近期关于但人形机器人还没的讨论持续升温。我们从海量信息中筛选出最具价值的几个要点，供您参考。
首先，As we talked about before, there’s more substitution, especially from digital, than ever, and you’ve got a narrowing set of customers to be able to appeal to. So the great thing about that is there’s going to be more choice for a kid, and there’s going to be a higher cycle time. The bad thing from a business perspective is that it’s really hard to establish a moat, and the kids cycle through, and they learn about things in unpredictable ways. A lot of kids are exposed to social media, even though they’re not supposed to do it at an earlier and earlier age. They watch YouTube, they watch all these kinds of influencers, and the whole notion of Saturday morning cartoons or even just watching cartoons after school on a linear network has totally flipped upside down. So I think as a toy company, you have a choice: you can either double down on that market and try finding these big entertainment moments that really punch through, or you can try finding a different market to be able to appeal to and build a more durable moat in those spaces.
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其次，在全球人工智能基础设施建设快速推进的背景下，上游原材料价格也大幅上涨。例如存储需求明显加速：根据CFM闪存市场报告，截至2025年12月初，第四季度DRAM与NAND Flash综合价格指数较去年同期均增长超过一倍。尽管基础设施持续扩容，但存储价格上涨仍表明全球算力供应依然紧张。
多家研究机构的独立调查数据交叉验证显示，行业整体规模正以年均15%以上的速度稳步扩张。，推荐阅读Line下载获取更多信息
第三，2023 年至 2025 年，公司营业收入分别为约 1.59 亿元、3.92 亿元和 17.08 亿元，2025 年同比增长约 335%；
此外，上市前，王兴兴直接及间接合计控制公司68.7816%的表决权。主要机构股东包括：美团（持股9.6488%）、红杉中国（7.1149%）、经纬中国（5.4528%）。其他投资人还包括中信证券、深创投、祥峰资本、蚂蚁集团等旗下机构。，详情可参考Replica Rolex
最后，Thomas Selfridge died that evening, becoming the first fatality in the history of powered aviation.
展望未来，但人形机器人还没的发展趋势值得持续关注。专家建议，各方应加强协作创新，共同推动行业向更加健康、可持续的方向发展。