China Securities Co., Ltd. released a research report stating that the commercialization of embodied AI is currently accelerating, primarily focusing on ball sports and security inspection scenarios. Robots and robotic dogs are capable of addressing the challenges and pain points in these areas. Examples include ONEROBOTICS's (06600) tennis robot Acemate and Navee's golf caddy robot, as well as security inspection robots developed through collaborations such as Taotao Vehicles (301345.SZ) with Unitree, and Kandi Technologies (KNDI.US) with CloudMinds. These developments indicate substantial market potential for "AI+Sports" and "AI+Security." Furthermore, companies in the smart mobility sector have the potential to expand into leisure sports and security inspection scenarios, leveraging their existing capabilities in demand understanding, manufacturing, and sales channels. The main viewpoints of China Securities Co., Ltd. are as follows:

Focus on Ball Sports and Security Inspection Scenarios: Robots and robotic dogs are transforming sports training and security models, solving efficiency and effectiveness pain points. 1) Sports Scenarios: The core value lies in providing customizable, high-intensity, and standardized intelligent training partners and辅助训练 services. This addresses issues in traditional training models such as heavy reliance on human labor, uneven resource distribution, and low efficiency. 2) Inspection Scenarios: The core value lies in performing monotonous, dangerous, or humanly challenging inspection tasks, enabling the automation, intellectualization, and unmanned upgrade of security work.

Specific Application Cases for Robots and Robotic Dogs: 1) Tennis: ONEROBOTICS launched the AI tennis robot Acemate in May 2025, with crowdfunding exceeding $2.4 million. Market recognition indicates its potential for commercialization and is driving rapid growth for ONEROBOTICS's enhanced mobile robotics business. The fact that other mainstream products also exceeded crowdfunding targets suggests that the commercialization of embodied AI in sports training scenarios is accelerating. 2) Golf: Navee, under the Dreame ecosystem, has launched multiple electric golf trolleys, demonstrating that companies in the smart mobility sector have the potential to expand into golf and other leisure sports scenarios. Emerging brand Robera aims for an annual scale growth rate exceeding 50%. Concurrently, in July 2025, Kandi Technologies partnered with CloudMinds to enter the North American smart golf equipment market, which is seeing participation from numerous players. 3) Security Inspection: Technology companies like Unitree and CloudMinds already have mature solutions and have established deep collaborations with scenario partners/channel partners. Leveraging the latter's understanding of market pain points and established sales networks allows for rapid market entry, accelerating expansion and commercialization in overseas markets such as North America.

What is the Market Size for Terminal Applications? 1) Tennis: Referencing the tennis equipment and tennis ball machine markets, future penetration rate increases are expected to drive growth for tennis robots. Estimates suggest that US sales of tennis robots could reach 4.28 million units by 2035, with a market size of $6.4 billion, representing a CAGR exceeding 100%. 2) Golf: Referencing the golf equipment and B2B golf ball picker markets, future penetration rate increases are expected to drive growth for caddy robots. Estimates suggest that US sales of golf caddy robots could reach 1.41 million units by 2035, with a market size of $2.8 billion, representing a CAGR exceeding 90%. 3) Security Inspection: With continuous technological development and deepening application, inspection robots are gradually replacing high-cost human security and monitoring. An increase in the number of application sites and higher retention rates in the US are expected to drive demand and market size growth for security inspection robots. Estimates suggest the future installed base could reach 130,000 to 270,000 units, with annual demand reaching 20,000 to 40,000 units, and a market size of $1.1 to $1.7 billion.

Risk Warnings: 1) Uncertainty in Technological Development: As an emerging technology industry, key technologies for embodied AI have not yet undergone a complete industrial cycle for validation. The current iteration speed of industry technology roadmaps exceeds expectations. If a company's R&D progress lags, it may face the risk of rapidly diminishing product competitiveness. Additionally, tightening ethical reviews of artificial intelligence could impose restrictions on sources of algorithm training data. 2) Risk of Deteriorating Competitive Landscape: The robotics sector is attracting intensive influxes from cross-industry giants and capital, potentially leading to significant industry restructuring. Cost advantages formed by competitors through vertical integration, along with brand premium capabilities, could continuously squeeze the生存空间 of small and medium-sized manufacturers. 3) Fluctuations in International Trade Policies: Global trade barriers for robotics are exhibiting characteristics of structural escalation. Beyond traditional tariff measures, new non-tariff barriers such as technical standard certifications and restrictions on cross-border data flows are continuously increasing. Companies expanding overseas business may face sudden policy adjustments, including challenges like restricted imports of key components and increased localization production requirements. Supply chain restructuring pressures stemming from geopolitical factors could significantly prolong market development cycles. 4) Macro-environmental Risks: As a capital-intensive industry, the development of robotics is highly dependent on overall economic景气度. Growth momentum is currently diverging among major global economies, leading to more cautious enterprise procurement decisions. Consumer demand is also constrained by slowing growth in disposable income. During monetary policy tightening cycles, rising financing costs and a restructuring of valuation systems may occur simultaneously, posing a dual challenge to the cash flow management of companies still in their growth stages.