<p>（第一财经）4 月 2 日——随着具身智能的商业化加速，Dobot Robotics 和优必选机器人去年均报告了强劲的收入增长，尽管这两家在香港上市的机器人制造商由于持续的重研发投资仍处于亏损状态。</p>
<p>Dobot 去年实现收入 4.92 亿元人民币（7140 万美元），比去年增长 32%，而其净亏损缩小了 1130 万元人民币至 8400 万元人民币（160 万美元至 1220 万美元）。优必选报告收入 20 亿元人民币（2.9 亿美元），增长 53%，而其净亏损缩小了 3.7 亿元人民币至 7.9 亿元人民币。</p>
<p>根据他们最新的财务报告，Dobot 去年推出了几款类人机器人以及四足和六足仿生机器人。与此同时，优必选将全尺寸具身智能类人机器人的销量从前一年的个位数增加到近 1080 台。</p>
<p>优必选去年从全尺寸具身智能类人机器人产品和解决方案中获得了 8.2 亿元人民币的收入，比前一年增长了 22 倍，占总收入的 41%，成为公司增长最快的业务板块。</p>
<p>Dobot 进入具身智能领域相对较晚，来自具身智能机器人的收入去年达到 2000 万元人民币，占总收入的 4%，尽管这一板块的增长超过了四倍。</p>
<p>两家公司继续增加对具身智能研发的投资。Dobot 的研发支出比去年增长约 60%，达到 1.15 亿元人民币，其中大部分增加用于具身智能。优必选的研发费用增长 6%，达到 5.08 亿元人民币，其中 2.7 亿元用于开发全尺寸具身智能类人机器人。</p>
<p>对具身智能的重投资仍然是 Dobot 尚未盈利的主要原因。如果不计算超过 4000 万元人民币的具身智能研发支出，该公司去年几乎实现了收支平衡。对于优必选，尽管类人机器人销量的上升帮助提升了收入，但应收账款仍然很高，超过年度收入的 90%，达到 18 亿元人民币，比去年增长 40%。</p>
<p><strong>工业部署被视为关键下一步</strong></p>
<p>在财务报告发布后的业绩简报中，两家公司管理层表示，代表具身智能的类人机器人可能首先在工业和商业场景中部署，最终进入家庭服务市场。</p>
<p>“去年研究是主要市场，下一步将进入工业和商业市场，” Dobot 创始人兼首席执行官刘培超表示。他补充说，机器人的跑跳能力已经基本达到实用阈值，未来的发展预计将集中在制造业的操作场景和家庭及服务领域的互动场景。</p>
<p>刘表示，具身智能机器人已经能够在工业环境中执行组件处理任务，公司已获得多个订单。从第二季度开始，预计一些简单的操作任务将逐步实施。</p>
<p>他补充说，在工业操作能力取得突破后，万亿市场潜力可能会被释放。Dobot 预计其四足机器人的出货量将在一到两年内达到数万台，今年的推广目标约为 1 万台。</p>
<p>刘还强调了与具身智能的数据和模型开发相关的挑战。“去年，行业积累的有价值数据不足 3 万小时，” 刘说。“可能有数十万小时的有限价值数据只能用于预训练，难以实现泛化和提高操作准确性。” 他补充说，Dobot 正在研究数据反馈机制，并希望通过每年生产的 10 万只机器人手臂收集来自不同场景的数据。</p>
<p>在模型开发方面，视觉 - 语言 - 行动模型与强化学习的结合去年已经开始实施，刘表示，开发世界模型仍然是最终目标。实现这一目标需要数千万甚至超过 1 亿的数据点，可能需要三到五年。</p>
<p>优必选的管理层也表示，公司正在推进 VLA 技术路径的验证和世界模型的开发。预计其研发预算到 2026 年将增加到 7 亿元人民币，重点关注具身 AI 基础模型、世界模型和产品升级。</p>
<p>编辑：Emmi Laine</p>

优必选

<p>Dobot Robotics 和优必选在类人机器人销售方面报告了显著的收入增长，Dobot 的收入为 4.92 亿元人民币（增长 32%），优必选的收入为 20 亿元人民币（增长 53%）。然而，由于高昂的研发成本，两家公司仍然处于亏损状态，Dobot 的亏损缩小至 8400 万元人民币，优必选的亏损缩小至 7.9 亿元人民币。两家公司都专注于其机器人在工业应用中的使用，计划增强操作能力和数据收集。预计研发投资将上升，优必选计划到 2026 年达到 7 亿元人民币</p>

<p>(Yicai) April 2 -- Dobot Robotics and Ubtech Robotics both reported strong revenue growth last year as the commercialization of embodied intelligence accelerates, although the two Hong Kong-listed robot makers remain loss-making due to continued heavy research and development investment.</p>
<div class="lb-trans"><p>（第一财经）4 月 2 日——随着具身智能的商业化加速，Dobot Robotics 和优必选机器人去年均报告了强劲的收入增长，尽管这两家在香港上市的机器人制造商由于持续的重研发投资仍处于亏损状态。</p>
</div><p>Dobot posted revenue of CNY492 million (USD71.4 million) last year, up 32 percent from a year earlier, while its net loss narrowed by CNY11.3 million to CNY84 million (by USD1.6 million to USD12.2 million). Ubtech reported revenue of CNY2 billion (USD290 million), a 53 percent increase, while its net loss narrowed by CNY370 million to CNY790 million.</p>
<div class="lb-trans"><p>Dobot 去年实现收入 4.92 亿元人民币（7140 万美元），比去年增长 32%，而其净亏损缩小了 1130 万元人民币至 8400 万元人民币（160 万美元至 1220 万美元）。优必选报告收入 20 亿元人民币（2.9 亿美元），增长 53%，而其净亏损缩小了 3.7 亿元人民币至 7.9 亿元人民币。</p>
</div><p>According to their latest financial reports, Dobot launched several humanoid robots as well as quadruped and hexapod bionic robots last year. Ubtech, meanwhile, increased sales of full-size embodied intelligent humanoid robots to almost 1,080 units from single digits the previous year.</p>
<div class="lb-trans"><p>根据他们最新的财务报告，Dobot 去年推出了几款类人机器人以及四足和六足仿生机器人。与此同时，优必选将全尺寸具身智能类人机器人的销量从前一年的个位数增加到近 1080 台。</p>
</div><p>Ubtech generated CNY820 million in revenue from full-size embodied intelligent humanoid robot products and solutions last year, a 22-fold increase from the previous year, and accounting for 41 percent of total revenue, making it the company’s fastest-growing business segment.</p>
<div class="lb-trans"><p>优必选去年从全尺寸具身智能类人机器人产品和解决方案中获得了 8.2 亿元人民币的收入，比前一年增长了 22 倍，占总收入的 41%，成为公司增长最快的业务板块。</p>
</div><p>Dobot entered the embodied intelligence sector relatively late, with revenue from embodied intelligent robots reaching CNY20 million last year, accounting for 4 percent of total revenue, although this segment grew more than fourfold from the year before.</p>
<div class="lb-trans"><p>Dobot 进入具身智能领域相对较晚，来自具身智能机器人的收入去年达到 2000 万元人民币，占总收入的 4%，尽管这一板块的增长超过了四倍。</p>
</div><p>Both companies continued to increase investment in embodied intelligence R&amp;D. Dobot’s R&amp;D spending rose about 60 percent from a year earlier to CNY115 million, with much of the increase directed toward embodied intelligence. Ubtech’s R&amp;D expenses rose 6 percent to CNY508 million, including CNY270 million spent on developing full-size embodied intelligent humanoid robots.</p>
<div class="lb-trans"><p>两家公司继续增加对具身智能研发的投资。Dobot 的研发支出比去年增长约 60%，达到 1.15 亿元人民币，其中大部分增加用于具身智能。优必选的研发费用增长 6%，达到 5.08 亿元人民币，其中 2.7 亿元用于开发全尺寸具身智能类人机器人。</p>
</div><p>Heavy investment in embodied intelligence remains the main reason Dobot is still unprofitable. Excluding more than CNY40 million in R&amp;D spending on embodied intelligence, the company would have nearly broken even last year. For Ubtech, although rising humanoid robot sales helped boost revenue, accounts receivable remained high, exceeding 90 percent of annual revenue and reaching CNY1.8 billion, up 40 percent from a year earlier.</p>
<div class="lb-trans"><p>对具身智能的重投资仍然是 Dobot 尚未盈利的主要原因。如果不计算超过 4000 万元人民币的具身智能研发支出，该公司去年几乎实现了收支平衡。对于优必选，尽管类人机器人销量的上升帮助提升了收入，但应收账款仍然很高，超过年度收入的 90%，达到 18 亿元人民币，比去年增长 40%。</p>
</div><p><strong>Industrial Deployment Seen as Key Next Step</strong></p>
<div class="lb-trans"><p><strong>工业部署被视为关键下一步</strong></p>
</div><p>At earnings briefings following the release of the financial reports, management from both companies said humanoid robots representing embodied intelligence are likely to be deployed first in industrial and commercial scenarios before eventually entering the home services market.</p>
<div class="lb-trans"><p>在财务报告发布后的业绩简报中，两家公司管理层表示，代表具身智能的类人机器人可能首先在工业和商业场景中部署，最终进入家庭服务市场。</p>
</div><p>“Research was the main market last year, and the next step will be to enter the industrial and commercial markets,” said Liu Peichao, founder and chief executive of Dobot. He added that robots’ running and jumping capabilities have largely reached practical thresholds, with future development expected to focus on operational scenarios in manufacturing and interactive scenarios in home and service sectors.</p>
<div class="lb-trans"><p>“去年研究是主要市场，下一步将进入工业和商业市场，” Dobot 创始人兼首席执行官刘培超表示。他补充说，机器人的跑跳能力已经基本达到实用阈值，未来的发展预计将集中在制造业的操作场景和家庭及服务领域的互动场景。</p>
</div><p>Liu said embodied intelligence robots are already capable of performing component handling tasks in industrial environments and that the company has secured several orders. Starting from the second quarter, some simple operational tasks are expected to be gradually implemented.</p>
<div class="lb-trans"><p>刘表示，具身智能机器人已经能够在工业环境中执行组件处理任务，公司已获得多个订单。从第二季度开始，预计一些简单的操作任务将逐步实施。</p>
</div><p>After breakthroughs are achieved in industrial operational capabilities, the trillion-yuan market potential could be unlocked, he added. Dobot expects shipments of its quadruped robots to reach the tens of thousands within one to two years, with a promotional target of about 10,000 units this year.</p>
<div class="lb-trans"><p>他补充说，在工业操作能力取得突破后，万亿市场潜力可能会被释放。Dobot 预计其四足机器人的出货量将在一到两年内达到数万台，今年的推广目标约为 1 万台。</p>
</div><p>Liu also highlighted challenges related to data and model development for embodied intelligence. “Last year, the industry accumulated less than 30,000 hours of valuable data,” Liu said. “There may be hundreds of thousands of hours of data with limited value that can only be used for pre-training, making it difficult to achieve generalization and improve operational accuracy.” He added that Dobot is studying data feedback mechanisms and hopes to collect data from different scenarios through the 100,000 robotic arms it produces annually.</p>
<div class="lb-trans"><p>刘还强调了与具身智能的数据和模型开发相关的挑战。“去年，行业积累的有价值数据不足 3 万小时，” 刘说。“可能有数十万小时的有限价值数据只能用于预训练，难以实现泛化和提高操作准确性。” 他补充说，Dobot 正在研究数据反馈机制，并希望通过每年生产的 10 万只机器人手臂收集来自不同场景的数据。</p>
</div><p>In terms of model development, the combination of vision-language-action models and reinforcement learning was already being implemented last year, Liu said, adding that developing a world model remains the ultimate goal. Achieving this will require tens of millions or even more than 100 million data points and may take three to five years.</p>
<div class="lb-trans"><p>在模型开发方面，视觉 - 语言 - 行动模型与强化学习的结合去年已经开始实施，刘表示，开发世界模型仍然是最终目标。实现这一目标需要数千万甚至超过 1 亿的数据点，可能需要三到五年。</p>
</div><p>Ubtech’s management also said the company is advancing validation of the VLA technical pathway and developing world models. Its R&amp;D budget is expected to increase to CNY700 million by 2026, with a focus on embodied AI foundation models, world models, and product upgrades.</p>
<div class="lb-trans"><p>优必选的管理层也表示，公司正在推进 VLA 技术路径的验证和世界模型的开发。预计其研发预算到 2026 年将增加到 7 亿元人民币，重点关注具身 AI 基础模型、世界模型和产品升级。</p>
</div><p>Editor: Emmi Laine</p>
<div class="lb-trans"><p>编辑：Emmi Laine</p>
</div>

尽管人形机器人销售激增，但研发成本使中国的 Dobot 和优必选仍然处于亏损状态