SIASUN(SZ:300024)2025-07-22 01:59Summary of Humanoid Sector Conference Call Industry Overview - Industry: Humanoid Robotics Sector in Asia Pacific, particularly focusing on China - Key Players: Tesla, Figure, Unitree, Agibot, UBTECH, and various component suppliers Core Insights 1. Market Dynamics Shift: The humanoid sector experienced a strong stock rally from January to March 2025 (+37% in China's humanoid value chain) due to ambitious targets and government support, followed by a pullback (-6%) as integrators lowered their 2025 targets and no significant breakthroughs occurred [3][18][19] 2. Adoption and Orders: Initial adoption and orders are expected in 2H25, with integrators targeting hundreds to thousands of units. This is crucial for sector performance as robots are anticipated to expand their task applications in industrial and commercial services [4][22] 3. Technological Innovations: Continuous model launches and hardware/software innovations are expected to support sector performance. Key updates from integrators like Tesla and Figure could signal progress [5][8] 4. Government Support: The Chinese government is playing a critical role in promoting the humanoid sector, with policies aimed at deploying 10-20k units by 2027 and providing R&D subsidies [33][34][35] Important Developments 1. Key Events to Watch: Upcoming events include Tesla's 2Q earnings call (July 23), World AI Conference (July 26-28), and World Robots Conference (August 8-12) [8][14] 2. New Integrator Models: The humanoid value chain list has been updated to include 45 stocks, reflecting the latest progress in the industry. Six new companies have been added due to their cooperation with key humanoid firms or high-potential products [9][11] 3. Commercial Orders: Significant commercial orders have been announced, including a Rmb91 million order from UBTECH for automotive technology tasks and a Rmb124 million contract from China Mobile for Agibot and Unitree [27][28] Potential Risks 1. Concerns Over Delays: Delays in adoption could hamper stock performance, as the market has already priced in various catalysts. The humanoid value chain has underperformed compared to MSCI China [18][21] 2. Data Bottlenecks: Companies are still seeking innovations to improve the effectiveness of humanoid robots, as data remains a bottleneck for broader task applications [21][22] Future Outlook 1. Focus on Adoption: The focus in 2H25 will be on downstream adoption, with expectations for broader use cases in industrial and commercial services. The ability of integrators to meet market expectations will be closely monitored [22][23] 2. Continuous Improvements: The sector is expected to see continuous hardware breakthroughs and software innovations, which will be critical for enhancing humanoid capabilities [41][42] Conclusion The humanoid robotics sector is at a pivotal point, with significant potential for growth driven by technological advancements and government support. However, the realization of commercial value and successful adoption will be key to sustaining market momentum.