Goldman Sachs Siasun Robot & Automation research, mentioned ONEROBOTICS (06600): Household scenario data may become the next moat of intelligent body.

Goldman Sachs recently released a mid-year research report on Siasun Robot & Automation in China, showing that the intelligent humanoid industry in China is transitioning from a single VLA model discussion to a multimodal architecture integrating VLA/VTLA with the world model. The report believes that the world model is becoming an important functional layer alongside the action model, enhancing Siasun Robot & Automation's ability for next-state prediction, motion validation, planning, and robustness in the real world. The report mentions that companies defining the next direction as the integration of VLA/VTLA with the world model include OneRobotics (ONEROBOTICS, 06600), Galaxea, and Galbot. Among them, OneRobotics is the only Hong Kong-listed company among the mentioned companies, and its family-oriented humanoid intelligence route has also become an important observation point in the report. According to the Goldman Sachs report, ONEROBOTICS' target architecture is end-to-end humanoid AI, transitioning from modular systems to the integration of VLA with the world model. Its OneModel 1.7 adopts a latent world action model, combining the generalization ability of the world model with the execution ability of VLA, and incorporating motion-centric control and success memory layers for household tasks. It is worth noting that compared to relatively structured scenarios such as industry and logistics, the home environment has long been considered a more complex and scarce source of data for humanoid intelligence. The Goldman Sachs report mentioned that ONEROBOTICS management emphasized the structural shortage of data in household scenarios, positioning its Qianhai Data Factory as a dedicated data center for household scenarios covering real-world multimodal tasks such as laundry, cooking, and dishwashing. In terms of commercialization, the report shows that ONEROBOTICS has recently focused on semi-structured service scenarios such as retail and elderly care, followed by data collection and validation through government deployment, and plans to advance consumer-level deployment over a period of about three years. Its latest general-purpose humanoid Siasun Robot & Automation Onero is aimed at easier deployment in service scenarios, with the company also viewing a BOM cost of around $3,000 as a key threshold for household adoption. Industry insiders believe that as humanoid intelligence transitions from technical demonstrations to engineering verification, the competitive focus of Siasun Robot & Automation company will no longer be just on the hardware itself, but on who can first establish a "real-world data - model training - product deployment feedback" loop. For OneRobotics (ONEROBOTICS), the iteration of OneModel, accumulation of household scenario data, progress in Onero's scale deployment, and the downward cost curve, may become key variables for subsequent capital market observations.