Core Viewpoint - The article discusses the evolving landscape of AI hardware and embodied intelligence, highlighting the rapid commercialization and investment trends in these sectors, while also addressing the challenges and competitive dynamics faced by startups and established players in the market [4][6][30]. AI Hardware Industry - The concept of "AI hardware" has rapidly converged to include consumer electronics products that leverage model inference capabilities, such as AI glasses and AI toys, moving away from more speculative product ideas [4][5]. - The domestic AI hardware industry benefits from a mature supply chain, allowing entrepreneurs to effectively "recreate" consumer electronics, which has led to a unified approach among industry players [5][6]. - Despite the enthusiasm in the capital market for AI hardware, there is a notable absence of standout products that can validate the industry's direction [6][10]. - The AI glasses segment has seen significant growth, with shipments increasing from 1.3 million units in 2024 to 2.9 million units in 2025, reflecting over 120% year-on-year growth [16][17]. Embodied Intelligence Sector - The embodied intelligence sector has experienced a surge in valuations, with many companies reaching valuations in the tens to hundreds of billions, driven by a robust domestic supply chain and strong market demand [8][24]. - However, there is a disconnect between the high valuations and actual order disclosures, with many companies opting not to reveal specific order quantities or amounts [25]. - The primary application of humanoid robots has been in research settings rather than commercial production, which raises concerns about the sustainability of this business model [26][27]. - The emergence of robot rental services is a notable trend, with the market expected to grow from 1 billion to 10 billion in the coming year, indicating a shift in how humanoid robots are utilized [27]. AI Chip Industry - The domestic AI chip industry is experiencing a significant breakthrough, with the penetration rate of domestic chips rising from 8% to 23% in the past year, driven by government policies and the establishment of over 250 intelligent computing centers [32][33]. - Despite the growth, there are concerns about the global shift away from GPU-centric architectures towards more efficient alternatives like TPU and reconfigurable architectures, which may challenge the current dominance of domestic AI chips [34][36]. - The year 2026 is anticipated to be a pivotal moment for the domestic AI chip industry, as companies will need to compete on energy efficiency and performance against international brands [37].

应该意识到，陪伴经济的价值不仅仅是满足了人们的情感诉求，还培育了不少新的消费增长点。它将陪 伴、孤独等抽象的社会需求转化为一种服务，通过满足人们的新需求为市场带来了新增量。报道显示， 有机构预测，到2025年，中国"陪伴经济"的市场规模将突破500亿元。"陪伴+文旅""陪伴+养老""陪伴 +AI"等融合场景的出现，不仅提升了相关产业的服务附加值与体验感、拉动了相关产业的增长，更创 造了"陪诊师""陪爬师"等灵活就业岗位，可谓潜力无限。 银发陪护、宠物陪伴、机器陪人……据近日新华社报道，在过去的几年间，陪伴经济打破了传统消费模 式的边界，呈全面开花之势：从线下真人服务到线上虚拟陪伴，从实体宠物到智能设备，陪伴经济的内 涵与外延不断拓展，在满足公众情感需求的同时，为消费市场注入新的动能。 陪伴经济模式下，人们往往通过消费来获取情感支持、生活协助或共同体验，进而达到缓解内心孤独和 满足陪伴需求等目的。比如，"陪诊师"陪伴老年人看病就医，"陪爬师"给年轻人爬山加油鼓劲、背包引 路，AI陪伴机器人为人们提供精准、高效、全天候的情感陪伴，等等。这些社会生活中的互助场景， 如今都已成为陪伴经济的典型体现。 陪伴经济的兴起， ...

在当今的科技版图中，如果说 AI是大脑，那么机器人就是它的身体。 作为人工智能与物理世界交互的载体，机器人被视为下一个具备万亿级想象空间的超级赛道。 日前，摩根士丹利大胆预言全球机器人硬件销售额将从 2025年的1000亿美元攀升至2050年攀升至25万亿美元。 这份始于校园的默契，让他们在随后的创业征途中，构筑了坚不可摧的信任基石与纯正的硬科技基因。 在这片备受瞩目的蓝海即将爆发的前夜，资本市场正迎来新选手。 12月30日，卧安机器人正式登陆香港市场，跻身"AI具身家庭机器人第一股"。 与众多机器人公司尚未实现商业化相比，卧安机器人已经凭借清晰的全球化商业路径和创新技术，斩获规模化收入。 2024年，卧安机器人的收入、经调整EBITDA分别高达6.1亿元、2610万元。 这获得了不少机构投资者的认可，作为基石投资者的高瓴、 Cithara、Infini、中国东方、Wind Sabre、Yield Royal、Sage等合计认购份额超7亿港元， 占全球发售规模的比例 超过 40% 。 其中，高瓴作为最大基石投资人领衔入局，充分彰显了长线聪明钱对具身智能赛道及卧安机器人行业地位的坚定看好。 除了顶级资本的加持， ...

机器人租赁平台擎天租正式发布。 ①阿里推出全新图像生成模型Qwen-lmage-Layered； ②智元机器人邓泰华：今年销售收入有望超10亿元； ③机器人租赁平台擎天租正式发布； ④新石器无人车将发布新一代城市无人配送解决方案； ⑤优必选、江西九江国资成立具身智能技术公司； ⑥麦迪科技：带有丰富表情的AI陪伴机器人即将发布。 AI进化速递 第 加轻 2025/12/22 阿里推出全新图像生成模型 Qwen-Image-Layered 智元机器人邓泰华: 今年销售收入有望超10亿元 L 机器人租赁平台擎天租正式发布 L 新石器无人车将发布 代城市无人配送解决方案 新 优必选、江西九江国资 成立具身智能技术公司 ■ 源:一财快讯 ...

Core Viewpoint - The Hong Kong stock market has seen a significant increase in the activity of the robotics sector, shifting from conceptual ideas to AI applications with clear commercialization paths and scalable capabilities [1] Group 1: Company Overview - OneRobotics, a global provider of AI-enabled home robotics systems, is set to launch its global offering on December 18, with its listing on December 30, marking it as the "first stock of AI-enabled home robots" [1] - The company has established a strong market position, being the only global player with a comprehensive layout of AI-enabled home robotics systems, and is projected to be the largest provider in terms of retail sales by 2024 [5] Group 2: Market Dynamics - The global smart home market is expanding steadily, with the home robotics sector expected to grow from a market size of 257.7 billion yuan in 2024 to 436.5 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 11.1% [2] - The penetration rate of home robotics systems is anticipated to increase from 2.3% in 2024 to 16.2% by 2029, indicating significant growth potential in the industry [2] Group 3: Technological and Product Development - OneRobotics has developed a synergistic advantage in technology, product systems, and commercialization paths, creating a business moat that is difficult for competitors to replicate [7] - The company has a robust technology framework centered around AI-enabled positioning, machine vision control, and distributed neural networks, supported by 311 registered patents, including 56 invention patents [7] Group 4: Financial Performance - OneRobotics is transitioning from early-stage technology validation to a phase of scaling and profitability, with projected revenues exceeding 600 million yuan in 2024 and a three-year CAGR of 49.0% [9] - The company achieved a gross margin of 54.2% in the first half of 2025, up from 7.5% in 2022, indicating a positive trend in profitability [9] Group 5: Global Expansion - OneRobotics has a global sales network covering over 90 countries, with Japan being a key market, contributing significantly to revenue, and Europe emerging as a critical growth area with a CAGR of 68.1% [11] - The demand for home robotics systems in Japan, the US, and Europe is expected to grow at CAGRs of approximately 52.8%, 101.2%, and 94.7% respectively from 2024 to 2029, providing ample room for performance expansion [11] Group 6: Conclusion - OneRobotics' growth trajectory serves as a clear and verifiable commercialization model for the home robotics sector, with expectations of accelerated upgrades in AI technology, product matrix expansion, and global outreach following its listing on the Hong Kong Stock Exchange [13]

行 业 研 半导体设备自主可控是当下强确定性和弹性兼备科 技主线 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 60% 72% 2024-12 2025-04 2025-08 电子 沪深300 相关研究报告 《AI 端侧产品密集出新，国产算力初 创公司资本化加速—行业周报》 -2025.12.7 《Gemini 3.0 强化 TPU 降本逻辑，AI 眼镜有望迈向起量元年—行业周报》 -2025.11.30 《NV 业绩强劲、谷歌发布 Gemini3， 算力景气度持续验证—行业周报》 -2025.11.23 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongfang@kysec.cn 证书编号：S0790524120002 chenyuxi@kysec.cn 证书编号：S0790525020003 海外科技巨头业绩不及预期，美股率先调整 请务必参阅正文后面的信息披露和法律声明 1 / 3 本周（2025.12.8-2025.12.12）电子行业指数涨 1.36%，其中半导体领涨 3.30%。 光学光电子跌 1.23%，消费电子跌 1.39%；海外 ...

Core Viewpoint - Woan Robotics has officially updated its prospectus for a Hong Kong IPO and received approval from the China Securities Regulatory Commission, indicating strong growth potential in the AI embodied home robotics sector [1] Group 1: Company Overview - Woan Robotics focuses on the independent research, production, and sales of AI embodied home robot systems, becoming the largest provider in this sector by retail revenue in 2024 according to Frost & Sullivan [1] - The company has successfully expanded its product offerings to include enhanced execution robots and perception and decision-making systems, covering various core home scenarios such as smart control, household chores, elderly care, and energy management [1] Group 2: Financial Performance - Revenue for Woan Robotics is projected to grow from 275 million yuan in 2022 to 610 million yuan in 2024, with a compound annual growth rate (CAGR) of 49.0% [2] - The gross margin is expected to increase from 34.3% in 2022 to 51.7% in 2024, reaching 54.2% in the first half of 2025 [2] Group 3: Research and Development - The R&D team consists of 271 members, accounting for 43.2% of the total workforce, and the company holds 312 patents, including 56 invention patents [2] - R&D expenditures have consistently represented about 20% of revenue from 2022 to 2024 [2] Group 4: Product Innovations - Woan Robotics launched the world's first AI tennis robot, Acemate, featuring a 4K ultra-high-definition dual-camera and AI visual recognition algorithms for real-time tracking and prediction [2] - The company also introduced an AI companion robot at the 2025 IFA Berlin exhibition, which is the first locally deployed large model AI pet robot, equipped with a multimodal perception system [3] Group 5: Market Presence - Woan Robotics has established a significant global presence, with sales in over 90 countries and more than 2,000 offline retail stores [3] - In the first half of 2025, sales from Japan, Europe, and North America accounted for 96.6% of total revenue, with Japan contributing 67.7% [3] Group 6: User Ecosystem - The SwitchBot App has over 3.5 million registered users globally, with more than 10.7 million connected devices, indicating a robust user ecosystem [3] - 55.9% of users connect two or more products, showcasing the integration of Woan Robotics' offerings [3] Group 7: Industry Outlook - Analysts suggest that with continuous R&D investment and technological breakthroughs, Woan Robotics is well-positioned to become a leading player in the global AI embodied home robotics market [4]

今年以来，A股游戏指数一路高歌，年内涨幅已超60%。足以证明，游戏公司的价值远非昔日"宅经济"下的短暂热度可比，现阶段的增长具有坚实的内核 支撑。 行业数据同样印证了这一趋势。根据《2025年1-6月中国游戏产业报告》，上半年国内游戏市场实际销售收入达1680亿元，同比增长14.08%；用户规模增 至近6.79亿人，同比增长0.72%。市场规模与用户基数双双创下历史新高，为行业注入了持续发展的底气。 而刚刚过去的第三季度，则成为了游戏行业近年来最具标志性的"高光时刻"。头部公司业绩呈现爆发式增长，利润动辄翻倍，推动整个板块呈现出"火力 全开"的强势姿态。 1.A股游戏板块，凭什么爆发？ 总而言之，政策、技术与出海这三股力量正形成合力，共同推动游戏行业步入一个高质量、可持续的发展新周期。 2.AI不再是噱头，而是共识 多家机构的研报表明，AI已成为游戏行业不容忽视的关键变量。事实上，游戏可说是离AI与大模型最近的实践领域之一。 业内人士对八妹表示，从设计层面来看，AI不仅能实现智能NPC，提升对话的自然度与情感表现，模糊人机交互的边界，还能支持动态内容生成，自动构 建地图、关卡与剧情，并根据玩家行为提供个性化体 ...

Core Viewpoint - OneRobotics (Shenzhen) Co., Ltd. is experiencing rapid revenue growth and significant improvements in profitability, driven by its leadership in the AI embodied home robotics sector and continuous product innovation [1][4]. Financial Performance - The company reported revenues of 274.6 million yuan, 457.3 million yuan, and 609.9 million yuan for the years 2022, 2023, and 2024, respectively, achieving a compound annual growth rate (CAGR) of 49.0% [1]. - In the first half of 2025, revenue reached 396.3 million yuan, reflecting a year-on-year increase of over 44% [1]. - Adjusted EBITDA turned positive in 2023, with a year-on-year increase of 348.6% expected in 2024 compared to 2023 [1]. - The adjusted EBITDA for the first half of 2025 reached 54.14 million yuan, more than double the full-year adjusted EBITDA for 2024 [1]. - The overall gross margin improved from 34.3% in 2022 to 50.4% in 2023, and is projected to reach 51.7% in 2024 and 54.2% in the first half of 2025 [1]. Market Position and Product Innovation - OneRobotics is the largest global provider of AI embodied home robotics systems and the only company with a full range of home robotics products [2]. - The company emphasizes technology research and product innovation, leveraging its integrated R&D, production, and sales capabilities [4]. - Its products are sold in over 90 countries and regions, with more than 2,000 retail stores globally [4]. - The SwitchBot App has over 3.5 million registered users, with more than 55.9% of users connecting two or more products, indicating strong user engagement [4]. Technological Advancements - OneRobotics has developed the world's first AI tennis robot, Acemate, and the first locally deployed large model AI companion robot, both of which have received significant market attention and accolades [5][10]. - Acemate was recognized in Time magazine's list of the best inventions of 2025 and achieved crowdfunding success, surpassing its target by 76 times [5]. - The AI companion robot won two IFA Innovation Awards shortly after its launch [10]. - The company plans to release a humanoid housekeeping robot, H1, in January 2024, which will be capable of performing various household tasks [10].

Core Insights - The Chinese潮玩 (trendy toy) market is rapidly growing, projected to reach 100 billion yuan by 2024, with a year-on-year growth of 26% to 727 billion yuan in 2024, driven by the emotional consumption needs of Generation Z [1][3][15] -潮玩 differs significantly from traditional toys in terms of target audience, functionality, and value, focusing on artistic design and collectibility, primarily appealing to consumers aged 14 and above [1][19][24] Market Overview - The潮玩 market is characterized by a strong presence of brands like泡泡玛特, which leads the industry with its original IPs such as Labubu and Molly, leveraging social media for viral marketing and community engagement [2][3] - The潮玩 industry is integrating new technologies like XR, AI, and NFC to create interactive products, expanding the functionality and user engagement of潮玩 [2] Industry Structure - The潮玩 industry has established a complete value chain from IP rights holders to manufacturers and retailers, with IP being a core driver of consumer demand [2][3] - Notable IPs such as Disney and Pokémon continue to empower潮玩 products through licensing agreements, while domestic IPs like米哈游 are also emerging [2] Segment Analysis - Various潮玩 segments, including blind boxes, cards, and figurines, are experiencing rapid growth, with the "谷子经济" (secondary market) reaching a market size of 168.9 billion yuan in 2024, primarily targeting the post-2000 generation [2][3] International Expansion - Chinese潮玩 brands are expanding into Southeast Asia and North America, with泡泡玛特's overseas revenue growing by 375.2% year-on-year in 2024, indicating increasing global competitiveness [3] Future Outlook - The潮玩 economy reflects a shift in the Chinese toy industry from manufacturing to creativity, with expectations for higher quality growth as technology integration and IP content continue to evolve [3]