【环球时报记者 杨沙沙 王冬 环球时报驻美国特约记者 卓然】 编者的话： 1月6日至9日，位于世界科技舞台"C位"的2026年国际消费电子展（CES）在美国拉 斯维加斯举行，本届CES以"Smarter AI for All"为主题，汇聚4500余家国际科技企业，展示全球最具未来感的科技革命与商业创新。各种人工智能（AI）终 端、人形机器人、无人出租车令人目不暇接……今年的CES将有哪些令人兴奋的杰出创新与巧妙升级？中国企业在其中扮演什么角色？《环球时报》记者采 访了多位参展方代表及业内人士。 " 中企占据了机器人展区 " 一位"机械舞者"头顶牛仔帽，身穿西服马甲，舞步丝滑流畅——1月6日，在近一年前将人形机器人"搬上春晚"的宇树科技在CES现场不仅开起了"机器人舞 会"，还办起格斗擂台赛，外国观众纷纷拿起手机驻足拍照。中国人形机器人企业加速进化公司带来机器人足球赛冠军——Booster K1机器人矩阵，数十台 机器人通过集体扭头、挥手、齐舞乃至演绎非遗舞狮，以流畅动作与观众互动。今年参展的中国企业展现出人工智能（AI）与硬件的深度融合，以及在具 身智能、AI眼镜等前沿领域的集群式技术突破。 展会上，包括宇树 ...

"我想要它能从我的只言片语中发现我的闪光点，让我感受到被爱。" 这些动辄成百上千元的AI玩具，核心卖点离不开"情感陪伴"，但现实是，大多数产品存在反应延迟、学不会"正常说话"的问题。 凤凰网科技出品 作者｜林阳 编辑｜赵子坤 "所有AI应用都是套壳应用，关键是找到实际产生效益的场景。"著名投资人朱啸虎曾这样评论，他虽因商业化路径不清而退出早期具身智能项目，却转头 押注AI情感陪伴硬件，认为"AI创造情绪价值是如今大模型应用领域一个靠谱的方向"。 然而走进商场，消费者看到的却是另一番景象。AI玩具们长得大同小异：毛绒外壳配上一双不断眨巴、试图传达情感的大眼睛，宣传语出奇一致地写 着"心灵疗愈"、"温暖陪伴"。 "大家对AI玩具的期待超出了它本身的能力。"AI玩具品牌"超级球球"COO大白在一场体验会上坦言。这几乎是行业内的共识——多数套壳产品连基本自然 交互都难以实现，更谈不上深度情感理解。 北京海淀的无界咖啡馆里，一位顾客向AI玩具品牌创始人吐露心声。她轻抚着面前毛绒玩具，停顿片刻后略显失望："但延迟反应已经让我失去一半兴趣 了，好像总是不明白我在说什么。" 她买单的是，数百甚至上千元、标榜"情感陪伴"的高溢 ...

智通财经记者 | 陆柯言 伍洋宇 佘晓晨 智通财经编辑 | 文姝琪 创投行业最难的时期已经过去，而2025年正是转折之年：在智通财经近一年采访过的投资人中，这几乎 是一个最大的共识。 2025年，中国创投市场明显回暖。投中嘉川CVSource数据显示，2025年1–11月中国VC/PE市场共发生 约 10007起投资事件，同比增长约30.33%；同期投资规模约11930亿元人民币，同比上升约31.54%；在 募资端，同期新成立基金数量约4871支，同比增长约16.73%。 在2025年即将结束之际，智通财经回顾了今年创投圈的八大风口。从IPO狂欢的半导体到街头巷尾热议 的短剧，从人机共舞的具身智能到业绩狂奔的3D打印，它们既有硬科技的深度突破，又有消费场景的 快速落地；既延续了AI浪潮，也见证了传统产业与数字技术的深度融合。 以AI为代表的硬科技，仍是创投圈当下最高频的关键词。如果说移动互联网时代，投资人最在意的是 指标是流量和规模，如今硬科技当道的新周期，考验的不仅是初创公司的技术壁垒，更是资本的耐心。 今年的创投市场，更热闹，也更务实。2025年，中国在全球创新地图上的位置已愈发清晰，那便是从概 念热潮走 ...

Core Viewpoint - The AI toy sector is expected to experience significant growth in 2025, with major investments from both large companies and startups, indicating a strong market potential and consumer interest [6][29]. Investment Landscape - Notable investments in AI toys include companies like Lobo Intelligent and Yue Ran Innovation, with significant funding rounds reported, such as Lobo's angel round and Yue Ran's recent 200 million yuan Series A funding [6][11][14]. - The number of registered AI toy companies in China reached 1,766 by June 2025, with over 16 financing events occurring in 2025 alone, totaling more than 20 billion yuan in investments [17][18]. Market Performance - The AI toy "BubblePal" has sold nearly 300,000 units since its launch, generating over 100 million yuan in total sales, making it the top-selling AI toy globally [8][10]. - The stock price of companies like Shifeng Culture has surged by 471% since February 2024, reflecting the market's positive response to AI toys [7]. Product Development Challenges - Despite the excitement, the AI toy market has not yet seen products achieving sales in the millions, with the industry still grappling with the challenge of creating truly engaging AI toys [7][19]. - Many AI toys currently rely on generic models and lack differentiation, leading to concerns about product homogeneity [21][22]. Consumer Insights - Parents are the primary buyers of AI toys, seeking solutions to parenting challenges, with products like BubblePal designed to enhance children's imagination [10][11]. - User retention and engagement remain significant issues, with reports of high return rates (30-40%) due to unmet expectations regarding product performance [23][24]. Competitive Landscape - The AI toy market is characterized by competition not only among toy manufacturers but also from traditional IP toys and AI companion applications, creating a complex competitive environment [31][32]. - Major companies like JD.com and Mattel are entering the AI toy space, indicating a growing interest from established brands [31][32]. Future Outlook - The AI toy market is projected to exceed 10 billion yuan by 2030, with a compound annual growth rate of over 70%, highlighting its potential for substantial growth [29][30].

Core Insights - The AI toy sector is expected to thrive in 2025, attracting significant capital investment and interest from both large companies and startups, with strong consumer engagement [1][9][22] - Major players like Huawei and JD.com are entering the AI toy market, collaborating with startups to leverage their core technologies [1][9] - The market is witnessing a surge in registered companies and financing events, indicating a growing interest in AI toys despite the challenges of creating a successful product [9][22] Company Highlights - Companies like Lobo Intelligent and Yue Ran Innovation are gaining attention, with Lobo's "Smart Hanhan" toy selling out quickly after its launch [1][5] - Yue Ran Innovation's "BubblePal" has sold nearly 300,000 units since its launch, generating over 100 million yuan in sales [3][5] - Lobo Intelligent, founded in early 2024, has also seen success with its product "Fuzai," which quickly became a top seller on e-commerce platforms [7][9] Market Dynamics - The AI toy market is characterized by a rapid increase in registered companies, with 1,766 active firms as of June 2025, and a financing boom exceeding 20 billion yuan [9][22] - Despite the growth, the industry faces challenges in producing a breakout product, with many companies struggling to differentiate themselves in a crowded market [2][10][13] - The average return rate for AI toys is high, with reports indicating rates between 20% to 40%, primarily due to unmet consumer expectations [17][18] Consumer Insights - Parents are the primary buyers of AI toys, seeking products that address parenting challenges and enhance children's imaginative play [5][12] - The emotional value provided by AI toys is crucial, with products needing to appeal to both children and parents [11][12] - User retention and engagement remain significant challenges, as many consumers report a decline in interest shortly after purchase [15][18] Financial Performance - AI toys generally have a higher profit margin compared to traditional toys, with margins ranging from 70% to 80% [22] - The dual business model of hardware sales combined with subscription services for content updates is becoming prevalent in the industry [22] Competitive Landscape - The AI toy market faces competition not only from within the sector but also from traditional IP toys and AI companion applications, which may attract price-sensitive consumers [23] - The industry is at a critical juncture, with many products achieving significant sales but lacking a clear market leader [23]

Core Insights - The application of AI is maturing, leading to a rise in AI hardware investments, with over 114 financing rounds and a total amount exceeding 14.5 billion yuan by mid-2025 [1] - AI glasses, toys, and learning machines are transitioning from niche markets to mainstream visibility, with significant sales during events like Double 11 [1][28] - Despite high prices, consumer acceptance of AI glasses is increasing, with a notable rise in sales and interest in AI functionalities [7][9] AI Glasses - AI glasses are priced comparably to smartphones but lack the same energy and functionality, leading to mixed sales results [2][10] - Quark AI glasses achieved top sales on Tmall, with a pre-sale price of 4,699 yuan, dropping to 3,899 yuan during promotions [2] - Rokid Glasses, priced at 3,299 yuan, saw a 7-fold increase in sales compared to the previous year [4] - Xiaomi's AI glasses, priced at 1,999 yuan, sold over 50,000 units on JD, indicating a strong market presence despite lower sales compared to smartphones [5][10] - The market for AI glasses is expected to grow significantly, with a projected shipment of 290.7 million units by 2025, reflecting a 121.1% year-on-year increase [7][11] AI Toys - AI toys are gaining traction, with products like "Furball" and "Listening Cow" achieving notable sales during promotional events [12][15] - The price sensitivity of consumers is high, with many preferring to stay within a budget of 300-1,000 yuan [17] - The market for AI toys is characterized by a lack of differentiation, leading to high return rates and challenges in consumer acceptance [18] AI Learning Machines - AI learning machines are positioned as the most mature AI hardware category, directly addressing user pain points [19] - Popular models from Xueersi and iFLYTEK are priced between 5,499 and 10,959 yuan, with strong sales figures reported [21][23] - The market for learning machines is expected to grow, with a low penetration rate among the K12 student population, indicating significant future potential [26] - The sales strategy combines online and offline channels, with online sales accounting for 70.1% of total sales in the learning tablet market [24][25] Market Trends - The surge in AI hardware sales during promotional events signals a shift from niche to mainstream consumer products [28] - The challenge remains for AI hardware to meet consumer needs and provide clear value propositions to drive broader adoption [28]

Investment Rating - The investment rating for Shanghai Film is "Buy" (maintained) [1] Core Views - The report highlights a significant increase in Q3 performance, driven by the success of the film "Wang Wang Mountain Little Monster" and the company's focus on IP commercialization and AI technology, which are expected to drive long-term growth [4][5][6] - Revenue for Q1-Q3 reached 720 million yuan, a year-on-year increase of 29.1%, with net profit attributable to shareholders at 140 million yuan, up 29.8% year-on-year. Q3 alone saw revenue of 360 million yuan, a remarkable 101.6% increase year-on-year [4][5] - The report anticipates revenue projections for 2025-2027 to be 1.04 billion, 1.26 billion, and 1.47 billion yuan respectively, with net profits of 220 million, 270 million, and 320 million yuan [4][5] Financial Summary - The total market capitalization of Shanghai Film is 13.468 billion yuan, with a current stock price of 30.05 yuan. The stock has seen a 170.97% turnover rate over the past three months [1] - The gross profit margin for Q3 was 48.16%, reflecting a 29.06 percentage point increase year-on-year, while the sales expense ratio decreased by 1.78 percentage points to 3.34% [4] - The report provides a detailed financial forecast, indicating a projected EPS of 0.50, 0.60, and 0.71 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 57.2, 47.2, and 40.0 [4][9]

Core Insights - The AI emotional companionship hardware market is experiencing intense competition, particularly in the low-price range of 200-400 yuan, leading to high return rates and product homogeneity [1][4][6] - The popular AI toy "Fuzozo" exemplifies the rising interest in AI companionship products, achieving monthly sales exceeding 20,000 units [1][2] - The industry faces challenges in bridging the gap between production and consumer needs, with a pressing need for differentiation and innovation [2][4][6] Market Dynamics - The AI companionship hardware sector is seeing a surge in investment, with companies like Luobo Intelligent receiving significant funding from prominent investors [2] - Products in the AI companionship category are predominantly priced between 200 and 400 yuan, with many competing products lacking unique features [2][4] - High-end AI companionship robots, such as SenseTime's "Yuanluobo," are priced above 2000 yuan, indicating a market segment targeting affluent consumers [3] Consumer Behavior - Users express a willingness to try AI companionship products but struggle with retention and low willingness to pay, highlighting a disconnect between initial interest and long-term engagement [2][6] - Different demographic groups exhibit varying needs, with parents seeking educational support for children, while elderly users desire emotional companionship [7][8] - The current market struggles to meet the diverse demands of users, leading to challenges in monetization strategies [6][9] Innovation and Differentiation - The industry is criticized for its lack of innovation, with many products relying on third-party models and offering minimal differentiation [4][5] - Successful AI companionship products must establish a deeper emotional connection with users, moving beyond basic functionalities [5][6] - New entrants are exploring alternative approaches, such as integrating AI with fashion accessories, to escape the crowded market of traditional AI companionship hardware [10][11] Future Outlook - The AI companionship market is projected to experience explosive growth, with estimates suggesting a compound annual growth rate exceeding 200% from 2024 to 2030, potentially reaching a market size of 700 billion to 1.5 trillion yuan [3] - Companies must focus on understanding user needs and creating sustainable business models that balance emotional and commercial value [9][12] - The ongoing exploration of AI companionship products indicates a shift towards making technology a more relatable and trusted companion [12]

Core Viewpoint - The article discusses the rising trend of AI toys, particularly those integrated with popular IPs, highlighting their potential to reshape the market and attract investment [6][7][22]. Group 1: Market Dynamics - AI toys have gained popularity since last year, but many initial products were criticized for lacking genuine AI capabilities [6]. - The integration of well-known IPs with AI toys has significantly changed the market landscape, as evidenced by the recent 200 million yuan funding for the startup YueRan Innovation [6][10]. - Investors are increasingly favoring AI toys that incorporate IPs, as this combination leads to lower customer acquisition costs and faster market acceptance [7][14]. Group 2: Product Classification and Key Players - The AI toy market can be broadly categorized into AI + robots, AI + pets, and AI + toys, with the latter two often overlapping [9]. - Key players in the AI toy sector include companies like Ropet, LuoBo Intelligent, BeiPei Technology, and YueRan Innovation, with the latter being the highest funded [10][12]. - The pricing of AI toys varies, with products like the Cocomate Ultraman collaboration priced at 799 yuan, reflecting the added value of IP [12][14]. Group 3: Development Challenges - Developing AI toys that accurately represent their associated IPs involves significant challenges, including understanding the IP's story and voice [16][17]. - The technical requirements for creating AI toys are not overly complex, but ensuring they resonate with the IP's essence is crucial [19][20]. - The overall development cycle for an IP-based AI toy can range from one to two months, depending on communication with IP partners [19]. Group 4: Market Performance and Consumer Reception - Despite the initial excitement, the market performance of AI toys has been underwhelming, with high return rates reported [22][24]. - Many AI toys struggle with user experience, particularly in achieving natural and fluid voice interactions [25][28]. - The pricing model for AI toys, which often includes a base price plus a membership fee for software access, has deterred potential customers [28]. Group 5: Future Outlook - The combination of AI and IP in toys is seen as a promising avenue, but the industry has yet to produce a breakout hit with annual sales exceeding one million units [22][24]. - The potential for AI toys to provide emotional companionship and enhance IP value remains a key selling point, but the execution challenges are significant [24][28]. - The industry is still in its early stages, and while there is optimism for future success, achieving a "Bubble Mart" level of impact may take time [28].

Core Viewpoint - The rise of AI toys is transforming the toy industry, providing new opportunities for growth and innovation, particularly in Guangdong Province, which is a major hub for toy manufacturing and exports [12][17]. Industry Overview - AI toys integrate artificial intelligence with traditional toys, enabling intelligent interaction and personalized experiences for users [12][14]. - The market for AI toys is rapidly expanding, with sales increasing sixfold in the first half of 2025 compared to the previous period, and a year-on-year growth rate exceeding 200% [12][17]. Consumer Demographics - Children are the primary consumers of AI toys, with products designed to engage and educate them through interactive features [13][14]. - There is a growing market for AI toys targeting adult consumers, providing emotional companionship and entertainment [14][15]. Technological Advancements - AI toys utilize technologies such as deep learning, natural language processing, and emotional computing to enhance user interaction [12][15]. - Companies are developing advanced features like emotional recognition and personalized learning experiences tailored to individual users [14][15]. Market Potential - The toy industry in Guangdong Province is projected to expand significantly, with the potential to generate over 100 billion yuan in additional value through AI applications [17]. - The total output value of the toy industry in Guangdong could exceed 300 billion yuan, driven by the integration of AI technologies [17]. Production and Innovation - The production of AI toys requires higher standards and has led to the transformation of related industries, enhancing innovation capabilities [17][18]. - Companies are focusing on developing standardized AI modules to facilitate the integration of intelligence into traditional toy products [18]. Marketing Strategies - The marketing approach for AI toys differs from traditional toys, emphasizing the provision of ongoing valuable content and services to enhance customer loyalty and product value [18].