According to GF Securities' research report, the pivotal challenge for humanoid robots lies in achieving mass production. For the past 24 years, the robotics industry has been dominated by industry giants, as robots are regarded as a crucial competitive arena for large enterprises. They serve as gateways to real-world data and exits for commercial monetization. However, in 2025, the acceleration of trends spearheaded by large model open-source initiatives, such as Deepseek, is lowering the costs and barriers associated with the 'brain' of robots. Consequently, it is anticipated that robots, as application terminals, will undergo diversified development. Simultaneously, companies like THB (Tesla, Huawei, ByteDance) have successively entered the supply chain validation phase, where supply chain technology, product iteration, and customer resource capabilities will emerge as decisive factors in determining their ascent to the upper echelons of the supply chain.