Core Insights - Figure's founder Brett Adcock released a demonstration video of the Figure.02 robot performing laundry tasks at home, marking its first operation in a real household environment after a month of testing in an office setting [1][4]. Group 1: Robot's Capabilities - The Figure.02 robot showcases its ability to perform laundry by using both hands to place clothes into a washing machine, demonstrating its task execution capabilities in a domestic setting [3][6]. - The transition from industrial environments to home settings highlights the robot's adaptability to different task environments, which is crucial for its operational success [8][14]. Group 2: Technical Aspects - The laundry task involves complex interactions, requiring the robot to manage various types of clothing and adapt to different household layouts, showcasing its advanced technical execution abilities [13][19]. - The Helix system, which includes a dual-system VLA model, enables high-speed and dexterous control of the robot's upper body, integrating visual and language processing for effective task execution [21][24]. Group 3: Task Complexity - While the demonstration illustrates the robot's ability to place clothes into the washing machine, it does not encompass the entire laundry process, which includes multiple steps such as sorting, washing, and drying [32][35]. - The approach of breaking down tasks into manageable sub-tasks is essential for the robot's learning and adaptation from controlled environments to more complex home scenarios [35]. Group 4: Recent Developments - Prior to the laundry demonstration, Figure released a demo showcasing the Figure.02's capabilities in a logistics sorting environment, achieving near-human levels of speed and reliability in processing diverse packages [38][39]. - The introduction of the F.03 battery is expected to enhance the performance and efficiency of electric-driven robots, positioning Figure as a leader in battery technology within the robotics sector [44][45].

Core Viewpoint - Figure's robot, Figure.02, has successfully demonstrated its ability to perform laundry tasks in a real home environment, marking a significant advancement from industrial applications to domestic settings [1][5][11]. Group 1: Robot's Capabilities - The demonstration video shows Figure.02 using both hands to load clothes into a washing machine, showcasing its ability to adjust the position of items during the process [2][3]. - The robot's transition from structured industrial tasks to the unpredictable nature of home environments highlights the importance of task environment adaptability for robotic systems [6][11]. - In industrial settings, robots handle structured, repetitive tasks with fixed object placements, while home environments present challenges due to their variability and lack of standardization [7][8]. Group 2: Technical Execution - The laundry task requires the robot to manage various types of clothing, necessitating advanced capabilities such as grip control, dynamic vision, object recognition, force feedback, and task planning [12][13]. - The Helix system, which includes a dual-system VLA model, enables Figure.02 to perform complex movements and control its upper body with high precision [15][17]. - The robot's ability to bend its knees and adjust its posture while loading clothes into the washing machine demonstrates a significant leap towards whole-body control [19]. Group 3: Future Developments - The current demonstration does not encompass the entire laundry process, indicating that robots will initially learn sub-tasks in controlled environments before gaining more autonomy [21]. - Following the recent demonstration, Figure has made strides in logistics with the Helix system, achieving near-human levels of speed and reliability in package handling [22]. - The introduction of the F.03 battery is expected to enhance the performance and efficiency of electric-driven robots, positioning Figure as a leader in the field [25].

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [4]. Core Insights - The robotics industry is expected to continue its growth trajectory, driven by new product launches and events like the WAIC conference [2]. - Key investment opportunities are identified in both complete robotics manufacturers and core component suppliers, including motors, sensors, and actuators [25]. Summary by Sections Industry News and Company Dynamics - China Railway Design has developed an intelligent quadruped robot capable of autonomous inspection in data centers, showcasing advancements in IoT and AI technologies [6]. - Yuejiang's collaborative welding robot has achieved breakthroughs in high-precision applications, enhancing efficiency in various manufacturing sectors [8]. - ByteDance's GR-3 humanoid robot demonstrates significant advancements in multi-modal interaction technology, improving task execution capabilities [9]. Investment Recommendations - Focus on robotics manufacturers and core component suppliers, with specific recommendations for: 1. Motors: Mingzhi Electric 2. Rotational joints: Zhongchen Technology, Shuanghuan Transmission, Landai Technology 3. Linear joints: Hengli Hydraulic, Zhejiang Rongtai, Demais [25]. - The report highlights the importance of domestic suppliers benefiting from the growing demand in the robotics sector [25]. Financing Dynamics - UBTECH Technology secured a record order for humanoid robots, accelerating its commercialization efforts [22]. - Tom Cat collaborates with partners to develop AI companion robots, leveraging their respective strengths in IP and technology [22]. - Yushun Technology is progressing towards an IPO, aiming to become the first humanoid robot company listed on the Sci-Tech Innovation Board [22].