优必选机器人进厂实训。 过去两年，国内机器人赛道以前所未有的速度冲向资本市场。从"人形机器人第一股"优必选，到"协作 机器人第一股"越疆科技，再到正筹备IPO的宇树科技、智元机器人等，越来越多的企业选择登陆港股 或A股，试图在资本舞台上赢得先机。 众擎机器人。 | 企业 | IPO进度 | 2024年营收 | 2024年净利润 备注 | | | --- | --- | --- | --- | --- | | 优必选 | 2023年12月港交所上 | 13.05亿元 | -11.24亿元 | 依赖政企订单,持续亏损 | | | 市(人形机器人第一股) | | | | | 越疆科技 | 2024年12月港交所上 | 3.74亿元 | -9540万元 | 全球协作机器人,份额上升 | | | 市(协作机器人第一股) | | | | | | 博铭维机器人 2025年9月递表港交所 2.49亿元 | | 空利 | 深耕管网特种机器人,毛利 | | | | | (净利率16%) | 率近50% | | 乐动机器人 | 2025年5月递表港交所 4.67亿元 | | -5648万元 | 视觉感知型机器人,三年连 | | | ...

过去两年，国内机器人赛道以前所未有的速度冲向资本市场。从"人形机器人第一股"优必选，到"协作机器人第一 股"越疆科技，再到正筹备IPO的宇树科技、智元机器人等，越来越多的企业选择登陆港股或A股，试图在资本舞台 上赢得先机。 这一轮IPO热潮背后，既有AI大模型与具身智能的叠加效应推动，也有地方政府产业政策与投资基金的推波助澜。 深圳、上海、杭州等地纷纷成立机器人产业基金、加速培育产业集群，使得赛道热度持续攀升。仅2024年，深圳 就有34家机器人企业成功上市，数量居全国第一 。 但融资与商用之间依旧存在落差。据IT桔子统计，截至2025年8月底，国内机器人领域一级市场融资额已达约 386.24亿元，约为2024年全年212.54亿元的1.8倍。其中人形机器人和具身智能相关融资超过50起。然而，大多 数人形机器人仍停留在展演与示范阶段，协作机器人在工厂普及有限，家庭场景需求不足。资本热潮与产业落地 之间的矛盾，正在成为赛道发展的难题和挑战。 01 IPO热潮涌动：机器人赛道成资本宠儿 紧随其后，越疆科技于2024年12月23日在港交所上市，成为"中国协作机器人第一股" 。协作机器人强调人机协 作、安全轻便，适用 ...

IPO热潮涌动：机器人赛道成资本宠儿 2023年12月29日，优必选在港交所挂牌，成为国内"人形机器人第一股" 。这一事件被视为产业发展的里程碑：首 次有企业把具身智能的叙事搬上资本舞台。优必选凭借Walker X、教育机器人等产品进入公众视野，尽管营收更 多依赖政企订单，但其多年积累的AI算法与硬件研发，使其获得了资本市场的关注。公司2024年营收约13.05亿 元，净亏损约11.24亿元，同比有所收窄。 紧随其后，越疆科技于2024年12月23日在港交所上市，成为"中国协作机器人第一股" 。协作机器人强调人机协 作、安全轻便，适用于3C电子、汽车零部件装配等场景。越疆2024年营收约3.737亿元，毛利率46.6%，净亏损约 0.954亿元 。在资本眼中，其所处赛道更接近规模化商用，被寄予厚望。 优必选机器人进厂实训。 在资本的刺激下，一批企业正排队冲刺IPO。宇树科技凭借四足机器人在全球市场建立知名度，从"机器狗"到仿生 机器人，其产品频频亮相科研院所乃至央视春晚。智元机器人因"千台人形机器人量产"事件引爆舆论，被称作有 望成为国内"具身智能第一股"。与此同时，乐动机器人、卧安机器人等也已向港交所递交招 ...

Group 1 - The domestic robotics sector has rapidly entered the capital market, with multiple companies like UBTECH and Yujian Technology going public, indicating a significant trend in the industry [2][3] - In 2024, Shenzhen led the nation with 34 successful robot company IPOs, reflecting the growing interest and investment in the robotics industry [2] - Despite the surge in IPOs and funding, there remains a gap between financing and practical application, with many humanoid robots still in demonstration stages and limited adoption of collaborative robots in factories [2][8] Group 2 - UBTECH became the first humanoid robot company to list on the Hong Kong Stock Exchange in December 2023, with projected revenue of approximately 1.305 billion yuan and a net loss of about 1.124 billion yuan for 2024 [2][7] - Yujian Technology followed as the first collaborative robot company to go public in December 2024, reporting an estimated revenue of 373.7 million yuan and a net loss of around 95.4 million yuan [3][7] - Other companies like Yushut Technology and Zhiyuan Robotics are preparing for IPOs, indicating a strong pipeline of new entrants in the market [5][7] Group 3 - The total financing in the domestic robotics sector reached approximately 38.624 billion yuan by August 2025, significantly higher than the previous year's total of 21.254 billion yuan [8] - Major tech companies like JD, Ant Group, and Tencent are heavily investing in the robotics sector, enhancing the financial backing for these companies beyond traditional venture capital [9] - Despite the influx of capital, many companies, such as Ledong Robotics, continue to report losses, highlighting the challenges of achieving profitability in the sector [9][10] Group 4 - The primary challenges facing the robotics industry include high production costs, the need for tailored applications in various scenarios, and the lack of a complete ecosystem for robotics technology [14][15] - Experts warn against the "capital rush" effect, where companies may rush to IPO without solidifying their technology and business models, potentially harming long-term competitiveness [12][13] - The future of the robotics industry in China is promising due to a large manufacturing market, a complete supply chain, and government support, but sustainable business models are essential for success [15]

Core Insights - The humanoid robot sector is projected to be one of the hottest markets in 2025, with global financing reaching 14 billion yuan in the first half of 2025, of which the domestic market contributed 8.4 billion yuan [1] - The market size for humanoid robots is expected to grow significantly, with sales projected to reach 12,400 units and a market size of 6.339 billion yuan by 2025, and nearly 340,000 units with a market size exceeding 64 billion yuan by 2030 [1] - Despite the rapid growth, challenges such as lack of profitability and limited application scenarios remain, indicating a long road ahead for widespread adoption [1] Industry Structure - The humanoid robot market has formed four distinct tiers of players, each exploring differentiated paths based on technological accumulation and practical value [2][3] - The first tier includes industry leaders like Boston Dynamics and Honda, known for their strong R&D capabilities and significant industrial progress [3] - The second tier features companies like Tesla and UBTECH, which have unique technological routes or precise application scenarios [4] - The third tier includes emerging players like Yushutech and Zhiyuan Robotics, showing impressive growth and potential [5] - The fourth tier consists of numerous startups and cross-industry entrants, bringing innovation and new ideas to the sector [5] Market Dynamics - The humanoid robot market is transitioning from demonstration to initial commercialization, with a mix of large and small-scale orders emerging [8] - Large orders can range from hundreds to thousands of units, while smaller orders dominate the market, indicating a diverse customer base [8][9] - The majority of current humanoid robot orders are concentrated in educational and research institutions, limiting the potential for high-profit commercial applications [11][12] Challenges and Opportunities - Key challenges include high production costs, reliance on imported core components, and fragmented application scenarios, which hinder standardization and profitability [11][12] - The industry faces a critical need for technological collaboration and integration to enhance overall performance and reliability [12][13] - Identifying and targeting essential application scenarios, such as high-risk industrial tasks and elder care, is crucial for driving commercialization [14][25] Future Outlook - The humanoid robot industry is expected to evolve into a significant player in the tech landscape, akin to PCs and smartphones, driven by continuous technological advancements and market demand [20] - The focus will shift towards addressing real human needs, with an emphasis on integrating technology, diversifying application scenarios, and meeting consumer demands [21][26] - As the market matures, humanoid robots are anticipated to penetrate consumer markets, particularly in emotional companionship, with products becoming more affordable and accessible [26][27]

Group 1 - The core viewpoint emphasizes the need for global collaboration in the humanoid robotics industry, as isolationist policies like tariffs can hinder technological progress and increase costs for everyone involved [1][5][10] - The humanoid robotics sector is still in its early stages, with significant technical challenges remaining before robots can perform tasks autonomously and reliably [3][4][10] - Current humanoid robots are often overhyped, with many companies focusing on fundraising rather than delivering functional products, leading to a situation where most are merely "PPT robots" [4][5][10] Group 2 - The complexity of humanoid robots requires a diverse supply chain, with components sourced globally, making it impractical to rely solely on domestic production [5][6][9] - The industry is characterized by a few key players globally, and collaboration among these companies is essential for sharing knowledge and advancing technology [6][9][10] - The ultimate goal of humanoid robots is to enhance human life by taking over mundane tasks, which is a universal need that transcends national boundaries [9][10] Group 3 - The article argues that the current tariff wars may backfire, ultimately harming the very industries they aim to protect by stifling innovation and increasing costs [6][10][11] - A long-term perspective is necessary for the development of the robotics industry, as immediate reactions to geopolitical tensions can obscure the path to progress [10][11] - The future of robotics is seen as a necessity for everyday life, similar to smartphones today, and global cooperation is crucial to make this a reality [11]

Summary of the Conference Call for UBTECH Robotics Company Overview - UBTECH Robotics is a leader in the humanoid robotics industry, established in 2012, focusing on service robots and intelligent solutions design, production, commercialization, and sales [10][12][24] - The company has built strong partnerships with major clients such as Tianqi, Liuzhou Automobile, and Geely, which has facilitated the training of its robots in these clients' factories [2][3][10] Industry Position - UBTECH is recognized as a top player in the domestic humanoid robotics sector, having made significant advancements in research and development over the years [3][8] - The company has a first-mover advantage, having showcased its technology on major platforms like the Spring Festival Gala in 2016 [4][12] Product Development and Orders - The product line has evolved from Walker X to Walker S1, Walker S2 (2025), and plans for Walker S3 (2026), demonstrating consistent technological upgrades [2][3] - In 2025, UBTECH secured orders for 500 humanoid robots from Juran Home, with a target of 10,000 units, and a deployment plan for 20 Walker C1 industrial robots with Dongfeng Liuzhou [2][5][6] Market Expansion and Projections - The company anticipates a production volume of 300-500 units in 2025, with expectations for accelerated market share growth in 2026 [2][6] - Revenue projections for 2027 are estimated at 1.9 billion, 2.8 billion, and 3.6 billion yuan, with year-on-year growth rates of 45%, 49%, and 40% respectively [4][9] Software and Technology Innovations - UBTECH is enhancing its software capabilities through data collection from industrial applications, which is expected to facilitate rapid market share expansion [6][22] - The introduction of group intelligence technology in 2025 aims to improve collaboration in high-demand industrial scenarios [7][22] Competitive Landscape - The global humanoid robotics market is rapidly evolving, with competitors like Tesla and Yushutech launching new products, indicating a dynamic industry environment [17] - UBTECH's valuation of 35 billion HKD is relatively low compared to international peers, suggesting significant growth potential [4][8][24] Policy and Industry Support - National policies, such as the "14th Five-Year" robotics development plan, are expected to drive growth in the humanoid robotics sector, with government emphasis on innovation and technology breakthroughs [16] Conclusion - UBTECH Robotics is positioned for substantial growth in the humanoid robotics market, supported by strong partnerships, innovative product development, and favorable industry policies, with a clear path towards profitability and market leadership in the coming years [9][24]

Group 1 - The commercialization of humanoid robots is accelerating, with the market expected to reach a trillion-level scale by 2030, indicating a significant growth opportunity [1][4] - Major companies like Tencent and Huawei are collaborating with technology firms to enhance the intelligent control and AI capabilities of humanoid robots, laying a strong technical foundation for commercial applications [3][4] - Government policies in cities like Beijing and Shanghai are providing substantial support for the humanoid robot industry, including subsidies and comprehensive support measures [4] Group 2 - Companies with core technologies are likely to experience significant growth, with three key firms identified for their strong performance: Helin Micro-Nano, Meige Intelligent, and a leading sensor company [5][6][7] - Helin Micro-Nano has seen a 598% increase in performance in Q1 2025, focusing on precision drive systems and optical components [5] - Meige Intelligent reported a 611% increase in Q1 performance, providing core drivers for humanoid robot control and interaction systems [6] - The leading sensor company experienced a remarkable 2815% increase in Q1 performance and is pursuing a share acquisition agreement, which could enhance technological synergies [7]

Group 1 - The humanoid robot industry is experiencing explosive growth, leading to a revolution in material science, with lightweight materials becoming a necessity [1][2] - The demand for aluminum in humanoid robots is surging, with 2023 global aluminum usage for humanoid robots reaching 128,000 tons, of which China accounts for 63% [2][3] - The shift from traditional aluminum manufacturing to high-end aluminum supply is evident, as the profit margin for aluminum used in robots can reach 42%, compared to less than 8% for construction aluminum [3][4] Group 2 - Collaborative efforts in the industry are emerging, such as the partnership between Jianmei Aluminum and Country Garden to develop a one-piece die-cast aluminum robot torso, reducing production costs by 40% [4] - The introduction of new standards for aluminum alloys for humanoid robots is expected to enhance material quality, with the new standard increasing grain size control precision fourfold [4] - Strategic investments in the aluminum sector for robotics have been significant, with 28 investments in 2023 averaging over 200 million yuan each [4] Group 3 - Challenges for the aluminum industry include performance limitations, as aluminum alloys have a fatigue life only 60% that of titanium alloys, and environmental regulations are tightening [5][6] - The emergence of magnesium alloy alternatives poses a competitive threat, with new alloys being developed that offer lower density and electromagnetic shielding properties [7] - The aluminum industry is at a crossroads, needing to balance technological innovation with cost control amidst increasing competition and environmental pressures [7][8] Group 4 - The humanoid robot industry is projected to grow at a compound annual growth rate of 60%, driving aluminum demand from thousands of tons to millions of tons [8][9] - The aluminum industry is evolving from a focus on volume to performance, with opportunities for growth in the humanoid robot sector potentially rivaling the automotive lightweighting trend [8][9]

Event Essence - The first Embodied Intelligence Robot Games will be held in Wuxi on April 24, 2025, featuring leading companies like Yushu Technology, Leju Robotics, and Xiaomi, representing a competition for China's influence in the humanoid robot industry [1] Core Logic - The event serves as a technology validation platform, addressing three major commercialization pain points of humanoid robots: environmental adaptability, endurance, and cost control [2] - Wuxi hosts 60% of the robot supply chain in the Yangtze River Delta, with a concurrent "Humanoid Robot Forum" aimed at creating a closed loop of technology, standards, and scenarios, benchmarking against Boston Dynamics' Atlas and Tesla's Optimus [2] Data Anchors - Six manufacturers, including Yushu Technology and Leju Robotics, aim to produce over 1,000 units by 2025, while Tesla's Optimus targets thousands of units in 2025 and one million by 2030 [3] Industry Turning Point - The cost of Tesla's Optimus is projected to drop from 500,000 yuan in 2023 to 150,000 yuan by 2025, driven by domestic replacements in motors, sensors, and AI chips [6] - Xiaomi's CyberOne second generation boasts a 99% environmental recognition accuracy and can process 1TB of data daily, equivalent to 1,000 hours of surveillance footage [6] Scene Revolution - In industrial settings, robots are replacing 3-5 workers in automotive manufacturing and 3C assembly, with a payback period reduced to two years [7] - In domestic scenarios, the Ubiquiti Walker X can assist in elder care and children's education, with a potential price drop to 100,000 yuan leading to a market penetration increase from 0.1% to 5% [7] Economic Assessment - If humanoid robot penetration reaches 1% globally by 2030, it could replace 50 million workers, generating over 3 trillion USD in annual output [8] - China is expected to capture 40% of the global market share, leveraging its advantages in the electric vehicle supply chain and AI large models [8] Capital Arms Race - The domestic replacement of critical components is a key focus, with the localization rate of six-dimensional force sensors and LiDAR increasing from 10% to 50% [9] - Leading players are establishing ecological dominance, with Tesla's Optimus utilizing its automotive supply chain to potentially reduce production costs to 100,000 yuan by 2025 [10] - The industrial market could see single factory purchases of up to 1,000 robots, while a 5% household penetration could lead to an annual demand exceeding 7 million units in China [11] Investment Logic - From 2025 to 2027, focus on high-elasticity component manufacturers and leading production companies [13] - From 2028 to 2030, target system integrators and data service providers with rapid scene implementation [14] - Post-2030, invest in leading companies with over 20% global market share and core standard setters [15] Conclusion - The humanoid robot revolution is set to redefine global manufacturing and social division of labor, moving beyond the narrative of mechanical replacement to a focus on the value of productivity tools, consumer endpoints, and data platforms [16]