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].

Group 1 - The A-share market is experiencing a strong performance, with the ChiNext Index rising over 3%, driven by the robotics sector [1] - The Robotics ETF (159770) has seen a 2.11% increase, with a trading volume exceeding 270 million yuan, indicating active trading [1] - The ETF has attracted over 50 million yuan in net inflows over two consecutive days, reaching a record high of 7.577 billion yuan in total assets [1] Group 2 - Nvidia is set to launch a new robotic brain product, which has generated significant anticipation in the robotics sector [2] - UTree Technology is preparing to unveil a humanoid robot named "Ballet Dancer," showcasing advanced joint flexibility with 31 degrees of freedom [2] - The 27th China Robot and Artificial Intelligence Competition has commenced, attracting over 6,000 students from nearly 400 universities, focusing on real-world applications of humanoid robots [2] Group 3 - CITIC Securities highlights that major players like Nvidia are advancing humanoid robot development, signaling a shift from technology exploration to large-scale commercialization [3] - Dongfang Securities notes that optimism regarding the industry's future growth is prevalent among manufacturers, with a focus on production challenges and companies with strong manufacturing capabilities [3]

Core Viewpoint - The article discusses a significant talent migration from the autonomous driving sector to the embodied intelligence field in China, highlighting the reasons behind this shift and the potential of the embodied intelligence market. Group 1: Reasons for Talent Migration - Strong financial prospects: The embodied intelligence sector is expected to grow significantly, with the humanoid robot market projected to reach 75 billion yuan by 2029, attracting attention from local governments [3] - High reusability of technology stack: Both embodied intelligence and autonomous driving rely on environmental interaction and real-time decision-making, allowing for the reuse of existing technologies [4] - High demand for talent: There is a projected 409% increase in demand for robotics algorithm engineers by 2025, with high educational requirements making experienced professionals scarce [6] - Transition in original sector: The shift to end-to-end technology is leading to a reduction in high-level autonomous driving teams, providing opportunities for embodied intelligence companies to attract talent [7] Group 2: Industry Insights - The current landscape of autonomous driving has become more defined, with companies like Tesla and Huawei establishing clear models, while the embodied intelligence field remains less certain, offering more opportunities for technical professionals [9] - The influx of talent into the embodied intelligence sector is seen as a high-risk venture, with many individuals potentially failing to establish themselves in this emerging field [9]

致力于打造真正可商业落地的产品级具身大脑。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，千诀科技日前完成数千万元Pre-A轮融资，本次产业轮融资由追创创投与德同资 本联合领投，杭州特种具身智能机器人上市公司景业智能(688290)投资的产业基金正景智远基金战 略投资，Maple Pledge枫承资本长期提供融资顾问服务。本次融资将主要用于团队扩充和全球商业 化。 成立于2023年6月的千诀科技专注于具身智能最关键的环节——"机器人大脑"，即决策与规划大模 型的研发与应用 。千诀"机器人大脑"目标为让各种形态的机器人都能像人类一样自主观察环境、自 主思考和行动；帮助机器人突破仅能在"特定场景"内执行"单一任务"的局限，进入家庭及商业服务 等更广阔市场。 千诀科技以类脑为特色技术路线，基于全世界最大的家庭场景数据集训练模型，与传统大模型技术路 线相比，不仅训练数据门槛较低、能够大幅降低模型训练成本，而且类脑脉冲方案能够支持机器人低 功耗的长时程、复杂任务工作，让机器人摆脱预编程、遥控器和用户prompt，实现全自主工作。 目前，千诀科技多次在全球顶级 ...