宇树科技再次成为焦点。 7月11日，中国移动采购与招标网显示，智元机器人和宇树科技成功中标中移（杭州）信息技术有限公司的人形双足机器人代工服务采购项目，总预算高 达1.24亿元，这一订单是国内人形机器人领域迄今公开的最大单笔订单，其中宇树订单4605万元。 7月18日，中国证监会官网显示，宇树科技已在浙江证监局完成辅导备案，辅导机构为中信证券。这表明，宇树正式启动IPO，冲刺A股科创板"人形机器 人第一股"。 先是一笔大订单，后又释放上市计划，随着消息发酵，相关产业链上市公司股价应声涨停，宇树IPO点燃了资本市场。 宇树在中国机器人公司里估值不算最高的，但无疑是最"当红"的。与近期集中计划IPO但仍在亏损的机器人公司不同，据一财商学院了解，宇树科技盈利 情况良好。这也为它的上市提供了基础。 天眼查数据显示，截至目前，宇树科技已先后融资10次，中标订单115笔。谁在押注宇树？谁在为宇树买单？从这些数据背后，或许可以发现宇树上市的 底气。 01 谁在押注宇树： 10轮融资，企业估值超百亿 从投资方的类型来看，除了在A轮便早早入场的顺为资本、红杉中国等知名投资机构， 其中还不乏互联网大厂和国资的身影。 美团作为互联 ...

Core Viewpoint - Yifei Technology is preparing for an IPO on the Hong Kong Stock Exchange, aiming to become the first stock in the light industrial robot category in Hong Kong, but faces challenges in profitability and operational stability [1][5]. Company Overview - Founded in 2012, Yifei Technology specializes in industrial robot research, manufacturing, and providing comprehensive automation solutions [2]. - The company offers a range of robotic products, including parallel robots, mobile robots, and multi-joint robots, along with control systems and visual detection systems [2]. Financial Performance - Yifei Technology reported revenues of RMB 1.62 billion, RMB 2.01 billion, and RMB 2.68 billion for the years 2022, 2023, and 2024, respectively, indicating steady growth [3]. - The company has not achieved profitability, with cumulative losses of RMB 238 million over the past three years [5]. - The revenue contribution from the top five customers has significantly decreased, with the largest customer’s contribution dropping from 71.2% in 2022 to 23.7% in 2024 [4]. Revenue Structure - In 2024, the revenue from robot solutions is expected to account for 79.2% of total revenue, while the robot body business is projected to contribute 20.8% [3]. - The gross margin for the robot body business fluctuated significantly, from 10.8% in 2022 to 35.6% in 2024, while the gross margin for robot solutions decreased from 28.6% to 24.1% during the same period [7][8]. Research and Development - The company has 202 R&D personnel, with an average annual salary of RMB 147,000, and has obtained 271 authorized patents, of which only 36 are invention patents [6]. - R&D expenditures were RMB 34.2 million, RMB 33.1 million, and RMB 38.7 million for the years 2022, 2023, and 2024, respectively, but the R&D expense ratio has decreased [5][6]. Production Capacity - Yifei Technology's production capacity utilization is not yet saturated, with utilization rates of 70%, 73%, and 55% for three production lines in Jinan in 2024 [11]. - The company plans to allocate 25% of the IPO proceeds to production line development and capacity expansion, raising questions about the ability to absorb increased capacity [11].

Core Viewpoint - Yifei Intelligent is a leading comprehensive industrial robotics company in China, focusing on the design, research and development, manufacturing, and commercialization of industrial robots, particularly in the light industry sector [3] Group 1: Company Overview - Yifei Intelligent has established a strong technology ecosystem with self-developed robotic bodies, control and vision systems, and manufacturing processes, enabling large-scale intelligent decision-making, environmental perception, precise control, and autonomous movement [3] - According to a Frost & Sullivan report, Yifei Intelligent ranks fifth among domestic companies specializing in industrial robots and related solutions for the light industry in China based on projected 2024 revenue [3] - The company is one of the few in China capable of providing comprehensive coverage of large-scale industrial robots and related solutions, helping clients across various industries improve production efficiency, optimize costs, and enhance product quality [3] Group 2: Product Offerings - Yifei Intelligent has designed a comprehensive product portfolio specifically for the light industry, including parallel robots (Bat series), AGV/AMR mobile robots (Camel series), SCARA robots (Python series), wafer handling robots (Lobster series), and six-axis industrial robots (Mantis series) [3] - The company possesses core technologies in control and vision systems, represented by the Gorilla and Kingkong series [3] Group 3: Financial Performance - In the fiscal years 2022, 2023, and 2024, Yifei Intelligent achieved revenue of approximately RMB 162.21 million, RMB 201.17 million, and RMB 268.01 million, respectively [4][5] - The gross profit for the same periods was RMB 43.25 million, RMB 36.87 million, and RMB 71.02 million, indicating fluctuations in profitability [4][5] - The company reported a pre-tax loss of RMB 57.47 million, RMB 110.60 million, and RMB 71.50 million for the respective years, reflecting ongoing challenges in achieving profitability [5]

（文/万肇生 编辑/张广凯） 5月14日，全球最大的大模型整合应用平台Poe发布数据显示，中国大模型公司深度求索的DeepSeek-R1 模型使用率，已由2月的峰值下降了50%，但目前仍处于推理模型分类中的第三位。而快手团队的可灵 （Kling系列）大模型，则在视频生成模型分类中迅速登顶，占据30%以上份额。 根据Poe博客发布的《2025年春季人工智能模型使用趋势》报告称，在所有文本模型的统计中，由于2月 发生的"DeepSeek时刻"，推理模型占所有文本模型的使用率直接在2周内从2%飙升至10%。截止春季报 告时间为止，目前仍有8%的文本消息目标为推理模型。 DeepSeek直接推高了整个推理模型在所有文本模型中的使用占比 从具体推理模型分类来看，DeepSeek-R1自今年2月出现了一波现象级传播，仅仅2周时间内就占据了用 户发送给平台推理模型文本信息的50%以上份额，彻底打破了OpenAI的垄断局面。而在此前，该分类 100%份额均为OpenAI旗下o1、o1-mini所占据。 时间进入3月，随着美国AI公司Anthropic的Claude-3.7-Sonnet-Reasonig模型出现，DeepSe ...