SIASUN-中信：制造产业机器人行业定期跟踪报告—专注端到端模型，Figure+AI的通用化之路

Summary of Figure AI Conference Call Company Overview - Company: Figure AI - Industry: Robotics, specifically humanoid robots - Founded: 2022 in California, USA - Funding: Raised a total of $854 million, with notable investors including Intel, Nvidia, Microsoft, OpenAI, and Jeff Bezos [3][8][19] Key Points Business Growth and Funding - Figure AI has rapidly expanded due to the entrepreneurial experience of founder Brett Adcock, who has a history of successful startups [3][8] - The company plans to raise an additional$ 1.5 billion in a new funding round in 2025, potentially reaching a valuation of $39.5 billion [3][9] Product Development - The first product, Figure 01, was launched in October 2023, focusing on end-to-end task execution but had design flaws [3][19] - The upgraded model, Figure 02, is set to launch in August 2024, featuring significant improvements in hardware and software, including a 50% increase in battery life and a threefold increase in inference capability [3][19][29] Technological Advancements - Figure AI shifted from relying on external AI to developing its own AI core, terminating its partnership with OpenAI in February 2025 to focus on self-reliance [3][41] - The newly developed VLA model, Helix, enhances the robot's ability to perform tasks through improved semantic understanding and visual control [3][50] Market Applications - Figure AI has secured a partnership with BMW to explore humanoid robot applications in automotive manufacturing, with plans to deploy robots in BMW's Spartanburg factory [3][24][39] - The company aims to produce 100,000 robots over the next four years, indicating strong market confidence [3][19] Risks and Challenges - Potential risks include lower-than-expected policy support for robotics, demand for humanoid robots, and significant changes in mainstream technology solutions [3][19] Investment Strategy - Analysts recommend focusing on domestic companies related to Figure AI, including those in gear, motor, and structural components [3][19] Additional Insights - The core team combines expertise from Archer and Boston Dynamics, enhancing both commercialization and technical development [3][11] - The Helix model allows for high-speed, sustainable motion control and can manage multiple robots simultaneously, marking a significant advancement in robotic training methodologies [3][50] Financial Projections - Figure AI's financial outlook includes a projected EPS growth from$ 0.75 in 2023 to $1.54 in 2026, with a strong buy rating from analysts [4][19] This summary encapsulates the critical aspects of Figure AI's conference call, highlighting its growth trajectory, technological innovations, market strategies, and associated risks.