王兴兴和马斯克，必有一战_老虎社区_美港股上老虎

王兴兴和马斯克，必有一战

中国新闻周刊07-06

A股“人形机器人第一股”，要来了。7月2日，中国证监会正式批复宇树科技科创板IPO注册。宇树科技距离挂牌只剩询价发行最后一步，整体估值或远超420亿元。消息刺激下，7月3日，A 股机器人板块直接走出“宇树行情”。据不完全统计，绿的谐波、拓普集团等逾40只个股封涨停。然而，这场狂欢背后，宇树科技的财务曲线正在走弱。2026年一季度，公司营收4.23亿元，同比增速由2025年全年的332.64%掉到...

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·07-06
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股机器人板块直接走出“宇树行情”。据不完全统计，绿的谐波、拓普集团等逾40只个股封涨停。然而，这场狂欢背后，宇树科技的财务曲线正在走弱。2026年一季度，公司营收4.23亿元，同比增速由2025年全年的332.64%掉到68.49%，扣非净利润降至4025.36万元，同比下降52.55%。宇树科技自己在《招股说明书》中已经预警：如特斯拉等国际企业，有望快速降低其人形机器人成本，这将直接加剧行业价格竞争。现实中，竞争加剧来得比预期更快。浙江杭州宇树科技公司内，人形机器人进行武术表演。摄影/本刊记者 王刚特斯拉是劲敌对比四个月前的申报稿，宇树科技最新披露的《招股说明书》（上会稿）修改了五处风险提示，并将“增速放缓及经营业绩波动”摆在了所有特别风险警示条款之首。宇树科技将自身领先优势减弱的风险与行业竞争加剧深度绑定，并举例提醒：特斯拉具有大规模量产与供应链整合能力、人工智能技术资源、自有工厂部署等优势，其人形机器人Optimus Gen-3已宣布启动小批量试产，未来商业化量产后将会与包括公司在内的行业企业形成直接竞争。宇树科技的担忧并非空穴来风。7月1日，马斯克在社交平台发文称正在弗里蒙特参观擎天柱生产线，并配图其与工作人员在工厂内的合影。另据券商纪要，特斯拉工程副总裁透露，第一条机器人产线已运抵弗里蒙特工厂，正进行现场验收测试的最后阶段，该生产线相当模块化，只需2—3天安装，一个星期就能运转。后续还有40条子生产线搭建，包含执行器、躯干、电池、四肢等。野村最新研报指出，特斯拉已将Optimus V3的弗里蒙特产线年化产能目标，从此前的5万台上调至约7万台，并计划于2028年在奥斯汀新增约7万台产能，长期合计产能目标指向150万台。更关键的是成本控制。公开数据显示，Optimus Gen3的物料清单（BOM）已压到2.8万美元，约合19.8万元人民币。马斯克曾预测，Optimus年产量超过100万台时，生产成本将降至2万美元以下。这将逼近宇树人形机器人目前16.76万元的平均单价。加码具身智能领域的还有国际巨头英伟达。6月29日，该公司宣布机器人团队围绕具身智能、仿真、部署及解决方案架构四大方向，在北京、上海、深圳三地同步扩招。据介绍，此次扩招目的是对接国内庞大的机器人整机产业链，优化仿真到实物落地的技术链路。这意味着，人形机器人AI控制、运动算法等瓶颈或将加速突破，整机大规模商用前的软件障碍有望被扫清。宇树科技《招股说明书》还提醒，国内多家整车制造企业与消费电子企业已正式布局人形机器人业务，这些企业在资源投入、市场推广、制造业经验等方面具有一定优势，进一步加剧了人形机器人行业的竞争强度。据高工机器人统计，国内明确布局人形机器人的车企已经超过10家。其中，既有小鹏、长安、广汽等重资入局的代表，也有理想、蔚来、比亚迪等车企，通过投资、联合开发或内部孵化等方式试探水温。车企入局，打出的第一张牌就是“成本控制”，这恰恰对宇树科技这类创企冲击最大。据媒体报道，比亚迪的第七代原型机量产目标单价20万元以内，更有内部人士透露，吉利计划将雷神电混、AI数字底盘技术迁移到机器人身上，有望在2027年将成本降至15万元以内。价格跳水明显“为应对市场竞争加剧，公司产品售价将可能出现主动或被动下降的情况。” 宇树科技在招股书中明确表示。在机器人价格战中，宇树科技一向出手狠厉。产品线相对成熟的四足机器人，从2022年到2025年9月，平均单价从3.86万元/台降至2.72万元/台，累计降幅超过30%。最近两年，该产品平均保持15%以上的价格下探，以降价策略抢占市场份额。与之形成反差的是，四足产品毛利率持续提升，同期毛利率从42.36%升至55.49%。核心逻辑在于成本端降幅更快，近两年四足机器人平均成本降幅达到28.47%。降价策略同样用在了宇树人形机器人产品上。从2023年到2025年9月，人形机器人的平均单价从59.34万元/台断崖式降至16.76万元/台，不到两年时间，价格降幅累计超过70%，远超四足机器人。不同的是，宇树人形机器人的高毛利率持续收缩。从2023年的87.67%，降到2025年1—9月的62.91%，价格跳水明显快于成本降幅。一位长期从事人形机器人租赁生意的创业者告诉《中国新闻周刊》，60%毛利率已经很高，但结合宇树科技用户主要集中在教育科研领域来看，只能说明大学实验室对价格不那么敏感，在消费市场上，人形机器人还不是门好生意。“现阶段人形机器人还没有打开应用场景。”工业和信息化部信息通信经济专家委员会委员盘和林告诉《中国新闻周刊》，目前人形机器人在消费端仍停留在表演和陪伴层面，在工业端还未形成大规模应用。前述《招股说明书》同样提示，行业存在下游大规模商业应用不及预期的风险。在需求端，除特定应用场景外，通用机器人的消费级市场尚未形成刚需。若技术突破、成本控制及市场培育进度不及预期，通用机器人的商业化推广将面临实质性延迟。《招股说明书》显示，宇树科技的成本构成中，直接材料成本占比始终维持在72%—81%的高位区间，而直接人工和制造费用成本的合计占比仅在20%左右。这意味着，“规模效益和内部挖潜”这套传统制造业降本打法，在宇树科技的成本结构中所能施展的空间极为有限。降本压力，最终传导至“关节模组、传感器”等核心零部件的单价控制上。这也解释了宇树科技近年为何加大核心零部件自研自产力度。尽管如此，80%的直接材料成本仍在，如继续压缩成本，需要上游供应链整体优化。而这正是车企入场的优势所在。记者：李明子编辑：闵杰运营编辑：肖冉","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":582915596547448,"gmtCreate":1783344884916,"gmtModify":1783345133829,"author":{"id":"4210930431096852","authorId":"4210930431096852","name":"边看边学习","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"4210930431096852","idStr":"4210930431096852"},"htmlText":"多余了，两个大忽悠","listText":"多余了，两个大忽悠","text":"多余了，两个大忽悠","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/582915596547448","repostId":2649642652,"repostType":2,"repost":{"id":"2649642652","kind":"news","pubTimestamp":1783325923,"share":"https://www.laohunote.com/m/news/2649642652?lang=zh_CN&edition=full","pubTime":"2026-07-06 16:18","market":"us","language":"zh","title":"王兴兴和马斯克，必有一战","url":"https://stock-news.laohu8.com/highlight/detail?id=2649642652","media":"中国新闻周刊","summary":"7月2日，中国证监会正式批复宇树科技科创板IPO注册。宇树科技自己在《招股说明书》中已经预警：如特斯拉等国际企业，有望快速降低其人形机器人成本，这将直接加剧行业价格竞争。7月1日，马斯克在社交平台发文称正在弗里蒙特参观擎天柱生产线，并配图其与工作人员在工厂内的合影。马斯克曾预测，Optimus年产量超过100万台时，生产成本将降至2万美元以下。这将逼近宇树人形机器人目前16.76万元的平均单价。宇树科技在招股书中明确表示。","content":"<html><body><p>A股“人形机器人第一股”，要来了。7月2日，中国证监会正式批复宇树科技科创板IPO注册。宇树科技距离挂牌只剩询价发行最后一步，整体估值或远超420亿元。</p><p>消息刺激下，7月3日，A 股机器人板块直接走出“宇树行情”。据不完全统计，<a href=\"https://laohu8.com/S/688017\">绿的谐波</a>、<a href=\"https://laohu8.com/S/601689\">拓普集团</a>等逾40只个股封涨停。</p><p>然而，这场狂欢背后，宇树科技的财务曲线正在走弱。2026年一季度，公司营收4.23亿元，同比增速由2025年全年的332.64%掉到68.49%，扣非净利润降至4025.36万元，同比下降52.55%。</p><p>宇树科技自己在《招股说明书》中已经预警：如<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>等国际企业，有望快速降低其人形机器人成本，这将直接加剧行业价格竞争。现实中，竞争加剧来得比预期更快。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_28/FFB6B830D79925BDE38BBAA7499C3FD27C74350F_size113_w1080_h753.jpg\"/></p><p>浙江杭州宇树科技公司内，人形机器人进行武术表演。摄影/本刊记者 王刚</p><p><strong>特斯拉是劲敌</strong></p><p>对比四个月前的申报稿，宇树科技最新披露的《招股说明书》（上会稿）修改了五处风险提示，并将“增速放缓及经营业绩波动”摆在了所有特别风险警示条款之首。</p><p>宇树科技将自身领先优势减弱的风险与行业竞争加剧深度绑定，并举例提醒：特斯拉具有大规模量产与供应链整合能力、人工智能技术资源、自有工厂部署等优势，其人形机器人Optimus Gen-3已宣布启动小批量试产，未来商业化量产后将会与包括公司在内的行业企业形成直接竞争。</p><p>宇树科技的担忧并非空穴来风。7月1日，马斯克在社交平台发文称正在弗里蒙特参观擎天柱生产线，并配图其与工作人员在工厂内的合影。</p><p>另据券商纪要，特斯拉工程副总裁透露，第一条机器人产线已运抵弗里蒙特工厂，正进行现场验收测试的最后阶段，该生产线相当模块化，只需2—3天安装，一个星期就能运转。后续还有40条子生产线搭建，包含执行器、躯干、电池、四肢等。</p><p>野村最新研报指出，特斯拉已将Optimus V3的弗里蒙特产线年化产能目标，从此前的5万台上调至约7万台，并计划于2028年在奥斯汀新增约7万台产能，长期合计产能目标指向150万台。</p><p>更关键的是成本控制。公开数据显示，Optimus Gen3的物料清单（BOM）已压到2.8万美元，约合19.8万元人民币。马斯克曾预测，Optimus年产量超过100万台时，生产成本将降至2万美元以下。这将逼近宇树人形机器人目前16.76万元的平均单价。</p><p>加码具身智能领域的还有国际巨头<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>。6月29日，该公司宣布机器人团队围绕具身智能、仿真、部署及解决方案架构四大方向，在北京、上海、深圳三地同步扩招。据介绍，此次扩招目的是对接国内庞大的机器人整机产业链，优化仿真到实物落地的技术链路。这意味着，人形机器人AI控制、运动算法等瓶颈或将加速突破，整机大规模商用前的软件障碍有望被扫清。</p><p>宇树科技《招股说明书》还提醒，国内多家整车制造企业与消费电子企业已正式布局人形机器人业务，这些企业在资源投入、市场推广、制造业经验等方面具有一定优势，进一步加剧了人形机器人行业的竞争强度。</p><p>据高工机器人统计，国内明确布局人形机器人的车企已经超过10家。其中，既有小鹏、长安、<a href=\"https://laohu8.com/S/601238\">广汽</a>等重资入局的代表，也有<a href=\"https://laohu8.com/S/LI\">理想</a>、<a href=\"https://laohu8.com/S/NIO\">蔚来</a>、<a href=\"https://laohu8.com/S/BYDDY\">比亚迪</a>等车企，通过投资、联合开发或内部孵化等方式试探水温。</p><p>车企入局，打出的第一张牌就是“成本控制”，这恰恰对宇树科技这类创企冲击最大。据媒体报道，<a href=\"https://laohu8.com/S/002594\">比亚迪</a>的第七代原型机量产目标单价20万元以内，更有内部人士透露，<a href=\"https://laohu8.com/S/00175\">吉利</a>计划将<a href=\"https://laohu8.com/S/RTX\">雷神</a>电混、AI数字底盘技术迁移到机器人身上，有望在2027年将成本降至15万元以内。</p><p><strong>价格跳水明显</strong></p><p>“为应对市场竞争加剧，公司产品售价将可能出现主动或被动下降的情况。” 宇树科技在招股书中明确表示。</p><p>在机器人价格战中，宇树科技一向出手狠厉。产品线相对成熟的四足机器人，从2022年到2025年9月，平均单价从3.86万元/台降至2.72万元/台，累计降幅超过30%。最近两年，该产品平均保持15%以上的价格下探，以降价策略抢占市场份额。</p><p>与之形成反差的是，四足产品毛利率持续提升，同期毛利率从42.36%升至55.49%。核心逻辑在于成本端降幅更快，近两年四足机器人平均成本降幅达到28.47%。</p><p>降价策略同样用在了宇树人形机器人产品上。从2023年到2025年9月，人形机器人的平均单价从59.34万元/台断崖式降至16.76万元/台，不到两年时间，价格降幅累计超过70%，远超四足机器人。</p><p>不同的是，宇树人形机器人的高毛利率持续收缩。从2023年的87.67%，降到2025年1—9月的62.91%，价格跳水明显快于成本降幅。</p><p>一位长期从事人形机器人租赁生意的创业者告诉《中国新闻周刊》，60%毛利率已经很高，但结合宇树科技用户主要集中在教育科研领域来看，只能说明大学实验室对价格不那么敏感，在消费市场上，人形机器人还不是门好生意。</p><p>“现阶段人形机器人还没有打开应用场景。”工业和信息化部信息通信经济专家委员会委员盘和林告诉《中国新闻周刊》，目前人形机器人在消费端仍停留在表演和陪伴层面，在工业端还未形成大规模应用。</p><p>前述《招股说明书》同样提示，行业存在下游大规模商业应用不及预期的风险。在需求端，除特定应用场景外，通用机器人的消费级市场尚未形成刚需。若技术突破、成本控制及市场培育进度不及预期，通用机器人的商业化推广将面临实质性延迟。</p><p>《招股说明书》显示，宇树科技的成本构成中，直接材料成本占比始终维持在72%—81%的高位区间，而直接人工和制造费用成本的合计占比仅在20%左右。</p><p>这意味着，“规模效益和内部挖潜”这套传统制造业降本打法，在宇树科技的成本结构中所能施展的空间极为有限。降本压力，最终传导至“关节模组、传感器”等核心零部件的单价控制上。</p><p>这也解释了宇树科技近年为何加大核心零部件自研自产力度。尽管如此，80%的直接材料成本仍在，如继续压缩成本，需要上游供应链整体优化。而这正是车企入场的优势所在。</p><p><strong>记者：李明子</strong></p><p><strong>编辑：闵杰</strong></p><p>运营编辑：肖冉</p></body></html>","source":"fenghuang_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>王兴兴和马斯克，必有一战</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n王兴兴和马斯克，必有一战\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-06 16:18 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.ifeng.com/c/8uXbuNzoN3G><strong>中国新闻周刊</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A股“人形机器人第一股”，要来了。7月2日，中国证监会正式批复宇树科技科创板IPO注册。宇树科技距离挂牌只剩询价发行最后一步，整体估值或远超420亿元。消息刺激下，7月3日，A 股机器人板块直接走出“宇树行情”。据不完全统计，绿的谐波、拓普集团等逾40只个股封涨停。然而，这场狂欢背后，宇树科技的财务曲线正在走弱。2026年一季度，公司营收4.23亿元，同比增速由2025年全年的332.64%掉到...</p>\n\n<a href=\"https://tech.ifeng.com/c/8uXbuNzoN3G\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0823414478.USD":"法巴经典能源转换基金","LU0056508442.USD":"贝莱德世界科技基金A2","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","CRSH":"做空TSLA 期权收益策略ETF-YieldMax","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","BK4604":"机器人概念","TESL":"Simplify Volt TSLA 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INC"},"source_url":"https://tech.ifeng.com/c/8uXbuNzoN3G","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2649642652","content_text":"A股“人形机器人第一股”，要来了。7月2日，中国证监会正式批复宇树科技科创板IPO注册。宇树科技距离挂牌只剩询价发行最后一步，整体估值或远超420亿元。消息刺激下，7月3日，A 股机器人板块直接走出“宇树行情”。据不完全统计，绿的谐波、拓普集团等逾40只个股封涨停。然而，这场狂欢背后，宇树科技的财务曲线正在走弱。2026年一季度，公司营收4.23亿元，同比增速由2025年全年的332.64%掉到68.49%，扣非净利润降至4025.36万元，同比下降52.55%。宇树科技自己在《招股说明书》中已经预警：如特斯拉等国际企业，有望快速降低其人形机器人成本，这将直接加剧行业价格竞争。现实中，竞争加剧来得比预期更快。浙江杭州宇树科技公司内，人形机器人进行武术表演。摄影/本刊记者 王刚特斯拉是劲敌对比四个月前的申报稿，宇树科技最新披露的《招股说明书》（上会稿）修改了五处风险提示，并将“增速放缓及经营业绩波动”摆在了所有特别风险警示条款之首。宇树科技将自身领先优势减弱的风险与行业竞争加剧深度绑定，并举例提醒：特斯拉具有大规模量产与供应链整合能力、人工智能技术资源、自有工厂部署等优势，其人形机器人Optimus Gen-3已宣布启动小批量试产，未来商业化量产后将会与包括公司在内的行业企业形成直接竞争。宇树科技的担忧并非空穴来风。7月1日，马斯克在社交平台发文称正在弗里蒙特参观擎天柱生产线，并配图其与工作人员在工厂内的合影。另据券商纪要，特斯拉工程副总裁透露，第一条机器人产线已运抵弗里蒙特工厂，正进行现场验收测试的最后阶段，该生产线相当模块化，只需2—3天安装，一个星期就能运转。后续还有40条子生产线搭建，包含执行器、躯干、电池、四肢等。野村最新研报指出，特斯拉已将Optimus V3的弗里蒙特产线年化产能目标，从此前的5万台上调至约7万台，并计划于2028年在奥斯汀新增约7万台产能，长期合计产能目标指向150万台。更关键的是成本控制。公开数据显示，Optimus Gen3的物料清单（BOM）已压到2.8万美元，约合19.8万元人民币。马斯克曾预测，Optimus年产量超过100万台时，生产成本将降至2万美元以下。这将逼近宇树人形机器人目前16.76万元的平均单价。加码具身智能领域的还有国际巨头英伟达。6月29日，该公司宣布机器人团队围绕具身智能、仿真、部署及解决方案架构四大方向，在北京、上海、深圳三地同步扩招。据介绍，此次扩招目的是对接国内庞大的机器人整机产业链，优化仿真到实物落地的技术链路。这意味着，人形机器人AI控制、运动算法等瓶颈或将加速突破，整机大规模商用前的软件障碍有望被扫清。宇树科技《招股说明书》还提醒，国内多家整车制造企业与消费电子企业已正式布局人形机器人业务，这些企业在资源投入、市场推广、制造业经验等方面具有一定优势，进一步加剧了人形机器人行业的竞争强度。据高工机器人统计，国内明确布局人形机器人的车企已经超过10家。其中，既有小鹏、长安、广汽等重资入局的代表，也有理想、蔚来、比亚迪等车企，通过投资、联合开发或内部孵化等方式试探水温。车企入局，打出的第一张牌就是“成本控制”，这恰恰对宇树科技这类创企冲击最大。据媒体报道，比亚迪的第七代原型机量产目标单价20万元以内，更有内部人士透露，吉利计划将雷神电混、AI数字底盘技术迁移到机器人身上，有望在2027年将成本降至15万元以内。价格跳水明显“为应对市场竞争加剧，公司产品售价将可能出现主动或被动下降的情况。” 宇树科技在招股书中明确表示。在机器人价格战中，宇树科技一向出手狠厉。产品线相对成熟的四足机器人，从2022年到2025年9月，平均单价从3.86万元/台降至2.72万元/台，累计降幅超过30%。最近两年，该产品平均保持15%以上的价格下探，以降价策略抢占市场份额。与之形成反差的是，四足产品毛利率持续提升，同期毛利率从42.36%升至55.49%。核心逻辑在于成本端降幅更快，近两年四足机器人平均成本降幅达到28.47%。降价策略同样用在了宇树人形机器人产品上。从2023年到2025年9月，人形机器人的平均单价从59.34万元/台断崖式降至16.76万元/台，不到两年时间，价格降幅累计超过70%，远超四足机器人。不同的是，宇树人形机器人的高毛利率持续收缩。从2023年的87.67%，降到2025年1—9月的62.91%，价格跳水明显快于成本降幅。一位长期从事人形机器人租赁生意的创业者告诉《中国新闻周刊》，60%毛利率已经很高，但结合宇树科技用户主要集中在教育科研领域来看，只能说明大学实验室对价格不那么敏感，在消费市场上，人形机器人还不是门好生意。“现阶段人形机器人还没有打开应用场景。”工业和信息化部信息通信经济专家委员会委员盘和林告诉《中国新闻周刊》，目前人形机器人在消费端仍停留在表演和陪伴层面，在工业端还未形成大规模应用。前述《招股说明书》同样提示，行业存在下游大规模商业应用不及预期的风险。在需求端，除特定应用场景外，通用机器人的消费级市场尚未形成刚需。若技术突破、成本控制及市场培育进度不及预期，通用机器人的商业化推广将面临实质性延迟。《招股说明书》显示，宇树科技的成本构成中，直接材料成本占比始终维持在72%—81%的高位区间，而直接人工和制造费用成本的合计占比仅在20%左右。这意味着，“规模效益和内部挖潜”这套传统制造业降本打法，在宇树科技的成本结构中所能施展的空间极为有限。降本压力，最终传导至“关节模组、传感器”等核心零部件的单价控制上。这也解释了宇树科技近年为何加大核心零部件自研自产力度。尽管如此，80%的直接材料成本仍在，如继续压缩成本，需要上游供应链整体优化。而这正是车企入场的优势所在。记者：李明子编辑：闵杰运营编辑：肖冉","news_type":1,"symbols_score_info":{"FDRV":0.6,"WANT":0.6,"TSLY":0.6,"TSLG":0.6,"IDRV":0.6,"TSLW":0.6,"LIT":0.6,"TSLP":0.6,"09366":0.6,"CRSH":0.6,"TSLO":0.6,"TSLZ":0.6,"TSDD":0.6,"TSLQ":0.6,"TSLA":1.91,"SMOG":0.6,"TSLS":0.6,"TSLL":0.6,"TSL":0.6,"07766":0.6,"09766":0.6,"TSLI":0.6,"TLA":0.6,"07366":0.6,"TESL":0.6,"TSLT":0.6,"TEST":0.6,"TSLR":0.6,"TSYY":0.6,"TSII":0.6}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}