CITIC Construction Investment: Embodied intelligence commercialization accelerates, with significant market potential in "AI + Sports" and "AI + Security"

CRIC Finance APP has learned that CITIC Securities Research reports indicate that the commercialization of embodied intelligence is accelerating, mainly focusing on ball sports and security inspection scenarios. Robots and robot dogs can address their challenges and pain points. Woan Robots (06600)'s tennis robot Acemate and Navee’s golf caddy robot, as well as Taotao Vehicle (301345.SZ) in partnership with Yushu and Kandi Vehicles (KNDI.US) in collaboration with Yunshe, are security inspection robots. These developments demonstrate significant market potential for “AI + Sports” and “AI + Security.” Meanwhile, companies in the smart mobility field have the potential to expand into leisure sports and security inspection scenarios, leveraging their capabilities in demand understanding, manufacturing, and sales channels.

CITIC Securities’ main points are as follows:

Focusing on ball sports and security inspection scenarios: Robots and robot dogs are transforming training and security models, solving efficiency and effectiveness issues. 1) Sports scenarios: The core value lies in providing customizable, high-intensity, standardized intelligent coaching and auxiliary training services, addressing traditional training challenges such as heavy reliance on manpower, resource imbalance, and low efficiency. 2) Inspection scenarios: The core value is executing monotonous, dangerous, or hard-to-manage inspection tasks, enabling automation, intelligence, and unmanned upgrades in security work.

Specific application cases of robots and robot dogs: 1) Tennis: Woan Robots launched the AI tennis robot Acemate in May 2025, with crowdfunding exceeding $2.4 million, indicating market recognition and potential for commercialization. This has driven rapid growth in Woan’s enhanced mobile robot business. Other mainstream products also exceeded crowdfunding targets, suggesting that embodied AI in sports training is accelerating toward commercialization. 2) Golf: Navee, under the Zhuimi brand, has launched multiple electric golf carts, indicating that companies in smart mobility are expanding into golf and other leisure sports scenarios. Additionally, emerging brands like Robera aim for over 50% annual growth. In July 2025, Kandi partnered with Yunshe to enter the North American golf smart equipment market, where many players are involved. 3) Security inspection: Companies like Yushu and Yunshe have mature solutions and have formed deep collaborations with scene/ channel partners, leveraging their understanding of market pain points and established sales networks to quickly penetrate markets such as North America, accelerating commercialization.

Market potential for terminal applications: 1) Tennis: Based on the tennis equipment and engine markets, increasing penetration is expected to drive growth in tennis robots. It is estimated that by 2035, U.S. tennis robot sales will reach 4.28 million units, with a market size of $6.4 billion, both CAGR over 100%. 2) Golf: Based on golf equipment and B2B golf ball pickers, rising penetration will boost caddy robot growth. By 2035, U.S. golf caddy robot sales are projected to reach 1.41 million units, with a market size of $2.8 billion, both CAGR over 90%. 3) Security inspection: As technology advances and applications deepen, inspection robots are gradually replacing high-cost security and monitoring personnel. The increase in application sites and market share in the U.S. is expected to drive demand and market size growth, with future stock estimates between 130,000 and 270,000 units, annual demand of 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, embodied intelligence has not yet undergone a full industry cycle validation. The current rapid iteration of industry technical routes may pose risks if company R&D progress lags, potentially leading to rapid decline in product competitiveness. Additionally, stricter AI ethics reviews may restrict sources of training data for algorithms.

2. Deterioration of competitive landscape: The robotics sector is attracting cross-industry giants and capital influx, which could lead to significant restructuring of industry patterns. Competitors with vertical integration and cost advantages, as well as brand premium capabilities, may continue to squeeze out small and medium-sized manufacturers.

3. Fluctuations in international trade policies: Global trade barriers for robotics are increasingly structured, with new non-tariff barriers such as technical standard certifications and cross-border data flow restrictions beyond traditional tariffs. Overseas expansion may face sudden policy adjustments, including restrictions on key component imports and increased localization requirements. Geopolitical tensions could also cause supply chain reorganization, significantly prolonging market development cycles.

4. Macroeconomic risks: As capital-intensive industries, robotics development heavily depends on overall economic health. Currently, growth momentum varies across major economies, with corporate procurement becoming more cautious and consumer demand constrained by slower disposable income growth. During monetary tightening cycles, rising financing costs and valuation restructuring may pose dual challenges to cash flow management for companies in their growth phase.