1、M UpdateEmbodied AI|North AmericaHumanoid Disruptors:Unitree-Humanoids Starting at$16KMorgan Stanley&Co.LLCAdam Jonas,CFAEquity Analyst Adam.J +1 212 761-1726 Morgan Stanley Asia Limited+Sheng ZhongEquity Analyst Sheng.Z +852 2239-7821 Morgan Stanley&Co.LLCWilliam J TackettResearch Associate William

2、.T +1 212 761-6028 Daniela M HaigianResearch Associate Daniela.H +1 212 761-6071 Elizabeth J TsoResearch Associate Elizabeth.T +1 212 761-4507 Autos&Shared MobilityNorth AmericaIndustry ViewIn-LineChina continues to make impressive progress in humanoid robotics where startups are benefitting from es

3、tablished supply chains,local adoption opportunities,and strong degrees of national government support.We profile Unitree,an emerging developer of cost-effective AI robots.We continue to believe that new players capable of developing cost-effective humanoid/AI robotics solutions will play a major ro

4、le driving global adoption at scale.While we are still relatively early on the development curve,we believe the criteria for determining winners and losers is becoming increasingly evident:access to data(both quality and quantity);access to affordable inputs(materials,labor,energy,etc.);overall expe

5、rience and talent;ability to manufacture at scale;and ability to partner.In this note,we profile Unitree,a privately held China-based robotics startup developing cost-effective,autonomy-capable,intelligent humanoids and quadruped robots for consumers and commercial customers.Unitree,to us,is part of

6、 a building field of evidence that highly-capable,cost-effective,autonomous systems may be coming sooner than the market may expect.The humanoid theme is garnering increasing attention from investors and governments given the potential for profound changes in labor productivity and even the fundamen