China Robotics - Data emerges as the critical part for robotics

研报英文原文证据摘录

China Robotics - Data emerges as the critical part for robotics

Global Markets Research

5 July 2026China Robotics

EQUITY: TECHNOLOGY

Data emerges as the critical part for robotics Research Analysts

Advanced Manufacturing

Volume-price divergence across four data types redraws the vendor map; Frank Fan - NIHK

dexterous hands sit on critical path to embodied AI frank.fan@nomura.com

+852 2252 2195

In our 28 June 2026 ChinaRobotics–Optimusramps;Chinascalesupascostcurves

Donnie Teng - NIHKbendlower report, we flagged that non-robot capture (tele-op, UMI, Ego) is becoming donnie.teng@nomura.com

mainstream at c.20% of real-robot data cost. This report extends that call by pricing each +852 2252 1439

data tier in the mix and mapping where the non-robot substitution holds — highlighting the

real-machine slice remains the highest-value, most defensible pool in the mid-term.

Data becomes critical part; tele-op captures the highest hourly value in 2026E

Data collection is emerging as the critical part for humanoid robotics in 2026, with our

estimated industry-level annual data demand at c.10mn hours on a c.100k-unit shipment

scenario, based on our industry survey. Figure AI's (Unlisted) CEO frames the same view:

"thebiggestblockerforusnowofgoingfromwherewe'reattodaytolikelarge-scale

deploymentisdata.Weneed…enormousamountofdata." The four principal data types

show a pronounced volume-price divergence: i) No-embodiment data — first-person

(Egocentric / Ego) video plus UMI (Universal Manipulation Interface) — accounts for the

largest share at 40–50% of total hours but commands only c.CNY100-300/hour

(according to 36Kr [KRKR US, Not rated]), implying a 2026 addressable market of

c.CNY1.0–1.5bn. ii) Real-machine tele-operation makes up c.30% of hours at c.CNY500-