines, focusing on high-precision assembly, complex material transfer, and flexible production line collaboration, showcasing their technological advantages in multi-tasking and high-interaction scenarios [3] Group 2 - Following the successful landing of this order for embodied intelligent robots, Yujian is accelerating its commercialization process in the high-end manufacturing sector, with multiple industry clients already in deep discussions regarding humanoid robots and related solutions [5] - Yujian plans to continuously enhance its mass production capacity for embodied intelligent robots, including humanoid robots, to meet the rapidly growing market demand and customer orders [5]

Group 1 - The core viewpoint of the news is that 越疆机器人 has signed a procurement contract with 瑞德丰精密技术股份有限公司 for embodied intelligent robots, amounting to over 80.5 million yuan, marking a significant step in the commercialization of these robots in high-end precision manufacturing [1][3]. - The collaboration signifies 越疆's position as the first company to introduce embodied intelligent robots, including humanoid robots, into the core scenarios of new energy precision manufacturing, achieving a key breakthrough in commercial application [3]. - The humanoid and collaborative robots will perform critical tasks in smart production lines, focusing on high-precision assembly, complex material flow, and flexible line collaboration, showcasing their technological advantages in multi-tasking and high-interaction environments [3][5]. Group 2 - 越疆's commercial progress in the high-end manufacturing sector is accelerating, with multiple industry clients entering deep discussions regarding humanoid robots and related solutions, indicating potential for large-scale cooperation [5]. - The successful order from 瑞德丰 validates the adaptability and reliability of 越疆's humanoid and embodied intelligent robots in complex industrial environments, providing momentum for China's intelligent equipment to compete in the global high-end manufacturing market [5]. - The company aims to enhance its mass production capabilities for embodied intelligent robots, including humanoid robots, to meet the rapidly growing market demand and customer orders [5][7]. Group 3 - 越疆's robots are widely applied across various fields, including industrial manufacturing, commercial retail, medical surgery, health therapy, and educational research, covering over 100 countries and regions globally, with total shipments exceeding 100,000 units [7][8]. - By 2025, the company plans to fully establish its presence in the embodied intelligent robotics sector, becoming the first globally to launch a platform featuring all forms of embodied robots, including humanoid, wheeled, multi-legged, and robotic arms [8].