The 2025 World Robot Conference has concluded, yet the remarkable demonstrations showcased continue to generate industry discussions. UBTECH ROBOTICS presented complex industrial collaborative solutions for group operations, Galbot from Galaxy General Robot efficiently executed component sorting and complex material box handling tasks, while Pudu Robotics' XMAN seamlessly performed bartending operations. Over 220 robotics companies collectively conveyed a shared industry consensus: embodied intelligence technology is seeking to break laboratory boundaries, transitioning from technological showcasing to practical applications.

**Competitive Pathways for Industry Leaders in Commercial Landing**

In the race for industrial implementation, industry players are accelerating along their respective advantageous tracks. Unitree Technology has secured a 69.75% global market share in quadruped robots, with its humanoid robots rapidly capturing market share through extreme cost-effectiveness, delivering 1,500 units in 2024. Unitree's product ecosystem covers diverse application scenarios: consumer-grade robots are active in home entertainment, commercial activities, exhibitions, and live streaming sales; industrial-grade solutions focus on high-risk areas such as power inspection; educational versions have entered university laboratories to support research initiatives.

Zhiyuan Robot achieved significant breakthroughs in industrial manufacturing. On August 11, the company announced securing a multi-million order from Fulin Precision Engineering, with 96 wheeled general-purpose robots set to "work" in automotive factories, potentially marking the first large-scale deployment of this category in intelligent manufacturing scenarios. Additionally, both Unitree and Zhiyuan jointly secured orders exceeding 100 million yuan from a China Mobile subsidiary.

UBTECH ROBOTICS also reported frequent successes this year. In industrial manufacturing, the company deployed 20 Walker S1 units to Dongfeng Liuzhou Motor's factory in March, and announced securing a nearly 100 million yuan project from Meyi (Shanghai) Automotive on July 18, setting a record for the largest procurement order among global humanoid robot companies. In commercial services and research scenarios, on March 16, Actually Smart Home signed a strategic cooperation agreement with UBTECH ROBOTICS, planning to purchase 500 humanoid robots this year, with Actually Smart Home also promoting UBTECH ROBOTICS robots and planning to sell 10,000 units.

After nearly a decade of development, embodied intelligence has finally witnessed the dawn of large-scale implementation in practical scenarios.

**GEEKPLUS-W's "Reverse Entry" - Using Logistics DNA to Open the Door to Embodied Intelligence**

The pathways of Unitree, Zhiyuan, and UBTECH ROBOTICS represent the industry's common model - building robots first, then finding scenarios. However, GEEKPLUS-W (02590), a global warehousing robot leader, is breaking this tradition with its latest moves.

On July 30, GEEKPLUS-W announced the establishment of an embodied intelligence subsidiary. The company is converting its logistics scenario accumulation into unique advantages for embodied intelligence: maintaining the world's number one market share in AMR warehousing robot solutions for six consecutive years, achieving 2.4 billion yuan in revenue in 2024, with business covering over 40 countries and serving more than 800 customers. Mature global channels and scenario resources provide a natural testing ground for its embodied intelligence technology.

As the industry shifts from "technology competition" to "scenario competition," GEEKPLUS-W's advantage lies in not "creating demand" for customers, but "upgrading demand."

Technically, GEEKPLUS-W possesses a full-stack AI technology architecture, including the world's first AMR robot universal technology platform, the most comprehensive all-in-one software system platform in the AMR market, self-developed collaborative optimization AI algorithm platform, and has successfully established a commercial AI closed loop in "artificial intelligence + warehousing" scenarios. By the end of 2024, GEEKPLUS-W held 1,867 patents, with R&D personnel accounting for 41% of staff. Its technological accumulation in robot perception and multi-agent collaboration provides strong support for embodied intelligence research and development.

**Dual Endorsement from Performance and Capital - The "Potential Stock" Logic in Embodied Intelligence**

GEEKPLUS-W's recent performance growth provides confidence for this strategic layout: revenue is expected to grow 27%-32% year-over-year in the first half of 2025, with adjusted net losses narrowing by 90%-95%, indicating validation of its B2B robot commercialization model.

Capital market reactions have been more direct, with multiple top domestic and international institutions unanimously bullish on GEEKPLUS-W and providing first-time coverage. China Merchants Bank International, CITIC Securities, and Deutsche Bank issued "buy" ratings, while Morgan Stanley gave an "overweight" rating, with the highest target price of HK$26.7 set by China Merchants Bank International.

CITIC Securities believes that benchmark customers, commercialization scenarios, and R&D accumulation constitute GEEKPLUS-W's core advantages in entering the embodied intelligence field. With solid commercialization progress and full capital market recognition, GEEKPLUS-W has become a highly watched key player in the embodied intelligence track.

**Who Will Secure the First "Mass Production Ticket"?**

Whether through scenario exploration by Unitree, Zhiyuan, and UBTECH ROBOTICS, or GEEKPLUS-W's strategic layout from the scenario end, all are driving embodied intelligence from "technology showcase" toward "commercialization." However, the commercialization process still faces numerous bottlenecks.

Wang Xingxing, founder of Unitree Technology, stated during his World Robot Conference speech that while hardware still requires continuous improvement in details, cost reduction, and enhanced durability and reliability, the real "bottleneck" hindering implementation is insufficient robot "brain" capabilities - embodied intelligence models essentially haven't reached a critical point for breakthrough.

In the future, whoever can first achieve technological breakthroughs and form synergistic advantages in scenario adaptation will occupy the initiative during the industry explosion period. The market's ultimate answer may lie hidden in each company's solid implementation practices.