Zhongjin: Figure releases end-to-end VLA model Helix, software iteration exceeds expectations.

On the evening of February 20th, Zhongjin released a research report stating that Figure officially released its self-developed end-to-end humanoid intelligent model Helix, with the software's generalization performance exceeding expectations and the evolution of humanoid intelligence accelerating continuously. The key bottleneck for Siasun Robot&Automation to enter the consumer market and achieve mass production lies in the generalization performance of the brain. In addition, the revaluation effect of Siasun Robot&Automation on the automobile parts company this year is clear and continuous. The automobile parts industry is one of the few industrial chains that have the ability for large-scale production, cost reduction, and quality management. With Siasun Robot&Automation's mass production, it is expected to become a major supplier. It is recommended to continue to focus on undervalued targets for the opportunity brought by Siasun Robot&Automation's revaluation. Key points from Zhongjin include: - Figure is one of the leaders in overseas humanoid Siasun Robot&Automation, with commercial progress and intelligent capabilities as highlights. - Figure was founded in May 2022, released the Figure01 prototype at the beginning of 2023, and began testing in BMW factories in January 2024. In February 2024, it received financing from NVIDIA, Amazon, Microsoft, OpenAI, and others, attracting high market attention. In March 2024, it released the first Siasun Robot&AutomationDemo Figure01 powered by OpenAI's large model, demonstrating outstanding intelligence in fluent communication, task completion, and question answering. In August 2024, Figure02 was released with software and hardware upgrades, and in November 2024, the company revealed a significant performance improvement of Figure02 on the BMW production line. In January 2025, it announced a contract with the second commercial customer, one of the largest companies in the United States. In February 2025, it announced the termination of cooperation with OpenAI. - Breakthroughs have been made with the self-developed end-to-end model, with the generalization performance exceeding expectations. - On the evening of February 20, 2025, Figure officially released its self-developed end-to-end VLA universal humanoid intelligent model - Helix, along with updated demonstration videos and technical documents. Zhongjin reiterated that Software's generalization ability is the key to the mass production of humanoid Siasun Robot&Automation. The updated Figure video demonstrates generalization and interaction capabilities, highlighting the technical advantages of Figure's large model. The key to whether and when Siasun Robot&Automation can enter the consumer market and achieve mass production lies in the generalization performance of the brain. It is expected that starting from Helix, humanoid intelligence will enter a phase of nonlinear iteration. Leading companies such as Tesla and Figure lead in terms of "brain" capabilities among overseas enterprises, while Huawei and ByteDance lead among domestic enterprises. Figure-related stocks mentioned by Zhongjin include Ningbo Xusheng Group, Zhejiang Yinlun Machinery, Leader Harmonious Drive Systems, Shenzhen Zhaowei Machinery & Electronics, and Lingyi Itech. Risk factors include unexpected technological progress and production delays.