腾讯财经 . 以下文章来源于腾讯财经 ，作者顾翎羽 腾讯新闻旗下腾讯财经官方账号，在这里读懂财经！ 来源丨 腾讯财经 （ID：financeapp） 作者丨 顾翎羽 放弃大厂的百万年薪转行卖人形机器人，李哲也犹豫过，但很快 顾虑 就 一扫而光 —— 加入某明星 机器人企业 没几天 ，他就 搞定 了七位数金额的合同 ， 单车变摩托 ， 梦想 似乎 很近了 。 2025 年，人形机器人成为"风口中的风口"，被认为是手机和汽车后的下一代智能终端，又是连接 AI 和物理世界的大门。仅 2025 年上半年，该赛道在国内就吸引了超过 4 0 笔亿级融资，其中 9 笔融 资金额超过 5 亿元。 风口来了，李哲要跑步进场。我央着他来聊聊，但每次找他都是"太忙了在冲刺合同"，直到某天他终 于在夜里 12 点前下了班，我们这才碰上。 "我刚交付完这批产品。"忙了一整天，他的声音还是兴奋难掩。他发来一段交付现场的视频。画面 里，一台真人大小的人形机器人正在展厅里"走动"——准确说是在挪动 —— 这个人模人样的机器人 显然应付不来光滑的大理石地面，步履缓慢得像是喝大了，看上去随时可能摔个趔趄。 "别看它这样，这要卖 大 几十 万呢， ...

Core Viewpoint - The humanoid robot industry is on the verge of significant growth, with the potential for the first A-share listing in this sector by Yushutech in September 2025, despite the current early-stage technology and limited commercial viability [5][6][30]. Group 1: Industry Overview - The humanoid robot sector is expected to become a major technological frontier, likened to smartphones and automobiles, with over 40 billion in financing attracted in the first half of 2025 [6][30]. - The industry is characterized by a significant gap between the current capabilities of humanoid robots and the expectations set by promotional materials, with many robots still requiring human control for basic functions [7][11]. - The commercial sales volume of humanoid robots in China is projected to be around 2,000 units in 2024, which is considered low compared to other manufacturing sectors [10][22]. Group 2: Market Dynamics - Companies in the humanoid robot space are currently leveraging a "bubble" to attract investment and media attention, which is essential for maintaining high valuations [10][23]. - The pricing structure in the industry is misleading, with "display prices" often much lower than the actual "purchase prices" that include necessary software and services [19][21]. - The competition for orders is intense, with companies resorting to various tactics to secure contracts, including inflating order numbers and leveraging relationships [27][28]. Group 3: Future Outlook - The industry is expected to see substantial growth, with projections of 50%-100% growth for each company in the first half of 2025, and potential annual output doubling in the coming years [30][31]. - However, the initial advantages held by startups may diminish as larger tech companies like Tencent and Alibaba enter the market, leveraging their resources and established supply chains [32]. - Companies must act quickly to secure orders and establish themselves as leaders in the market before the competitive landscape changes significantly [23][32].