henry 发自 凹非寺 量子位 | 公众号 QbitAI 打拳、跳舞、跑马拉松……"不务正业"的机器人终于能帮人洗衣服了！ 刚刚，Figure公司创始人Brett Adcock发布了一段Figure.02机器人在家中洗衣服的演示视频。 视频里，机器人半蹲，双手协作，左手拿着衣篓，右手一件件将衣服放进洗衣机，中途还不时调整衣物的位置。 据Adcock表示，这套动作已经在办公室里连续测试了一个月，而这次是机器人首次在真实家庭环境中完成这一任务！ 从之前的宝马车间到分拣流水线，再到家里的洗衣房，行业标杆Figure终于"登堂入室"，实现了真正的工业和家用场景操作。 那么，Figure到底做了什么？ 洗衣服这件"小事" 对于机器人来说，洗衣服这项任务可以分为两个层面： 就像开头Adcock提到的，搭载Helix的Figure.02在办公环境跑了一个月后才在家庭环境中落地，这就体现出任务场景（task environment） 之于机器人这类智能体的重要性。 在工业场景下，机器人面对的是 结构化、重复、确定的任务 。像装配零件、搬动物体这样的任务，都具备清晰、可控的操作流程。 同时，工业场景中 物体和设备的位置都相对 ...

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]