优必选 & 宇树科技，人形机器人界 “爱恨情仇” 大揭秘！
家人们，最近人形机器人圈太热闹啦！宇树科技凭借春晚一夜爆火，优必选作为 “人形机器人第一股” 却有点落寞，这里面到底藏着啥故事？今天咱就来唠一唠～
春晚带火宇树，优必选却 “受伤”？（The Spring Festival Gala Made Unitree Popular, but Did It Hurt UBTECH?）
今年春晚，宇树 H1 人形机器人扭着赛博秧歌出圈，连带王兴兴和人形机器人投资市场都火了。可优必选心里估计不是滋味，人家都上四次春晚了，Walker 机器人和 “拓荒牛” 四足机器人都登台表演过，却从没像宇树这次这么轰动。今年优必选还首次缺席春晚，这差距感就更大了。
During this year's Spring Festival Gala, Unitree's H1 humanoid robot became popular by performing the xhs.xinshilidy.cn cyber yangko dance, which also made Wang Xingxing and the investment market of humanoid robots heat up. However, UBTECH must feel a bit bitter about it. UBTECH's robots have been on the Spring Festival Gala four times already. Both the Walker robot and the "Pioneering Ox" quadruped robot have performed on the stage, but they have never caused such a sensation as Unitree did this time. Moreover, this year UBTECH missed the Spring Festival Gala for the first time, making the sense of disparity even greater.
优必选业绩背后，藏着大秘密？（What Secrets Are Hidden Behind UBTECH's Performance?）
看优必选 2024 年财报，营收是增长了，可毛利率却下降了，归母净利润还是亏损状态。虽说他们表示现阶段不追求盈亏平衡，更想让人形机器人落地，但现实有点残酷。2024 年人形机器人收入才约 3500 万元，只交付了 10 台，和 “人形机器人第一股” 的名号不太相符。
展开全文再看看营收构成，占比最大的居然是 “消费级机器人及其他硬件设备”，说白了就是各种小家电产品，像智能猫砂盆、扫地机之类的。为了推广这些产品，销售费用蹭蹭涨，研发费用却下滑了，给人一种主次颠倒的感觉。难道这就是优必选上春晚不火、人形机器人交付少的原因？
Let's take a look at the revenue composition. Surprisingly, the category that accounts for the largest proportion is "consumer-grade robots and other hardware devices". To put it bluntly, it refers to various small home appliances products, such as smart cat litter boxes, robotic vacuum cleaners, and the weibo.xinshilidy.cn like. In order to promote these products, the sales expenses have been soaring, while the research and development expenses have declined, giving people a feeling that the primary and secondary aspects are reversed. Could this be the reason why UBTECH's appearance on the Spring Festival Gala wasn't a big hit and the delivery quantity of its humanoid robots is small?
人形机器人赛道：冰火两重天！（The Humanoid Robot Track: A World of Extreme Contrasts!）
现在人形机器人赛道真的很魔幻。一方面，投资市场超火热，2025 年前两个月，中国人形机器人领域融资近 20 亿元。但另一方面，也有不少问题暴露出来。金沙江创投在退出相关项目，达闼机器人还传出停摆消息。
大家争论的核心，其实就是人形机器人的实际应用能力和成本。虽说在 B 端已经有一些应用场景，比如工业搬运、设备巡检，但目前人形机器人效率还不高。优必选预计今年自家机器人在搬运场景能达到人类 40%-70% 的水平，可这也充满不确定性。而且成本居高不下，优必选人形机器人平均售价近 600 万元，让很多企业望而却步。
价格战打响，优必选何去何从？（With the Price War Starting, Where Will UBTECH Go?）
不过好消息是，随着技术发展，关键部件国产化替代有了可能，宇树、优必选等品牌都推出了价格更亲民的产品。但尴尬的是，行业居然提前打起了价格战。众擎机器人新品定价 8.8 万，乐聚 “夸父” 机器人也打算大幅降价。在这种情况下，优必选未来想实现人形机器人业务收支平衡，难度又增加了不少。
这场人形机器人的 “战争” 才刚刚开始，宇树科技的爆火只是个开端，优必选后续会怎么应对？人形机器人行业又将走向何方？家人们，快来评论区一起讨论呀～
