报告标签：机器人、赴港上市、财务指标、极智嘉 2025年7月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 中国机器人行业调研简报 | 2025/07 www.leadleo.com 1 头豹调研简报 | 2025/07 机器人行业 Q1：中国哪些机器人企业"组团"赴港IPO？ 截止2025年上半年，中国 赴港上市机器人公司合计 13家 中国赴港上市机器人企业涵盖人形机器人、高阶自动驾驶、协作机器人、仓储机器人、 服务机器人、家用机器人和工业机器人等多个行业领域，且均为机器人各细分行业赛道 的龙头企业。13家赴港IPO的中国机器人企业中，优必选、地平线、越疆科技、极智嘉4 图 ...

报告发布日期： 2025年10月11日 报告覆盖时段：截至2025年10月10日 报告核心：深度剖析消费级与服务级机器人专卖店的市场现状、投资构成、核心风险与未来趋势 一、摘要 随着人工智能、传感器技术与动力系统的持续演进，以人形机器人、养老机器人、家用机器人、机器狗及特种机器人为代表的非工业机器人市场，正从技术 探索期迈入商业化初期。开设一家此类机器人专卖店，已非遥不可及的科幻构想，而是一项高门槛、高风险、高潜在回报的战略性商业尝试。本报告基于截 至2025年10月的最新产业动态与市场数据，旨在客观、专业地解答初始投资规模等核心问题，并深入揭示其背后的市场逻辑与潜在风险。报告认为，初始投 资需求庞大，市场教育成本高昂，且行业正处于剧烈演变期，成功的投资者需具备雄厚的资本实力、极强的风险承受能力以及对技术发展路径的深刻洞察 力。 二、市场现状深度剖析 1. 产品主线与技术成熟度 · 人形机器人：处于从"演示可行"到"商业可用"的关键跨越期。业界领先的原型机已能完成基础的物品递送、简单问候及指令操作，但其双足步态的动态稳 定性、非结构化环境下的交互能力以及续航时间仍是规模化应用的核心瓶颈。产品单价极高，主要面向 ...

Core Viewpoint - The article emphasizes the potential of a company’s new patented materials to be applied in new fields, which could lead to significant business growth opportunities. Additionally, the company is entering the home robotics market, which shows substantial sales growth, indicating a promising future for its performance [1]. Group 1 - The company’s new patented materials are expected to outperform PEEK in terms of strength and resilience, opening up new avenues for business growth [1]. - The company has seen nearly a 1000% increase in sales related to its robotics segment from January to May compared to the entire previous year, highlighting rapid performance expansion [1].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **robotics industry**, particularly focusing on **industrial robots** and **humanoid robots** in China and globally. The rapid development of industrial robots in China is highlighted, with the country accounting for over **50%** of global installations as of **2024** [1][4]. Core Insights and Arguments - **Growth Drivers**: The growth of China's industrial robots is attributed to the rise of new energy vehicles, domestic substitution of upstream components, and strong government support. By **2024**, the market share of domestic industrial robot manufacturers reached **52%** [1][4]. - **Global Trends**: The global growth rate of industrial robots has slowed down since **2023**, with predictions for **2024** indicating almost no growth. The key to future development lies in **embodied intelligence technology**, which can serve a wider range of physical scenarios [5]. - **Humanoid vs. Traditional Robots**: Humanoid robots differ significantly from traditional industrial robots, requiring more sensors for enhanced perception and diverse actuator designs. The commercial viability of humanoid robots is still in the exploratory phase, with **2025** marked as the year for small-scale engineering [6][7][8]. - **Challenges in Engineering**: Many startups face challenges in engineering production capabilities, with estimates suggesting that **80%** of them may fail during this phase due to the complexity of assembly and testing processes [8][9]. Important but Overlooked Content - **Investment Sentiment**: The investment sentiment in the robotics sector has surged in the A-share and Hong Kong markets, driven by industry events and advancements in AI infrastructure [2]. - **World Models**: The importance of world models in robotics is emphasized, as they help robots understand spatial, action, and causal relationships, which is crucial for improving their decision-making capabilities [13]. - **Software Development**: The software industry is expected to play a significant role in the robotics sector, with a potential consolidation of players into two or three dominant companies that will set industry standards [26]. - **Hardware Investment Opportunities**: Investment opportunities in hardware are categorized into mature and non-mature sectors, with a focus on actuator designs and the need for stable products to support small-scale production [22][24]. Future Trends - The robotics industry is anticipated to undergo significant transformation and competition in the coming years, with a blurring of lines between industrial, household, and specialized robots due to advancements in embodied intelligence [11]. - The development of humanoid robots will depend heavily on advancements in algorithms and processing equipment, particularly in critical manufacturing processes [24]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future prospects of the robotics industry.

Summary of Zhongjian Technology Conference Call Company Overview - **Company**: Zhongjian Technology - **Industry**: Intelligent Robotics and Manufacturing Key Points Financial Performance - In the first half of 2025, Zhongjian Technology achieved a net profit of 80 million yuan, significantly higher than over 60 million yuan for the entire previous year, indicating a year-on-year growth of 14% [2][3] - The increase in profit is attributed to the production launch of the Thailand manufacturing base, completion of the new factory in Yongkang, and expansion in the intelligent robotics sector [2][3] Strategic Developments - The company is actively expanding into the intelligent robotics industry, establishing multiple subsidiaries focused on robotic lawn mowers, quadruped robotic dogs, and AI technology research and development [2][5][6] - Collaborations with leading global companies have led to the launch of large drone lawn mower products, with a product lineup designed to meet North American market demands [2][6] Market Expansion - Zhongjian Technology has successfully launched its Thailand production base, which began operations in June 2025, and is collaborating with Europe's second-largest company to ensure future business growth [7][18] - The North American market has exceeded expectations, with significant contributions to revenue growth, while the European market remains a key area despite slower growth [17][19] Product Development - The company is focusing on two main directions for its robotic dog business: ToB (business-to-business) and ToC (business-to-consumer) [11] - The gross profit margin improved in the first half of 2025 due to an increased proportion of high-margin products like lawn mowers and enhanced production efficiency [12] Future Outlook - Zhongjian Technology plans to continue investing in the intelligent robotics sector, with an expected increase in revenue from this area in the coming years [8][22] - The company aims to achieve breakeven for its Jiangsu Jinmi subsidiary by selling approximately 100 to 150 units of the Lingrui T1 model [24] Operational Insights - The Thailand factory is expected to reach breakeven this year, with production capacity designed to meet annual demand of 300 to 500 million yuan [18][20] - The company has established a fully automated production line for robotic dogs and is preparing for increased output in collaboration with overseas partners [24][25] Challenges and Considerations - The decline in inventory and accounts receivable is attributed to seasonal factors, with the second quarter being a relatively slow period [13] - The company is adjusting its product structure to increase the proportion of higher-margin products, aiming to optimize overall profitability [14] Competitive Landscape - The four-legged robotic dog market is competitive, but the company emphasizes the importance of meeting customer needs and advancing industrialization processes [28] Technological Advancements - Current prototypes of the company's robots have achieved partial functionality, with ongoing development aimed at reducing remote control operations for better application in complex scenarios [29] Additional Notes - The company maintains its revenue growth expectations for the year despite seasonal fluctuations and varying market performances [28]

Core Insights - The article discusses the competitive landscape of the smart hardware sector, particularly focusing on mixed reality (MR) glasses as a key battleground in the evolving three-dimensional electronic space [1][2] - Vivo's recent launch of the Vivo Vision mixed reality headset marks a significant entry into this market, emphasizing its lightweight design and user-centric features tailored for the Chinese consumer [1][3] - The long-term vision for Vivo includes integrating MR technology with other hardware like smartphones and robots to create a comprehensive ecosystem of "scene-based services" [1][9] Company Strategy - Vivo's strategy is characterized by a user-oriented approach and a focus on building a robust ecosystem around MR technology and robotics [7][10] - The company aims to leverage its existing technological capabilities in MR to enhance the development of home robots, addressing the challenges of operating in unstructured environments [4][12] - Vivo's commitment to iterative development and ecosystem building is evident, as it plans to refine its MR products over the next two to three years to meet high user experience standards [3][10] Market Potential - The MR glasses market is seen as a precursor to a broader shift in human-machine interaction, with potential applications spanning various sectors, including education and entertainment [10][11] - Vivo's MR technology is expected to facilitate the development of home robots by providing essential spatial data and interaction capabilities, thus enhancing the robots' operational efficiency [4][6] - The company recognizes the growing demand for robots in domestic settings, particularly in response to demographic changes such as an aging population [9][13] Technological Development - Vivo's MR headset, weighing only 398 grams, aims to overcome common user complaints about comfort and usability in existing products [11][12] - The integration of advanced features like 26DoF hand tracking technology allows for intuitive control of robots, potentially transforming various industries, including healthcare and industrial operations [6][10] - Vivo's approach to robotics involves a clear division of roles, focusing on developing the "eyes" (MR technology) and "brain" (AI capabilities) while collaborating with partners for the "limbs" [12][13] Ecosystem Building - Vivo emphasizes the importance of a rich content ecosystem to support MR applications, with plans to develop tailored content for various user scenarios [10][11] - The company is committed to open standards and diverse development paths to encourage innovation and creativity within the MR ecosystem [11][12] - Vivo's long-term vision includes creating a unified intelligent service system that integrates smartphones, MR, and robotics, reflecting a strategic shift towards becoming a comprehensive space intelligence technology company [13][14]

Core Viewpoint - The competition in the smart hardware sector is evolving from two-dimensional to three-dimensional spaces, with MR glasses becoming a key battleground, highlighted by the recent launch of vivo's mixed reality headset, the Visi on Exploration Edition, which weighs only 398 grams, making it lighter than existing products on the market [1][3] Summary by Sections MR Glasses and Future Technology - MR glasses are just the beginning; embodied intelligence will become a complete electronic entity in home scenarios, helping to solve various life challenges as technology continues to evolve [3] - Vivo's strategy regarding MR glasses is seen as a critical starting point for its technological ambitions, with a long-term vision of integrating MR with smartphones and robots to create "scenario-based services" [3][4] - Vivo emphasizes the importance of not rushing the development of MR glasses and acknowledges that the current version is an exploratory model that will require two to three years of iteration to reach a gold standard [3][4] Hardware Experience and Ecosystem Development - The success of the MR ecosystem is closely tied to hardware experience; poor initial hardware can negatively impact user perception, necessitating high-quality products from the start [4] - Key factors for the future success of MR include speed, accuracy, and robustness, which are essential for user engagement and content creation [4][5] - Vivo's Visi on has made significant advancements in hardware, leveraging existing industrial systems to avoid the need for new supply chains, which strengthens its market position [4][5] Robotics and MR Integration - The development of home robots faces challenges, including a lack of rich training data and the need for manual operation, which MR can address by providing spatial data and serving as an interactive control tool [7][8] - MR technology can enhance robots' capabilities in understanding and interacting with complex home environments, enabling them to operate effectively in unstructured scenarios [7][8] - Vivo is exploring the use of MR for remote operation of robots, showcasing its potential in industrial maintenance and medical procedures [8] Strategic Positioning and Long-term Vision - Vivo's strategic move into MR and robotics is based on a user-oriented approach and a focus on core capabilities, aiming to create a comprehensive intelligent service system that integrates smartphones, MR, and robots [9][10] - The evolution of screen media from TVs to smartphones to MR headsets signifies a fundamental change in interaction methods, positioning MR as a bridge between the physical and digital worlds [9][10] - Vivo's long-term strategy involves leveraging its accumulated technology and ecosystem capabilities to address the growing demand for home robots, particularly in the context of an aging population [14][24] Ecosystem and Content Development - Vivo acknowledges the challenges in developing a robust MR ecosystem, focusing on optimizing hardware experiences and enriching software content [17][18] - The company aims to meet high-frequency user needs and has already implemented features like 180-degree video and spatial photo capabilities in its Visi on model [18][21] - Vivo's commitment to user experience includes designing lightweight MR devices tailored to the Chinese market, enhancing comfort for prolonged use [21][22] Future Directions - Vivo's approach to robotics involves a clear division of responsibilities, focusing on developing the "brain" and "eyes" of robots while collaborating with partners for the "limbs" and "small brain" [22][24] - The company is establishing a Robotics Lab to explore technological advancements and partnerships, indicating a long-term vision for integrating human-centered design into its product offerings [24]

来源：环球时报 中国向全球机器人强国的转变，不仅归因于其企业或大学的实力，还是国家战略的成果：具有长远眼光 的产业规划、巨额公共投资，以及地方为吸引该产业公司而采取的积极政策。得益于这种战略规划和大 规模投资，中国构建了一个强大的创新生态系统。如今，工业机器人、家用机器人和人形机器人已成为 人们日常生活的一部分。 在华盛顿试图维持其在人工智能和半导体领域的主导地位时，北京则押注于将机器人技术打造成战略实 力的前沿领域。总而言之，中国机器人技术的进步不仅是科技创新，更体现了一种能够大规模调动资源 的政治经济模式。正是这种安排——工程与集中化相结合——重新定义了与美国的竞争，并将中国塑造 为新技术时代的主角。（作者亚拉·维达尔，肖攀译） 人类与机器共存的最显著例子之一便是协作机器人，这些机器人旨在以安全和互动的方式与人类并肩工 作，没有传统工业机器人常见的物理障碍。协作机器人辅助人类工作，它们承担重复性、繁重或危险的 任务，节省时间和精力，使人们能够专注于创造性、战略性和具有更高社会价值的活动。如今，有些协 作机器人能制作出精致的咖啡拉花、提供理疗按摩、进行工业检测、辅助高精度手术、提供医院支持， 还能在酒店接待 ...

Group 1 - The opening of the first humanoid robot 4S store in Beijing marks a significant step in China's ambition to lead in the artificial intelligence and robotics sector [1][2][3] - The store features over 100 robots from more than 40 Chinese brands, including humanoid robots capable of various tasks such as playing chess and providing educational content [1][2] - The store aims to transform research-focused efforts in robotics into commercial products, indicating a shift towards practical applications of humanoid robots [2] Group 2 - The 4S store model includes sales, spare parts supply, after-sales service, and customer feedback, similar to traditional automotive 4S stores [1] - The pricing of robots in the store ranges from several thousand to millions of Chinese yuan, making advanced technology more accessible to consumers [1][2] - The establishment of this store symbolizes the commercialization of technological innovations and reinforces China's position as a global leader in artificial intelligence [3]

Group 1 - The company signed a product sales framework contract with Zibo Blue Ribbon Health Management Co., Ltd. on July 31, 2025, to sell robotic equipment [3] - The framework contract serves as a preliminary intention for cooperation and does not involve specific amounts; further details will be negotiated in subsequent agreements [2][3] - The contract is expected to accelerate the commercialization of the company's robotic business, with long-term strategic goals set for 2025, 2026, and 2027 to sell no less than 50, 300, and 450 units respectively [8][9] Group 2 - Zibo Blue Ribbon Health Management Co., Ltd. was established on October 23, 2015, with a registered capital of 25 million yuan, and operates in various health and consulting services [4] - The company has no prior similar transactions with Zibo Blue Ribbon in the last three years, indicating a new business relationship [4] - Zibo Blue Ribbon has been assessed to have good performance capabilities and is not listed as a dishonest executor [5]