文|《硬核AI客》栏目 罗宁 近日，一段优必选人形机器人方阵视频在海外科技圈引发震动，全球估值最高的机器人独角兽Figure的 创始人甚至亲自逐帧分析，质疑视频是"CG伪造"。面对争议，优必选用"一镜到底"的拍摄花絮强势回 应，硬核举证结束了这场真假之争。 争论背后，折射出业界对人形机器人发展的深度关注。机器人方阵，究竟意味着什么？当人形机器人从 科幻作品走进现实产业，这场技术革命如何真正创造商业价值？中国企业在全球人形机器人竞争中占据 怎样的地位？ 新浪财经《硬核AI客》栏目，联合开源基金董事总经理、首席经济学家杨德龙，与优必选首席品牌官 谭旻展开深度对话。在谭旻看来，网上一些人认为"中国的机器人只会表演，美国的机器人才会干活"这 样的观点过于片面，因为现在全世界最先进的工厂超过80%左右都新建在中国，这为人形机器人行业发 展提供了丰饶的土壤。 专题：《硬核AI客》 而在唱歌跳舞吸引流量的"眼球经济"当下，他十分清醒地认识到：机器人产业经过一两年的喧哗，已经 逐步逐步地回归到真正的场景应用当中来，这才是整个产业健康发展的一个正确的方向。 以下内容节选自《硬核AI客》视频栏目，完整版可观看视频： 《硬核AI客 ...

Core Insights - UBTECH, known as the "first humanoid robot stock," has secured a strategic partnership agreement worth $1 billion with Infini Capital, marking a significant financial milestone since its listing at the end of 2023 [1][3] - This partnership is not merely a financing deal but a strategic alliance aimed at addressing UBTECH's fundamental challenges, including ongoing substantial losses and cash burn [3][4] Group 1: Strategic Alliance and Financial Structure - The $1 billion agreement features a flexible capital support framework, allowing UBTECH to access funds through various financial instruments, including stock placements and convertible bonds [3][4] - This arrangement provides UBTECH with significant financial flexibility, enabling it to fund large-scale R&D, capacity expansion, and market positioning without resorting to dilutive financing [4][6] - Infini Capital's commitment to potentially increase its stake in UBTECH signals a long-term partnership rather than short-term speculation [4][6] Group 2: Investment Motivation and Market Expansion - Infini Capital aims to connect cutting-edge Chinese technology with substantial Middle Eastern capital, positioning itself as a key player in the Chinese AI industry [6][7] - The partnership will establish a joint venture to promote UBTECH's technology and products in the Middle East, creating a regional headquarters and a "super factory" for humanoid robots [6][7] - This strategic move opens up a new, capital-rich market for UBTECH while diversifying its production and innovation bases to mitigate geopolitical risks [6][7] Group 3: Financial Performance and Challenges - Despite revenue growth, UBTECH faces a significant financial challenge, with a net loss of 439 million RMB in the first half of 2025, although this is an improvement from the previous year's loss [9][11] - The company reported a 27.5% year-on-year increase in revenue, reaching 621 million RMB, but its business model has yet to achieve self-sustainability [9][11] - UBTECH's cash flow remains negative, with a net cash outflow of approximately 884 million RMB in 2024, highlighting the ongoing cash burn issue [13][14] Group 4: Industry Landscape and Competitive Position - The humanoid robotics sector is entering a critical phase, with government support in China driving industry growth and positioning UBTECH as a leader due to its advanced hardware technology [14][16] - UBTECH holds 2,790 authorized patents, providing a competitive edge in the development of humanoid robots, particularly in servo motor technology [14][16] - However, challenges remain, including competition from well-funded startups and tech giants, as well as the need for advancements in software capabilities [16][17]

Economic Growth and Stability - In April, China's economy demonstrated resilience and stability despite external shocks and internal challenges, with macro policies working in coordination to support growth [3] - The industrial production saw a significant increase, with the industrial added value growing by 6.1% year-on-year, driven by robust performance in equipment manufacturing and high-tech manufacturing sectors [5][13] Industrial Performance - Equipment manufacturing added value increased by 9.8%, while high-tech manufacturing added value grew by 10%, outperforming the overall industrial growth by 3.7 and 3.9 percentage points respectively [5] - Shanghai SANY Heavy Machinery Co. reported a strong sales performance, with expectations to produce over 5,000 medium-sized excavators in the first four months, reflecting a growth of over 10% year-on-year [7] Consumer Market Dynamics - The total retail sales of consumer goods increased by 5.1% year-on-year in April, indicating a recovery in both goods and service consumption [9] - The service retail sector also showed growth, with a 5.1% increase in the first four months, highlighting the effectiveness of government initiatives to boost consumption [9][11] Foreign Trade Resilience - China's total goods import and export value reached 38,391 billion yuan in April, marking a year-on-year growth of 5.6%, with exports increasing by 9.3% and imports by 0.8% [14] - The export performance of private enterprises and high-tech products has been notably strong, showcasing the resilience of China's foreign trade [19] Service Sector Growth - The national service production index grew by 6.0% year-on-year in April, indicating the service sector's critical role in stabilizing economic growth [13] - The expansion of the service industry is expected to enhance employment resilience and improve residents' income expectations, providing a foundation for consumer recovery [13] Export Market Expansion - Zhongtong Bus's overseas business has shown remarkable results, with significant contracts signed for electric buses in various international markets, enhancing the influence of "Made in China" [16]