报告导读： Figure AI 推出新一代 Figure 03 ，依托于 Helix 系统，侧重家庭场景落地， 并为规模化生产做了设计准备，看好其后续场景落地与量产进度。 投资建议： Figure AI 推出新一代 Figure 03 ，依托于 Helix 系统，侧重家庭场景下多种任务处理，并为规模化生产做了设计准备， Figure AI 的 BotQ 工 厂第一代产线当前年产能 12,000 台，四年内目标实现总计 10 万台机器人产量。 Figure 03 展示家庭应用场景，场景泛化加速落地。 Figure AI 最新视频侧重 Figure 03 家庭场景展示。具体看，家庭场景下工作可分为三种： 1 ）家务情 景中， Figure 03 可做整理沙发桌椅、准备茶歇、浇花、洗衣服、打扫卫生（刷碗、擦桌子）等工作，这依托于其 Helix 系统的长链任务处理能力； 2 ）物 品分类情景下， Figure 03 能够将盘子、杯子归类，归类超市购物后的蔬菜等物品，叠衣服，其物品识别分拣、柔性物品抓取能力成熟； 3 ）交互情景： Figure 03 机器人可与宠物狗玩抛接球游戏，在动态生物识别交互上有进展。除家庭场景 ...

Core Viewpoint - The humanoid robot industry is at a critical transformation point, moving from early "theme speculation" to "pre-investment in industrial trends" as companies like Tesla and Figure begin small-scale production. The industry's non-linear growth hinges on breakthroughs in hardware cost reduction and advancements in intelligent robotics [1][3]. Group 1: Current Industry Landscape - The core contradiction in humanoid robotics is not about "whether to ship" but rather "whether to form a sustainable industrial flywheel." By the end of 2024 and early 2025, many domestic companies have completed deliveries of hundreds to thousands of units, primarily in research, education, and display sectors [1][3]. - Initial order numbers are not the key signal; the real turning point for the industry lies in the "Scaling Law moment" of the robotic brain, where intelligence improves non-linearly with data volume and model scale, breaking through the bottleneck of scenario generalization [1][3]. Group 2: Challenges to Scaling Law Moment - Two major challenges need to be addressed: high hardware costs and the lack of standardized solutions. For instance, Tesla's Optimus Gen1 has a high BOM cost, with a target to reduce it to $20,000 per unit. Key components for cost reduction include joint modules and sensors [3]. - The software side lacks a "robotic version of ChatGPT." The robotic brain must possess both "perception decision-making" and "motion control" capabilities, but current models face data challenges, including complex motion data modalities and high costs of real-world data collection [3][4]. Group 3: Technological Pathways - The "big and small brain collaboration" has become the mainstream engineering approach, with three clear paths for the evolution of large models in robotics. The dual-system layered VLA architecture is currently the optimal solution for engineering implementation [4][5]. - Figure's Helix system exemplifies this collaboration, utilizing a slow system for understanding natural language and a fast system for real-time control, enabling complex tasks in flexible manufacturing scenarios [7][9]. Group 4: Commercialization Pathways - The commercialization of humanoid robots is expected to follow a "from easy to difficult" path, starting with ToG (research and education), then ToB (industrial manufacturing), and finally ToC (household services). The ToB sector is becoming a critical battleground for breakthroughs [8][9]. - The apparel manufacturing industry is a typical case for ToB implementation, with a significant global workforce and high labor costs, yet low penetration of traditional industrial robots due to the flexibility of materials and rapid style changes [8][9]. Group 5: Investment Trends and Future Outlook - The flow of capital in the industry is shifting from a focus on hardware to software, with significant investments in embodied intelligent large models from companies like Google and NVIDIA. Domestic startups are also gaining traction in this space [11]. - The ultimate goal of the humanoid robot industry is to replicate the "non-linear growth curve" seen in sectors like electric vehicles and smartphones, with the "Scaling Law moment" of the robotic brain being the key trigger for this growth [13].

Core Insights - Figure's founder Brett Adcock released a demonstration video of the Figure.02 robot performing laundry tasks at home, marking its first operation in a real household environment after a month of testing in an office setting [1][4]. Group 1: Robot's Capabilities - The Figure.02 robot showcases its ability to perform laundry by using both hands to place clothes into a washing machine, demonstrating its task execution capabilities in a domestic setting [3][6]. - The transition from industrial environments to home settings highlights the robot's adaptability to different task environments, which is crucial for its operational success [8][14]. Group 2: Technical Aspects - The laundry task involves complex interactions, requiring the robot to manage various types of clothing and adapt to different household layouts, showcasing its advanced technical execution abilities [13][19]. - The Helix system, which includes a dual-system VLA model, enables high-speed and dexterous control of the robot's upper body, integrating visual and language processing for effective task execution [21][24]. Group 3: Task Complexity - While the demonstration illustrates the robot's ability to place clothes into the washing machine, it does not encompass the entire laundry process, which includes multiple steps such as sorting, washing, and drying [32][35]. - The approach of breaking down tasks into manageable sub-tasks is essential for the robot's learning and adaptation from controlled environments to more complex home scenarios [35]. Group 4: Recent Developments - Prior to the laundry demonstration, Figure released a demo showcasing the Figure.02's capabilities in a logistics sorting environment, achieving near-human levels of speed and reliability in processing diverse packages [38][39]. - The introduction of the F.03 battery is expected to enhance the performance and efficiency of electric-driven robots, positioning Figure as a leader in battery technology within the robotics sector [44][45].

Core Viewpoint - Figure's robot, Figure.02, has successfully demonstrated its ability to perform laundry tasks in a real home environment, marking a significant advancement from industrial applications to domestic settings [1][5][11]. Group 1: Robot's Capabilities - The demonstration video shows Figure.02 using both hands to load clothes into a washing machine, showcasing its ability to adjust the position of items during the process [2][3]. - The robot's transition from structured industrial tasks to the unpredictable nature of home environments highlights the importance of task environment adaptability for robotic systems [6][11]. - In industrial settings, robots handle structured, repetitive tasks with fixed object placements, while home environments present challenges due to their variability and lack of standardization [7][8]. Group 2: Technical Execution - The laundry task requires the robot to manage various types of clothing, necessitating advanced capabilities such as grip control, dynamic vision, object recognition, force feedback, and task planning [12][13]. - The Helix system, which includes a dual-system VLA model, enables Figure.02 to perform complex movements and control its upper body with high precision [15][17]. - The robot's ability to bend its knees and adjust its posture while loading clothes into the washing machine demonstrates a significant leap towards whole-body control [19]. Group 3: Future Developments - The current demonstration does not encompass the entire laundry process, indicating that robots will initially learn sub-tasks in controlled environments before gaining more autonomy [21]. - Following the recent demonstration, Figure has made strides in logistics with the Helix system, achieving near-human levels of speed and reliability in package handling [22]. - The introduction of the F.03 battery is expected to enhance the performance and efficiency of electric-driven robots, positioning Figure as a leader in the field [25].

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The human-shaped robot index increased by 1.33% during the week of June 3-6, 2025, outperforming the Shanghai Composite Index and the CSI 300 Index, with a year-to-date increase of 24.11% [5][13] - Significant developments in the industry include the launch of the TrackVLA navigation model by Galaxy General, the introduction of Pepsi's first humanoid robot "Pepsi Blue Treasure," and strong orders for humanoid robots reported by TSMC [20][21][22] - The establishment of innovation centers in Hubei and Beijing aims to enhance the development and application of humanoid robots, with significant funding and support from local governments [33][34] Summary by Sections Weekly Market Review - The human-shaped robot index has shown a year-to-date increase of 24.11%, with notable weekly performance compared to major indices [5][13] Industry Developments - Galaxy General launched the TrackVLA model, which enhances autonomous navigation capabilities [20] - Pepsi introduced its first humanoid robot, showcasing advancements in robotics [21] - TSMC reported strong orders for humanoid robot applications, indicating market demand [22] - The total order scale for Songyan Power's humanoid robots has surpassed 2,000 units, reflecting robust market interest [23] Policy News - The Hubei humanoid robot innovation center was inaugurated, marking a significant step in the industry [33] - Beijing's humanoid robot innovation center increased its registered capital, enhancing its operational capacity [34] - The establishment of the Guangdong AI and Robotics Industry Alliance aims to foster collaboration and innovation in the sector [36] Supply Chain Dynamics & Company Announcements - Fulei New Materials and Zhejiang Tsinghua Flexible Electronics Research Institute established a joint laboratory to promote innovation in sensing technologies [37] - Keli Sensor completed a strategic investment in Yuan Voice Technology, expanding its capabilities in tactile sensing [39]

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The human-shaped robot index increased by 1.33% during the week of June 3-6, 2025, outperforming the Shanghai Composite Index and the CSI 300 Index, with a year-to-date increase of 24.11% [5][13] - Significant developments in the industry include the launch of the TrackVLA navigation model by Galaxy General, the introduction of Pepsi's first humanoid robot "Pepsi Blue Treasure," and strong orders for humanoid robots reported by TSMC [20][21][22] - The report highlights the establishment of major innovation centers in Hubei and Beijing, aimed at advancing humanoid robot technology and collaboration within the industry [33][34] Summary by Sections 1. Weekly Market Review - The human-shaped robot index has shown a year-to-date increase of 24.11%, with notable performance compared to other indices [5][13] - The index ranks 15th among 31 first-level sub-industry indices, with significant stock movements including Superjet Co. (+28.42%) and Xusheng Group (+13.75%) [6][14] 2. Important Industry Developments 2.1 Industry Development - The TrackVLA model by Galaxy General enables autonomous navigation and obstacle avoidance without pre-mapping, enhancing commercial viability [20] - Pepsi's humanoid robot "Pepsi Blue Treasure" was unveiled, showcasing the brand's innovative spirit [21] - TSMC has begun receiving strong orders for advanced chips used in humanoid robots, contributing to revenue [22] 2.2 Policy News - The Hubei humanoid robot innovation center, the largest in the country, was inaugurated to support various applications [33] - The Beijing humanoid robot innovation center increased its registered capital to 460 million RMB, enhancing its technological collaboration [34] - The Guangdong AI and Robotics Industry Alliance was officially established to promote industry development [36] 2.3 Supply Chain Dynamics & Company Announcements - Fulei New Materials and Zhejiang Tsinghua Flexible Electronics Research Institute established a joint laboratory for intelligent sensing [37] - Keli Sensor completed a strategic investment in Yuan Voice Technology, focusing on multi-dimensional tactile sensing technology [39]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $113 million, up 12% year over year and up 14% on a constant currency basis [18] - Adjusted EBITDA for the quarter was $6 million compared to $1.1 million from the prior year, driven by higher volume, pricing, and operational improvements [10][21] - The overall gross margin for the quarter was 27.9%, down from 28.7% in the prior year, primarily due to incremental net margin deferral associated with shipments to China [20] Business Line Data and Key Metrics Changes - Product revenue for the third quarter was $57 million, up 16% from the prior year, reflecting a 23% increase in unit volume [19] - Service revenue for the quarter was $56 million, up 9% from the prior year [19] - The service business represented approximately 49% of total revenue and 59% of gross margin for the quarter [10] Market Data and Key Metrics Changes - The book to bill ratio was over 1.2, indicating healthy customer demand across both developed and emerging markets [11] - Order growth was driven largely by new customer expansion and approximately 35% from the replacement of aged equipment [11] - The company reported a backlog of approximately $452 million, with zero order cancellations in the quarter [20] Company Strategy and Development Direction - The company aims to be the most reliable global partner in radiation therapy treatment technology, focusing on operational efficiency and customer partnerships [9] - Investments in ERP and talent are expected to enhance adaptability and capabilities in a rapidly changing global market [9] - The company is exploring avenues to strengthen its capital structure to achieve long-term goals and deliver value to shareholders [24] Management's Comments on Operating Environment and Future Outlook - Management noted that visibility on near-term growth in revenues and earnings is lower than a month ago due to global trade circumstances [6] - Despite challenges, management expressed confidence in emerging stronger and more resilient from the current environment [7] - The company anticipates a potential negative impact of $10 million to $15 million in Q4 revenue due to tariffs affecting product sales in China [14] Other Important Information - Approximately 70% of raw materials and product components are sourced within the U.S., with over 80% exported globally [12] - The company is implementing multiple mitigation actions to offset the impact of tariffs, including establishing a foreign trade zone and developing secondary domestic sources [13] Q&A Session Summary Question: Impact of deferred China adjusted EBITDA - Management confirmed that product margins were affected by higher margin deferral on China, with product margins at 22.7% for the quarter [27] Question: Potential impact in markets like India and South America - Management indicated that while the China impact is significant, there is strength in other regions, particularly IMEA, which includes India [29] Question: Scenarios regarding tariff exemptions in China - Management is working closely with their China JV to seek a medical device exemption, but clarity on timing and probability remains uncertain [34] Question: Future shipping capabilities if exemptions are granted - Management stated that shipping could resume relatively quickly if an exemption is granted [36] Question: Overall impact of tariffs on future quarters - Management is conducting internal scenario planning and will provide more clarity in future earnings calls [39]