Core Viewpoint - Goldman Sachs' supply chain report casts doubt on the human-shaped robot industry, highlighting a significant gap between optimistic production capacity plans and actual confirmed orders [2] Group 1: Industry Overview - Nine core supply chain companies, including Sanhua and Topband, have planned annual production capacities ranging from 100,000 to 1,000,000 units, yet none have confirmed large-scale orders [2] - The report indicates that the expected global shipment of human-shaped robots will only reach 1.38 million units by 2035, contrasting sharply with the current production capacity plans of various companies [8] Group 2: Market Reactions - Following the report's release, the Wande Robot Index experienced fluctuations, initially rising by 1.12% on November 6, but subsequently declining, with a notable drop of 1.15% on November 7 [2] - After the release of a production delivery video by UBTECH, the Wande Robot Index rebounded by 0.52% on November 13 [2] Group 3: Controversies and Challenges - UBTECH's delivery video faced skepticism from industry peers, with Figure AI's founder publicly questioning the authenticity of the video, claiming that some robots were computer-generated [3][5] - UBTECH responded to the allegations by releasing unedited footage to demonstrate the authenticity of their robots [5] Group 4: Positive Signals - Despite controversies, there are positive developments in the human-shaped robot sector, with over 18 significant orders exceeding 10 million yuan since 2025, indicating a shift towards commercialization [6] - The industry has seen over 100 investment events in the first half of 2025, with total funding surpassing 15 billion yuan, reflecting a growing interest in actual delivery capabilities [7] Group 5: Company Strategies - UBTECH aims for large-scale delivery, targeting sectors like automotive manufacturing and smart logistics, with a production capacity plan to reach 5,000 units by 2026 and 10,000 units by 2027 [10] - Accelerated Evolution adopts a "small steps" approach, focusing on single-unit deliveries initially, gradually increasing order volumes as production capabilities mature [10] Group 6: Future Outlook - By 2025, delivery capabilities will become the core competitive logic in the robot industry, with a focus on cost reduction and production flexibility [11] - The interplay between demand, supply chain, and capital will be crucial for the industry to transition from order enthusiasm to actual delivery [11]