编辑 | 丁卯 7月份以来，人形机器人赛道利好频频。 先是在7月8日，智元机器人及相关方拟收购上市公司上纬新材至少63.62%的股份，被市场解读为智元有望借壳冲击资本市场；紧接着7月18日，宇树正式 开启上市辅导，并在7月25日发布售价3.99万元起的新款机器人Unitree R1；随后7月24日，马斯克在财报会议上官宣，预估2026年开始量产Optimus，目标 5年内年生产100万台。 作者 | 范亮 进入8月份后，2025世界机器人大会，以及首个人形机器人运动会相继召开，根据北京市经济和信息化局数据显示，2025世界机器人大会现场参会人数达 到27.1万人次，观看会展赛直播人数高达5200万人次，较上届增长62%。 尽管市场此前有不少声音指出，人形机器人短期可能存在泡沫，但近期一系列密集事件表明，人形机器人的商业化进程或许早已经走在路上。 与一级市场不同的是，二级市场人形机器人产业链相关的"玩家"，除了少数几个以优必选等为代表的整机玩家外，大部分参与者均聚集在产业链相关的上 下游，且本身已是相对成熟的上市公司，在自身原有业务领域经营多年。 所以，换句话说，这些成熟的供应链公司切入人形机器人赛道的目的，其 ...

7月份以来，人形机器人赛道利好频频。 先是在7月8日，智元机器人及相关方拟收购上市公司上纬新材至少63.62%的股份，被市场解读为智元有望借壳冲击资本市场；紧接着7月18日， 宇树正式开启上市辅导，并在7月25日发布售价3.99万元起的新款机器人Unitree R1；随后7月24日，马斯克在财报会议上官宣，预估2026年开始量 产Optimus，目标5年内年生产100万台。 进入8月份后，2025世界机器人大会，以及首个人形机器人运动会相继召开，根据北京市经济和信息化局数据显示，2025世界机器人大会现场参会 人数达到27.1万人次，观看会展赛直播人数高达5200万人次，较上届增长62%。 尽管市场此前有不少声音指出，人形机器人短期可能存在泡沫，但近期一系列密集事件表明，人形机器人的商业化进程或许早已经走在路上。 与一级市场不同的是，二级市场人形机器人产业链相关的"玩家"，除了少数几个以优必选等为代表的整机玩家外，大部分参与者均聚集在产业链 相关的上下游，且本身已是相对成熟的上市公司，在自身原有业务领域经营多年。 所以，换句话说，这些成熟的供应链公司切入人形机器人赛道的目的，其实更趋近于打造第二增长曲线、驱动 ...

Core Insights - The humanoid robot sector has seen significant positive developments since July, including acquisitions and new product launches, indicating a potential shift towards commercialization [1][2] - The market for humanoid robots is projected to grow substantially, with various institutions providing differing forecasts for market size and sales volume by 2030 and beyond [4][5] - The humanoid robot industry is currently in its early stages, with expectations of reaching a market scale in the hundreds of billions within 5-10 years, and potentially exceeding a trillion in the long term [5][7] Market Dynamics - The humanoid robot market is characterized by a mix of established supply chain companies entering the sector to drive growth and upgrade their operations, which presents investment opportunities [2] - The market is influenced by several factors, including policy changes that have increased risk tolerance among investors, advancements in technology, and significant product demonstrations by leading companies like Tesla [6][7] Industry Structure - The humanoid robot industry can be divided into three main functional modules: perception layer, decision layer, and execution layer, each comprising various components and technologies [9] - The value distribution within humanoid robots is primarily centered around hardware, with a clearer valuation framework compared to software and algorithms [10] Key Components and Companies - The humanoid robot supply chain includes core components such as planetary roller screws, frameless torque motors, reducers, force/torque sensors, and hollow cup motors, with various companies actively developing these technologies [11][12][15][20][21] - A significant number of listed companies in China are involved in the production or planning of humanoid robot components, with a focus on automotive parts and machinery sectors [13][14] Future Outlook - The humanoid robot market is expected to experience rapid growth, with projections suggesting a market size that could rival the automotive industry in the long term [5][7] - Companies are increasingly focusing on R&D and production capabilities for key components, indicating a robust pipeline for future developments in the humanoid robot sector [14][19][25]

Core Viewpoint - The development of humanoid robots is a significant technological direction aimed at taking over repetitive physical labor in society, with the potential for widespread adoption similar to automobiles, benefiting humanity as a whole [1][2]. Industry Overview - The humanoid robot industry in China is accelerating through a dual-cycle model of "application validation - technological breakthroughs," driven by national policy guidance and attracting diverse manufacturers to collaboratively build an industrial ecosystem [1]. - The commercial sales volume of humanoid robots in China is expected to reach approximately 2,000 units in 2024, with projections of 60,000 units by 2030, reflecting a compound annual growth rate of 95.3% [1]. Innovation and Technological Breakthroughs - Innovation is identified as the core engine driving the transformation of humanoid robots, creating a pivotal "ChatGPT singularity moment" that will ignite market recognition and industrial enthusiasm [2]. - Continuous technological breakthroughs in humanoid robots include advancements in dexterous limb movement control, enhanced environmental perception, embodied intelligence, improved energy efficiency, and rapid reductions in hardware costs [1]. Company Innovations - **Yushun Technology**: Launched the Unitree R1 humanoid robot at a starting price of 39,900 yuan, featuring 26 joints and a weight of approximately 25 kg, aimed at developers and educational institutions [3][5]. - **Zhejiang Humanoid**: Showcased a full-size humanoid robot capable of precise operations across various terrains, demonstrating robust operational capabilities [5][7]. - **Zhiyuan Robotics**: Released the Lingxi X2 humanoid robot with enhanced interaction and control capabilities, priced between 100,000 to 300,000 yuan [11][13]. - **Zhuji Power**: Introduced the TRON 1 dual-mode humanoid robot, expanding its capabilities for complex terrain navigation and research tasks [17][19]. - **UBTECH**: Achieved multiple innovations in hardware and software, including a hot-swappable battery system for continuous operation and a multi-modal reasoning model for enhanced decision-making [20][22]. Market Dynamics - The humanoid robot industry is expected to experience a non-linear growth trajectory, leading to a "burst singularity" where capital, talent, supply chains, and application scenarios converge at unprecedented speeds [2].

Core Insights - The WAIC 2025 highlighted the importance of global cooperation in AI governance, with China proposing the establishment of a global AI governance body and releasing a framework with 13 cooperation points [2][3]. Group 1: AI Safety and Governance - Geoffrey Hinton emphasized the potential risks of AI, suggesting that humans could become akin to "poultry" if AI systems operate independently [3]. - Hinton's visit to China signifies the necessity of China's involvement in addressing AI governance and safety issues, aligning with the multilateral AI governance framework signed with representatives from Europe, Southeast Asia, and parts of Africa [3]. - The conference shifted focus from merely accelerating AI development to emphasizing safety principles and multilateral dialogue [3]. Group 2: Alibaba's AI Innovations - Alibaba launched three high-performance open models and a new AI smart glasses product at WAIC 2025, reinforcing its open-source AI strategy [4][5]. - The smart glasses are lightweight, screenless, and integrated with Alibaba's Qwen model, aiming to embed AI into daily interactions [5]. - This move positions Alibaba's open-source models as competitive against both domestic and international counterparts, transforming open-source competition into a platform battle [5][8]. Group 3: Unitree Technology's Robotics - Unitree Technology introduced the R1 humanoid robot, designed for general tasks with dynamic movement and real-time perception capabilities, priced at approximately $5,600 [6][9]. - The R1 targets a broader audience, including developers and research institutions, rather than just enterprise clients, marking a shift towards accessible robotics [6]. - This pricing strategy poses a competitive threat to Tesla's humanoid robot ambitions, as Unitree's offering is significantly cheaper and aims to democratize access to robotics technology [9].

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [7]. Core Insights - The World Robot Conference held in Beijing marks a significant milestone for the humanoid robot industry, showcasing over 1,500 exhibits from more than 200 domestic and international companies, with over 100 new products launched [2]. - The conference theme emphasizes making robots smarter and more capable, reflecting a shift from conceptual demonstrations to practical applications in real-world scenarios [2]. - The humanoid robot industry is expected to enter a phase of mass production in 2025, with China poised to lead globally due to advantages in supply chain cost reduction and innovative applications [3]. - Key challenges include insufficient AI generalization capabilities, high costs of training real-world data, and a gap between consumer price expectations and current costs [3]. - The next 3-5 years are seen as a critical window for scaling up production, particularly in industrial applications, while household adoption will depend on breakthroughs in general AI and cost reductions [3]. Summary by Sections Event Overview - The World Robot Conference opened on August 8, 2025, in Beijing, showcasing advancements in humanoid robotics [1]. Investment Highlights - The conference highlighted a transition from "conceptual showcases" to practical scenario validations, with significant orders received by companies like UBTECH and ZhiYuan, validating the feasibility of humanoid robots in industrial tasks [2]. - Major investments from giants like JD.com and Meituan are driving the development of embodied intelligence, facilitating the penetration of technology into logistics, healthcare, and commercial services [2]. Industry Challenges - The humanoid robot industry faces three main challenges: inadequate AI capabilities, high training costs for real-world data, and a disparity between consumer price expectations and current production costs [3]. Future Outlook - The report suggests that the acceleration of the humanoid robot industry, along with breakthroughs in domestic core components, will be key investment themes moving forward [3].

Core Insights - The World Robot Conference (WRC 2025) in Beijing showcased over 100 new robot products and featured 50 humanoid robot manufacturers, highlighting the trend towards "humanoid" robotics [1] - Beijing's Economic and Information Bureau announced the "Double Hundred" achievements and the Embodied Intelligence Social Experiment Plan, providing policy, funding, and scenario support for the embodied intelligence and robotics industry [1] - The event emphasized the advancements in humanoid robots and their applications across various sectors, indicating a significant growth trajectory for the industry [7] Company Highlights - Yushutech introduced its combat robot, which attracted considerable attention during a simulated boxing match, with plans to develop a general-purpose embodied robot for practical applications [1][3] - Yushutech also launched two new products: the humanoid robot Unitree R1, priced at 39,900 yuan, and the quadruped robot Unitree A2, focusing on athletic capabilities [3] - UBTECH showcased its latest advancements in swarm intelligence systems, which enable multiple humanoid robots to collaborate efficiently, with successful implementation at BYD's factory in Changsha [3] - UBTECH also released the Cruzr S2, a full-sized humanoid robot designed for logistics in large flat areas [3] - Fourier Intelligence presented its third-generation humanoid robot GR-3, inspired by the character Baymax from "Big Hero 6," aimed at public service and potential future home applications [3][4] - Magic Atom Technology displayed the MagicBot Z1, a small bipedal humanoid robot designed to lower the entry barrier for personal enthusiasts and educational institutions [4] - Digital Huaxia introduced humanoid robots with advanced interaction capabilities, already commercialized in banking and telecommunications sectors [4] Industry Developments - NVIDIA's Jetson Thor platform is providing robust computational support for embodied intelligence, while the domestic RDK platform showcased its applications on the Digua Robot S100P intelligent computing platform [5] - JD.com, as the global strategic partner of the conference, launched an intelligent robot industry acceleration plan, aiming to integrate its large models into the embodied intelligence field and establish sales channels for robots [7] - The continuous advancements in computational platforms, core components, and embodied large models are accelerating the mass production of humanoid robots in China, marking a new phase in the country's robotics technology [7]

Group 1 - The founder of Yushu Technology, Wang Xingxing, views the company's upcoming IPO as a learning and growth process, comparing it to a high-stakes exam that signifies a more mature stage of management and operations [3] - Wang emphasizes that the current expectation for robots to generate significant value is unrealistic, as the global embodied AI models are still not sufficiently effective [3][4] - The hardware capabilities of Yushu have garnered attention from major tech giants, with industry leaders acknowledging the need for more output, lower costs, and higher reliability in the robotics sector [4] Group 2 - Yushu Technology recently launched the Unitree R1 robot, priced starting at 39,900 yuan, which is significantly lower than the industry average, aiming to attract more developers and incorporate entertainment features [5] - Despite the successful mass production of previous models H1 and G1, the delivery of the newly released R1 may be delayed, indicating ongoing challenges in the commercialization process [5] - Wang believes that a larger output volume is essential for nurturing a richer industry ecosystem, as evidenced by the growth in the rental market and the expansion of secondary developers over the past year [4]

Core Viewpoint - The article discusses the insights and future plans of Yushu Technology, particularly focusing on its founder Wang Xingxing's perspective on the company's upcoming IPO and the challenges in the robotics industry [3][4]. Group 1: Company Insights - Wang Xingxing views the IPO process as a significant milestone for the company, akin to a high school entrance exam, marking a transition to more mature management and operations [3]. - The company is currently focusing on enhancing its product offerings and has introduced the Unitree R1 robot at a starting price of 39,900 yuan, which is significantly lower than the industry average [5]. - Despite the successful mass production of previous models H1 and G1, the delivery of the newly launched R1 may be delayed, indicating the challenges in meeting market expectations [6]. Group 2: Industry Challenges - Wang Xingxing highlights that the current state of embodied AI models globally is not sufficiently advanced, which he identifies as a major technical challenge [4]. - He emphasizes the need for increased hardware output, lower costs, and higher reliability to foster a richer industry ecosystem [4]. - The expansion of the rental market and the growth of secondary developers over the past year have validated the necessity for larger output volumes in the robotics sector [4].

Core Viewpoint - Wang Xingxing, the founder of Yushun Technology, expressed confidence in the company's progress towards an IPO, viewing it as a significant milestone in management and operations [4] Group 1: Company Strategy and Development - Yushun Technology is currently navigating a standard IPO process, which Wang views as a learning and growth opportunity [4] - The company aims to enhance its product offerings and has introduced the Unitree R1 robot at a starting price of 39,900 yuan, significantly lower than the industry average [6] - Wang emphasized the importance of increasing hardware output, reducing costs, and improving reliability to foster a richer industry ecosystem [5] Group 2: Technological Challenges and Market Position - Wang acknowledged that the current state of embodied AI models globally is not sufficiently advanced, presenting a significant technical challenge [5] - Despite the challenges, Yushun's hardware capabilities have garnered attention from major tech figures, indicating a strong market position [5] - The company is focusing on commercializing its products while also allowing for customization options to appeal to a broader developer audience [6] Group 3: Market Trends and Future Outlook - The expansion of the rental market and the growth of secondary developers over the past year have validated the need for larger output volumes [5] - Wang's perspective on the industry's future suggests that smaller teams still have opportunities to excel in the embodied AI model space [5] - The company is aware of the challenges in meeting market expectations and is preparing for potential delays in the delivery of new products [6]