Core Insights - The humanoid robot industry is witnessing significant developments with the announcement of Figure AI's new generation "Figure 03," set to launch on October 9, which is touted as the most powerful humanoid robot to date [1][2] - The release of Figure 03 is expected to drive supply chain demand, benefiting partners like Changying Precision, which has already begun supplying materials for humanoid robots [2][4] Product Features and Development - Figure 03 retains the bipedal design of its predecessor, Figure 02, but features significant upgrades in design and functionality, focusing on cost control and mass production [2][3] - The new robot is designed to balance practicality and aesthetics, utilizing advanced materials that align with Changying Precision's capabilities in providing various components [3][4] Supply Chain Opportunities - The launch and mass production of Figure 03 are anticipated to create growth opportunities for supply chain partners, particularly for Changying Precision, which is well-positioned to benefit from this trend [2][4] - Figure AI recently completed a $1 billion Series C funding round, raising its post-money valuation to $39 billion, which will support its technology development and product mass production [3][4] Competitive Advantages - Changying Precision has established a competitive edge through its precision processing capabilities, which exceed industry standards, particularly in the production of components for humanoid robots [4] - The company has also developed system integration capabilities, allowing it to provide both hardware and software solutions, further solidifying its position in the supply chain [4]

Core Insights - The 2025 Artificial Intelligence Industry Conference highlighted ten key trends in AI, emphasizing the convergence of technology, applications, and ecosystems, leading to a clearer vision of a smart-native world [1]. Group 1: Foundation Super Models - In 2025, foundational models and reasoning models are advancing simultaneously, with a comprehensive capability increase of over 30% from late 2024 to August 2025 [3][4]. - Key features of leading large models include the integration of thinking and non-thinking modes, enhanced understanding and reasoning abilities, and built-in agent capabilities for real-world applications [4][6]. - The emergence of foundational super models simplifies user interaction, enhances workflow precision, and raises new data supply requirements [6]. Group 2: Autonomous Intelligent Agents - Highly encapsulated intelligent agent products are unlocking the potential of large models, showing better performance in complex tasks compared to single models [9][10]. - Current intelligent agents still have significant room for improvement, particularly in long-duration task execution and interconnectivity [12]. Group 3: Embodied Intelligence - Embodied intelligence is transitioning from laboratory settings to real-world applications, with models being deployed in practical scenarios [15][16]. - Challenges remain in data quality, model generalization, and soft-hard coordination for effective task execution [18]. Group 4: World Models - World models are emerging as a core pathway to general artificial intelligence (AGI), focusing on capabilities like data generation, action interpretation, environment interaction, and scene reconstruction [21][22]. - The development of world models faces challenges such as unclear definitions, diverse technical routes, and limited application scope [22]. Group 5: AI Reshaping Software - AI is transforming the software development lifecycle, with significant increases in token usage for programming tasks and the introduction of advanced AI tools [25][28]. - The role of software developers is evolving into more complex roles, leading to the emergence of "super individuals" [28]. Group 6: Open Intelligent Computing Ecosystem - The intelligent computing landscape is shifting towards an open-source model, fostering collaboration and innovation across various sectors [30][32]. - The synergy between software and hardware is improving, with domestic hardware achieving performance parity with leading systems [30]. Group 7: High-Quality Industry Data Sets - The focus of AI data set construction is shifting from general-purpose to high-quality industry-specific data sets, addressing critical quality issues [35][38]. - New data supply chains are needed to support advanced technologies like reinforcement learning and world models [38]. Group 8: Open Source as Standard - Open-source initiatives are reshaping the AI landscape, with significant adoption of domestic open-source models and a growing number of active developers [40][42]. - The business model is evolving towards "open-source free + high-level service charges," promoting cloud services and chip demand [42]. Group 9: Mitigating Model Hallucinations - The issue of hallucinations in large models is becoming a significant barrier to application, with ongoing research into mitigation strategies [44][46]. - Various approaches are being explored to enhance data quality, model training, and user-side testing to reduce hallucination rates [46]. Group 10: AI as an International Public Good - Global AI development is uneven, necessitating international cooperation to promote equitable access to AI technologies [49][51]. - Strategies are being implemented to address challenges in cross-border compliance and data flow, aiming to make AI a truly shared international public good [51].

海外的具身智能赛道，出现了一只超级独角兽。 Figure获得了10亿美元C轮融资，投后估值达到390亿美元。 本轮融资由Parkway Venture Capital领投，重要的参投机构包括Brookfield Asset Management、NVIDIA、Macquarie Capital、Intel Capital、Align Ventures、 Tamarack Global、LG Technology Ventures、Salesforce、T-Mobile Ventures以及Qualcomm Ventures。 在2024年2月，它获得6.75亿美元B轮融资，由Microsoft、OpenAI Startup Fund、杰夫·贝索斯等参投，C轮融资的主要参与者Parkway Venture Capital、Intel Capital、Align Ventures也均参与B轮投资。 尽管无论是海外还是中国市场，具身智能都是最热的赛道之一，但是连获两轮巨额融资的Figure仍然是现象级的，颇有大模型领域OpenAI的势头，那为什 么这么多顶尖的投资机构青睐它，它的竞争优势和护城河又是什么？ 软硬件结 ...

2025 年 09 月 24 日 xAI 公司推出 Gork 4 Fast，通义 DEEPRESEARCH 全面开源 推荐(维持) 投资要点 | 分析师：任春阳 | S1050521110006 | | --- | --- | | rency@cfsc.com.cn | | 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | -3.7 | 18.5 | 76.6 | | 沪深 300 | 3.2 | 15.8 | 34.8 | 市场表现 相关研究 1 、 《 计 算 机 行 业 点 评 报 告 ： Netflix（NFLX.0）：广告业务与内 容矩阵双轮驱动》2025-09-24 2 、 《 计 算 机 行 业 点 评 报 告 ： Symbotic（SYM.O）： AI 驱动仓储 自动化升级，盈利能力逐步修复》 2025-09-19 3、《计算机行业周报：英伟达发布 RubinCPX ， 美 团 上 线 首 个 生 活 AIAgent「小美」》2025-09-16 ▌算力： 算力租赁价格平稳，xAI 公司推出 Gork 4 F ...

一家成立仅三年的机器人初创公司，凭借明星创始人、快速迭代的产品，在科技热潮中迅速崛起，成为全球估 值最高的人形机器人公司，Figure 的成名史非常具有 " 硅谷特色 "。 当地时间周二（9 月 16 日），Figure 在官网宣布，公司 C 轮融资筹集了超 10 亿美元，投后估值达 390 亿美 元，一举成为目前全球估值最高的人形机器人公司。本轮融资由知名投资机构 Parkway Venture Capital 领投， Brookfield Asset Management、英伟达、英特尔资本、LG Technology Ventures、赛富时、T-Mobile Ventures、高 通创投等行业巨头参投。英伟达、英特尔等曾参与 Figure 此前的融资。 Figure 于 2022 年 1 月诞生于美国硅谷，致力于研发自主通用人形机器人。2023 年 5 月，Figure 完成 7000 万美 元的 A 轮融资，由 Parkway Venture Capital 领投，跟投方包括 Aliya Capital、Bold Ventures、Tamarack Global、 FJ Labs 和库卡机器人前 C ...

Core Insights - Figure has rapidly emerged as the highest-valued humanoid robotics company globally, achieving a post-financing valuation of $39 billion after raising over $1 billion in Series C funding [1][3][8] - The company has demonstrated significant growth, with its valuation increasing approximately 14 times in just a year and a half [3][8] - Figure's founder, Brett Adcock, is being compared to Elon Musk due to his ambitious vision and substantial personal investment in the company [9][11] Company Overview - Founded in January 2022 in Silicon Valley, Figure focuses on developing autonomous general-purpose humanoid robots [2] - The company has successfully completed multiple funding rounds, including $70 million in Series A and $675 million in Series B, with notable investments from major firms like Intel and Amazon [2][3] Product Development - Figure launched its first humanoid robot, Figure 01, in March 2023, capable of performing basic tasks and learning through human demonstration [3][4] - The second version, Figure 02, was released in August 2024, featuring enhanced capabilities, including a walking speed of 2.68 miles per hour [5][4] - The company is developing an end-to-end AI model named Helix, which allows for high-frequency control of the robot's upper body [4][5] Market Position and Strategy - Figure is transitioning from industrial applications to household tasks, showcasing its robots' abilities in domestic settings, such as laundry and dishwashing [7][8] - The company is actively pursuing partnerships, including collaborations with BMW for automotive production testing [13] Industry Context - The robotics industry is experiencing a competitive landscape, with Figure, Tesla's Optimus, and other firms vying for leadership [16][18] - Analysts predict that only a few companies with comprehensive technology capabilities will succeed in achieving "embodied intelligence" in robotics [17][18] - The current trend in the industry is driven by advancements in large AI models, which are seen as critical for the commercialization of humanoid robots [18][19]

正文 01 引言 本篇报告为《人形机器人系列深度报告》第四篇，详细解读海外人形机器人产业化发展历程，梳 理拆解多元化技术路线探索，分析研判海外科技巨头、头部初创 公司技术布局与商业化路径 。我们认为，当前人形机器人产业化奇点已至，看好海外机器人产业链长期增量空间。 摘要 海外人形机器人产业化加速，迈向量产新纪元。 海外人形机器人产业历经萌芽探索、集成发展、高动态发展及智能化发展四大阶段，技术路线呈现仿生模拟与功 能学习双轨并行格局。日本侧重形态仿生与服务应用，而美国引领功能学习与复杂环境操作产业化。欧洲多国则多元化创新。竞争格局上，科技巨头通过全栈布 局、内生发展及外延拓展三线并进，美国凭借AI积累强势领跑，初创公司数量与中国持平，近10年融资额达13.7亿美元居全球首位。发展趋势凸显大模型深度赋 能，Figure AI的Helix VLA模型突破跨场景泛化，Physical Intelligence的Hi Robot分层架构提升指令跟随准确率40%，端到端模型加速执行效率质变；应用落 地聚焦工业制造、物流仓储及家庭服务三大场景，产业化拐点已至，建议关注强客户卡位与量产能力的汽配供应链企业。 ► 引言：大模型 ...

Core Insights - Figure, a three-year-old robotics startup, has rapidly become the world's highest-valued humanoid robotics company with a post-financing valuation of $39 billion after raising over $1 billion in Series C funding [1][3] - The company has demonstrated significant growth, with its valuation increasing approximately 14 times in just 18 months [3][7] - Figure's founder, Brett Adcock, is being compared to Elon Musk due to his ambitious vision and substantial personal investment in the company [8][9] Company Overview - Founded in January 2022 in Silicon Valley, Figure focuses on developing autonomous general-purpose humanoid robots [2] - The company has successfully completed multiple funding rounds, including $70 million in Series A, $6.75 billion in Series B, and $1 billion in Series C [2][1] - Figure's first humanoid robot, Figure 01, was launched in March 2023, capable of performing simple tasks and learning through human demonstration [3][6] Product Development - Figure 02, launched in August 2024, features enhanced endurance and advanced software capabilities [4] - The company has transitioned to fully autonomous AI model development with Helix, which allows for high-frequency control of the robot's upper body [4][5] - Recent demonstrations showcase the robot's ability to perform complex household tasks, indicating a shift from industrial to domestic applications [6][7] Market Position and Strategy - Figure is actively pursuing mass production and B2B applications, with plans to produce 12,000 humanoid robots annually, scaling up to 100,000 units in four years [10] - The company has established partnerships with major firms like BMW for automotive production line testing [10] - Industry analysts note that Figure's advancements in humanoid robotics position it among the leading companies in a competitive landscape, including Tesla and Chinese firms [11][13] Industry Trends - The robotics industry is entering a phase of consolidation, with a focus on companies that possess full-stack capabilities [14][15] - The emergence of large models in AI is seen as a critical factor for the commercialization of humanoid robots, with significant investments from tech giants [15][16] - Market confidence in humanoid robotics is growing, with increasing recognition of the sector's potential and the establishment of high valuation benchmarks [17][18]

Investment Rating - The report maintains a positive investment outlook on the humanoid robotics industry, particularly highlighting Tesla's leadership and the rapid evolution of startups like Figure AI, Agility Robotics, and 1X Technologies, with 2025 expected to be a pivotal year for mass production in the sector [4][5]. Core Insights - The humanoid robotics industry is entering a new era of embodied intelligence, driven by advancements in large models that enhance perception, decision-making, and execution capabilities. The report emphasizes the acceleration of industrial applications in manufacturing, logistics, and home services [1][9]. - Tesla's Optimus robot is making significant strides in both software and hardware, with expectations of mass production reaching 1 million units by 2027. The robot's capabilities are rapidly evolving, with notable improvements in movement and functionality anticipated in the coming years [2][10]. - The competitive landscape is characterized by a diverse array of hardware developments from leading companies, with significant investments and collaborations enhancing the industry's growth potential [3][11]. Summary by Sections Introduction - The report outlines the evolution of the humanoid robotics industry, detailing its transition from traditional control systems to a new era of embodied intelligence, with a focus on technological advancements and competitive dynamics [9]. Development History - The industry has progressed through four key stages: exploratory, integrated, high-dynamic, and intelligent development, with significant contributions from both Japan and the United States in shaping the current landscape [14][20]. Technical Routes - The primary research directions in humanoid robotics are bifurcated into bionic simulation and functional learning, with Japan focusing on realistic bionic robots and the U.S. leading in functional learning and complex environment operations [20][21]. Competitive Landscape - Major tech companies are actively investing and developing humanoid robotics through a combination of internal R&D, strategic investments, and partnerships. The U.S. leads in the number of startups and total funding in the sector [27][30]. Investment Recommendations - The report suggests focusing on automotive parts companies with strong production capabilities and customer relationships, particularly those that can provide localized support for humanoid robotics manufacturers [4][5]. Future Trends - The report anticipates that large models will continue to empower humanoid robots, enhancing their capabilities in various applications, including industrial manufacturing, logistics, and home services [31][33].

Core Insights - Figure has successfully raised over $1 billion in Series C funding, achieving a post-money valuation of $39 billion, setting a record in the field of embodied intelligence [3][33] - The funding round was led by Parkway Venture Capital, with participation from major investors including Nvidia, Brookfield Asset Management, and Intel Capital [5] - The company aims to expand its humanoid robot manufacturing and deployment in both household and commercial settings [10][22] Funding and Valuation - The Series C funding raised over $1 billion, resulting in a valuation of $39 billion, the highest in the current publicly available information on the embodied intelligence sector [3][33] - Previous funding rounds include a $675 million Series B round in February 2024, which valued the company at $2.6 billion [23] Technological Advancements - Figure has developed the Helix architecture, a visual-language-action model that allows robots to perceive, understand, and act like humans [18][22] - The Helix system consists of two components that communicate with each other, enabling the robot to perform various tasks using a unified model [19] - The latest funding will support the development of the Helix system, including building next-generation GPU infrastructure and advanced data collection projects [22][21] Recruitment and Expansion - Figure is actively recruiting across 13 areas, including AI-Helix and BotQ manufacturing, to support its growth and technological advancements [6] - The company is expanding its humanoid robot production capabilities to assist with household chores and commercial labor tasks [10][22] Market Position - Figure has positioned itself as a leading player in the humanoid robotics sector, especially after parting ways with OpenAI and focusing on developing its proprietary AI models [29][31] - The company has quickly gained attention in the market, with significant advancements in technology and funding, making it a notable competitor in the embodied intelligence landscape [32][33]