股票研究/[Table_Date] 2026.01.25 [Table_Industry] 计算机 银河通用"干活"机器人登春晚，具身智能 迎来主流时刻 | | | 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | 本报告导读： 1 月 25 日央视首次官宣 26 年春晚"指定具身大模型机器人"，银河通用从宁德时代、 博世等产线转战舞台，获评"打工人"代表。银河通用的轮式底盘+折叠腿的人形 Galbot，本质是一具身智能大模型的载体。春晚这一国民级 IP 绑定"干活型"具身智 能，有望 ...

Core Insights - The humanoid robot sector is experiencing a surge in investment as companies approach year-end, with significant funding rounds being announced, including a recent $300 million round by Galaxy General, setting a record for single-round financing in embodied intelligence [3][4][6] - Galaxy General has transitioned from a laboratory phase to commercial operations, with thousands of orders in the smart city service sector, indicating a shift in market valuation towards commercial viability [3][6] Financing and Valuation - The recent financing round raised over 4.5 billion yuan, led by China Mobile's Chain Long Fund, with participation from major investment platforms and international investors [4] - Following this round, Galaxy General's valuation has reached 19.5 billion yuan, reflecting a significant increase in market confidence [6] Corporate Structure and IPO Plans - Galaxy General has completed a corporate restructuring, changing its name and type, which is often seen as a precursor to an IPO, although the company has denied immediate plans for going public [5][7] - The company has raised a total of over 4.5 billion yuan since its establishment in May 2023, indicating strong investor interest and support [7] Market Trends and Future Outlook - The humanoid robot industry has seen a rapid increase in investment activity, with 160 investment events reported in 2023 alone, compared to only 14 in 2022, suggesting a growing interest in this sector [8] - Experts predict a potential capital winter in the humanoid robot sector in the coming years, prompting companies to secure funding while advancing commercialization efforts [9] Commercialization Efforts - Galaxy General is focusing on industrial-grade humanoid robots, achieving significant partnerships with major companies across various sectors, including manufacturing and smart city services [9][10] - The company has developed solutions for multiple fields, including industrial manufacturing, smart city services, and healthcare, with ongoing projects demonstrating practical applications of humanoid robots [9][10] Future Development and Challenges - While Galaxy General is exploring opportunities in the consumer market, the complexity of home environments poses challenges for robot integration, necessitating gradual advancements in technology [10] - The emphasis is shifting towards practical applications and real-world integration of humanoid robots in various sectors, moving beyond theoretical advancements to tangible value creation [10]

Core Insights - The humanoid robot sector is experiencing a surge in investment as companies approach year-end, with significant financing rounds being announced, including a recent $300 million round by Galaxy General, setting a record for single-round financing in embodied intelligence [2][3] Financing and Valuation - Galaxy General's latest financing round was led by major investors including China Mobile Chain Fund and various international institutions, bringing the total financing to over 4.5 billion yuan (approximately $645 million) since its establishment [3][4] - Following the recent financing, Galaxy General's valuation has reached 19.5 billion yuan (approximately $2.8 billion) [3][4] Market Position and Commercialization - The humanoid robot industry has become a focal point for investment, with 160 investment events recorded in the sector by November 2023, a significant increase from previous years [5][6] - Galaxy General has established partnerships with major companies across various sectors, including industrial manufacturing and smart city services, achieving thousands of orders for its humanoid robots [6][7] Product Development and Applications - Galaxy General is focusing on creating industrial-grade humanoid robots, with successful implementations in industrial manufacturing, smart city services, and healthcare, showcasing a commitment to practical applications [6][7] - The company has launched the "Galaxy Space Capsule" solution for smart city services, enabling fully autonomous operations in various urban environments [6][7] Future Outlook - While there are speculations about a potential IPO, Galaxy General has not confirmed any immediate plans, emphasizing a focus on product development and market expansion instead [4][5] - The company is also exploring opportunities in the consumer market, particularly in home environments, although this is seen as a long-term goal due to the complexities involved [8]

Core Viewpoint - The article highlights the significant financing success of Beijing Galbot General Robotics Co., Ltd., which raised over $300 million in its latest funding round, marking a record in the domestic embodied intelligence sector and elevating its valuation to over 20 billion RMB [1][16]. Financing Journey - Galbot has accumulated a total of $800 million in funding within just over two years since its establishment in May 2023, showcasing a rapid rise in capital interest [4]. - The company attracted attention from top-tier venture capital firms early on, with notable investments from iFlytek Venture Capital and others during its seed and angel rounds [5][6]. - The funding rounds include: - Seed Round (June 2023): Initial investments from major VCs shortly after establishment [6]. - Angel Round (June 2024): Secured 700 million RMB, marking a significant investment in the embodied intelligence field [9]. - A Round (November 2024): Received 500 million RMB with participation from state-owned funds [13]. - B Round (June 2025): Led by CATL, raising over 1.1 billion RMB, marking CATL's first investment in the embodied intelligence sector [14][15]. - B+ Round (December 2025): Raised $300 million, with participation from international capital for the first time, pushing the valuation to $3 billion [16][17]. Business Model and Market Strategy - Galbot focuses on practical applications of robotics, emphasizing functionality over aesthetics, which has led to securing substantial orders in various sectors [20][29]. - The company has established partnerships with major industrial players like CATL and Bosch, focusing on automating repetitive tasks in manufacturing [24]. - By addressing labor shortages and repetitive tasks, Galbot's robots have gained traction in sectors such as retail and healthcare, with innovative solutions like the "Galactic Space Capsule" for smart retail [27][28]. - The company's approach is to provide cost-effective and manageable robotic solutions, leading to large-scale orders and commercial viability [20][29]. Industry Insights - The article suggests that 2026 will be a pivotal year for the commercialization of humanoid robots in China, with the potential for the country to replicate the success seen in the electric vehicle sector [31][32]. - The support from capital and industry resources is crucial for the rapid deployment and profitability of robotic solutions in various applications [30].

近日，银河通用机器人（以下简称"银河通用"）官宣完成新一轮超3亿美元（约21亿人民币）融资。 本轮融资由中国移动链长基金领投，中金资本、中科院基金、苏创投、央视融媒体基金、天奇股份等重量级投资平台及产业巨头联合注资，并同步获得来 自新加坡、中东的国际投资机构及老股东的加注。 本次融资金额刷新了中国具身智能领域单轮融资纪录。根据公开资料统计，银河通用累计融资额达到约8亿美元，估值已达30亿美元，超200亿人民币，也 是目前人形机器人行业最高估值。 银河通用成立于2023年5月，创始人兼CTO王鹤拥有清华本科、斯坦福博士的学术履历，师从美国三院院士Leonidas J. Guibas教授，是具身智能大模型领 域的领军学者；联合创始人姚腾洲拥有北航机器人研究所的学术背景及千万级智能硬件的量产经验。 "天才学者创始人"的技术笃定 成立仅两年，估值超过两百亿，银河通用有比较鲜明的技术标签，在上一轮11亿人民币融资之后，银河通用创始人王鹤对腾讯科技坦言："具身智能尚在 早期，技术曙光初现。面对无限种可能，创业公司面临无数个基于技术自信的关键选择。" 在行业普遍依赖人力遥操采集数据时，王鹤多次公开宣讲"合成数据策略"，"高 ...

Core Insights - Humanoid robots are rapidly evolving, moving away from their early clumsy forms to exhibit human-like appearances and diverse functionalities [1][4] - The industry is driven by technological advancements, capital investment, and market demand, with China being the largest industrial robot application market globally [3] Design and Functionality - Mainstream humanoid robots feature a human-like structure with a torso, head, neck, and limbs, utilizing dexterous hands, two-fingered claws, or wheeled designs to balance cost and functionality [1] - The capabilities of humanoid robots span performance, labor, and interaction, including dance, household chores, and basic conversational abilities [1][2] Technical Limitations - Current humanoid robots face significant technical limitations, including repetitive dance movements and slow task execution in household settings [1][2] - Interaction capabilities are restricted, relying on remote control, joint mapping, or voice commands, lacking true AI autonomy [2] Market Segmentation - The application of humanoid robots is divided into enterprise-level (To B) and consumer-level (To C) markets, with the To B sector focusing on entertainment, industrial manufacturing, and healthcare [2] - The To C market aims to replace traditional household roles, but current offerings have limited practical value compared to existing automation solutions [2] Industry Dynamics - The robot industry is experiencing growth in revenue and production, with over 20 leading companies planning IPOs, 16 of which are Chinese [3] - Competitive strategies vary, with companies like Yushu Technology focusing on affordable models and Galaxy General leveraging retail scenarios for intelligent service [3] Future Outlook - The humanoid robot industry is still in its early stages, facing challenges in intelligence and cost, but advancements in synthetic data and simulation technologies are paving the way for improved decision-making and adaptability [3][4]

Core Insights - The humanoid robot industry is experiencing rapid advancements and increased competition, with major players like Xiaopeng, ByteDance, and others making significant investments and developments in this field [2][3][28]. Group 1: Industry Developments - Xiaopeng's humanoid robot IRON has gained attention for its realistic walking capabilities, supported by advanced AI technology including three Turing chips, achieving a total computing power of 2250 TOPS [11]. - ByteDance is aggressively entering the humanoid robot market, offering high salaries for experts and planning to invest $12 billion (approximately 85.45 billion RMB) in AI chip development [3][32]. - By mid-2025, global funding in the humanoid robot sector is expected to exceed 14 billion RMB, with Chinese companies accounting for 60% of this funding, totaling 8.4 billion RMB [6]. Group 2: Technological Innovations - The latest humanoid robots are showcasing new skills, such as Unitree H2, which can walk, dance, and perform martial arts, featuring a bionic face and 31 degrees of freedom [12][14]. - Galbot, a humanoid robot working in a smart convenience store, demonstrates strong generalization capabilities with its end-to-end embodied intelligence model, allowing it to adapt to various retail environments [19]. - The G2 robot from Zhiyuan is being utilized in industrial settings, capable of performing precise tasks and navigating factory environments effectively [20][21]. Group 3: Major Players and Investments - Major companies like Tencent, Alibaba, and JD are heavily investing in the humanoid robot space, with Tencent's Robotics X lab focusing on foundational research and practical applications [41][43]. - Xiaomi is building a comprehensive ecosystem for humanoid robots, investing over 20 billion RMB in research and development, and collaborating with various partners to enhance its capabilities [50]. - Baidu is partnering with UBTECH to integrate its large model capabilities into humanoid robots, enhancing their decision-making and task execution abilities [38][40]. Group 4: Future Outlook - The humanoid robot industry is at a pivotal moment, with increased capital investment, pilot projects in factories, and ongoing algorithm improvements, indicating a shift towards a future where robots and humans work collaboratively [55]. - Industry leaders express optimism about the rapid adoption of humanoid robots, with NVIDIA's CEO suggesting that widespread use could occur within a few years [56].

Core Insights - The human-shaped robot industry in China is experiencing rapid development, transitioning from the "technology verification period" to the "scale commercialization period" by 2025, with the global embodied intelligence market expected to reach 19.525 billion yuan, nearly half of which will come from China [1][2] Industry Developments - The rise of human-shaped robots is attributed to breakthroughs in embodied intelligence technology, which integrates artificial intelligence into physical entities, enabling them to perceive, learn, and interact with their environment like humans [2] - The structure of embodied intelligence is categorized into "brain," "cerebellum," and "body," where the "brain" refers to AI models responsible for language interaction and task decision-making, while the "cerebellum" focuses on motion control algorithms [2] - Significant advancements in AI models have enhanced the perception, decision-making, and natural interaction capabilities of human-shaped robots, moving them from mere mechanical execution to intelligent agents [2] Technological Breakthroughs - Continuous improvements in core components such as perception algorithms, servo motors, and reducers have significantly increased the dexterity, stability, and autonomy of robots, laying a solid foundation for practical applications [3] - The development of end-to-end unified models allows for low-cost hardware to perform intricate tasks like grasping and folding clothes, showcasing the progress in the "brain" aspect of human-shaped robots [2] Real-World Applications - Human-shaped robots are now being deployed in various sectors, including factories, healthcare, and homes, demonstrating their ability to perform complex tasks autonomously, such as quality inspection and component sorting [4] - The "Galbot" robot from Galaxy General is a prime example, capable of visual perception-based object recognition and path planning, marking a shift from traditional industrial robots that rely on preset routes [4] - In the healthcare sector, exoskeleton robots are assisting stroke patients in relearning to walk, utilizing AI algorithms to provide personalized rehabilitation strategies [5] Future Outlook - The human-shaped robot market is expected to evolve from specialized to general-purpose robots, with companies focusing on developing versatile robots that can adapt to various unstructured environments [5] - As production scales and technology matures, the costs associated with human-shaped robots are anticipated to decrease, similar to the trend observed with industrial robots in the early 2000s [5] - Future general-purpose human-shaped robots are envisioned to be intelligent companions that understand human intentions and adapt proactively to their surroundings [5]

Core Insights - The article discusses the advancements in humanoid robots, particularly focusing on the capabilities of the Galbot developed by Beijing Galaxy General Robotics Co., which can operate autonomously without remote control [2][3][6] - The key challenge in achieving true autonomy in robots lies in the quality and richness of data, which is essential for enhancing their cognitive abilities and adaptability [3][9][10] Group 1: Company Developments - Beijing Galaxy General Robotics has launched the world's first city-level humanoid robot demonstration zone, featuring an unmanned supermarket operated by robots [2] - The company has successfully implemented humanoid robots in various sectors, including industrial applications like assembly line handling and sorting, as well as retail, with plans to open 100 smart pharmacies nationwide by the end of the year [5][12] - The Galbot has achieved notable success in competitions, showcasing its advanced capabilities compared to other robots that often rely on pre-programmed sequences and remote control [2][5] Group 2: Technological Challenges - The transition from action intelligence to cognitive intelligence in robots is heavily dependent on the availability of high-quality data, which is crucial for improving their robustness and generalization capabilities [3][9] - The current landscape shows a division among robotics companies, with some focusing on showcasing impressive movements while others, like Galaxy General, prioritize practical applications in real-world scenarios [4][12] - The company emphasizes that achieving a commercial breakthrough in robotics will depend on identifying scalable applications that can be replicated across various environments [12] Group 3: Data and Model Development - High-quality synthetic data is deemed essential for training robots, with 99% of their capabilities potentially derived from such data, while only 1% requires real-world data collection [9][10] - The development of a closed-loop feedback model is critical for enabling robots to perform tasks autonomously across different scenarios, which Galaxy General is actively pursuing [6][7] - The company believes that the quality of data is more important than quantity, as diverse and representative data sets lead to more effective learning and adaptability in robots [10][11]

Core Insights - The article highlights the successful implementation of the world's first commercial humanoid robot retail warehouse, Galbot, developed by Beijing Galaxy General Robotics Co., which has been operational for over 150 days and has completed tens of thousands of delivery orders [1][2] Group 1: Technology and Operations - Galbot utilizes a self-developed end-to-end embodied model technology, integrating capabilities such as real-time mapping navigation, intelligent voice interaction, and task understanding, allowing it to efficiently perform inventory, restocking, delivery, and packaging tasks without pre-set paths [1] - The robot can operate in a 50-square-meter store, handling 5,000 types of products, 6,000 storage locations, and over 10,000 boxes of goods in an automated process [1] Group 2: Regulatory Environment - The operation of Galbot in selling medical devices, such as contact lenses classified as Class III medical devices, requires the company to obtain a Medical Device Business License, with regular quality inspections by management personnel to ensure product safety [2] - The Haidian District Market Supervision Administration has actively supported the implementation of this robotic sales model by conducting visits and optimizing the sales approach, as well as establishing regular inspection plans to ensure product quality [2] Group 3: Policy and Industry Development - In February, Haidian District introduced measures to accelerate the construction of a globally influential artificial intelligence industry hub, injecting policy vitality into the development of a world-class AI industry cluster [2] - The district is actively building a modern industrial system characterized by "1+X+1," promoting the agglomeration of the AI industry and continuously improving the innovation chain from technology research and development to commercial transformation [2]