36Kr Global - Industry | From Financing to Listing: Robotics Companies Are Accelerating Towards Commercialization and Global Markets
The Resurgence of the Financing Wave
In July, the financing wave for embodied intelligence resurged.
On July 21, three companies, Qianxun Intelligence, Zhongqing Robotics, and Zhujie Dynamics, simultaneously disclosed their latest financing situations.
Among them, Qianxun Intelligence announced the completion of nearly 600 million yuan in Pre - A+ round financing, led by JD.com, with follow - on investments from institutions such as the China Internet Investment Fund, Zhejiang Science and Technology Innovation Mother Fund, Huatai Zijin, and Fosun RZ Capital; Zhongqing Robotics announced the consecutive completion of Pre - A++ and A1 rounds of financing. The Pre - A++ round was invested by Xinghang Capital, which was initiated by XPeng Motors as the cornerstone investor. The A1 round of financing was led by JD.com, with a total amount of nearly 1 billion yuan; Zhujie Dynamics announced the completion of a new round of financing, strategically led by JD.com.
Since July, there have been frequent news of large - scale financing in the robotics industry. In addition to Zhongqing Robotics and Qianxun Intelligence mentioned above, 11 other robotics - related startups, including Kuawei Intelligence, Xinghaitu, Tashizhihang, Yunshenchu, and Xingdong Jiyuan, announced financing news at the level of hundreds of millions of yuan.
Investors such as JD.com have been actively making investments, and large - scale financing rounds have occurred frequently. After facing doubts about commercialization in the first half of the year, the robotics industry remains hot. According to data compiled by IT Juzi, in the first half of this year (as of June 30), there were more than 26 robotics startups that received financing of hundreds of millions of yuan. There were 286 financing events in the primary market of the domestic robotics field in the first half of the year, with a year - on - year growth rate of 138%.
Accelerated Listing
In the secondary market, robotics companies are also intensively initiating the listing process, vying for the title of the "first stock" in various embodied intelligence sectors.
On July 18, the official website of the China Securities Regulatory Commission published the "Guidance Filing Report for the Initial Public Offering and Listing" of Unitree Technology, indicating its plan to conduct an initial public offering and list on the stock market; on July 8, Shangwei New Materials announced that ZHIYUAN ROBOTICS and its management team had acquired at least 63.62% of the shares. Although ZHIYUAN ROBOTICS denied the claim of "back - door listing," the market sentiment was high, and the stock price of Shangwei New Materials continued to hit the daily limit.
Robotics - related companies making moves in the Hong Kong stock market are even more numerous. Among them, there are also companies that have already been listed on the A - share or U.S. stock markets and are seeking secondary listings in Hong Kong.
A New Stage of Industrialization: Going Global Becomes the Main Channel
Along with the financing boom, robotics companies related to humanoid robots are gradually entering a new stage of mass production and commercialization. Many people believe that 2025 will be the "year of mass production" for humanoid robots. Recently, companies such as Ubtech Robotics, ZHIYUAN ROBOTICS, and Unitree Technology have successively won large - scale procurement orders. The deployment of humanoid robots in industrial scenarios is accelerating, pushing companies into the mass - production stage.
However, judging from the prospectuses and financial report data, most robotics companies have not yet escaped the state of continuous losses. Due to the complex technology and long R & D cycle of humanoid robots, a stable business model has not been established; even in the field of industrial robots, which have entered the mature application stage, companies generally face the reality of low gross profit margins and fierce market competition, with limited profitability; in contrast, consumer - grade robots and core component manufacturers have more diverse commercialization paths, and some have achieved large - scale sales.
The overseas market is becoming the main battlefield for domestic robotics companies to compete for incremental growth.
From the robot body to core components and other upstream and downstream supporting industries, many orders and growth drivers come from the overseas market. Many robotics - related companies have expanded their global business through methods such as acquisitions, direct sales, and channel agents, and the proportion of overseas revenue has reached more than 50%. Their target markets are mostly concentrated in high - end manufacturing markets such as Europe, the United States, and Japan, which have a mature industrial foundation, stable payment ability, and a high demand for automation technology due to the high local labor costs and the aging population. This has become an important way for companies to optimize their profit structure and expand their brand influence.
Going global is by no means easy, facing multiple challenges such as team building, technology adaptation, standard compliance, expanding sales networks, and improving after - sales services. Listing on the Hong Kong stock market and obtaining financing have also become a new layout for robotics companies to seek further international development.
The current wave of financing and listing may be the key window for robotics companies to achieve commercialization and enter the international market, and time is running out for the players.
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