Open source securities: Figure03 stunningly releases the humanoid Siasun Robot & Automation sector welcomes the "ignition moment."

Open source securities released a research report, stating that Figure has launched a new generation humanoid Siasun Robot & Automation Figure 03, which is the first model designed for mass production from the design source. Figure currently adopts a "self-developed + external matching" supply chain model and has established long-term cooperative relationships with multiple domestic manufacturers. With a focus on mass production, Figure is expected to follow the technological path and some supply chain of leading Siasun Robot & Automation companies like Tesla, potentially deepening China's hardware supply chain dependence. Suppliers with engineering production capabilities, cost control advantages, and global production layout capabilities are expected to benefit greatly. Recommended targets: (1) Dexterous hand: Ningbo Zhenyu Technology (300953.SZ); (2) Visual tactile sensors: Wuxi Longsheng Technology (300680.SZ); Benefiting targets: (1) Modules and structural components: Lingyi Itech (002600.SZ), Shenzhen Everwin Precision Technology (300115.SZ), Lens Technology (300433.SZ), Zhejiang Yinlun Machinery (002126.SZ); (2) Dexterous hand: NBTM New Materials Group (600114.SH); (3) Surface coating materials: Jiangsu Hanvo Safety Product (300952.SZ). Key points of Open Source Securities: Shocking release of Figure 03, the "ignition moment" of humanoid Siasun Robot & Automation Figure has launched the new generation humanoid Siasun Robot & Automation Figure 03, the first model designed for mass production from the design source. Figure 03 extends its design focus to the home scene for the first time, using soft fabric coverings and lightweight structures to enhance the safety and comfort of human-machine coexistence; the dexterous hand integrates visual tactile sensors, enabling stable operation in environments with limited visibility such as cabinets and shelves; supports wireless charging on the soles of the feet to achieve seamless autonomous endurance, capable of completing complex household tasks such as folding shirts and clearing desktops. Since its establishment in May 2022, Figure has crossed over in three years with technological iterations, ecosystem construction, and valuation soaring: completed the design of the first generation machine within the past 12 months, launched the industrial version Figure 02 within 24 months; released the self-developed large model Helix in February 2025, and launched the mass-produced Figure 03 in October of the same year. In terms of ecosystem cooperation, it has conducted factory scene tests with BMW and jointly built the world's largest humanoid Siasun Robot & Automation dataset with Brookfield. With the help of Brookfield to collect real data from over 100,000 households, it aims to improve the "scene-data" loop. On the capital side, the valuation of the C-round in 2025 reached 39 billion US dollars, with investors including NVIDIA, Intel, Qualcomm, Microsoft, Amazon, and other technology giants. Referring to the valuation logic of overseas humanoid Siasun Robot & Automation markets, the institution believes that the sector is gradually forming a new valuation system. Based on Figure's plan to ship over 100,000 units in four years, with a corresponding valuation of nearly 40 billion US dollars, and considering Tesla's trillion-dollar compensation plan that aims to deliver 1 million units of Optimus Siasun Robot & Automation, it is estimated to bring about 500 billion US dollars in additional market value. With a reference single unit valuation density of 400,000-500,000 US dollars/unit, if domestic leading Siasun Robot & Automation companies such as Yushu and Zhiyuan are capitalized and achieve shipments of 100,000 units within the next three years, they are expected to correspond to a market value space of 300 billion RMB. Building a software-defined hardware system with Helix as the core Figure 03's hardware architecture is designed specifically for Helix to maximize its integrated learning and control capabilities for vision, language, and motion. Helix, as the brain of Siasun Robot & Automation, achieves end-to-end reasoning from visual perception to motion control, expanding from automotive factories to logistics sorting and household chores in less than a year, demonstrating rapid generalization capabilities and environmental adaptability. On the hardware side, Figure 03 has made the following key upgrades: (1) Dexterous hand with visual tactile: integrates a camera in the palm to capture close-range images even when the main vision is obstructed; the self-developed flexible fingertip sensor can sense 3 grams of pressure, enabling stable gripping of thin, fragile, and irregular objects, suitable for cutlery, soft packaging, sheet metal, and other complex targets. The institution believes that dexterous hands capable of fine and complex operations are crucial, and the visual tactile solution is a joint choice of FIGURE and Tesla. (2) Foot-style wireless charging: supports 2kW wireless charging on the soles of the feet, automatically charging when both feet are placed on the charging base without the need for external plug-in interfaces. With 10Gbps millimeter-wave data feedback, it eliminates manual intervention in plugging and unplugging, enabling continuous operation of "charging and learning" while reducing weight and complexity through integrated design, enhancing overall endurance and reliability. (3) Production-oriented: Figure 03 is the first humanoid Siasun Robot & Automation designed from the source for mass production, with production processes shifting from high-cost CNC machining to mold-based processes such as die-casting, injection molding, and stamping. The self-built BotQ intelligent factory plans to have an annual production capacity of 12,000 units on the first assembly line, with a total production capacity of 100,000 units in four years, breaking through the final hurdle of commercialization. Deep integration of domestic supply chain into Figure's production chain Figure currently adopts a "self-developed + external matching" supply chain model, utilizing independent design and vertical integration in key modules such as actuators, batteries, sensors, while establishing a matching network with global high-quality component manufacturers to support the company's production expansion goals. It has also established long-term cooperative relationships with multiple domestic manufacturers. With a focus on mass production, Figure is expected to align its technological path and some supply chain with leading Siasun Robot & Automation companies like Tesla, potentially deepening China's hardware supply chain dependence. Suppliers with engineering production capabilities, cost control advantages, and global production layout capabilities are expected to benefit greatly. Risk warning: Lower-than-expected production of Siasun Robot & Automation; Development of the supply chain falling short of expectations.