SIASUN(SZ:300024)2025-09-24 09:35Summary of the Conference Call on Humanoid Robots Industry Industry Overview - The humanoid robot industry is accelerating towards commercialization, with 2025 expected to be a pivotal year for mass production. Leading companies like Yushuzhiyuan and Ubtech have already achieved small batch deliveries, with annual sales projected to exceed 1,000 units [1][2][3]. Key Drivers - Policy Support: The Ministry of Industry and Information Technology (MIIT) and 15 other departments have prioritized humanoid robots as a key future industry, aiming to establish an innovation system by 2025 and a reliable supply chain by 2027 [2][3]. - Local Government Initiatives: Cities like Beijing, Shanghai, and Shenzhen focus on high-end R&D and open scenarios, while regions like Chongqing and Chengdu emphasize local supply chain and cost control, offering financial and tax incentives [1][2]. - Capital Influx: Over the past three years, investments in the humanoid robot sector have exceeded 3 billion yuan, with industry funds investing over 8 billion yuan. In the first seven months of 2025, there were 108 financing events totaling 15.35 billion yuan, with over 70% in angel and Series A rounds [1][3]. Market Participants - Automakers: Companies like BYD, Xiaopeng, and GAC leverage technology reuse to reduce costs and have rich application scenarios. However, they face talent shortages due to cross-industry R&D [4]. - Startups: Companies such as Ubtech and Yushuzhiyuan have strong technical foundations and flexible mechanisms but are constrained by capital and production capacity [4][8]. - Tech Giants: Firms like Xiaomi, Alibaba, and Huawei possess advantages in large model layouts and ecosystem integration but lack hardware R&D experience [4][11]. Commercialization Progress - Various market participants are focusing on different aspects of commercialization, with startups making significant strides in niche applications. For instance, Ubtech has secured contracts worth over 90 million yuan for humanoid robots [9][10]. Product Developments - Ubtech: Launched the Workers series for industrial applications and is entering multi-machine collaborative training [12]. - Yushuzhiyuan: Plans to release a lightweight humanoid robot priced below 40,000 yuan, significantly down from 99,000 yuan, with a target of delivering 500 industrial robots by 2025 [6][12]. - Xiaopeng: Integrating humanoid robots into production processes, aiming for mass production by 2026 [16]. Investment Recommendations - Focus on leading manufacturers in the humanoid robot supply chain, particularly during the initial stages of the industry. Key players include Yushuzhiyuan and Ubtech. In later stages, attention should shift to automakers like Xiaopeng and Xiaomi, which have strong technological and resource advantages [17][18]. Conclusion - The humanoid robot industry is poised for significant growth, driven by policy support, capital investment, and technological advancements. Key players across various sectors are making strides in commercialization, with promising developments expected in the coming years.