但咱们先琢磨个事儿,这智元2023年4月才成立，满打满算就两年，凭啥敢放这么大的话？钱够不够烧？ 股权会不会被资本稀释？技术又能不能撑住？这些都是问题。 先说说钱的问题，智元这两年确实融了11轮，估值到了150亿元，节奏看着密，但路子跟别的初创公司 不一样,它不咋找纯投资机构，反而偏爱腾讯、比亚迪、京东这种产业资本。 就拿比亚迪举例，2023年8月入股时持股3.76%，现在最新持股是2.38%，这哪是单纯给钱啊？ 分明是提前绑定产业合作,比亚迪的工厂能当智元机器人的试验场，智元的技术又能帮比亚迪解决生产 线自动化的难题，这是互相借力，比只拿一笔钱有用多了。 更关键的是，智元没因为融资丢了控制权。邓泰华直接加间接持有58%的股份，就算是从天使轮就跟着 投的高瓴资本，现在也只靠两只基金合计持股约6.67%，腾讯投资才占2.63%。 最近人形机器人圈全在聊量产，智元机器人直接喊出2026年要冲数万台目标，银河通用也说2026年规模 要涨2-3倍。 邓泰华在华为待了20多年，管过5G、通信基站这些王牌业务，还牵头搭了鲲鹏、昇腾AI芯片的生态； CTO彭志辉就是大家熟的稚晖君，以前是华为昇腾计算产品线的全栈研发工程师， ...

无锡惠山古镇映月里街区，一间1300平方米的体验中心内，游客被机器人店长带领着四处参观，智元的"远征""精灵""灵犀"系列机器人化身服 务官，或在炫技舞台上表演后空翻、精准避障等高难度硬核动作，或与游客对弈棋牌、竞技冰壶，或是上演上海戏剧学院编排的主题剧……这 就是近日刚开业的全球首个开放式具身智能体验中心的场景。 据悉，这家由智元机器人推出、聚焦人形机器人沉浸式互动的场所，是业内首个面向C端消费者开放的具身智能文旅融合项目。它采取"日场 +夜场"双运营模式，白天聚焦家庭亲子与大众游客群体，打造轻松趣味的机器人主题演出；夜晚则转型"科技风 Livehouse"，搭配轻食、饮品服 务，精准吸引年轻消费群体打卡。 技术体系大阅兵 从实验室走向文旅消费场景，不仅是智元机器人商业化的重要一步，也是其技术体系的集中"阅兵"。 在舞台上表演各种炫技动作的灵犀X2，在今年9月中旬曾因一段短视频在业内引发震动：它在平地上靠双脚蹬地跃起，在空中完成连续转体与 翻腾动作后，稳稳落地，成为全球首个实现"韦伯斯特空翻"的人形机器人。 这项源自竞技体操的高难度动作，要求机器人在0.7秒内完成角动量控制、姿态调整与落地缓冲，被业内视为运 ...

Core Insights - The report from Shanghai Securities highlights a surge in the humanoid robot industry, with significant participation from both domestic and international players, indicating a trend towards commercialization and mass production of humanoid robots [1] Industry Developments - Major companies such as Huawei, ByteDance, BYD, Xiaomi, and Ant Group are increasing their investments in embodied intelligence, while international firms like Tesla and Figure AI are accelerating their commercialization efforts [1] - The humanoid robot industry is entering a phase of diverse innovation, with a clear trend towards industrial applications, suggesting a high degree of certainty in future commercialization [1] Company Highlights - **Tuosda**: Recently launched its first wheeled humanoid robot "Xiao Tuo," which features a four-stewart wheel design and can perform complex tasks autonomously [1] - **Zhiyuan Robotics**: Successfully demonstrated the "Webster Flip," becoming the first humanoid robot to perform this complex gymnastic move, showcasing advanced motion control capabilities [2] - **Moliang Technology**: Completed a Pre-A round financing of tens of millions, aimed at expanding production lines and enhancing delivery capabilities across various sectors [3] - **Figure**: Secured over $1 billion in Series C funding, reaching a valuation of $39 billion, which will support the growth of its humanoid robots and AI platform [4] - **Tesla**: CEO Elon Musk's recent stock purchase and a new compensation plan linked to the delivery of 1 million humanoid robots is expected to catalyze production efforts [5] - **Luxiao Technology**: Announced a partnership with Kepler Robotics to develop AI-integrated home service robots, targeting sales of at least 1 million units in the next three years [6][7]

Industry Overview - The humanoid robot industry is experiencing a surge in activity, with numerous domestic and international players entering the market, including major companies like Huawei, ByteDance, BYD, Xiaomi, and Ant Group in China, as well as Tesla and Figure AI abroad. This indicates a phase of "a hundred flowers bloom, a hundred schools of thought contend" in the industry [1][8] - The emergence of AI companies like DeepSeek is driving the development of general-purpose robotic models, facilitating the realization of embodied intelligence in humanoid robots [1][8] Company Developments - Tuosda has launched its first wheeled humanoid robot, "Xiao Tuo," which features a four-stewart wheel design and supports 360-degree omnidirectional movement, leveraging the company's expertise in high-end servo technology [2] - Zhiyuan Robotics has successfully demonstrated its Lingxi X2 humanoid robot performing the complex "Webster flip," showcasing advanced motion control and dynamic balance capabilities [3] - Modulus Technology has completed a Pre-A round financing of tens of millions, which will be used to expand production lines and enhance delivery capabilities across various sectors, including robotics and smart vehicles [3] - Figure has raised over $1 billion in its Series C funding round, achieving a valuation of $39 billion, with participation from notable investors such as Nvidia and Qualcomm Ventures. This funding is crucial for expanding their AI platform and manufacturing scale [4][5] - Tesla's CEO Elon Musk has set a target of delivering 1 million humanoid robots, which is part of a new compensation plan potentially worth nearly $1 trillion [5] - Luxiao Technology has partnered with Kepler Robotics to develop AI-enabled household service robots, aiming to sell at least 1 million units in Europe and the U.S. over the next three years [6] Collaborative Efforts - Figure is collaborating with Brookfield to develop a humanoid robot dataset, which will involve collecting human video data across Brookfield's extensive real estate portfolio. This data will be used to train Figure's proprietary Helix model [7] Investment Recommendations - The humanoid robot industry is expected to see significant commercial applications, with a focus on domestic component manufacturers benefiting from this trend. Key companies to watch include: - Assemblies: Sanhua Intelligent Control, Top Group - Reducers: Shuanghuan Transmission, Zhongdali De - Motors: Mingzhi Electric - Companies in the Seris Robot supply chain: Yongmaotai, Longsheng Technology - Companies in the Huawei robot supply chain: Tuosda, Zhaowei Electromechanical, Zhongjian Technology, Hechuan Technology, Aifute [8][9]

国金证券近日发布具身智能行业研究：9月17日，工业和信息化部装备发布了"公开征求 《智能网联汽车组合驾驶辅助系统安全要求》强制性国家标准的意见"。《要求》作为强制 性国家标准，旨在确保组合驾驶辅助系统具备应对高频、高风险场景的基础安全能力，减少 因系统安全能力不足或驾驶员误用导致的事故。 以下为研究报告摘要： 核心观点： 辅助驾驶：景气度加速向上，辅助驾驶征求意见发布，政策持续推进下，看好智驾芯 片、激光雷达、Robo+等。 辅助驾驶强制性国家标准征求意见发布，助推行业规范化发展。9月17日，工业和信息 化部装备发布了"公开征求《智能网联汽车组合驾驶辅助系统安全要求》强制性国家标准的 意见"。《要求》作为强制性国家标准，旨在确保组合驾驶辅助系统具备应对高频、高风险 场景的基础安全能力，减少因系统安全能力不足或驾驶员误用导致的事故。 英伟达孵化Robotaxi项目，行业在激烈竞争中向好发展。近期，英伟达在内部一项All hands meeting上正式宣布孵化Robotaxi项目，进军Robotaxi行业。相较于英伟达此前参与的 辅助驾驶项目，此次孵化的Robotaxi项目是一个"预计投入30亿美金，未来会在美 ...

金磊 发自 凹非寺 量子位 | 公众号 QbitAI 真就一个大写的"哇塞"—— 智元的 灵犀X2 ，成了 全球首个 完成 韦伯斯特空翻 的机器人！ 要知道，韦伯斯特空翻是空翻里的进阶技巧，属于中高级水平。 一般完成这个动作，需要靠一条腿强有力地蹬地，另一条腿摆动带动身体翻转，对腿部爆发力和协调性要求更高。 而且啊，人类在抖音上也是以能完成这个动作为由头频发视频，例如 "重庆炫阳特技东哥" ： △ 图源：抖音"重庆炫阳特技东哥" 网友们看完灵犀X2的韦伯斯特空翻，也是在评论区纷纷打出那句famous的"名言"： 真男人必会韦伯斯特。 不过现在来看，这句话得改成 "真机器人，也得必会韦伯斯特" 了 。 稚晖君 还打趣说道： 灵犀X2成功做到了我都做不出的动作。 先来了解一下这个机器人 从官方的介绍来看，灵犀X2身高 1.3米 左右，全身有 25-31个自由度 （包括头部的2个自由度）。 由于这次完成韦伯斯特的灵犀X2去掉了头，因此应当是少了2个自由度。 从效果上来看，灵犀X2在运动方面的交互已经有着人类基本的水平，像 跑步 这样的基操，已经是可以应对各种各样的地形： 在无需导航的情况下，灵犀X2也可以完成 自主 ...

Core Insights - The first Zhiyuan Robotics Partner Conference was held on August 21 in Shanghai, focusing on accelerating the commercialization of embodied intelligence and transitioning the industry from "technical exploration" to "scaled commercial application" [1] Group 1: Ecosystem Development - Zhiyuan Robotics aims to build a comprehensive ecosystem by 2025, positioning embodied intelligence as the next smart terminal after smartphones and automobiles [1] - The strategy includes mass production of general-purpose humanoid robots, creating a robust collaborative software and hardware platform, and expanding into industrial, commercial, and home scenarios [1] - Key initiatives for ecosystem co-construction involve open-source middleware (AimRT), datasets, and the "Lingqu OS" system, alongside an integrated strategy to promote industry collaboration [1][3] Group 2: Product and Technology Strategy - The CTO introduced a "1+3" full-stack technology strategy, which includes one robot body and three core intelligences: motion intelligence, interaction intelligence, and operation intelligence [2] - Three product series were showcased: Expedition A2 (the first globally certified commercial humanoid robot), Yuanshi G1 (industrial/commercial data tasks), and Lingxi X2 (an educational robot) [2] - The company is focusing on eight major application scenarios, providing scalable solutions across various industries [2] Group 3: Partnership and Resource Allocation - The 2025 partnership policy will tier high-end resources directly to quality partners, with a goal of deploying over 100,000 general-purpose robots in three years [3] - Zhiyuan Robotics is establishing a closed-loop value chain through strategic partnerships, optimizing component development and production while enhancing robot performance and quality [3] Group 4: Supply Chain and Investment Strategy - Several listed companies are involved in Zhiyuan's ecosystem, covering key components such as actuators, sensors, AI models, and assembly [4] - Investment strategies include following the supply chains of leading robot manufacturers, with specific focus on companies like Lianyi Zhizao and Green Harmonic [4] - The market outlook suggests a potential shift in focus towards Tesla's supply chain following the release of Optimus V3 in Q4 2025 [4]

Core Viewpoint - The 2025 World Humanoid Robot Games in Beijing marks a significant milestone in the transition of humanoid robots from laboratory settings to large-scale applications, showcasing technological advancements and commercial potential in the industry [3][4][10]. Group 1: Technological Progress of Humanoid Robots - The 2025 World Humanoid Robot Games featured over 500 humanoid robots from 16 countries, with 26 competition categories, setting historical records in scale and impact [4]. - The "Tiangong Ultra" humanoid robot won the 100m sprint with a time of 21.50 seconds, demonstrating a major leap in autonomous navigation capabilities [4]. - The "H1" robot from Yushu Technology set world records in long-distance running, achieving 6 minutes and 34.40 seconds in the 1500m event, showcasing stability and endurance in high-intensity activities [5]. - In practical application scenarios, robots demonstrated advanced capabilities in environments such as hospitals and factories, with the Galbot robot completing a complex sorting task in just 4 minutes and 25 seconds [6][7]. Group 2: Application Prospects of Humanoid Robots - Despite rapid technological advancements, there are ongoing debates regarding the commercial viability of humanoid robots, primarily due to concerns about technological maturity and commercialization pathways [10]. - Recent large orders, such as a 1.2 billion yuan contract for humanoid robot manufacturing, indicate a growing market demand and validation of the industry's potential [11][12]. - The global humanoid robot market is projected to reach 1.24 million units and approximately 6.4 billion yuan by 2025, with significant growth expected in the Chinese market [14]. Group 3: Investment Dynamics - Since 2025, the humanoid robot sector has seen over 80 financing events totaling more than 13 billion yuan, reflecting strong investor interest [16]. - The focus of investment has shifted from early-stage technology validation to the ability to mass-produce and deliver products, indicating a maturation of the industry [16][17]. - Leading companies like Yushu Technology and Zhiyuan Robotics are pursuing IPOs, which could provide valuation benchmarks for the industry and enhance market expectations [17].

Core Insights - The global market is on the brink of a significant explosion in embodied intelligence, with humanoid robots expected to become the next generation of mass smart terminals following smartphones and automobiles [1] - The humanoid robot industry is transitioning from early exploration to a critical validation phase, driven by rapid cost reductions and significant orders [1][2] Company Developments - Zhiyuan Robotics has achieved mass production of 1,000 humanoid robots and aims to produce thousands more this year, with a target of deploying 100,000 general-purpose robots over the next three years [2] - The company recently secured a major order worth 120 million yuan and has begun deploying nearly 100 units of the Far Expedition A2-W in an industrial application, marking a significant milestone in the commercialization of embodied robots [2][3] - Zhiyuan Robotics has formed partnerships with numerous listed companies and has invested in 15 early-stage projects, achieving an annualized return of 8 times on these investments [3] Product and Technology Strategy - The company has developed three main product series: the Far Expedition series, the Spirit series, and the Lingxi series, each targeting different application scenarios [4][5] - Zhiyuan Robotics is focused on creating a self-evolving general-purpose embodied intelligence platform and has launched the "Zhiyuan A Plan" to incubate over 50 high-potential early-stage projects within three years [6] - The company has open-sourced its middleware, a million-strong real machine dataset, and its first embodied intelligence operating system, "Lingqu OS" [6] Market Expansion and Future Plans - Zhiyuan Robotics plans to expand into overseas markets, focusing on North America for educational collaborations and targeting Southeast Asia, Japan, South Korea, and Europe for commercial ventures [7] - The company has a strong cash reserve that can sustain its operations for three years, even without revenue, indicating robust financial health [8]

Core Viewpoint - The article discusses the launch of the "LinkCraft" platform by ZhiYuan Robotics, which aims to lower the barriers for secondary development of robots, allowing creators to easily program and customize robot actions without requiring extensive technical knowledge [1][5][6]. Group 1: Platform Overview - LinkCraft is positioned as an AI-powered platform for creators and developers, enabling robots to express themselves like humans and allowing creators to direct robot actions freely [7]. - The platform simplifies the process of programming robots by providing modular tools for action customization, reducing the complexity previously associated with robot programming [10][11]. Group 2: Features and Functionality - Users can select from a library of standardized actions or upload videos of human movements, which the AI will then convert into robot actions [20][21]. - The platform allows for real-time preview and adjustment of robot actions, making it user-friendly and accessible to non-experts [16][22]. - LinkCraft can analyze audio inputs to generate corresponding robot actions based on the emotional tone of the audio [24]. - Users can input text to generate speech and specify corresponding actions for the robot, enabling a more interactive performance [26]. Group 3: Future Developments - The beta version of LinkCraft is set to launch in October, with plans to expand compatibility to more hardware devices beyond the current humanoid robot, Lingxi X2 [14][13]. - A new prototype robot, Lingxi X2-W, was showcased, featuring advanced capabilities and compact design [27][29].