转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院人形机器人研究小组发布的《中国人形机器人（仿生人）行业发 展前景预测与投资战略规划分析报告》。 行业主要上市公司：目前国内人形机器人行业主要的上市公司有汇川技术(300124.SZ)、三花智控 (002050.SZ)、蓝思科技(300433.SZ)、恒立液压(601100.SH)、拓普集团(601689.SH)、领益智造 (002600.SZ)、中联重科(000157.SZ)、金力永磁(300748.SZ)等。 本文核心数据：全球企业分布数量 1、全球超半数的人形机器人企业在中国 据新战略人形机器人产业研究所统计，2024年全球人形机器人整机制造企业数量已超220家。其中，中 国企业数量超110家，占比达到50%以上;美国企业占比约20%，数量超45家;日本企业占比约10%，数量 超22家;剩余约20%的企业主要分布在德国、瑞士等欧洲国家以及韩国，每个国家分布企业数量不超过 10家，以传统工业机器人企业和科技公司为主。中国拥有全球最完整的人形机器人产业链、庞大的应用 场景与快速量产能力，人形机器人企业发展领先全球。 2、中国企业在硬件与集成端表现突出，美 ...

TrendForce集邦咨询指出，要跨越续航五至八小时的门槛，可采取"换电策略"，如Agility Robotics(敏捷机器人)的Digit、Apptronik的Apollo通过热插拔技 术，换电池时无须重启，以实现理论上的24小时不间断工作。另一方式是通过高能量密度电池技术提升电池容量，如Xpeng(小鹏) IRON、GAC GoMate、 Engineai T800等机器人选择搭载固态电池，续航大幅提升至四小时以上。 目前人形机器人电池产品的开发，尚面临两大挑战：第一，由于关节设计、构型选择、AI边缘算力等机器人的核心技术尚在快速迭代，电池的定制化开 发面临较大不确定性，如电池的安装空间、功耗需求皆会受机器人不同的技术构型影响。第二，由于人形机器人尚在商用化初期，产业的首要目标是寻找 可大规模商用化的场景，续航力改善属次要任务，因此，尚无法刺激相关电池技术达成关键突破。 尽管如此，人形机器人对高能量密度、高倍率放电、高安全型电池的需求，正好可作为固态电池的"试验场"，以发挥其能量密度优势。随着固态电池技术 突破与成本下降，将有助人形机器人打破动力瓶颈。 TrendForce集邦咨询预计，2026年全球人 ...

Core Insights - The article highlights the recognition of 3 "Special Contribution Entrepreneurs" and 20 "2025 Entrepreneurs" who exemplify long-termism and innovation across various industries in China, including liquor, manufacturing, energy, agriculture, internet, AI, and new consumption [1][2]. Group 1: Special Contribution Entrepreneurs - Ji Keliang, former chairman of Kweichow Moutai Group, transformed traditional brewing techniques into scientific data over 60 years, emphasizing quality over speed, which laid the foundation for Moutai's billion-dollar brand value [4][10][12]. - Zhang Ruimin, founder of Haier Group, is known for his continuous self-disruption and innovation, leading Haier from a struggling factory to a global leader in home appliances with over 400 billion yuan in revenue [18][20][21]. - Jiang Baoquan, founder of Nanjing Gold Foil Holdings, turned a failing workshop into the world's largest gold foil producer, emphasizing resilience and innovative management theories [25][27][29]. Group 2: 2025 Entrepreneurs - Ma Huateng, chairman of Tencent, focuses on "technology for good," committing to social responsibility and innovation in digital technology to drive high-quality economic development [31][34][41]. - Wang Ning, founder of Pop Mart, capitalizes on emotional value and consumer psychology, creating a successful business model around collectible toys that resonate with young consumers [43][45][46]. - Wang Xingxing, founder of Yushutech, leads advancements in humanoid robotics, achieving significant market presence and profitability while promoting technological innovation [48][49][51]. - Fang Hongbo, chairman of Midea Group, has successfully transformed Midea into a global technology group through strategic restructuring and a focus on efficiency and innovation [54][56]. - Liu Yonghao, chairman of New Hope Group, maintains a long-term vision in agriculture, achieving growth even during economic downturns by embracing new technologies [67][69][70]. - Liu Qiangdong, founder of JD.com, integrates the concept of "common prosperity" into business practices, ensuring fair profit distribution among stakeholders while enhancing supply chain efficiency [73][75][78]. - Li Dongsheng, founder of TCL, exemplifies global leadership in semiconductor display and photovoltaic sectors, driving innovation and sustainable growth through strategic partnerships [110][111].

【#宇树科技官宣上春晚##三家机器人公司同登春晚谁会更出圈#】 新京报贝壳财经讯（记者韦博雅）1月26日，宇树科技宣布成为中央广播电视总台2026年春晚机器人合 作伙伴。 "从2021年牛年春晚机器牛'犇犇'的初次亮相，到去年由张艺谋导演执导的人形机器人《秧BOT》的'现 象级'破圈，2026年我们将再度携手总台，奉献一场引领全球科技进步的除夕盛宴。"宇树称。 宇树科技还称，其四足机器人和人形机器人最近几年都出货量全球第一，实现了规模化交付的重大跨 越。 宇树科技在人形机器人领域以卓越的运动控制能力和工程实现能力著称，目前已推出G1、H1、H2、R1 四款人形机器人产品。宇树科技方面透露，其在2025年人形机器人实际出货量超5500台，本体量产下线 超6500台。 公开信息显示，去年6月，宇树科技完成C轮融资，投资方包括中国移动旗下基金、腾讯、锦秋基金、 阿里巴巴、蚂蚁集团、吉利资本等。公司正处于上市关键阶段。今年1月4日，宇树科技曾辟谣称，未涉 及申请"绿色通道"相关事宜，上市工作正常推进，相关进展将依法依规进行披露。 截至发稿时，已有3家具身智能机器人公司官宣与2026年央视春晚达成合作。1月25日，中央 ...

"从2021年牛年春晚机器牛'犇犇'的初次亮相，到去年由张艺谋导演执导的人形机器人《秧BOT》的'现 象级'破圈，2026年我们将再度携手总台，奉献一场引领全球科技进步的除夕盛宴。"宇树科技称。 宇树科技还称，其四足机器人和人形机器人最近几年出货量都全球第一，实现了规模化交付的重大跨 越。 新京报贝壳财经讯（记者韦博雅）1月26日，宇树科技宣布成为中央广播电视总台2026年春晚机器人合 作伙伴。 截至发稿时，已有3家具身智能机器人公司官宣与2026年央视春晚达成合作。1月25日，中央广播电视总 台官宣，银河通用机器人正式成为总台2026年春节联欢晚会指定具身大模型机器人。 银河通用成立于2023年5月，已推出人形机器人Galbot G1，目前已在商业、工业、医疗等场景应用。去 年12月，银河通用宣布完成新一轮超 3 亿美元融资，投资方包括中国移动链、中金资本、中科院基金、 苏创投、央视融媒体基金等，公司估值超过30亿美元。 1月23日，魔法原子官宣成为总台2026年春晚智能机器人战略合作伙伴，其机器人将出现在今年春晚的 舞台。魔法原子成立于2024年1月，旗下产品包括Magic Bot机器人系列及Magic ...

Group 1 - The core viewpoint of the article is that Yuzhu Technology has announced its humanoid robot shipment volume for 2025 will exceed 5,500 units, indicating strong market performance and growth potential in the humanoid robotics sector [1][4] - Yuzhu Technology's production of humanoid robots is projected to exceed 6,500 units in 2025, which does not include other types of robots such as dual-arm wheeled robots [1] - The shipment forecast surpasses the previous estimate by market analysis firm Omdia, which predicted an annual shipment of over 5,100 units for ZhiYuan, giving it a 39% market share, making it the global leader in both shipment volume and market share [4] Group 2 - Yuzhu Technology ranks second in the global market with a projected shipment of 4,200 units and a market share of 32%, while Youbixuan is third with 1,000 units and a 7% market share [4] - The company has launched four models of general-purpose humanoid robots: H1, H2, G1, and R1, showcasing its product diversity in the humanoid robotics market [4] - Yuzhu Technology's CEO, Wang Xingxing, indicated that since 2018, the company has derived an average of 50% of its revenue from international markets, highlighting its commitment to global expansion [4]

Core Viewpoint - The controversy surrounding Yushu Technology's alleged suspension of the "green channel" for its IPO has highlighted the scrutiny and regulatory focus on the humanoid robot sector, raising questions about the industry's fundamentals and sustainability [1][5]. Company Overview - Yushu Technology, founded in 2016, has established itself in the quadruped robot market and is expanding into humanoid robots, capturing 69.75% of global quadruped robot sales in 2023 [2][3]. - The company has reported annual revenues exceeding 1 billion yuan and has maintained profitability since 2020, which is rare in the heavily invested and often loss-making robotics sector [3][4]. Financial and Investment Insights - Yushu Technology has completed 10 rounds of financing, raising over 1.5 billion yuan, with notable investors including Meituan, Sequoia China, and Tencent [3][4]. - The company’s recent C-round financing in June 2025 raised nearly 700 million yuan, with a post-investment valuation exceeding 12 billion yuan, indicating strong market confidence in its business model [4]. Market Dynamics - The humanoid robot sector is experiencing a surge in interest, with nearly 30 companies applying for IPOs in Hong Kong by November 2025, reflecting a market frenzy similar to past trends in autonomous driving and new energy [6]. - However, many humanoid robot products remain in the demonstration phase, lacking large-scale commercial applications, which raises concerns about the sustainability of the current investment climate [6][8]. Technical and Application Challenges - The VLA model, crucial for achieving "general intelligence" in robots, faces significant challenges due to the scarcity of dynamic, real-world data required for training, which hampers the development of truly intelligent robots [7][8]. - Most humanoid robots are currently deployed in research, education, and consumer demonstration scenarios, with limited adoption in industries requiring robust performance and reliability [8][10]. Order and Production Concerns - Reports indicate that many announced large orders are framework agreements or intentions rather than binding contracts, leading to skepticism about their execution certainty [10][11]. - There are concerns about "internal digestion" of orders, where orders may circulate among related parties rather than reflecting genuine market demand, potentially creating a facade of growth [10][12]. Regulatory Environment - The regulatory landscape is shifting towards a more cautious approach, emphasizing the need for real technological breakthroughs and market validation rather than speculative valuations [13]. - The National Development and Reform Commission has highlighted the importance of balancing speed and potential bubbles in the development of the humanoid robot industry, signaling a need for more grounded expectations [13].

Group 1 - The core idea of the article is that Yushu Technology has opened its first offline store in Beijing, aiming to make robots more accessible and relatable to the general public, moving from curiosity to familiarity [2][3]. - The store is strategically located in JD MALL, highlighting JD's significant investment in promoting Yushu Technology's brand and products [3]. - Yushu Technology has previously collaborated with JD, successfully selling out its G1 humanoid and H1 industrial robots shortly after their launch on JD's platform [3]. Group 2 - The store currently offers four robot models: two robotic dogs (Go2 Air priced at 10,497 yuan and Go2 Pro at 19,999 yuan) and two humanoid robots (G1 starting at 85,000 yuan after discounts) [4]. - The opening event featured performances by the robots, attracting a diverse crowd, including families and technology enthusiasts, emphasizing the goal of enhancing public interaction with robots [4][5]. - The primary objective of the store is not immediate sales but to increase public exposure to robots and improve acceptance of robotic technology [5]. Group 3 - The offline store aims to address the high trust barrier associated with expensive consumer products by providing hands-on experiences that can convert interest into purchase decisions [6]. - Industry experts note that while the initiative is promising, it faces challenges such as high costs and the difficulty of converting foot traffic into actual sales, especially given the high price points of the products [6]. - Other companies in the industry are also exploring ways to enhance consumer engagement and reduce barriers to entry, such as launching application stores for easier robot operation [7].

Core Insights - The industry of embodied intelligence is transitioning from the "proof of concept" phase to a new stage characterized by large-scale investments, concentration of leading companies, and expectations for industrialization [2][8] Investment Trends - In 2025, at least 165 embodied intelligence companies completed 303 financing rounds, accumulating nearly 37 billion yuan, a nearly 260% increase compared to the entire year of 2024 [2] - The number of companies receiving investment in 2025 reached 168, with a financing scale of 32.9 billion yuan, a year-on-year increase of 291% [3] - The total investment in the embodied intelligence sector from 2022 to 2025 amounted to 512 cases, with disclosed financing exceeding 48 billion yuan [4] Company Performance - Notable companies like ZhiYuan Robotics and Galaxy General have achieved significant financing milestones, with Galaxy General raising over 300 million USD (approximately 2.1 billion yuan) in December 2025, setting new records for single and cumulative financing [6] - ZhiYuan Robotics completed 11 financing rounds by August 2025, with a valuation reaching 15 billion yuan, and plans for an IPO in Hong Kong [6] Market Dynamics - The concentration of investment is evident, with the top 10 companies accounting for about 40% of the total financing in 2025, indicating a narrowing window for mid-tier projects [8] - The industry is experiencing a surge in entrepreneurial activity, with 53 new companies established in 2025, and 31 of them securing funding shortly after their inception [3] Future Outlook - 2025 is seen as a watershed year for financing in the embodied intelligence sector, marking a systematic increase in capital scale and a shift from "technology validation" to "pre-industrialization" [8] - The financing rhythm is expected to differentiate in 2026, with leading companies likely to secure large, low-frequency but high-certainty funding, while mid-tier companies may face a more challenging environment [8]

Core Insights - The article highlights the journey of Wang Xingxing and Unitree Technology from a small startup to an industry leader, culminating in the completion of their IPO guidance in November 2025 [2][26]. - The company has evolved from a technology follower to a pioneer in the robotics industry, focusing on cost-effective and high-performance solutions [2][7]. Group 1: Company Development - Wang Xingxing founded Unitree Technology in 2016, initially working with a small team and focusing on innovative direct-drive technology for quadruped robots [5][8]. - The company received angel investment of 2 million yuan, which laid the financial foundation for its growth [5]. - Unitree completed multiple funding rounds, including a C round led by major companies like Tencent and Alibaba, achieving a post-investment valuation of 12 billion yuan [7][8]. Group 2: Product Innovation - Unitree has recently ventured into humanoid robots, establishing itself as a benchmark in the industry within a short span of three years [10]. - The company launched its first wheeled robot, G1-D, which features innovative design elements that enhance stability and operational range [15][17]. - G1-D is capable of performing various household tasks under human remote control, showcasing the practical applications of their technology [19]. Group 3: Technological Advancements - Unitree has initiated the development of a unified large model, UnifoLM, which integrates AI technology with robotics to enhance interaction with the environment [22][23]. - The UnifoLM model is designed to facilitate decision-making and simulation, allowing robots to perform complex tasks beyond simple command execution [23]. - Collaborations with leading tech companies like Tencent and Alibaba have strengthened Unitree's model application capabilities, promoting an open and collaborative approach to innovation [25]. Group 4: Future Outlook - Wang Xingxing envisions the next decade as a pivotal period for robots to become integral household companions, with advancements in AI and robotics nearing a critical threshold [21][27]. - The successful completion of the IPO guidance is seen as a recognition of the company's nine-year journey and a stepping stone towards broader market opportunities [26][27].