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1、M Global IdeaHumanoidsHumanoid Horizons:First World Humanoid Games,$5k Humanoids?Beijing recently hosted both the World Robot Conference and World Humanoid Robot Games as the country continues to prioritize Physical AI.Meanwhile,you may soon be able to afford a China-made humanoid for just$5k.We pro

2、vide some updated thoughts as developments in humanoids&embodied AI continue to evolve at a rapid pace:Beijing Hosts The World Robot Conference(WRC)and Inaugural World Humanoid Robot Games(WHRG)Just a Few Days Apart.Earlier this month,Beijing hosted the 2025 World Robot Conference,featuring displays

3、 from 200 global robotics companies developing both humanoid and non-humanoid robots.Just 3 days later,the inaugural World Humanoid Robot Games(also in Beijing)began,with 500+humanoid robots competing across various athletic events and scenario-based skills.From our China Industrials&Embodied AI tea

4、ms perspective,the events showed the rapid progress that Chinese robotics companies have made in their push to developing humanoids that can autonomously complete specific tasks-although there is still obvious room for improvement.Some of the most viral moments from the games involved robots falling

5、,crashing into each other(and their human operators),or otherwise malfunctioning in sometimes rather comic ways.We remind investors that the humanoid robot industry today can be compared to autonomous vehicles in the late 2010s,and to focus on rate-of-change rather than solely on present capabilitie

6、s-although we too laughed at some of the viral fails.From our perspective,the largest takeaway from both the WRC and WHRG isnt so much the displays of capabilities,but the sole fact that the events happened-both in Chinas capital and in short succession of each other.In our informed opinion,China ha