2026年的第一个月，陪伴机器人品牌 Ropet 进驻上海IFC国金中心内的 ZPilot 黑科技旗舰店。这似乎是 一个信号，陪伴机器人，正在从线上众筹与科技爱好者圈层，走向更具象的消费场景。 过去几年间，从桌面型陪伴机器人到AI玩具，相关产品形态不断被复制、拆解和重组。直到2026年， 这一曾经小众且缓慢生长的领域，终于"挤满了人"。第一财经记者采访Ropet、Haivivi等中国陪伴机器 人企业后了解到，在逐渐标准化的供应链体系和高度趋同的功能设计之下，这一领域正从概念探索期， 迈入真正的商业竞争阶段。 端到端的"黑箱"大模型或成软肋 不同企业的选择开始分化，相比部分玩家强调 GMV 与快速放量，也有团队选择放慢节奏，试图用更长 期的产品逻辑参与竞争。 一个机器人，要怎样表达自己的情感？对话似乎确实是一个更省力的方法。 在连续使用六款陪伴机器人之后，记者发现，大部分陪伴类硬件都能够和用户进行对话，部分产品需要 用唤醒词进行对话触发。有陪伴机器人企业的创始人告诉第一财经记者，对话是最直接能够体现产品 AI属性的功能。 "接入一个豆包、元宝、DeepSeek就能实现，我们只需要把响应延迟降低就好。"他告诉记者 ...

摘要： 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。 "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。" 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"的高溢价产品，得到的却是价值仅几十元的技术内核提供的迟钝反应。这种支付与获得之间巨大的价值错 配，正在成为整个AI玩具行业的真实写照。 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。 图｜江苏一AI硬件公司提供的AI玩具零件结构图 前瞻研究产业院数据显示，AI玩具行业毛利率随产品定位水涨船高。基础款产品毛利率约 ...

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 ...

市场数据验证了这一路径的成功。高峰表示，CocoMate系列产品单日GMV达成周期较初代产品提升近 10倍，单设备日均对话超60轮。"这组数据证明'底层技术突破+知名IP加持'的产品逻辑已成为市场主 流。"高峰称。 中证报中证网讯（记者 王辉）12月18日，2025火山引擎冬季FORCE原动力大会在上海举行。AI玩具行 业领军企业跃然创新（Haivivi）联合创始人高峰受邀出席并发表演讲。高峰表示，"底层技术突破+知 名IP加持"已成为AI玩具市场的主流逻辑。 高峰表示，跃然创新自成立起就锚定"AI+IP+玩具"核心模式。2024年7月，公司首款产品BubblePal率先 将AI技术落地儿童玩具领域；2025年8月，公司第二代产品——CocoMate系列，依托火山引擎豆包实时 语音模型的技术支撑，实现了"识别语气、理解情绪"的交互突破，重新定义了AI玩具的产品范式。 在本次大会现场，高峰宣布，公司第三代旗舰新品——"光之召唤"奥特曼AI互动对话器将于2026年1月 上市。该产品以奥特曼彩色计时器为设计蓝本，集成角色AI对话、无线组队对讲、感应式主题游戏及 语音电话等功能。 资料显示，跃然创新成立于2021年， ...

截至目前，跃然创新先后获得中金资本、红杉中国、愉悦资本、启赋资本、蓝驰创投等一线投资机构近 3亿元投资。 新京报贝壳财经讯(记者陈维城)12月19日消息，AI玩具企业跃然创新(Haivivi)发布旗下第三代旗舰新品 奥特曼AI互动对话器，搭载奥特曼角色AI互动对话、无限距离组队对讲、感应式AI主题游戏、语音电 话四大核心功能，将于明年1月正式开售。 2024年7月，公司推出首款产品BubblePal，是全球首款商业化AI玩具。2025年8月，第二代产品 CocoMate系列是搭载端到端语音模型的AI玩具。截至目前，跃然创新旗下两大系列产品总销量已突破 30万台。 ...

Core Viewpoint - The AI toy sector has emerged as a highly attractive investment area, driven by the maturity of large models and the demand for innovative applications in consumer electronics, with a projected market size of nearly $20 billion in 2024 and expected to reach $35.11 billion by 2030, potentially exceeding $60 billion by 2034 [5][9][20]. Investment Trends - The AI toy sector has seen a significant increase in financing events, with 19 occurrences in 2025, up from 14 in 2024 and just 3 in 2023, indicating a resurgence of investor interest [9]. - Notable investments have been made by leading firms such as Sequoia China, GSR Ventures, and Didi Chuxing, highlighting the competitive landscape of the sector [9][15]. Company Highlights - Lingyu Universe, founded in 2023, has rapidly completed three rounds of financing, achieving a valuation of 1.2 billion RMB ($170 million) within six months [11][12]. - Haivivi, another key player, transitioned from a children's hardware company to focus on AI toys, launching the successful BubblePal product, which has sold over 300,000 units and generated over 100 million RMB ($14 million) in revenue [12][19]. Market Dynamics - The AI toy market is characterized by high competition and a diverse range of products, with many companies emerging since 2021, including Robopoet and Mengyou Intelligent [13][15]. - The sector is witnessing a blend of financial and industrial investments, with companies like Huawei and ByteDance collaborating on AI toy development, indicating a strategic push towards integrating AI into consumer products [19][20]. Consumer Engagement - The primary target demographic for AI toys is children aged 2-8, but there is potential for expansion into broader markets as companies seek to enhance user engagement and retention [21][22]. - Key performance indicators for success in the AI toy market include user retention rates and engagement metrics, which are critical for establishing long-term product viability [22].

如果盘点2025年，投资热情最高，资金集中度拉满的赛道，必然无法绕开AI玩具。 作为大模型成熟之后，商业化落地最便捷的领域，被赋予「AI灵魂」的「智能玩具」，过去两年成为创业热情最高涨的所在。一批 新公司密集涌现，顺势点燃了机构的投资热情。 或者说，在经历AI六小龙的短暂辉煌继而快速沉寂之后，大家不得不接受一个现实：大模型通用APP的机会还是掌握在阿里、字节 和腾讯等大公司手里。 但是大模型水平已经越来越成熟，token消耗量摆在那里，总要找到新的应用机会。AI玩具就是被证明，有市场需求，产业链也有支 撑，能快速交付产品并推向市场的理想投资赛道。 根据Statista的预测数据，2024年全球AI玩具市场规模已接近200亿美元。预计未来十年内，市场将以约14%—16%的复合年增长率持 续攀升，到2030年，全球AI玩具市场规模将有望达到351.1亿美元，到2034年可能突破600亿美元。 投资机构终于迎来久违的一次狂欢。甚至一些此前在一线市场并不是很活跃的生面孔，也开始出现在融资新闻。 毕竟，没有投资人愿意错过下一个「Labubu」。 AI玩具赛道融资双雄 与自创立起便以打造新一代的人机交互硬件OS的灵宇宙不 ...

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 AI toy market is experiencing significant growth, with major companies like Huawei, JD.com, UBTECH, and Honor actively entering the field [2][3][5] Group 1: Market Dynamics - Huawei's first AI emotional companion toy, "Smart Hanhai," was launched at a price of 399 yuan and sold out immediately, indicating strong consumer demand [3][4] - The product remains out of stock as of December 7, with resale prices on second-hand markets reaching 499-559 yuan, reflecting a premium of 25%-40% [4] - The interest in "Smart Hanhai" spans various demographics, including parents, Gen Z consumers, and individuals seeking companionship for the elderly [4] Group 2: Competitive Landscape - Other major players in the AI toy market include JD.com, UBTECH, Honor, and China Telecom, all of which have launched or are developing AI toys [5][6] - Traditional toy manufacturers and startups are also entering the AI toy space, with companies like Dongguan Junou and Shenzhen Quchao launching their own AI toy products [6] Group 3: Market Potential - The AI toy market is projected to grow significantly, with an estimated market size of 290 billion yuan by 2025, up from 246 billion yuan in 2024 [7] - The growth is driven by the increasing demand for educational and companionship features in toys, as well as rapid advancements in AI technology [7]