Cathay Pacific Haitong: Zhiyuan & Yu Shu receive 124 million orders to accelerate commercialization of humanoid robots

The Zhitong Finance App learned that Cathay Pacific Haitong released a research report saying that Zhiyuan and Yu Shu have significant advantages in the field of humanoid robots, and the implementation of the scenario is accelerating. It is recommended to focus on investment opportunities in related industrial chains and the growth potential brought about by technological iteration. Overall, the domestic humanoid robot industry is developing rapidly and has advantages in the industrial chain. Overseas, taking Tesla humanoid robots as an example, it is expected that there will be large technological iteration expectations in the future, so it is recommended to focus on it.

Incident: Zhiyuan Robotics and Yushu Technology won the bid for China Mobile (Hangzhou) Information Technology Co., Ltd.'s 2025-2027 humanoid biped robot foundry service procurement project. According to the previous selection announcement for this project, China Mobile (Hangzhou) Information Technology Co., Ltd. has a total project budget of 124.05 million yuan (tax included). Purchase package 1 is a full-size humanoid biped robot with a budget of 78 million yuan (tax included), and the final winner was a Zhiyuan robot; purchase package 2 was a small-sized humanoid biped robot, a computing power backpack, and a five-finger dexterous hand, with a budget of 46.05 million yuan (tax included). The winning bidder was Yushu Technology.

Cathay Pacific Haitong's main views are as follows:

Ji-won and Woo-ki are ahead of the humanoid robot advantage.

1) With “ontology+AI” full-stack technology, Zhiyuan Robot's three robot family products, Expedition, Genie, and Lingxi, have covered multiple commercial scenarios. In January 2025, Zhiyuan Robotics' 1,000th general-purpose physical robot was officially mass-produced and launched, taking the lead in implementing application scenarios. At the software level, Zhiyuan Robotics released the world's first Embodied World Model EVAC and Embodied World Model evaluation benchmark EWMBench based on robot motion sequences in May, and are fully open source, which is expected to accelerate technology implementation and industrial development. The bank believes that Zhiyuan uses the “Huawei ecological style of play”, binds upstream and downstream through joint ventures, investment, and cooperation, expands its “circle of friends”, and accelerates its own technology iteration, production capacity construction, and implementation of scenarios.

2) Yushu Technology focuses on R&D, production and sales of foot/humanoid robots, etc. It has excellent leading capabilities in comprehensive fields such as robot core components, motion control, and robot sensing. It fully independently develops key robot core components such as generators, reducers, controllers, lidars, etc., as well as high-performance sensing and motion control algorithms, integrating the entire robot industry chain to reach the leading level of global technology in the field of four-legged robots. The bank believes that Yushu Technology's hardware and operation and control algorithm capabilities have significant advantages, and downstream customers are expected to continue to expand.

This order is a “strengthening agent” for the industry, and the scenario-based implementation of humanoid robots accelerates exploration and implementation.

1) Promote industry implementation: Iconic humanoid robots move from R&D to commercialization, attract more enterprises to enter the market, and accelerate technological innovation and industrial upgrading. 2) Expanding application scenarios: Communications giants' procurement shows traditional industry needs, which indicates that communication services will become an important application scenario, and future application scenarios are expected to be further deepened and expanded. 3) Build a development ecosystem: To provide an example of commercialization for the industry, Zhiyuan and Yushu can further accumulate data and iterate products, thereby expanding more customers and promoting the industry to form a virtuous cycle.

Risk warning: Technological progress and industrialization progress have fallen short of expectations, and industry competition has intensified.