当天下午，在高质量发展大会智能制造与工业互联网分论坛上，树根科技平台研发负责人沈春锋分享 了"工业互联网+人工智能双轮驱动解锁智能制造新范式"的主题交流。沈春锋表示，树根科技一直以来 秉承着"赋万物智能，助工业进步，创社会富足"的使命，已形成"企业大脑"和"机器人大脑"两大核心能 力。"企业大脑"致力于管理决策与流程的智能化，而"机器人大脑"则专注于生产装备与执行单元的自主 化。目前，树根科技已围绕工业场景研发了10个垂直领域的大模型，推动制造业从依赖"人工经验驱 动"，迈向"数据与智能双轮驱动"，助力实现高质量发展，推动工业高端化、智能化、绿色化发展。 值此同期，在高质量发展大会产业融合与政策创新分论坛的沙龙上，树根科技运营管理负责人郭向博提 到，广东省正在推进"链式数字化改造"，要破解中小企业"不敢转、不会转"的问题，核心在于"让转型 收益看得见，让转型门槛够得着"。基于近十年工业互联网和人工智能实践经验，树根科技可以通过龙 头企业的能力输出，形成可复制的行业标杆；再借助科技企业提供的轻量化、低成本技术模式，降低应 用门槛；最终在政府政策的引导与激励下，实现该模式在广大中小企业中的渐进式普及，通过这种方式 ...

孟浩 ◎记者 操子怡 江苏南通，春节前夕，在一间忙碌的智能制造工厂里，钢板、木料在传送带上缓缓前行。机械臂在空中 精准摆动，根据数字化模型完成抓取、装配与加工——这些看似重复而复杂的动作，正由一套"机器人 大脑"在背后实时指挥。 这套"机器人大脑"，始于十年前孟浩的"让工业机器人像用电脑一样简单"的想法。当时，他刚满30岁， 从高校实验室出来，在上海创立大界机器人科技有限公司（以下简称"大界"）。 十年后的今天，大界已成为一家拥有150名员工、服务全球数百家头部客户的创业公司。公司通过自研 工业软件平台RoBIM，为船舶、电力、建筑、重工等行业提供"手—眼—脑"协同的智能制造系统，覆盖 切割、打磨、焊接、装配等复杂工艺。 啃最难的场景 创业早期，大界的切入点并不是机器人本体，而是工业软件。团队希望做出类似Windows操作系统或手 机App那样的交互方式，让一线工人可以更容易地控制复杂设备。 "我们那时候想的事情很简单，就是能不能让工业机器人用起来更像普通人用电脑一样简单。"当被问及 创业的初衷，大界创始人孟浩的回答简单直接。 2016年，中国机器人赛道创业远没有今天火热。但当时，孟浩预判，中国未来工业领域对 ...

Group 1 - The company focuses on expanding from intelligent driving perception to intelligent driving domain control, actively entering the robotics business, with a core competency in automotive intelligent driving perception for over a decade, covering major automakers like Nissan, Volkswagen, and Geely. The main perception products include onboard camera systems, onboard video driving recorders, and ultrasonic radar, with revenue contributions of 55%, 20%, and 25% respectively in 2022 [1] - The company has expanded from the perception layer to the decision layer, achieving mass production of low-computing power domain control products such as APS and AVP, and is gradually breaking through to high-computing power platform development, with domain control revenue expected to increase to 9% by 2024 [1] - The company is simultaneously developing in the robotics field, forming an integrated layout of "perception + decision," which is expected to open a new growth curve [1] Group 2 - The intelligent driving product market is experiencing increased volume and price due to the intelligentization wave, with sufficient orders supporting growth. The Ministry of Industry and Information Technology has announced the first batch of L3 conditional autonomous driving vehicle access permits, marking the transition of L3 testing into commercial application, which accelerates the development of intelligent driving [2] - The penetration rate of intelligent driving is significantly increasing, driving demand for intelligent driving perception products. The company benefits from this trend, with a market share of 27% for its ultrasonic radar products, leading among domestic suppliers. The unit value per vehicle has increased from hundreds to 3000-4000 yuan, and new products like domain control, lidar, and thermal imaging are expected to further enhance the average selling price per vehicle [2] - As of September 2025, the company has approximately 20.9 billion yuan in confirmed orders, indicating strong demand certainty [2] Group 3 - The company is positioning itself within the Nvidia Thor ecosystem and is entering the robotics sector as a perception system supplier, collaborating with Nvidia to develop a robotic brain based on its Jetson platform, forming an integrated layout of "perception + decision" in the robotics field [3] - The company is one of the first partners for Nvidia's Jetson Thor, establishing a critical ecological position and creating technical barriers and product added value at a high level within the industry chain, with expected value amounts ranging from thousands to tens of thousands of yuan [3] - The domain control system equipped with Jetson Thor is expected to be launched subsequently, solidifying the company's competitive advantage in the robotics decision-making field and opening a new growth curve [3] Group 4 - The company's intelligent driving business foundation is solid, and its layout in the robotics sector is expected to initiate a new growth curve. The projected net profits for 2025-2027 are 99 million, 131 million, and 176 million yuan respectively, with year-on-year growth rates of -2%, +32%, and +34%, corresponding to PE ratios of 135, 102, and 76 times [4]

Group 1: Market Overview - The report emphasizes the need to monitor the recovery of US dollar liquidity and sentiment indicators, as recent market conditions have shown excessive liquidity and heightened risk aversion due to hawkish signals from the Federal Reserve [3] - Current US dollar liquidity is in a state of severe tightening, triggering a warning signal at -60%, indicating a significant reduction in net liquidity [3] - Fear sentiment indicators have worsened, amplifying market volatility, with rising uncertainty across global markets [3] Group 2: Fixed Income Insights - The fiscal outlook for 2026 remains challenging, necessitating larger fiscal expansions to ensure effective policy implementation, as 2025 saw insufficient internal growth in fiscal revenue [4] - Despite a budget deficit rate of 4% and an increase in government debt by 2.9 trillion yuan, actual spending fell short of initial budget expectations, indicating structural pressures on fiscal spending [4] - The report suggests that stronger fiscal measures will be required in 2026 to achieve effective expansion, with projections for special government bonds and a decrease in overall fiscal space [4] Group 3: Company-Specific Analysis - Haon Electric (301488.SZ) is positioned as a leader in intelligent driving perception, with a strategic partnership with NVIDIA to develop robotic brain technology, enhancing its competitive edge in the robotics sector [7] - The company is expected to see significant growth in net profit from 2025 to 2027, with projections of 0.99 billion yuan in 2025, 1.31 billion yuan in 2026, and 1.76 billion yuan in 2027, reflecting a robust expansion in its business model [8] - Cambricon Technologies (688256.SH) anticipates a substantial revenue increase in 2025, projecting revenues between 6 billion to 7 billion yuan, with a net profit turnaround expected to be between 1.85 billion to 2.15 billion yuan [10]

支撑这些机器人精准完成动作、适配复杂环境的核心，是一颗具备自主决策、路径规划与数据处理能力 的"机器人大脑"。这家专注于四足机器人研发、生产与场景应用的高新技术企业，正以技术创新推动行 业变革。 1月13日，山东星界创新机器人有限公司的智能实训场内，多款功能细分的机器人正井然有序地在各自 专属的训练区域开展训练。 在导航技术上，公司近期实现关键突破。位于山东省滨州市沾化区的研发团队成功攻克SLAM激光雷达 导航技术在复杂环境中的应用难题。"我们通过提取激光雷达运行时创造的点云数据，构建高精度三维 地图，为机器人植入'智能大脑'，使其在昏暗、复杂甚至跨楼层场景中也能稳定导航。"公司总经理李 德政说。 这项技术已应用于最新款服务机器人"小星"，使其在接收到语音指令后，能自动规划最优路径、灵活避 障，流畅完成巡检、导引等任务。 目前，公司机器人已成功应用于山东达民化工、中国移动（600941）呼和浩特数据中心、集地广场、青 岛地铁等多个项目，覆盖化工巡检、安防监控、机房运维、公共交通管理等场景。 客户反馈显示，机器人可替代80%以上重复巡检工作，巡检覆盖率从60%—70%提升至100%，实现24小 时不间断作业，隐 ...

具身智能，找客户难。 但深圳一家机器人公司，却有一批千亿级大厂为之买单。 美的工厂里，机器人分拣，效率是人工3倍；海信生产线中，机器人用于柔性插拔装配，成功率达99.99%。2024年又推出人形机器人，2025年就批量出货 超百台，拿下了比亚迪、广汽、中联重科、三一重工、松下、大金、蓝思科技等客户。 这就是跨维智能，通过为制造业客户提供机器人大脑和人形机器人，年收入已突破亿元。 跨维智能创立于2021年，之所以在不到五年就大规模落地，秘密是解决了数据难题。 物理世界的数据天生稀缺，行业大多靠真机采集数据，效率低还复用难。跨维智能创始人贾奎带着团队，用计算机模拟物理环境"造数据"，解决了机器人 在真实世界中训练数据匮乏的难题。 在跨维智能搭建的虚拟世界里，物体有重量、会碰撞，能无限生成训练数据——今天练分拣圆形零件，明天换方形；今天模拟晴天，明天换阴天，还能故 意设置油污干扰。 资本同样看好跨维智能的"数据核武器"。跨维智能已经完成多轮大额融资。刚创立就获得近千万美元天使融资。 2025年年中，又获得数亿元A1&A2轮融资，投资方包括领投方成都科创投、洪泰基金，以及联想创投等一众新老股东。 跨维智能的客户分部在 ...

引言 过去一年，具身智能成为机器人产业最热的关键词之一。人形机器人、服务机器人、特种机器人密集发布，但 一个现实问题也越来越清晰地浮出水面： ▍ 从 " 卖机器人 " 到 " 卖大脑 " ：产业逻辑正在发生变化 智能能力深度绑定硬件 算法围绕单一场景优化 产品更新依赖重新设计整套系统 机器人看起来更 " 聪明 " 了，但离真正的自主智能，仍然存在结构性差距。 近日， Robo Summit 机器人发展论坛（第二期）暨首届朝阳智能机器人生态大会在北京朝阳举办。千诀科 技创始人兼 CEO 高海川受邀发表主题演讲，并与银河通用创始人兼 CTO 王鹤、智平方副总裁邱巍等嘉宾共 同启动 " 朝阳区智能机器人生态伙伴建设计划 " ，围绕具身智能的技术演进与产业协同展开深入探讨。 在演讲中，千诀科技创始人兼 CEO 高海川分享了一个颇具产业争议的判断 —— 机器人智能的下一阶段竞争，不在"哪种形态跑得更像人"，而在"机器人大脑是否真正独立、通用、可演 化"。 这一判断，正在重新划分机器人产业的技术路线。 长期以来，机器人产业的主流商业模式是 整机驱动 ： 但随着应用场景快速扩张，这种模式的边界越来越明显： 每进入一个新行业 ...

Core Viewpoint - Yushu Technology Co., Ltd. plans to submit its IPO application in Q4 2025, marking a significant milestone as the first profitable humanoid robot company globally, which is expected to attract attention to the entire humanoid robot industry chain [1] Shareholding/Investment - Juxing Technology holds shares in Yushu Technology through its subsidiary, ensuring clear equity investment and direct asset appreciation [3] - Jing Shan Light Machine participated in Yushu's early investment through an industrial investment fund, though specific shareholding ratios are not disclosed [3] - Shoukai Co., Ltd. indirectly holds approximately 0.85% of shares through the Jinshi Growth Fund, indicating a relatively high indirect shareholding among A-share listed companies [3] - Jinfat Technology holds 4.77% indirectly through the Jinshi Growth Fund and is a leading chemical materials company with over 60% market share in robot shell materials, reporting a 35.5% revenue growth in H1 2025 [3] - Wolong Electric Drive holds 0.1525% indirectly and has seen a 36.76% net profit increase in H1 2025, with a gross margin of 28% [3] - Other companies like Jingxing Paper and Rongsheng Environmental Protection hold minor indirect stakes, primarily for financial investment [3][4] Core Suppliers - Zhongdali De is the core supplier of planetary reducers, with orders locked at 3.2 billion yuan for 2025, accounting for 36% of Yushu's costs [6] - Changsheng Bearings exclusively supplies self-lubricating bearings with over 80% penetration, expecting 8% of its revenue from robot business in 2025 [6] - Aobi Zhongguang is the sole supplier of 3D vision modules, with a supply ratio of 72% and a doubling of revenue in H1 2025 [6] - Lide Technology provides flexible tactile sensors, breaking the monopoly of Korean companies [6] - Weilan Lithium Core is the core supplier of lithium batteries for Yushu, with an expected 60% supply ratio in 2024 [6] Technical Cooperation Partners - iFLYTEK collaborates on developing the "robot brain," with a leading position in voice recognition and a planned R&D investment of 2.392 billion yuan in 2025 [8] - Lingyun Optical is jointly developing the FZMotion motion capture system, achieving high precision and expected stock price growth of over 200% in 2025 [8] - Zhongke Chuangda provides motion control algorithms and holds 1.86% of shares, with strong adaptability in edge computing modules [8] - Other partners include Shuanglin Co., Ltd. and Shengtong Co., Ltd., focusing on various components and educational collaborations in robotics [8][9]

Summary of Key Points from the Conference Call on Robotics Industry Industry Overview - The robotics industry is shifting focus from traditional industrial robots to humanoid and specialized product forms, with a strong emphasis on full-chain automation control [2][16] - The development of humanoid robots is closely linked to advancements in automotive intelligence and electrification, with many robotics developers originating from the automotive sector [2][3] Core Challenges - The development of robotic brains faces dual challenges: the real-time performance of operating systems and the uncertainty of AI algorithms, particularly in precision control scenarios [4][10] - The phenomenon of "hallucination" in large language models complicates the training of models for specific applications [4] - Data variability in different environments, such as home care, adds complexity to model training [5][12] Industrial vs. Domestic Applications - Robotic brains are more easily implemented in industrial settings due to higher project budgets that allow for extensive data collection and training, unlike home care scenarios which have budget constraints [6][13] - The need for tailored solutions in specific environments is emphasized, suggesting a gradual approach starting with narrow applications [13][24] Technological Development - The concept of world models is gaining traction, with the potential to enhance robotic brains by reconstructing scene data, although data volume and computational power remain significant challenges [8][9] - Current robotic systems are more akin to specialized control systems rather than general-purpose brains, necessitating real-time operating systems and sufficient observational computing power [10][11] Market Dynamics - If China's robotics supply chain is established, it could lead to significantly lower costs compared to the U.S., with a strong foundation for manufacturing [14] - The lack of skilled product managers in China is identified as a barrier to defining and designing effective robotics products [22] Future Outlook - The robotics industry is still in its infancy, with no clear leaders emerging due to the incomplete integration of technology stacks [16] - Short-term investment risks are highlighted, as significant breakthroughs in robotics and AI are not expected imminently [20][24] - The potential for humanoid robots in various applications is acknowledged, but their current utility in many scenarios remains limited [17] Conclusion - The robotics industry is at a critical juncture, with the potential for growth if initial application scenarios are clearly defined and marketable solutions are developed [24][25] - Investors are advised to manage expectations and balance technological advancements with practical commercialization strategies [25]

Core Insights - The article discusses the investment strategies and reflections of Wang Sheng, a partner at Inno Angel Fund, particularly in the context of the AI and robotics sectors, highlighting the importance of early investment and the need to adapt to changing market dynamics [2][4][14]. Investment Strategy - Wang Sheng emphasizes the significance of identifying potential winners in the robotics industry, noting that he invested in five out of the top 20 most valuable robotics companies in China, achieving returns ranging from tens to hundreds of times [2][4]. - The investment logic varies among companies, with some being tactical responses to market trends while others are based on strategic foresight regarding the future of intelligent development [2][4]. - There is a reflection on the missed opportunities in investing in multiple promising companies rather than betting on a single champion, suggesting a shift in investment philosophy towards a more inclusive approach [14][16]. Personal Journey - Wang Sheng's background includes a long career in internet and entrepreneurship, transitioning to early-stage investment as he recognized the potential in the mobile internet and entertainment sectors [3][4][5]. - His experiences highlight the importance of personal interest and passion in investment decisions, as he found success in areas he was genuinely interested in, such as entertainment and AI, rather than forcing himself into less appealing sectors [4][62]. Industry Trends - The article notes the rapid evolution of the AI and robotics sectors, with a particular focus on embodied intelligence and the need for a deeper understanding of the technology behind it [24][26]. - Wang Sheng discusses the misconceptions surrounding embodied intelligence, clarifying that it is more about human cognitive processes and learning through interaction rather than merely endowing machines with intelligence [26][27]. - The investment landscape is characterized by a cautious yet proactive approach, with a focus on companies that demonstrate both long-term growth potential and immediate revenue generation [35][36]. Reflections on Investment Philosophy - There is a critical examination of past investment choices, with an acknowledgment that overconfidence in market predictions may have led to missed opportunities [16][19]. - The current investment strategy has shifted to place greater trust in founders and their visions, even when they diverge from the fund's initial assessments [20][21]. - Wang Sheng emphasizes the importance of understanding the people behind the projects, suggesting that strong teams can adapt and thrive even if their initial direction differs from established trends [20][22].