Core Insights - The humanoid robot industry is transitioning from functional exploration to commercial implementation by 2026, with significant technological differentiation and market expansion observed globally [2] - The focus has shifted from pure hardware development to integrated soft and hard solutions, driven by advancements in key components like high-capacity memory and electronic skin [2] Industry Dynamics - Developers are now prioritizing the practical application of humanoid robots, moving towards mass production and real-world use cases [3] - Companies like Figure AI and 1X are targeting the home market with robots that feature soft fabric coverings, while Chinese firms such as Yushu, Xiaopeng, Midea, and others are focusing on diverse forms to enhance operational efficiency in specific industrial or outdoor scenarios [3][8] Key Component Analysis - The cost structure of the humanoid robot supply chain is becoming clearer, with the motion layer accounting for approximately 55% of the BOM cost, followed by the cognitive layer at 23%, the sensing layer at 15%, and the power layer at 7% [4] - Memory specifications are increasing due to AI model demands, starting from 32GB and moving towards a mainstream of 64-128GB; core actuation components like planetary roller screws are becoming essential for high thrust requirements [4] Quarterly Trend Outlook - The first quarter of 2026 shows a trend towards practical and structural transformation in the humanoid robot industry, with manufacturers focusing on task execution capabilities post soft-hard integration [5] - Products with simpler designs that lower manufacturing barriers and provide commercial value are emerging, creating a faster path to mass production [5]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|新浪财经上海站 时行工作室 2025年12月23日，杭州六小龙之一的杭州云深处科技股份有限公司提交IPO辅导备案，中信建投担任辅 导机构，计划在2026年6月前完成相关工作。 | 辅导对象 | 杭州云深处科技股份有限公司 | | | --- | --- | --- | | 成立日期 | 2017年11月29日 | | | 注册资本 | 823.4958 万元 法定代表人 | 朱秋国 | | 注册地址 | 浙江省杭州市西湖区三墩镇轰华路666号名栖首座3号楼3层318-2 | | | | 報 | | | 控 股 股 东 及持 殷 比 | 朱秋国直接持有公司股份 1,350,000股,持股比例为 16.39%,通过 其已与朱秋国签订《朱秋国与李超关于杭州云深处科技有限公司之 | | | | 员工持股平台杭州空见投资管理合伙企业(有限合伙)间接控倒公 | | | | 司股权比例为 10.74%;公司股东李超持有公司股权比例为 5.46%, | | | 倒 | 一致行动协议》,系朱秋国的一致行动人,在公司所有重大事项的 | | | | 决策 ...

配售募资31亿港元刚刚一个月，优必选（9880.HK）便出资收购了一家上市公司的控制权。 12月24日，优必选与锋龙股份（002931.SZ）实控人董剑刚及其一致行动人诚锋投资、锋驰投资、厉彩霞签署《股份转让协议》，计划以"协议转让+要约 收购"的形式，以16.65亿元的总对价，获得公司43%的股权，并取得公司的控制权。 具体而言，诚锋投资将所持的6552.99万股锋龙股份股份转让给优必选，总对价为11.61亿元。转让完成后，优必选的持股比例将达到29.99%。此次股份转 让的对价为17.72元/股，较12月17日停牌前19.68元/股的价格折让约10%。 转让完成后，优必选或其制定的主体将向上市公司除受让方之外的全体股东发出部分要约收购，以17.72元/股的对价收购2845万股，占公司总股本的 13.01%。 若要约收购完成，优必选合计持有锋龙股份43%的股权，成为公司新任控股股东。优必选实控人、董事会主席、CEO周剑将成为公司新任实控人。 12月25日，锋龙股份复牌后一字涨停，股价收于21.65元，总市值约47亿元。因港股休市，当日优必选停牌，停牌前其股价为109.5港元，总市值551亿港 元。 出品｜达 ...

Core Insights - Cloud Deep Technology Co., Ltd. has completed a multi-billion RMB Pre-IPO financing round, led by the National Artificial Intelligence Industry Fund, with participation from a major internet company, JD.com [2][3] - The company is set to achieve a robot shipment volume of 10,000 units by 2025, indicating significant growth and market penetration [12] Financing and Partnerships - The recent financing marks the third round for Cloud Deep Technology, following previous investments from various notable institutions [2] - JD.com has established a strategic partnership with Cloud Deep Technology, focusing on industrial supply chain technology services and the development of industrial robotic dogs [3] Product Innovations - Cloud Deep Technology has launched the world's first industry-grade all-weather humanoid robot, DR02, capable of operating in extreme temperatures and complex environments [5] - The company also introduced the M20 robot, designed for challenging terrains, showcasing advanced AI motion control algorithms [4] Market Expansion - The company has established a global market presence, with applications in 34 domestic provinces and 44 countries, covering sectors such as power inspection, emergency firefighting, and security patrols [7] - Cloud Deep Technology is actively expanding its overseas market, with successful deployments in North America and Saudi Arabia, enhancing operational efficiency in various environments [9][10]

Core Insights - Yunshen Technology has successfully transitioned from quadruped robots to humanoid robots, reflecting significant technological advancements and market confidence in its future [1][10] Group 1: Capital Injection - In December, Yunshen Technology completed a Pre-IPO financing round of several hundred million yuan, led by the National Artificial Intelligence Industry Fund and followed by JD.com [1][10] - The company had previously announced over 500 million yuan in Series C financing, indicating a rapid and dense capital activity throughout the year [3][12] - Since its establishment, Yunshen Technology has undergone 10 financing rounds, with the latest round attracting significant institutional investors, showcasing strong market confidence [3][12] Group 2: Technological Evolution - The company initially gained recognition for its quadruped robots and has now successfully launched humanoid robot products [4][13] - In April 2025, Yunshen Technology plans to release the world's first industry application wheeled-foot robot, the Mountain Cat M20, designed for complex terrains [4][13] - The company also introduced the DR02 humanoid robot in October, which features IP66 protection and wide temperature operating capabilities, breaking the limitations of humanoid robots being used only in controlled environments [4][13] Group 3: Application Scenarios - Yunshen Technology's quadruped robots have been deployed in nearly thirty substations of the Southern Power Grid, saving about 70% in operational costs and improving efficiency by over 50% [6][15] - In security patrols, the company's robots have significantly enhanced efficiency and safety in various applications, including urban policing and commercial security [6][15] - The robots have also been utilized in wildlife research, providing data support by integrating with herds of Tibetan antelopes in remote areas [6][15] Group 4: Global Expansion - Yunshen Technology's operations span 34 provincial-level administrative regions in China and 44 countries and regions worldwide [7][16] - The company has established an automated outdoor inspection system in Saudi Arabia's NEOM city, replacing manual inspections in hazardous environments [7][16] - A strategic partnership with JD.com is expected to open new market opportunities, with the launch of the agile intelligent robot, Yeying Lite3, on JD's platform during the 2025 Double Eleven shopping festival [7][16] Group 5: Rise of the "Six Little Dragons" - Yunshen Technology is part of the "Six Little Dragons" of Hangzhou, a group of rapidly growing tech unicorns that are becoming symbols of innovation in the region [8][17] - Among these six companies, three have initiated IPO processes, with Yunshen Technology recently starting its listing guidance [8][17] - The company's journey from a local lab to a global market presence exemplifies the rise of Chinese hard-tech enterprises [8][17]

Core Viewpoint - Cloud Deep Technology has successfully completed a multi-billion RMB Pre-IPO financing round, led by the National Artificial Intelligence Industry Fund, with participation from a major internet company, JD.com, marking its third financing announcement ahead of its IPO in 2025 [2][3]. Financing and Strategic Partnerships - The recent financing round attracted investments from numerous well-known institutions, including major venture capital firms and funds associated with telecommunications giants [2]. - JD.com has established a strategic partnership with Cloud Deep Technology, focusing on leveraging each other's strengths in industrial supply chain technology services and the development of industrial robots [3]. Company Overview and Innovations - Founded in 2017, Cloud Deep Technology specializes in embodied intelligence technology, focusing on the research, production, and sales of quadruped robots, humanoid robots, and core components [4]. - The company has developed a comprehensive technology system that includes multi-modal environmental perception and AI-driven motion control, which has been successfully applied in various new scenarios [4]. Product Developments - In April 2025, Cloud Deep Technology launched the world's first industry application wheeled robot, the M20, designed for complex terrains and hazardous environments, featuring a weight of 33 kg and capable of operating in extreme conditions [5]. - In October 2025, the company introduced the DR02 humanoid robot, which operates in a wide temperature range and can navigate complex environments, providing human-like operational capabilities for security and industrial applications [5]. Market Expansion and Applications - Cloud Deep Technology has established a global market presence, with applications in 34 provinces in China and 44 countries worldwide, successfully implementing solutions in various sectors such as power inspection, emergency response, and security patrols [7]. - The company is actively expanding its overseas market presence, with successful deployments in North America and Saudi Arabia, enhancing operational efficiency and safety in challenging environments [9]. Growth Projections - The CEO of Cloud Deep Technology has indicated that 2025 will be a year of rapid growth, with projected robot shipments reaching approximately 10,000 units [11].

Core Viewpoint - Hangzhou Yunshen Technology Co., Ltd. has completed a Pre-IPO financing round of several hundred million yuan, led by the National Artificial Intelligence Industry Investment Fund and followed by JD.com, following the initiation of its IPO guidance [1][2]. Group 1: Company Overview - Hangzhou Yunshen Technology is one of the "Six Little Dragons" of Hangzhou, focusing on embodied intelligence technology innovation and applications, particularly in quadruped robots, humanoid robots, and core components [2]. - The company was established on November 29, 2017, with a registered capital of 8.234958 million yuan, and its legal representative is Zhu Qiuguo, who controls 32.60% of the shares [4]. Group 2: Financing Activities - The company has undergone a total of 11 financing rounds since its inception, covering the entire lifecycle from angel round to C round and Pre-IPO [5]. - On December 9, 2025, the company announced the completion of over 500 million yuan in C round financing, with participation from various strategic investors including China Telecom and China Unicom [5]. Group 3: IPO Guidance and Future Plans - The IPO guidance period for Hangzhou Yunshen Technology is from December 2025 to June 2026, with plans to solidify guidance results and submit a guidance acceptance application to the regulatory authority [4]. - The company aims to leverage the recent financing to enhance its technology research and development, expand production capacity, and market reach, promoting the commercialization and scaling of embodied intelligence robots across various industries [6].

Core Viewpoint - Cloud Deep Technology is poised for significant growth, with a projected robot shipment volume reaching 10,000 units by 2025, supported by substantial Pre-IPO financing and strategic partnerships [11]. Financing and Partnerships - Cloud Deep Technology has completed a multi-billion RMB Pre-IPO financing round led by the National Artificial Intelligence Industry Fund, with participation from major investment firms and a prominent internet company, JD.com [2][3]. - The partnership with JD.com includes a strategic collaboration to leverage each other's strengths in industrial supply chain technology and the development of industrial robots [3]. Product Development and Innovation - The company has made notable advancements in product offerings, including the launch of the world's first industry-specific all-weather humanoid robot, DR02, and the M20 robot designed for complex terrains [5]. - The M20 robot features a weight of 33 kg, an IP66 protection rating, and the ability to operate in extreme conditions, showcasing its versatility in various environments [5]. Market Expansion and Application - Cloud Deep Technology has established a global market presence, with applications in 34 provinces in China and 44 countries worldwide, focusing on sectors such as power inspection, emergency response, security patrol, and industrial operations [7][9]. - The company is actively expanding its overseas market presence, with successful deployments in North America and Saudi Arabia, enhancing operational efficiency and safety in challenging environments [9]. Future Outlook - The CEO of Cloud Deep Technology has indicated that 2025 will be a year of rapid development and growth for the company, with a significant increase in robot shipments anticipated [11].

Core Viewpoint - Hangzhou Yundongchu Technology Co., Ltd. has completed its IPO counseling registration with the Zhejiang Securities Regulatory Bureau, with CITIC Securities as the counseling institution [1] Company Overview - Yundongchu was established in November 2017, focusing on the research, production, sales, and service of quadruped robots, humanoid robots, and core components [4] - The company has developed products such as the quadruped robot "Jueying" series, wheeled robot "Shanmao," and humanoid robots "DR01" and "DR02" [4] - The founding team originates from Zhejiang University, with founder Zhu Qiuguo holding a direct stake of 16.39% and indirect control of 10.74%, totaling 32.60% control with his co-shareholder Li Chao [4] Financing and Investment - Since its angel round investment in 2018, Yundongchu has accelerated its financing pace, completing a nearly 500 million yuan Series C round in July 2023 [4] - The Series C round was led by China Merchants International and Huaxia Fund, with participation from strategic investors like China Telecom and China Unicom, as well as follow-on investments from existing shareholders [4] Commercialization and Growth - Zhu Qiuguo has indicated that Yundongchu's revenue is expected to grow by over 100% in 2024 compared to 2023 [4] - The company aims to achieve a robot shipment volume of 10,000 units by 2025 and has already entered markets in the Asia-Pacific, Middle East, and Europe and the United States [4] IPO Progress - Yundongchu is the third company among the "Hangzhou Six Little Dragons" to initiate the IPO counseling process, following Qunhe Technology and Yushu Technology [3] - Yushu Technology completed its domestic IPO counseling in just four months, indicating a potentially expedited process for Yundongchu [3]

Group 1 - The humanoid robot sector is experiencing significant investment activity, but the ability to achieve profitability remains uncertain [1][3] - Recent months have seen a surge in financing news within the robotics industry, with companies like Zhongqing, Luming, and Youliqi frequently announcing funding rounds [3][5] - Companies are utilizing complex financing rounds, such as "Angel++++" and "A1++", to attract investment, with Youliqi completing five rounds of funding totaling 300 million yuan [5][9] Group 2 - The high costs associated with humanoid robots, including hardware and rapid algorithm iteration, necessitate continuous funding to reach commercialization [11] - Companies are ramping up production capabilities, with Zhongqing planning to produce 5,000 robots annually and establishing new production lines [13][15] - Despite the push for production, there is a lack of clear market demand for humanoid robots, raising questions about their commercial viability [15][19] Group 3 - The market for humanoid robots is characterized by a significant increase in registrations, with a 119% rise, indicating a mix of serious players and less viable entrants [21] - The consumer market is particularly price-sensitive, making it challenging for humanoid robots to gain traction compared to industrial applications [21][23] - The true winners in the humanoid robot sector will be those companies that can balance cost, application scenarios, and reliability [23]