陪伴机器人的护城河，或许深筑于一个更微妙却也更关键的维度"懂"。它需要懂得用户表层需求之下，那些幽微奇诡的情感暗涌；更懂得用户 手中紧握的那根隐形的价格准绳，以极具亲和力的定价策略"撬开"消费者的心扉与钱包。 具身智能领域"杀手级产品"的王冠，似乎正悄然向"陪伴机器人"的头顶倾斜。 底层逻辑清晰而硬核，"有很多人愿意买单"。需求侧信号鲜明，强用户心智驱动下渗透率稳步攀升。究其内核，具身智能或为"形"，而真正的灵魂在 于"情绪价值"。这正是当下最汹涌的商业风口，泡泡玛特的狂热现象便是一面鲜明的镜子。珞博智能旗下颇具"潮玩"基因的Fuzozo，以AI养成系新宠的定 位，在京东618预售中创下"10分钟破千单"的战绩，再次印证了这股情绪浪潮的澎湃动力。 供给侧亦非等闲，各路英豪齐聚赛道：前追觅高管郭人杰、师承李泽湘并前后任职于大疆、擎天柱的杨硕等产业老兵躬身入局；更有米哈游、泡泡玛特等 跨界巨头驶入这片蓝海，志在争夺"领航者"的舵轮。 资本早已闻风而动，曾公开表态"批量退出人形机器人"的金沙江创投朱啸虎，在与珞博智能创始人孙兆治短短十分钟的交谈后，旋即拍板押注陪伴机器人 领域。朱啸虎直言：「用AI创造'情绪价值'， ...

AI卷起的财富风暴。 以下文章来源于AGI接口 ，作者陈伊凡 AGI接口 . 出品｜虎嗅科技组 作者｜陈伊凡 编辑｜苗正卿 头图｜《我的机器人女友》剧照 "AI 原生 100" 是虎嗅科技组推出针对 AI 原生创新栏目，这是本系列的第「 01 」篇文章。 给Z世代女性专门开发情感陪伴机器人，会是一门好生意吗？ 曾在滴滴、小鹏汽车、鹏行智能供职的珞博智能创始人孙兆治认为这是一个蓝海。18个月前，他创 业前的最后一份工作是在小鹏汽车旗下的机器人公司——鹏行智能担任产品设计和品牌负责人。 一个多月前，AI圈的注意力开始被他和珞博智能吸引：在上半年透露"在退出一些具身智能项目"的 投资人朱啸虎投资了珞博智能，朱啸虎是金沙江创投主管合伙人。虎嗅了解到，这笔数千万人民币的 天使轮融资是珞博智能的第一笔市场化投资，上影新视野基金、金沙江创投联合领投，零一创投跟 投。 孙兆治告诉虎嗅，在与朱啸虎聊了十几分钟后，这笔投资就被确定下来。"不投具身智能"的朱啸虎对 这个项目的基本判断是："AI创造情绪价值，是如今大模型应用领域一个靠谱的方向；切入市场的思 路精准；团队执行力强，技术方案能较快落地。" 6月底，我在上海见到了孙兆治， ...

出品｜虎嗅科技组 作者｜陈伊凡 编辑｜苗正卿 头图｜珞博智能提供 "AI 原生 100" 是虎嗅科技组推出针对 AI 原生创新栏目，这是本系列的第「 01 」篇文章。 给Z世代女性专门开发情感陪伴机器人，会是一门好生意吗？ 曾在滴滴、小鹏汽车、鹏行智能供职的珞博智能创始人孙兆治认为这是一个蓝海。18个月前，他创业前的最后一份工作是在小鹏汽车旗下的机器人公司—— 鹏行智能担任产品设计和品牌负责人。 一个多月前，AI圈的注意力开始被他和珞博智能吸引：在上半年透露"在退出一些具身智能项目"的投资人朱啸虎投资了珞博智能，朱啸虎是金沙江创投主管 合伙人。虎嗅了解到，这笔数千万人民币的天使轮融资是珞博智能的第一笔市场化投资，上影新视野基金、金沙江创投联合领投，零一创投跟投。 孙兆治告诉虎嗅，在与朱啸虎聊了十几分钟后，这笔投资就被确定下来。"不投具身智能"的朱啸虎对这个项目的基本判断是："AI创造情绪价值，是如今大 模型应用领域一个靠谱的方向；切入市场的思路精准；团队执行力强，技术方案能较快落地。" 6月底，我在上海见到了孙兆治，他戴着银边眼镜，头发梳得一丝不苟，带着些许艺术气质，从他的衣着中可以感受到作为设计师的品味。我 ...

Investment Rating - The report maintains a "Positive" outlook on the gaming sector, highlighting a monthly high in game approvals and encouraging summer promotions [4]. Core Insights - The gaming sector is expected to benefit from a significant increase in new game approvals, with 158 new games (147 domestic and 11 imported) approved in June, marking a new monthly high for the year. This trend indicates a clear easing of regulatory constraints [4]. - The mid-term growth drivers include the expansion of overseas markets and the consumption demands of the post-90s and post-00s generations, improved competitive dynamics leading to better-than-expected profit margins, and AI developments enhancing valuation options [4]. - Key companies such as Giant Network, Huya, and others are expected to show strong performance, with new game launches and innovative strategies aimed at attracting younger users [4]. Summary by Sections Gaming Sector - The report emphasizes the ongoing recommendation for the gaming sector, driven by new game approvals and summer promotional activities. The mid-term logic includes overseas expansion and evolving consumer preferences [4]. - Notable companies like Tencent, NetEase, and Giant Network are highlighted for their expected revenue and profit growth, with specific projections for 2025 and 2026 [6]. AI and Internet Media - AI applications in platforms like Kuaishou and Meitu are showing better-than-expected commercialization, with significant user engagement and innovative content offerings [4]. - The report discusses the potential of AI in education and advertising, with companies like New Oriental launching AI educational products and Tencent enhancing ad efficiency through AI [4]. Consumer Trends - The report identifies high-demand consumer segments in collectibles, music, and live events, with companies like Pop Mart and NetEase Music showing strong growth trajectories [4]. - The report also notes the resilience of advertising platforms like Focus Media, which is expected to benefit from partnerships that enhance media value [4].

据不完全统计， 2024年至今，国内AI玩具赛道已有27家创业公司获得融资 ，其中6家融资超1亿元，IDG资本、红杉中国、高瓴创投、与字节跳动关 联的锦秋基金等均参投。 当下，火成社交货币的LABUBU，正刺激着一大批AI玩具创业者的野心：让LABUBU们动起来！ 他们是这样想的： AI玩具几乎是技术和资金门槛最低的AI应用赛道。 这些初创公司背靠华强北、汕头澄海、义乌等智能硬件和玩具生产基地和供应 链，日渐成熟的大模型让技术实现变得不再遥不可及。 他们当中的很多人来自大厂。近2年时间，天猫精灵合伙人李勇创办了跃然创新，美团前副总裁包塔创立了奇点灵智，小鹏机器人产品设计原负责人孙 兆治成立了珞博智能。一些传统玩具制造商也想分一杯羹。 很快，AI玩具这个新概念下的产品相继亮相：FoloToy为字节跳动定制的内部礼品"显眼包"在二手平台被炒至数百元。跃然创新的玩具挂件BubblePal 累计销量达25万台。珞博智能首款AI毛绒挂件芙崽Fuzozo6月18日上线预售，全渠道销量约5000个。 这些明星产品的销量和市场反馈，牵动着华强北厂家的神经。一旦感知到某种确定性，有的工厂就敢对品牌放话：已实现"公版公模"（开模 ...

Core Insights - The rise of AI toys, particularly the LABUBU concept, is driving ambitions among numerous AI toy startups, leveraging lower technical and financial barriers in the industry [2][3] - A total of 27 AI toy startups in China have secured funding in 2024, with 6 companies raising over 100 million yuan, attracting investments from major firms like IDG Capital and Sequoia China [2] - The market is witnessing a split between traditional toy companies and new entrants focusing on AI integration, with established brands like Pop Mart taking a cautious approach [3][15] Industry Overview - AI toys are primarily defined as traditional toys enhanced with AI capabilities, integrating components like microphones, speakers, and connectivity modules to interact with users [4] - Different forms of AI toys exist, including interactive dolls and AI modules that can be attached to existing toys, creating a hierarchy based on functionality and target demographics [5][9] - The market is seeing a surge in AI voice box products, but many lack longevity in user engagement, prompting companies to focus on emotional connections and interactive experiences [9][12] Market Dynamics - The rapid response and production capabilities of manufacturers in Huaqiangbei are creating pressure on AI toy startups, as they can quickly replicate successful designs [13][14] - Companies are exploring new business models, including subscription services for software updates and additional features, which diverges from traditional one-time purchase models [12][15] - The emotional and aesthetic appeal of AI toys is crucial for attracting consumers, with companies like Mochi focusing on creating a strong emotional bond through design and interaction [7][11] Competitive Landscape - Established brands like Pop Mart are hesitant to enter the AI toy market, prioritizing their brand identity and emotional value over technological integration [15] - New entrants are experimenting with various pricing strategies and product placements to capture market share, with some targeting specific demographics like young consumers [14][15] - The industry is characterized by a mix of innovation and caution, as companies navigate the balance between technology and emotional engagement in their products [3][15]

Core Insights - The collectible toy market, particularly the "潮玩" (trendy toys), is experiencing significant growth, with companies like Labubu and Pop Mart leading the charge, resulting in substantial market valuations and wealth creation for founders [1][2] - The emergence of "AI潮玩" (AI trendy toys) is seen as a potential new trend, combining the popularity of trendy toys with AI technology, attracting investments from major players in the tech industry [2][4] - Despite the excitement, many companies in the AI潮玩 space have yet to achieve successful product commercialization [3] Market Dynamics - The trendy toy market is characterized by limited releases and collaborations that create scarcity and drive demand, as seen with Pop Mart's blind box series [5][6] - AI潮玩 products are positioned as interactive companions, offering emotional engagement and voice interaction, distinguishing them from traditional trendy toys [6][8] - The AI潮玩 market is crowded, with at least 30 companies competing, but the actual differentiation in product offerings remains limited [2][9] Product Characteristics - Traditional trendy toys rely on IP and scarcity for value appreciation, while AI潮玩 integrates AI capabilities, which may undermine the collectible aspect due to rapid technological advancements [8][17] - AI潮玩 products are often marketed with a focus on their functional attributes, such as emotional interaction and AI capabilities, rather than just aesthetics [6][23] - The pricing of AI潮玩 varies significantly, influenced by the integration of software and hardware, with some products reaching high price points due to their advanced features [17][21] Marketing Strategies - AI潮玩 companies are adopting marketing strategies similar to those of traditional trendy toy brands, including pre-sales, community engagement, and limited product releases to create hype [13][15] - The focus on surrounding merchandise and subscription services for software updates is becoming a common practice to enhance profitability [11][21] - Companies are also targeting international markets early in their development to capitalize on broader opportunities, as seen with brands like Ropet and Oilovef [15][24] Consumer Behavior - Consumers of AI潮玩 tend to prioritize functionality and durability over collectibility, viewing these products as technology rather than mere toys [23][24] - The desire for companionship and novelty drives purchases, with many consumers not inclined to spend on additional features or accessories [22][23] - The competitive landscape is intensifying, with consumers comparing products based on performance and price, leading to potential price wars among similar offerings [23][24]

Core Insights - The integration of generative AI with consumer hardware is driving strong demand for edge AI chips, with companies like TaiLing Micro announcing successful product launches and significant revenue growth in Q2 2023 [1][2] - The AI hardware market is expanding rapidly, with various manufacturers actively developing AI-enabled devices across multiple categories, including smartphones, wearables, and personal computers [2][3] Group 1: Market Trends - The demand for edge AI chips is being fueled by the shift from centralized cloud computing to edge and on-device intelligence, driven by privacy concerns and the need for real-time data processing [1] - During the 618 shopping festival, sales of AI-enabled products saw remarkable growth, with AI smartphones' transaction value increasing by 100% and AI audio products' user transactions growing by over 300% [1] Group 2: Company Developments - TaiLing Micro reported that its new edge AI chip will be in mass production soon, with applications in wireless audio, smart homes, and wearables, contributing to a revenue of over 10 million yuan in Q2 2023 [1] - Hengxuan Technology's new wearable chip, BES2800, achieved mass production and is expected to generate 32% of its 2024 revenue from smartwatch and wristband products, with a year-on-year revenue growth of approximately 116% [5][6] Group 3: Future Projections - Canalys predicts that by 2025, the global penetration rate of AI smartphones will reach 34%, indicating a significant market opportunity for manufacturers [2] - The AI personal computer (AIPC) segment is expected to grow as major companies like Apple and Huawei invest in local AI model execution, enhancing customization and security [2][3]

文｜第一新声 琳玉 深夜10点，当你敲完方案的最后一行字，合上电脑时习惯性地看向办公桌角落，一只圆滚滚的AI宠物正眨巴着困倦的眼睛望着你，当你轻抚它的脑袋， 小家伙随即发出"呼呼"声，而你则可以感受到毛茸茸的触感和37度的体温…… 甚至，在人工智能技术的加持下，AI宠物们通过多传感系统，可以感知环境、识别人的语言和情绪，并对主人的触摸、语言、甚至是面部表情作出回 应。 如今，这种高度智能化的陪伴在让用户感到新奇的同时，也催生出巨大的市场，受到VC们的高度关注。 根据ARK invest的数据和预测，2023年全球AI陪伴市场规模约为3000万美元，基准情形和乐观情形下，2030年全球AI陪伴市场规模有望增至700-1500亿美 元，年复合增长率将达200%-236%。 近期，在AI行业一直出手谨慎的朱啸虎也入局了AI宠物行业。资本涌入、创业者扎堆，用户甘愿付费——AI伴宠为何能让VC和消费者集体"上头"？ 01、爆火的AI宠物，与上头的消费者 近年来，潮玩市场展现出惊人的增长活力，成为全球最具潜力的消费领域之一。 曾打造多个现象级产品的泡泡玛特，从2024年起到近期一路高歌猛进。其股价从2024年年初的273 ...

Core Insights - The rapid growth of the trendy toy market is highlighted by the success of Pop Mart's Labubu and the increasing interest in the "AI pet" sector [1] - Shanghai Luobo Intelligent Technology Co., Ltd. has completed a multi-million RMB angel round financing, indicating strong investor confidence in AI emotional companionship hardware [1][2] - The AI toy sector has seen over 20 financing events since last year, with several exceeding 100 million RMB this year, showcasing a significant investment trend [1][5] Company Overview - Luobo Intelligent was established in 2024, focusing on AI nurturing toys, with its first product "Fuzozo" launched in June 2025 [2] - The product features a plush design and multi-modal interaction, allowing users to form emotional bonds through pet-like nurturing gameplay [2] - The core technologies include the MultiEmotion Model (MEM) for emotional interaction and the EchoChain system for long-term memory, enhancing user engagement [2] Investment Landscape - The AI toy sector has attracted significant investment interest, with major players and former executives from large companies entering the market [5] - The trend reflects a broader shift in consumer preferences towards emotional value in products, moving away from traditional functional consumption [6] - The investment enthusiasm in the consumer sector is returning, with nearly 200 investment events reported this year, indicating a warming market [6] Market Dynamics - The integration of AI and smart hardware is transforming the companionship toy market, emphasizing emotional value over functional capabilities [3][4] - The rise of "emotional consumption" in China is driving demand for products that provide psychological comfort and cultural resonance [6] - Companies in the AI toy space face challenges such as technology integration and product differentiation to stand out in a competitive market [6]