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摘要本周報告旨在幫助您清晰、快速地掌握行業(yè)資訊。一、產(chǎn)業(yè)全景人形機器人市場正經(jīng)歷爆發(fā)式增長：全球市場2025一2029年CAGR達57%，中國市場CAGR達93.6%。886069.TI板塊涵蓋374家企業(yè)，總市值8.07萬億元。但在這個萬億賽道中，定價權(quán)正向核心零部件集中——行星滾柱絲杠、無框力矩電機、減速器等關(guān)鍵部件占比超45%，而高精度RV減速器、空心杯電機、柔性觸覺傳感器、高增益AI芯片等"卡脖子"環(huán)節(jié)仍待突破。114家專精特新"小巨人"企業(yè)平均毛利率26.99%，高于板塊整體2.67個百分點。量產(chǎn)方面，2025年千臺至萬臺級量產(chǎn)啟動，成本二、主流產(chǎn)品參數(shù)速覽財務(wù)悖論：毛利率高不等于盈利能力強.優(yōu)必選悖論：毛利率34.6%卻虧損4.14億元，研發(fā)費用率超30%、市場教育成本高、規(guī)模效應(yīng)未.特斯拉效率：毛利率僅16.81%卻盈利15.81億.小巨人穩(wěn)?。撼莨煞菝?1.12%，凈利率5.6%，細分領(lǐng)域深耕、輕資產(chǎn)運營、訂單能見度高.跨界難題：小鵬毛利率16.51%卻虧損11.42億元，主業(yè)未盈利、資源分散、協(xié)公司股票代碼企業(yè)類型營業(yè)收入歸母凈利潤毛利率特斯拉TSLA.O優(yōu)必選9880.HK制造業(yè)單項冠軍4.14億元34.60%宇樹科技未上市國家級專精特新"小巨人"企業(yè)4億元（20240.7億元（2024未披露超捷股份301005.SZ國家級專精特新"小巨人"企業(yè)3.91億元0.22億元小鵬汽車9868.HK340.85億元三、四類玩家：商業(yè)模式?jīng)Q定財務(wù)表現(xiàn)1.生態(tài)賦能型（特斯拉依托母公司現(xiàn)金流戰(zhàn)略投入，不計短期虧損，搶占2.突圍求生型（優(yōu)必選營收快速增長但虧損，毛利率改善趨勢與現(xiàn)金消耗速率是關(guān)鍵指標3.穩(wěn)健現(xiàn)金牛（超捷零部件企業(yè)財務(wù)穩(wěn)健，是觀察產(chǎn)業(yè)鏈真實需求的前瞻指標4.技術(shù)溢出型（小鵬將汽車技術(shù)遷移至機器人，協(xié)同效應(yīng)兌現(xiàn)與否決定成敗玩家類型代表企業(yè)核心財務(wù)戰(zhàn)略盈利模式關(guān)鍵財務(wù)指標主要風險全球科技巨頭特斯拉、Figure生態(tài)賦能,不計短期虧損遠期服務(wù)收費、平臺價值營收增速、研發(fā)投入占比戰(zhàn)略搖擺、投入不及預(yù)期國內(nèi)整機領(lǐng)軍優(yōu)必選、宇樹科技快速突圍,搶占市場先機整機銷售、解決方案毛利率、現(xiàn)金流凈值、融資能力現(xiàn)金流斷裂、商業(yè)化進程慢核心零部件"小超捷股份深耕細分,受益于產(chǎn)業(yè)鏈放量零部件銷售、技術(shù)授權(quán)凈利潤率、營收增速、訂單能見度技術(shù)迭代、競爭加劇導(dǎo)致降價跨界顛覆者小鵬技術(shù)協(xié)同,降本增效硬件銷售、生態(tài)延伸研發(fā)效率、協(xié)同效應(yīng)帶來的成本優(yōu)勢主業(yè)波動、資源投入分散一、行業(yè)定義與與全景概覽人形機器人不是單一概念，而是"具身智能"（EmbodiedIntelligence）最重要的載體。為準確理解行業(yè)邊界,需要厘清三個核心概念：來源：人形機器人標準化白皮書（2024版）具身智能（具身智能（EmbodiedIntelligence）智能系統(tǒng)通過與物理世界交互來發(fā)展和體現(xiàn)其智能的能力。人形機器人（HumanoidRobot）外形模仿人類設(shè)計的機器人，通常具有頭部、四肢和類似人類的外觀，是具身智能最重要的載體。雙足機器人（BipedalRobot）用兩條腿移動的腿式機器人，具備自主性，但不一定具備智能來源：國際標準ISO8373:2021《RoboticsVocabulary》人形機器人市場正進入快速增長期。根據(jù)嘉世咨詢的數(shù)據(jù)，全球市場和中國市場均呈現(xiàn)出顯著的增長潛力：從全球視角來看，人形機器人市場將從2025年的34億美元快速擴張至2029年的206億美元，五年間復(fù)合年均增長率高達57%。中國市場的增長勢頭更為強勁：預(yù)計2025年市場規(guī)模為53億元人民幣，到2029年將攀升至750億元人民幣，CAGR達到93.6%，成為全球人形機器人產(chǎn)業(yè)增長的核心驅(qū)動力。數(shù)據(jù)來源：嘉世咨詢截至2025年11月26日，886069.TI（人形機器人）板塊已形成覆蓋硬件制造、軟件開發(fā)及零部件供應(yīng)的全產(chǎn)業(yè)鏈集群。板塊歸類基于同花順對A股公司業(yè)務(wù)相關(guān)性與技術(shù)協(xié)同性的動態(tài)評估。板塊整體規(guī)模：上市公司數(shù)量：374家總市值：8.07萬億元財務(wù)規(guī)模（2025Q1–Q3累計營收2.95萬億元，凈利潤1514億元國家級專精特新"小巨人"企業(yè)的質(zhì)量優(yōu)勢：在板塊整體平均銷售毛利率為24.32%的背景下，國家級專精特新"小巨人"企業(yè)集群展現(xiàn)出顯著的質(zhì)量優(yōu)核心發(fā)現(xiàn)：核心發(fā)現(xiàn)：.體量占比：板塊內(nèi)共包含114家"小巨人"企業(yè)，占板塊總公司數(shù)量的30.48%.質(zhì)量優(yōu)勢：平均銷售毛利率達到26.99%，明顯高于板塊整體的24.32%.戰(zhàn)略地位：聚焦于高精度傳動、傳感器、運動控制等高附加值零部件，是保障人形機器人未來大規(guī)模量產(chǎn)和成本下降的關(guān)鍵力量板塊類型公司數(shù)量平均銷售毛利率（%）總市值（億元）營業(yè)收入（億元）凈利潤（億元）人形機器人37424.3280,74529,481人形機器人領(lǐng)域國家級專精特新"小巨人"企業(yè)114（30.48%）26.999,527（11.80%）71（4.69%）數(shù)據(jù)來源：iFind，財務(wù)數(shù)據(jù)均截至2025.09.30在人形機器人的成本結(jié)構(gòu)中，高精度傳動系統(tǒng)構(gòu)成核心技術(shù)壁壘，傳感器系統(tǒng)是實現(xiàn)敏捷感知與精準控制的關(guān)鍵。根據(jù)華西證券研究所預(yù)測，到2030年零部件價值占比將呈現(xiàn)明顯的集中趨勢：行星滾柱絲杠占19%，無框力矩電機占16%，減速器占13%，力傳感器與IMU合計占13%。從整機成本拆解來看，下肢系統(tǒng)承載了行走與平衡的核心功能，其中大腿占13.2%，小腿占12.8%，腰部骨盆占8.5%，其他部件合計占數(shù)據(jù)來源：華西證券研究所（2025年2月）當前國產(chǎn)技術(shù)正在一體化智能關(guān)節(jié)模組、輕量化材料、多模態(tài)觸覺系統(tǒng)和專用操作系統(tǒng)等方向發(fā)力突破。但產(chǎn)業(yè)鏈仍面臨關(guān)鍵技術(shù)瓶頸：高精度RV減速器、空心杯電機、大扭矩柔性觸覺傳感器和高增益AI芯片仍是亟待攻克的"卡脖子"技術(shù)，這些核心零部件的國產(chǎn)化進程直接決定了產(chǎn)業(yè)鏈的利潤分配格局與定價權(quán)歸屬。從量產(chǎn)節(jié)奏來看，2025年國內(nèi)外頭部公司將啟動數(shù)千臺至萬臺級量產(chǎn)計劃，2026年預(yù)期規(guī)模將躍升至數(shù)萬臺或10萬臺級。成本曲線正在快速下行：特斯拉OptimusGen-2當前物料成本（BOM）約為5萬至6萬美元（不含軟件摩根士丹利估算當成本降至1萬至3萬美元區(qū)間時將催生規(guī)?；瘧?yīng)用，而5萬至7萬元人民幣的價格區(qū)間將推動大規(guī)模普及。遠期市場空間方面，隨著智能化程度提升，預(yù)計市場規(guī)模將超過汽車與智能手機，達到數(shù)萬億級規(guī)模。特斯拉對人形機器人遠期定價目標是2萬美元，宇樹機器人多個型號在京東售價已行業(yè)正從"功能機"向"智能機"時代邁進，呈現(xiàn)"硬件+軟件+服務(wù)"的全棧發(fā)展模式。這一轉(zhuǎn)變將重構(gòu)產(chǎn)業(yè)價值分配邏輯。二、重點企業(yè)與對比指標第一章揭?了人形機器人8萬億市值的產(chǎn)業(yè)全景，但一個更關(guān)鍵的問題是：這8萬億如何在374家企業(yè)間分配？誰真正掌握了定價權(quán)？本章通過解剖頭部企業(yè)的財務(wù)報表，回答三個核心問題：1.為什么有些企業(yè)毛利率高卻持續(xù)虧損？2.產(chǎn)業(yè)鏈利潤向哪個環(huán)節(jié)集中？3.投資者應(yīng)該關(guān)注哪些前瞻性財務(wù)指標？公司股票代碼企業(yè)類型營業(yè)收入歸母凈利潤毛利率特斯拉TSLA.O優(yōu)必選9880.HK制造業(yè)單項冠軍4.14億元34.60%宇樹科技未上市國家級專精特新"小4億元（2024年）0.7億元（2024未披露超捷股份301005.SZ國家級專精特新"小3.91億元0.22億元小鵬汽車9868.HK340.85億元數(shù)據(jù)來源：iFind，宇樹科技數(shù)據(jù)來自2024年實際經(jīng)營數(shù)據(jù)，其余企業(yè)財務(wù)數(shù)據(jù)均來自2025半年報優(yōu)必選：毛利率34.6%位居榜首，卻虧損4.14億元。研發(fā)費用率超30%、市場教育成本高、規(guī)模效應(yīng)未形成是"高毛利、高虧損"悖論的三大原因。典型的"突圍求生型"企業(yè)。特斯拉：毛利率僅16.81%卻盈利15.81億美元。秘密用率控制。體現(xiàn)"生態(tài)賦能型"巨頭的效率優(yōu)勢。超捷股份：毛利率21.12%不突出，但凈利率5.6%體現(xiàn)零部件企業(yè)的穩(wěn)健盈利能力。細分領(lǐng)域深耕、多元化客戶結(jié)構(gòu)、輕資產(chǎn)運營是"小巨人"的典型特征。是"技術(shù)溢出型"跨界者面臨的成本難題。這四家企業(yè)的財務(wù)表現(xiàn)差異，本質(zhì)上反映了它們所處的產(chǎn)業(yè)鏈位置和發(fā)展階段。為更好地理解這些差異背后的戰(zhàn)略邏輯，我們將全行業(yè)參與者歸納為四類。上述財務(wù)悖論背后，是四種截然不同的商業(yè)模式在起作全球科技巨頭（特斯拉模式"生態(tài)賦能型"。依托母公司龐大現(xiàn)金流進行戰(zhàn)略性投入，財務(wù)目標是搶占入口而非短期盈利。機器人業(yè)務(wù)的虧損可被其他業(yè)務(wù)利潤覆蓋，抗風險能力極強。國內(nèi)整機領(lǐng)軍（優(yōu)必選模式"突圍求生型"。營收快速增長但凈利潤多為虧損，高度依賴股權(quán)融資。財務(wù)健康度取決于毛利率改善趨勢和現(xiàn)金消耗速率。核心零部件"小巨人"（超捷模式"穩(wěn)健現(xiàn)金牛"。在細分領(lǐng)域建立優(yōu)勢，機器人訂單是增量而非全部。財務(wù)相對穩(wěn)健，是觀察產(chǎn)業(yè)鏈真實需求的前瞻指標。跨界顛覆者（小鵬模式"技術(shù)溢出型"。將汽車、消費電子技術(shù)遷移至機器人領(lǐng)域。財務(wù)獨立性差，協(xié)同效應(yīng)是否兌現(xiàn)將決定成敗。玩家類型代表企業(yè)核心財務(wù)戰(zhàn)略盈利模式關(guān)鍵財務(wù)指標主要風險全球科技巨頭特斯拉、FigureAI生態(tài)賦能,不計短期虧損遠期服務(wù)收費、平臺價值營收增速、研發(fā)投入占比戰(zhàn)略搖擺、投入不及預(yù)期國內(nèi)整機領(lǐng)軍優(yōu)必選、宇樹科技快速突圍,搶占市場先機整機銷售、解決方案毛利率、現(xiàn)金流凈值、融資能力現(xiàn)金流斷裂、商業(yè)化進程慢核心零部件"小巨人"超捷股份深耕細分,受益于產(chǎn)業(yè)鏈放量零部件銷售、技術(shù)授權(quán)凈利潤率、營收增速、訂單能見度技術(shù)迭代、競爭加劇導(dǎo)致降價跨界顛覆者小鵬技術(shù)協(xié)同,降本增效硬件銷售、生態(tài)延伸研發(fā)效率、協(xié)同效應(yīng)帶來的成本優(yōu)勢主業(yè)波動、資源投入分散三、交易與投資觀察窗商業(yè)化元年：2025年將成為具身智能機器人商業(yè)化應(yīng)用的元年，頭部企業(yè)啟動千臺至萬臺級量產(chǎn)計劃。遠期空間：預(yù)計市場規(guī)模將超過汽車和智能手機，達到數(shù)萬億級別。模式轉(zhuǎn)變：行業(yè)正從“功能機?向“智能機?時代邁進，呈現(xiàn)“硬件+軟件+服務(wù)?的全棧發(fā)展模式。人形機器人產(chǎn)業(yè)具有高資本投入（研發(fā)/建廠）、長回報周期（依賴融資性現(xiàn)金流）和高不確定性（技術(shù)/政人形機器人產(chǎn)業(yè)正處于關(guān)鍵轉(zhuǎn)折點，呈現(xiàn)"機遇與風險并存"的特征：機遇維度：2025年標志著商業(yè)化元年，千臺至萬臺級量產(chǎn)啟動意味著成本曲線快速下行，產(chǎn)業(yè)從實驗室走向市場。遠期市場規(guī)模預(yù)期超越汽車和智能手機，達到數(shù)萬億級別，反映出巨大的增長潛力。行業(yè)從"功能機"向"智能機"演進，"硬件+軟件+服務(wù)"全棧模式將重構(gòu)價值鏈。風險維度：產(chǎn)業(yè)具有典型的"三高"特征——高資本投入（研發(fā)與建廠需大量前期資金）、長回報周耐心和更強的風險承受能力，短期內(nèi)難以看到穩(wěn)定回報。啟?：關(guān)注具備持續(xù)融資能力的整機企業(yè)和盈利穩(wěn)健的核心零部件"小巨人"，警惕現(xiàn)金流風險。風險提?本文僅供研究參考本文僅供研究參考，不構(gòu)成任何投資建議。關(guān)于我們?nèi)珖准覈H化隱形冠軍研究機構(gòu)，2021年入選浙江省軟科學研究基地。.國際化學術(shù)與智庫平臺——匯聚全球頂尖專家，聚焦“隱形冠軍?研究，推動跨國學術(shù)合作。.政產(chǎn)學研深度融合——以科研成果服務(wù)政策制定與產(chǎn)業(yè)實踐，助力“專精特新?企業(yè)高質(zhì)量成長。.多元傳播與社會影響力——通過報告、出版物與特色專欄，打造中國“隱形冠軍?研究的重要傳播與報告聚焦：聚焦隱形冠軍、專精特新，結(jié)合企業(yè)案例，深入剖析技術(shù)創(chuàng)新與商業(yè)模式。作者：雷李楠、相淵、戴韓越。聯(lián)系郵箱：yuanxiang@聯(lián)系郵箱：yuanxiang@ExecutiveSummaryThisweekIyreportaimstoheIpyoucIearIyandquickIygraspindustryinsights.l.lndustryOverviewThehumanoidrobotmarketisexperiencingexpIosivegrowth:gIobaImarketCAGRof57%from2025-2029,ChinamarketCAGRof93.6%.The886069.TIsectorincIudes374companieswithatotaImarketvaIueof8.07triIIionyuan.However,inthistriIIion–yuantrack,pricingpowerisconcentratingtowardscorecomponents—pIanetaryroIIerscrews,frameIesstorquemotors,reducersandotherkeycomponentsaccountforover45%,whiIe"bottIeneck"areassuchashigh–precisionRVreducers,coreIessmotors,fIexibIetactiIesensors,andhigh–gainAIchipsstiIIawaitbreakthroughs.114LittIeGiantenterpriseshaveanaveragegrossmarginof26.99%,2.67percentagepointshigherthanthesectoraverage.Intermsofmassproduction,2025markstheIaunchofthousandtoten–thousandunitscaIeproduction,withcostsdecIiningrapidIy—UnitreeIsJD.comseIIingpriceisaIreadybeIow100,000yuan.ll.KeyProductParameterOverviewFinanciaIParadox:HighGrossMargin≠StrongProfitabiIity.UBTECHParadox:34.6%grossmarginyet414miIIionyuanIoss,R&Dexpenseratioexceeds30%,highmarketeducationcosts,scaIeeffectnotformed.TesIaEfficiency:OnIy16.81%grossmarginyet1.581biIIionUSDprofit,automotivebusinessscaIeeffectandcashfIowsupportarekey.LittIeGiantStabiIity:ChojieCorporationgrossmargin21.12%,netmargin5.6%,deepcuItivationinnicheareas,asset–Iightoperation,highordervisibiIity.Cross-industryChaIIenge:XPenggrossmargin16.51%yet1.142biIIionyuanIoss,corebusinessunprofitabIe,resourcedispersion,synergyeffectsawaitingvaIidationCompanyStockCodeEnterpriseTypeRevenueNetProfitGrossMarginTesIaTSLA.O$41.831BUSD$1.581BUSDUBTECH9880.HKManufacturingChampion618MRMB-414MRMB34.60%UnitreeUnIistedLittIeGiant400MRMB(2024)70MRMB(2024)UndiscIosedChojie301005.SZLittIeGiant391MRMB22MRMBXPeng9868.HK34.085BRMBlll.FourTypesofPIayers:BusinessModeIDeterminesFinanciaIPerformance1.EcosystemEnabIers(TesIa):ReIyingonparentcompanycashfIowforstrategicinvestment,disregardingshort–termIosses,seizingecosystementrypoints2.BreakthroughSurvivors(UBTECH):RapidrevenuegrowthbutIosses,grossmarginimprovementtrendandcashburnratearekeyindicators3.StabIeCashCows(Chojie):Componentcompanieswithsoundfinances,aIeadingindicatorofreaIindustriaIchaindemand4.TechSpiIIoverTypes(XPeng):MigratingautomotivetechnoIogytorobots,successdependsonreaIizationofsynergyeffectsPlayerTypeRepresentativeCoreFinancialStrategyProfitModelKeyFinancialIndicatorsMainRisksGlobalTechGiantsTesla,FigureAIEcosystemenablement,disregardshort-termlossesLong-termservicefees,platformvalueRevenuegrowth,R&DinvestmentratioStrategicwavering,investmentbelowexpectationsDomesticLeadersUBTECH,UnitreeRapidbreakthrough,seizemarketfirst-moveradvantageCompletemachinesales,solutionsGrossmargin,netcashflow,financingcapabilityCashflowbreakdown,slowcommercializationCoreComponentLittleGiantsChojieDeepcultivationinniches,benefitfromchainscalingComponentsales,techlicensingNetmargin,revenuegrowth,ordervisibilityTechiteration,intensifiedcompetitionleadingtopricecutsCross-industryDisruptorsXPengTechsynergy,costreductionandefficiencyHardwaresales,ecosystemextensionR&Defficiency,costadvantagefromsynergyCorebusinessvolatility,dispersedresourceinvestmentI.IndustryDefinitionandLandscapeOverviewHumanoidrobotsarenotasingleconcept,butthemostimportantcarrierof"EmbodiedIntelligence".Toaccuratelyunderstandindustryboundaries,threecoreconceptsneedclarification:EmbodiedIntelligenceEmbodiedIntelligenceTheabilityofintelligentsystemstodevelopandmanifesttheirintelligencethroughinteractionwiththephysicalworld.Source:ChinaAcademyoflnformationandCommunicationsTechnologyandBeijingHumanoidRobotlnnovationCenter"EmbodiedlntelligenceDevelopmentReport(2024)"(August2024)HumanoidRobotRobotsdesignedtomimichumanappearance,typicallywithhead,limbsandhuman-likefeatures,themostimportantcarrierofembodiedintelligence.Source:"HumanoidRobotStandardizationWhitePaper(2024Edition)"Leggedrobotsthatmoveontwolegs,possessingautonomybutnotnecessarilyintelligence.Source:lnternationalStandardlSO8373:2021"RoboticsVocabulary"Thehumanoidrobotmarketisenteringarapidgrowthphase.AccordingtoJanusConsuIting,bothgIobaIandChinesemarketsshowsignificantgrowthpotentiaI:FromagIobaIperspective,thehumanoidrobotmarketwiIIrapidIyexpandfrom$3.4biIIionin2025to$20.6biIIionin2029,withafive–yearCAGRof57%.ChinaIsmarketshowsevenstrongergrowthmomentum:expectedtoreach5.3biIIionRMBin2025,cIimbingto75biIIionRMBby2029,withaCAGRof93.6%,becomingthecoredriverofgIobaIhumanoidrobotindustrygrowth.AsofNovember26,2025,the886069.TI(HumanoidRobot)sectorhasformedafuIIindustriaIchaincIustercoveringhardwaremanufacturing,softwaredeveIopmentandcomponentsuppIy.SectorcIassificationisbasedonFIushIsdynamicassessmentofA–sharecompaniesIbusinessreIevanceandtechnoIogicaIsynergy.OverallSectorScale:NumberofIistedcompanies:374TotaImarketvaIue:8.07trillionyuanFinanciaIscaIe(2025Q1-Q3):CumuIativerevenue2.95trillionyuan,netprofit151.4billionyuanQualityAdvantageofLittleGiantEnterprises:Againstthebackdropofsector–wideaveragegrossmarginof24.32%,LittIeGiantenterprisecIustersdemonstratesignificantquaIityadvantages:CoreCoreFinding:.ScaIeproportion:SectorincIudes114LittIeGiantenterprises,accountingfor30.48%oftotaIcompanies.QuaIityadvantage:Averagegrossmarginreaches26.99%,significantIyhigherthanthesectoraverageof24.32%.Strategicposition:Focusedonhigh–precisiontransmission,sensors,motioncontroIandotherhighvaIue–addedcomponents,keyforcesensuringfuturemassproductionandcostreductionofhumanoidrobotsSectorTypeCompanyCountAvg.GrossMargin(%)TotalMarketCap(100MRMB)Revenue(100MRMB)NetProfit(100MRMB)HumanoidRobot37424.3280,74529,481LittleGiantsinHumanoidRobot114(30.48%)26.999,527(11.80%)71(4.69%)DataSource:iFind,financialdataasofSept30,2025Inthecoststructureofhumanoidrobots,high–precisiontransmissionsystemsconstitutecoretechnicaIbarriers,andsensorsystemsarekeytoachievingagiIeperceptionandprecisecontroI.AccordingtoHuaxiSecuritiesResearchInstituteforecasts,by2030componentvaIuesharewiIIshowcIearconcentrationtrends:pIanetaryroIIerscrews19%,frameIesstorquemotors16%,reducers13%,forcesensorsandIMUcombined13%.FromcompIetemachinecostbreakdown,theIowerIimbsystemcarriescorewaIkingandbaIancefunctions,withthigh13.2%,caIf12.8%,waist/peIvis8.5%,andotherpartscombined19.1%.CurrentdomestictechnoIogyismakingbreakthroughsinintegratedsmartjointmoduIes,IightweightmateriaIs,muItimodaItactiIesystemsanddedicatedoperatingsystems.However,theindustriaIchainstiIIfaceskeytechnoIogicaIbottIenecks:high–precisionRVreducers,coreIessmotors,high–torquefIexibIetactiIesensorsandhigh–gainAIchipsremain"bottIeneck"technoIogiesurgentIyneedingtobeovercome.TheIocaIizationprogressofthesecorecomponentsdirectIydeterminesprofitdistributionpatternsandpricingpowerownershipintheindustriaIchain.Frommassproductionrhythm,2025wiIIseedomesticandinternationaIIeadingcompaniesIaunchthousandtoten–thousandunitscaIeproductionpIans,withexpectedscaIejumpingtotensofthousandsor100,000unitsin2026.CostcurvesaredecIiningrapidIy:TesIaOptimusGen–2currentbiIIofmateriaIs(BOM)isapproximateIy$50,000-$60,000USD(excIudingsoftware),MorganStanIeyestimatesthatwhencostsdropto$10,000-$30,000rangeitwiIIcataIyzescaIedappIications,whiIe50,000-70,000RMBpricerangewiIIdriveIarge–scaIeadoption.ForIong–termmarketspace,asinteIIigenceIeveIsimprove,marketscaIeisexpectedtoexceedautomobiIesandsmartphones,reachingtriIIionsinscaIe.TesIaIsIong–termpricingtargetforhumanoidrobotsis$20,000USD,whiIemuItipIeUnitreerobotmodeIsonJD.comareaIreadypricedbeIow100,000DataSource:CITICConstructionInvestmentSecuritiesTheindustryisadvancingfromthe"featurephone"to"smartphone"era,presentingafuII–stackdeveIopmentmodeIof"hardware+software+services".ThistransformationwiIIreconstructindustriaIvaIuedistributionIogic.II.KeyEnterprisesandComparativeIndicatorsChapterIreveaIedthe8triIIionyuanindustriaIIandscapeofhumanoidrobots,butamorecriticaIquestionis:Howisthis8trilliondistributedamong374companies?Whotrulyholdspricingpower?ThischapterdissectsthefinanciaIstatementsofIeadingcompaniestoanswerthreecorequestions:1.Whydosomecompanieshavehighgrossmarginsyetcontinuetolosemoney?2.Whichsegmentoftheindustrialchainconcentratesprofits?3.Whatforward-lookingfinancialindicatorsshouldinvestorsfocuson?CompanyStockCodeEnterpriseTypeRevenueNetProfitGrossMarginTesIaTSLA.O$41.831BUSD$1.581BUSDUBTECH9880.HKManufacturingChampion618MRMB-414MRMB34.60%UnitreeUnIistedLittIeGiant400MRMB(2024)70MRMB(2024)UndiscIosedChojie301005.SZLittIeGiant391MRMB22MRMBXPeng9868.HK34.085BRMBDataSource:iFind,Unitreedatafrom2024actualoperations,othercompanies'financialdatafrom2025semi-annualreportsUBTECH:Grossmarginof34.6%ranksfirst,yetIoses414miIIionyuan.R&Dexpenseratioexceeding30%,highmarketeducationcosts,andunformedscaIeeffectsarethreemajorreasonsforthe"highgrossmargin,highIoss"paradox.TypicaI"breakthroughsurvivor"typeenterprise.TesIa:OnIy16.81%grossmarginyetprofits1.581biIIionUSD.ThesecretIiesinautomotivebusinessscaIeeffectsandcashfIowsupport,pIusstrictexpenseratiocontroI.RefIects"ecosystemenabIer"giantefficiencyadvantages.ChojieCorporation:Grossmarginof21.12%notoutstanding,butnetmarginof5.6%refIectsstabIeprofitabiIityofcomponentcompanies.DeepcuItivationinnicheareas,diversifiedcustomerstructure,asset–IightoperationaretypicaI"LittIeGiant"characteristics.XPengMotors:Grossmarginof16.51%simiIartoTesIa,butIoses1.142biIIionyuan.CorebusinessnotyetprofitabIe,dispersedresources,synergyeffectsawaitingvaIidation—costchaIIengesfacing"techspiIIover"cross–industrypIayers.ThefinanciaIperformancedifferencesamongthesefourcompaniesessentiaIIyrefIecttheirpositionsintheindustriaIchainanddeveIopmentstages.TobetterunderstandthestrategicIogicbehindthesedifferences,wecategorizeaIIindustryparticipantsintofourtypes.TypesBehindtheabovefinanciaIparadoxesarefourdistinctIydifferentbusinessmodeIsatwork:GIobaITechGiants(TesIaModeI):"EcosystemenabIers".ReIyonparentcompanyIsmassivecashfIowforstrategicinvestment,financiaIgoaIistoseizeentrypointsratherthanshort–termprofits.RobotbusinessIossescanbecoveredbyotherbusinessprofits,withextremeIystrongriskresistance.DomesticCompIeteMachineLeaders(UBTECHModeI):"Breakthroughsurvivors".RapidrevenuegrowthbutnetprofitmostIyIosses,highIydependentonequityfinancing.FinanciaIheaIthdependsongrossmarginimprovementtrendsandcashburnrate.CoreComponentLittIeGiants(ChojieModeI):"StabIecashcows".EstabIishadvantagesinnicheareas,robotordersareincrementaInottotaI.ReIativeIysoundfinances,aIeadingindicatorforobservingreaIindustriaIchaindemand.Cross-industryDisruptors(XPengModeI):"TechspiIIovertypes".MigrateautomotiveandconsumereIectronicstechnoIogytorobotfieId.PoorfinanciaIindependence,reaIizationofsynergyeffectswiIIdeterminesuccessorfaiIure.PlayerTypeRepresentativeCoreFinancialStrategyProfitModelKeyFinancialIndicatorsMainRisksGlobalTechGiantsTesla,FigureAIEcosystemenablement,disregardshort-termlossesLong-termservicefees,platformvalueRevenuegrowth,R&DinvestmentratioStrategicwavering,investmentbelowexpectationsDomesticLeadersUBTECH,UnitreeRapidbreakthrough,seizemarketfirst-moveradvantageCompletemachinesales,solutionsGrossmargin,netcashflow,financingcapabilityCashflowbreakdown,slowcommercializationCoreComponentLittleGiantsChojieDeepcultivationinniches,benefitfromchainscalingComponentsales,techlicensingNetmargin,revenuegrowth,ordervisibilityTechiteration,intensifiedcompetitionleadingtopricecutsCross-industryDisruptorsXPengTechsynergy,costreductionandefficiencyHardwaresales,ecosystemextensionR&Defficiency,costadvantagefromsynergyCorebusinessvolatility,dispersedresourceinvestmentIII.TradingandInvestmentObservationWindow.YearofCommercialization:2025willbecomethefirstyearofcommercialapplicationforembodiedintelligentrobots,withleadingcompanieslaunchingthousandtoten-thousandunitscaleproductionplans..Long-termPotential:Marketscaleexpectedtoexceedautomobilesandsmartphones,reachingtrillion-yuanlevels..ModelTransformation:Industryadvancingfrom"featurephone"to"smartphone"era,presentingfull-stackdevelopmentmodelof"hardware+software+services".3.2InvestmentRisks("ThreeHighs"CharacteriThehumanoidrobotindustryhascharacteristicsofhighcapitalinvestment(R&D/factoryconstruction),longpaybackperiod(dependentonfinancingcashflow)andhighuncertainty(tech/policychanges).ThehumanoidrobotindustryisatacriticaIturningpoint,presentingcharacteristicsof"opportunitiesandriskscoexisting":OpportunityDimension:2025markstheyearofcommerciaIization,with