作者 | 第一财经 乔心怡 走至IPO前夕的宇树，站在赛道"聚光灯"下。 当前，在国内已经披露IPO进程的机器人企业中，宇树给出了最为明确的时间线：2025年年底前向证券交易所提交IPO申请。宇树站在离IPO最近的地 方，也成为所有后来者的参照物。近日，第一财经记者采访魔法原子、松延动力、机构投资人等多方产业人士了解到，部分企业正在通过不断压榨性能 和降低售价追赶宇树，也有一些企业正在期待宇树IPO的资本放大效应。 在这场看似同频的竞争中，企业们正在寻找各自的落脚点。有人死磕性能，有人选择押注价格，有人期待资本放大效应。宇树的IPO或许在今天被行业 视作重要节点，但真正决定赛道走向的，或许不是谁跑得更快，而是谁能跑得更久。 对标宇树，成为宇 树？ "这张脸做得太猎奇了。" 在刚刚结束的IROS（机器人学术顶会）上，宇树最新发布的机器人H2首次公开展出。这个身高一米八的全尺寸人形机器人与以往产品最大的不同，是 披上了"人皮"。第一财经记者近距离观察后注意到，H2头部为定制模具，嘴部与鼻子为固定样式，双眼处抠出了两个洞，洞中裸露出摄像头。 本文字数：3329，阅读时长大约6分钟 宇树的H2在IROS上亮相。图片来 ...

Core Insights - The article discusses the competitive landscape in the humanoid robot industry, highlighting the upcoming IPO of Yushu as a significant event that could influence market dynamics and strategies among competitors [1][12]. Group 1: Yushu's IPO and Market Impact - Yushu plans to submit its IPO application by the end of 2025, positioning itself as a benchmark for other companies in the industry [1]. - Competitors are either focusing on enhancing performance or reducing prices to catch up with Yushu, while some are anticipating the capital amplification effect of Yushu's IPO [1][12]. - The IPO of Yushu is viewed as a pivotal moment for the industry, potentially driving market enthusiasm and influencing supply chain dynamics [12][17]. Group 2: Competitive Strategies - Companies like Magic Atom and Songyan Power are aligning their product lines with Yushu's offerings, with Magic Atom recently launching the four-legged robot MagicDog Y1 to match Yushu's product range [6][8]. - Differentiation strategies are being emphasized, particularly in AI capabilities, as companies seek to establish their unique value propositions in a crowded market [8][9]. - Pricing strategies are also becoming a common approach, with competitors like Songyan Power introducing lower-priced humanoid robots to attract customers [9][10]. Group 3: Performance and Delivery Challenges - The article notes that while many companies are striving to match Yushu's performance, challenges remain in achieving consistent delivery and product quality [10]. - Yushu's engineering capabilities and stable delivery processes are highlighted as key competitive advantages that others are trying to replicate [10][12]. - The importance of rigorous testing under extreme conditions is emphasized as a method for competitors to improve their products and close the performance gap with Yushu [9][10]. Group 4: Industry Outlook and Diversity - The humanoid robot market is expected to accommodate a variety of technological routes and business models, with companies focusing on different applications and market segments [17]. - The potential for growth in the industry is acknowledged, with a call for a healthy ecosystem that does not rely solely on Yushu as the leading player [17]. - The long-term success in the industry will depend on sustained efforts in engineering, algorithm development, and market adaptability rather than short-term gains [17].

Core Insights - The launch of the humanoid robot "Bumi" by Songyan Power marks a significant step in bringing humanoid robots into the consumer market, breaking the price barrier of 10,000 yuan with a pre-sale price of 9,998 yuan [1][2] - The founder emphasizes that the key to achieving cost-effectiveness lies in technology integration and supply chain efficiency, rather than high material costs [1] - The robot's design focuses on user insights and physical principles, aiming to alleviate fears associated with larger robots while maintaining performance [2] Company Strategy - Songyan Power aims to control costs through three main strategies: using composite materials for lightweight and low-cost production, a high self-research ratio for critical components, and a commitment to providing value to consumers [1] - The localization rate of core components for Bumi is nearly 100%, with the ordinary version achieving complete import substitution, further supporting cost reduction through a scaled supply chain [1] Product Features - Bumi features 21 degrees of freedom, allowing it to perform various movements and support graphical programming for secondary development [2] - The robot's dimensions (94 cm tall and approximately 12 kg) are designed to be user-friendly, particularly for children, while also aiding in cost control and enhancing robot appeal [2] Market Outlook - The release of Bumi is seen as a pivotal moment for humanoid robots entering the consumer market, with potential applications in emotional companionship and educational programming [2] - The founder predicts that by 2026, competition in the humanoid robot sector will intensify, with China poised to lead in global market penetration due to its hardware supply chain advantages and rapid iteration capabilities [2]

Core Insights - The launch of the humanoid robot "Bumi" by Songyan Power marks a significant shift in the market, bringing humanoid robots from the "laboratory" to the "consumer" level, challenging the notion that high performance equals high price [1] - Bumi is priced at 9998 yuan, making it accessible to a broader audience, and showcases various functionalities such as walking, running, dancing, voice interaction, and app control [1] Company Overview - Songyan Power was established in September 2023, with a founding team from prestigious universities such as Tsinghua University and Zhejiang University [1] - The company has completed six rounds of equity investment since its inception, with the latest round being a multi-hundred million yuan A++ financing in early August [1] Product Details - Bumi stands at 94 cm tall, weighs approximately 12 kg, has about 21 degrees of freedom, and a battery life of 1 to 2 hours [1] - The robot is positioned for applications in entertainment, companionship, education, and exhibition [1] Market Performance - Songyan Power's humanoid robot N2 has achieved notable success, winning the runner-up position in the Beijing Yizhuang humanoid robot half marathon and the championship in the gymnastics category at the World Humanoid Robot Games [1] - As of September, the total order volume for the N2 robot has surpassed 2500 units [1]

Core Viewpoint - The article highlights the launch of Bumi, a humanoid robot priced at 9998 yuan, marking a significant entry into the consumer-grade humanoid robot market [2][4]. Company Overview - Songyan Power (Beijing) Technology Co., Ltd. was established in September 2023, focusing on the research and manufacturing of humanoid robots [5]. - The company has developed two main product lines: bipedal humanoid robots and biomimetic humanoid robots, with the N2 bipedal model being the core product [5]. - The founder, Jiang Zheyuan, dropped out of Tsinghua University in 2023 to start the company and has secured multiple rounds of financing, achieving a valuation of approximately 2 billion yuan by May 2023 [5]. Product Features - Bumi stands 94 cm tall and weighs about 12 kg, capable of walking, running, dancing, voice interaction, and graphical programming, making it a true consumer-grade humanoid robot [4][5]. - The pre-sale for Bumi began on October 23, 2023, with the first batch of users expected to receive their robots by the end of the year [4]. Industry Recognition - The N2 robot participated in the Beijing Yizhuang humanoid robot half marathon, finishing as the runner-up with a net time of 3 hours, 27 minutes, and 50 seconds [5]. - The N2 robot was featured in TIME magazine in October 2023, highlighting its significance in the fashion industry during Paris Fashion Week [6].