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<!DOCTYPE html>
<html lang="zh-CN" data-theme="night">
<head>
<meta charset="UTF-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>乐聚机器人 - 深度投研报告</title>
<script src="https://cdn.tailwindcss.com"></script>
<link href="https://cdn.jsdelivr.net/npm/daisyui@4.10.1/dist/full.min.css" rel="stylesheet" type="text/css" />
<script defer src="https://cdn.jsdelivr.net/npm/alpinejs@3.x.x/dist/cdn.min.js"></script>
<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
<style>
@import url('https://fonts.googleapis.com/css2?family=Manrope:wght@300;400;500;700;800&display=swap');
body {
font-family: 'Manrope', 'PingFang SC', 'Microsoft YaHei', sans-serif;
background-color: #010010;
overflow-x: hidden;
color: #d1d5db; /* gray-300 */
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position: fixed;
top: 0;
left: 0;
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height: 100%;
z-index: -1;
background-image:
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animation: pulse-lights 20s infinite ease-in-out;
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border-radius: 24px; /* rounded-3xl */
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display: grid;
gap: 1rem;
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</head>
<body class="min-h-screen">
<div class="fui-bg"></div>
<div class="container mx-auto p-4 md:p-8 space-y-12">
<!-- Header -->
<header class="text-center py-8">
<h1 class="text-5xl md:text-7xl font-extrabold glow-text bg-gradient-to-r from-purple-400 via-indigo-400 to-cyan-400 bg-clip-text text-transparent mb-4">
乐聚机器人
</h1>
<p class="text-xl text-indigo-200">深度投研报告</p>
<div class="mt-4 text-sm text-gray-500">
<p>北京价值前沿科技有限公司 AI投研agent“价小前投研”</p>
<p>本报告为AI合成数据投资需谨慎。报告生成时间2024-05-21</p>
</div>
</header>
<!-- Core Insight -->
<section>
<div class="glass-card p-8 md:p-12">
<h2 class="section-title mb-6">核心观点摘要</h2>
<p class="text-lg text-gray-200 leading-relaxed">
乐聚机器人正处于从技术验证向 <strong class="text-purple-300">商业化早期</strong> 过渡的关键阶段。其核心驱动力在于 <strong class="text-indigo-300">深度绑定华为生态(盘古大模型 + 鸿蒙系统)</strong> 所形成的软硬件一体化优势。当前市场对其抱有极高期待,但其未来潜力能否兑现,取决于公司能否有效解决 <strong class="text-cyan-300">产能规模化扩张</strong><strong class="text-cyan-300">商业场景价值闭环</strong> 两大核心挑战。
</p>
</div>
</section>
<!-- Bento Grid Data Display -->
<section class="bento-grid">
<div class="bento-item bento-item-span-8 glass-card p-6 min-h-[400px]">
<h3 class="font-bold text-xl text-gray-100 mb-4">交付量与产能预测</h3>
<div id="deliveryChart" style="width: 100%; height: 350px;"></div>
</div>
<div class="bento-item bento-item-span-4 glass-card p-6 space-y-4">
<h3 class="font-bold text-xl text-gray-100 mb-2">融资历程</h3>
<div class="space-y-3 text-sm">
<p><strong class="text-indigo-300">2017 (A轮):</strong> 腾讯、深创投</p>
<p><strong class="text-indigo-300">2025-07:</strong> 完成新一轮融资</p>
<p><strong class="text-indigo-300">2025-10 (Pre-IPO):</strong><span class="text-2xl font-bold text-cyan-300">15亿</span> 元,深投控、拓普集团、东方精工等领投</p>
<p><strong class="text-indigo-300">2025-10-30:</strong> 启动IPO辅导备案预计2026年完成</p>
</div>
</div>
<div class="bento-item bento-item-span-6 glass-card p-6">
<h3 class="font-bold text-xl text-gray-100 mb-4">里程碑事件</h3>
<ul class="timeline timeline-snap-icon timeline-compact timeline-vertical">
<li>
<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-indigo-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
<div class="timeline-end text-sm mb-4"><strong>2016-2022:</strong> 公司成立技术积累发布AELOS、ROBAN等系列。</div><hr class="bg-indigo-700"/>
</li>
<li>
<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-indigo-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
<div class="timeline-end text-sm mb-4"><strong>2023:</strong> 发布全尺寸人形机器人Kuavo首次集成开源鸿蒙系统。</div><hr class="bg-indigo-700"/>
</li>
<li>
<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-indigo-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
<div class="timeline-end text-sm mb-4"><strong>2024:</strong> 江苏产线启动 (年产200台)发布5G-A具身智能机器人。</div><hr class="bg-indigo-700"/>
</li>
<li>
<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-indigo-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
<div class="timeline-end text-sm"><strong>2025:</strong> Q1交付300台中标8295万项目完成股改。</div>
</li>
</ul>
</div>
<div class="bento-item bento-item-span-6 glass-card p-6">
<h3 class="font-bold text-xl text-gray-100 mb-4">核心逻辑 & 市场认知</h3>
<div class="space-y-4 text-sm leading-relaxed text-gray-300">
<p><strong class="text-indigo-300">技术与生态协同:</strong> 核心逻辑是 “<span class="font-semibold text-white">乐聚本体 (小脑+肢体) + 华为生态 (大脑+神经系统)</span>” 的深度融合。通过盘古大模型与鸿蒙OS快速解决智能化瓶颈。</p>
<p><strong class="text-indigo-300">先发优势与场景卡位:</strong> 国内最早实现百台级交付,覆盖 <span class="font-semibold text-white">工业智造、商业服务、科研教育</span> 三大场景,积累宝贵真实世界数据。</p>
<p><strong class="text-indigo-300">产业资本加持:</strong> 引入东方精工、拓普集团等产业资本,并成立合资公司,通过绑定上下游伙伴加速规模化进程。</p>
<p><strong class="text-red-400">预期差分析:</strong> 市场对 <span class="font-semibold text-white">年产1万台</span> 的高预期,与当前已建成的 <span class="font-semibold text-white">年产200台</span> 产线存在巨大鸿沟,这是最大的风险点和待验证项。</p>
</div>
</div>
</section>
<!-- Detailed Analysis -->
<section class="space-y-8">
<!-- Catalysts & Path -->
<div class="glass-card p-8" x-data="{ open: false }">
<div class="flex justify-between items-center cursor-pointer" @click="open = !open">
<h2 class="section-title">关键催化剂与发展路径</h2>
<svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 text-indigo-300 transition-transform" :class="{ 'rotate-180': open }" viewBox="0 0 20 20" fill="currentColor">
<path fill-rule="evenodd" d="M5.293 7.293a1 1 0 011.414 0L10 10.586l3.293-3.293a1 1 0 111.414 1.414l-4 4a1 1 0 01-1.414 0l-4-4a1 1 0 010-1.414z" clip-rule="evenodd" />
</svg>
</div>
<div x-show="open" x-collapse.duration.500ms class="mt-6 text-gray-300 space-y-4 leading-relaxed">
<div>
<h4 class="font-bold text-lg text-purple-300">近期催化剂 (未来3-6个月)</h4>
<ul class="list-disc list-inside ml-4 space-y-2 mt-2">
<li><strong class="text-white">IPO进程关键节点:</strong> 预计2026年3-6月完成辅导招股书披露将是最大催化剂将首次公开财务、订单、毛利率等核心数据。</li>
<li><strong class="text-white">重大订单或新场景落地:</strong> 继8295万训练中心项目后若能宣布与头部企业达成更大规模商业订单将提振市场信心。</li>
<li><strong class="text-white">与华为合作成果发布:</strong> 在HDC等场合发布基于盘古大模型和鸿蒙的新一代机器人或重大功能升级。</li>
</ul>
</div>
<div>
<h4 class="font-bold text-lg text-purple-300">长期发展路径 (“三步走”战略)</h4>
<ul class="list-disc list-inside ml-4 space-y-2 mt-2">
<li><strong>第一阶段 (当前-2026):</strong> 以汽车制造等工业场景为切入点,完成从百台到万台级的交付,跑通商业模式并摊薄成本。</li>
<li><strong>第二阶段 (2026-2028):</strong> 向商业服务 (展会、安防)、特种领域 (应急救援) 等高附加值场景拓展。</li>
<li><strong>第三阶段 (2028以后):</strong> 随着成本下降和AI成熟与海尔等巨头合作最终进入万亿级家庭服务市场。</li>
</ul>
</div>
</div>
</div>
<!-- Risks & Challenges -->
<div class="glass-card p-8" x-data="{ open: false }">
<div class="flex justify-between items-center cursor-pointer" @click="open = !open">
<h2 class="section-title">潜在风险与挑战</h2>
<svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 text-indigo-300 transition-transform" :class="{ 'rotate-180': open }" viewBox="0 0 20 20" fill="currentColor">
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</svg>
</div>
<div x-show="open" x-collapse.duration.500ms class="mt-6 text-gray-300 space-y-4 leading-relaxed">
<ul class="list-disc list-inside ml-4 space-y-3">
<li><strong class="text-red-300">技术风险:</strong> 高动态运动控制、灵巧手操作、物理世界交互泛化能力仍是行业瓶颈。行业技术仍在快速迭代,需持续高研发投入。</li>
<li><strong class="text-red-300">商业化风险:</strong> 当前成本高昂,其在工业场景的投资回报率 (ROI) 尚未大规模验证。创始人曾警示行业可能进入“冷静期”,需思考场景价值。</li>
<li><strong class="text-red-300">竞争风险:</strong> 国内外竞争加剧,特斯拉、宇树科技、优必选等快速追赶,未来可能出现价格战,压缩利润空间。</li>
<li><strong class="text-red-300">信息交叉验证风险:</strong>
<ul class="list-decimal list-inside ml-6 mt-1 text-sm">
<li><strong>产能矛盾:</strong> 年产200台的已建成产能与年产1万台的规划产能存在巨大鸿沟。</li>
<li><strong>华为合作口径:</strong> 官方曾对“与华为合作2025年量产”的消息予以否认市场解读可能比实际进度更激进。</li>
</ul>
</li>
</ul>
</div>
</div>
</section>
<!-- Stock Data -->
<section class="space-y-8">
<div class="glass-card p-8">
<h2 class="section-title mb-6">产业链与核心公司</h2>
<div class="w-full">
<table class="table table-zebra w-full text-sm">
<thead class="text-base">
<tr>
<th>公司名称</th>
<th>股票代码</th>
<th>关联类型</th>
<th>具体原因</th>
</tr>
</thead>
<tbody>
<tr>
<td>东方精工</td>
<td><a href="https://valuefrontier.cn/company?scode=002611" target="_blank" class="link link-hover text-indigo-300">002611</a></td>
<td><div class="badge badge-primary">参股/合资/合作</div></td>
<td>直接持股6.83%,并设立合资公司,在生产制造、售后服务、市场推广等方面进行战略合作。</td>
</tr>
<tr>
<td>和而泰</td>
<td><a href="https://valuefrontier.cn/company?scode=002402" target="_blank" class="link link-hover text-indigo-300">002402</a></td>
<td><div class="badge badge-secondary">合资公司</div></td>
<td>与乐聚、东方精工成立合资公司“和聚智控”,聚焦机器人的核心控制系统及部件。</td>
</tr>
<tr>
<td>兆丰股份</td>
<td><a href="https://valuefrontier.cn/company?scode=300695" target="_blank" class="link link-hover text-indigo-300">300695</a></td>
<td><div class="badge badge-primary">参股</div></td>
<td>通过基金间接持股乐聚机器人约2.58%,并已成立合资公司。</td>
</tr>
<tr>
<td>豪森智能</td>
<td><a href="https://valuefrontier.cn/company?scode=688529" target="_blank" class="link link-hover text-indigo-300">688529</a></td>
<td><div class="badge badge-accent">合作</div></td>
<td>与乐聚展开合作交流,聚焦工业场景下“具身智能技术协同与产业落地”。</td>
</tr>
<tr>
<td>巨一科技</td>
<td><a href="https://valuefrontier.cn/company?scode=688162" target="_blank" class="link link-hover text-indigo-300">688162</a></td>
<td><div class="badge badge-accent">合作</div></td>
<td>签订联合开发协议,共同开发工业应用解决方案,进行场景适配训练与未来落地。</td>
</tr>
<tr>
<td>富佳股份</td>
<td><a href="https://valuefrontier.cn/company?scode=603219" target="_blank" class="link link-hover text-indigo-300">603219</a></td>
<td><div class="badge badge-accent">合作</div></td>
<td>控股子公司宁波益佳电子为乐聚机器人代工各类线路板,是其上游供应商。</td>
</tr>
<tr>
<td>蓝黛科技</td>
<td><a href="https://valuefrontier.cn/company?scode=002765" target="_blank" class="link link-hover text-indigo-300">002765</a></td>
<td><div class="badge badge-warning">传闻/潜在</div></td>
<td>市场传闻其为乐聚独家供应关节模组总成订单(未经证实),公司回应模糊。</td>
</tr>
<tr>
<td>亨通光电</td>
<td><a href="https://valuefrontier.cn/company?scode=600487" target="_blank" class="link link-hover text-indigo-300">600487</a></td>
<td><div class="badge badge-accent">合作</div></td>
<td>签署战略合作协议,探索人形机器人在工业场景的规模化应用。</td>
</tr>
<tr>
<td>中国移动</td>
<td><a href="https://valuefrontier.cn/company?scode=600941" target="_blank" class="link link-hover text-indigo-300">600941</a></td>
<td><div class="badge badge-info">夸父机器人</div></td>
<td>联合华为、乐聚发布全球首款5G-A具身智能机器人“夸父”(KUAVO)。</td>
</tr>
<tr>
<td>海尔智家</td>
<td><a href="https://valuefrontier.cn/company?scode=600690" target="_blank" class="link link-hover text-indigo-300">600690</a></td>
<td><div class="badge badge-info">夸父机器人</div></td>
<td>与乐聚联合开发,并发布国内首款家庭服务人形机器人。</td>
</tr>
<tr>
<td>上汽集团</td>
<td><a href="https://valuefrontier.cn/company?scode=600104" target="_blank" class="link link-hover text-indigo-300">600104</a></td>
<td><div class="badge badge-primary">参股</div></td>
<td>通过无锡上汽基金间接持股乐聚机器人1.17%。</td>
</tr>
<tr>
<td>中兴通讯</td>
<td><a href="https://valuefrontier.cn/company?scode=000063" target="_blank" class="link link-hover text-indigo-300">000063</a></td>
<td><div class="badge badge-primary">参股</div></td>
<td>通过深创投间接持股乐聚机器人0.01%。</td>
</tr>
</tbody>
</table>
</div>
</div>
</section>
<footer class="text-center py-6">
<p class="text-sm text-gray-600">本报告由价值前沿AI投研模型生成所有信息均来自公开数据不构成任何投资建议。</p>
<p class="text-sm text-gray-600">© 2024 北京价值前沿科技有限公司. All Rights Reserved.</p>
</footer>
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document.addEventListener('DOMContentLoaded', function () {
var chartDom = document.getElementById('deliveryChart');
var myChart = echarts.init(chartDom, 'dark');
var option;
option = {
backgroundColor: 'transparent',
tooltip: {
trigger: 'axis',
axisPointer: {
type: 'shadow'
},
backgroundColor: 'rgba(23, 29, 42, 0.8)',
borderColor: '#4A5568',
textStyle: {
color: '#E2E8F0'
}
},
legend: {
data: ['实际交付', '目标交付'],
textStyle: {
color: '#A0AEC0'
},
top: '5%'
},
grid: {
left: '3%',
right: '4%',
bottom: '3%',
containLabel: true
},
xAxis: [
{
type: 'category',
data: ['2025 Q1', '2025 全年', '2026 全年'],
axisLine: {
lineStyle: {
color: '#4A5568'
}
},
axisLabel: {
color: '#CBD5E0'
}
}
],
yAxis: [
{
type: 'value',
name: '单位: 台',
axisLine: {
show: true,
lineStyle: {
color: '#4A5568'
}
},
axisLabel: {
color: '#CBD5E0'
},
splitLine: {
lineStyle: {
color: 'rgba(74, 85, 104, 0.3)'
}
}
}
],
series: [
{
name: '实际交付',
type: 'bar',
barWidth: '30%',
data: [300, null, null],
itemStyle: {
color: new echarts.graphic.LinearGradient(0, 0, 0, 1, [
{ offset: 0, color: '#805ad5' },
{ offset: 1, color: '#553c9a' }
]),
borderRadius: [4, 4, 0, 0]
},
label: {
show: true,
position: 'top',
color: '#C4B5FD',
formatter: '{c} 台'
}
},
{
name: '目标交付',
type: 'bar',
barWidth: '30%',
data: [null, { value: 2000, label: { formatter: '1000-2000' } }, 10000],
itemStyle: {
color: new echarts.graphic.LinearGradient(0, 0, 0, 1, [
{ offset: 0, color: '#319795' },
{ offset: 1, color: '#2c7a7b' }
]),
borderRadius: [4, 4, 0, 0]
},
label: {
show: true,
position: 'top',
color: '#81E6D9',
formatter: '{c} 台'
}
}
]
};
myChart.setOption(option);
window.addEventListener('resize', myChart.resize);
});
</script>
</body>
</html>