In the era of embodied intelligence, who will become the next "Chinese Warren Buffett"?

Who could have imagined that the first profitable application scenario for humanoid robots would be "short videos."

As the prices of consumer-grade humanoid robots continue to drop, the scenario of cyber "nannies" causing chaos at home has become the new traffic magnet. Their antics, such as walking straight past the table when serving dishes, accidentally bumping into their owners during walks, and occasionally "exploring the grass" on a whim, can be described as "responding to everything but accomplishing nothing." This has led many people to joke, "Friends who think they're not busy can buy one home to create some chaos."

These cyber "show-offs" have provided countless laughs on the internet. However, behind their clumsy actions lies the first step in the long journey of the robot industry from the laboratory to real-world applications.

Data from IT Juzi shows that in the first eight months of 2025, the financing volume in the primary market of China's robot sector reached 38.624 billion yuan. Global consulting firm Bain also boldly predicted in a report on November 26 that humanoid robots will reshape industrial production in the next decade, profoundly impacting commercial services and household life.

In this technological feast filled with technological glamour and commercial competition, is the heavy investment from global investment institutions a reckless bet based on passion or a chance to create another investment miracle?

01

From the "Brain" to the "Fingertips": The Value Anchor of the Trillion-Dollar Track

In the field of "creating humans," China and the United States are taking two very different paths.

In the United States, companies represented by Silicon Valley tech geeks are more obsessed with creating all-powerful "super brains." They adhere to the high-end "technology-driven" route, believing in the logic of "technological breakthrough - ecological construction - scenario penetration." Elon Musk's Tesla Optimus directly "transplanted" its FSD autonomous driving technology from cars, enabling the robot to "see the road" in complex environments. Startup Figure AI developed a large model called Helix, aiming to integrate the robot's perception, language understanding, and learning control skills.

This development approach seems to be a one-time solution and aligns with the development path of robot awakening in science fiction movies. However, the R & D costs are extremely high, and the launch schedules of many products have been repeatedly postponed.

With a strong supply chain and rich application scenarios, China has chosen a pragmatic route of "hardware first, scenario implementation." Relying on the foundation of being the world's factory, Chinese robot companies have manufactured the "bodies" of robots at an astonishing speed and with cost advantages, and deployed them in various scenarios for "trial and error" and iteration, seeking their own value anchors in the continuously improving ecosystem:

The AI brain is the "soul" of the robot industry chain. The entire industry is no longer satisfied with "puppets" that can only execute pre-set programs but is looking forward to the emergence of "Iron Men" capable of independent decision-making and self-learning. To create a real "Iron Man," the existing large models are not enough. Based on this, the importance of the world model has gradually become a consensus in the industry.

Instead of growing by learning knowledge from massive amounts of data, it can build a virtual sandbox in its "mind" that is highly similar to the physical world. When a robot needs to pick up a raw egg, it will conduct millions of simulations in this "sandbox" to determine the angle and force. This ability to conduct efficient deduction and planning before action is the robot's "imagination."

With the world model, robots can handle endless unknown scenarios. It is this longing for ultimate intelligence that drives Chinese companies such as Ubtech and Zhipu Robotics to catch up in the field of AI brains.

While the ultimate brain is still evolving, Chinese companies have also shown their pragmatic side - firstly solving the implementation problems of the robot's "body," from the skin, fingertips to the bones and muscles.

To replace human labor, robots must first have a pair of dexterous hands that can sense and work. Whether it's plugging and unplugging flexible cables on the 3C electronics production line or safely handing over a glass of water at home, it requires a sensitive "touch" and flexible "finger joints."

For this reason, Yimu Technology has developed the world's thinnest bionic visual-tactile sensor, giving robots "skin" similar to human fingertips. Lingxinqiaoshou's Linker Hand series of dexterous hands has reduced the cost of dexterous hands from tens of thousands of yuan to the thousand-yuan level. With its movement ability superior to human hands and extreme cost-effectiveness, it has occupied more than 80% of the global market share.

A dexterous "hand" also needs strong steel bones and muscles to drive it. As the most expensive part, accounting for over 55% of the total cost of the robot, the cost of joint modules directly determines whether robots can be widely popularized. Enabling robots to have strong power while maintaining precise movements and low energy consumption is the ultimate test for all manufacturers.

In this cost "tug-of-war," Lingzu Times has reduced the material cost of integrated joints by 60%. Listed company Shuanghuan Transmission has reduced the price of its core component, the RV reducer, to about 60% of that of overseas counterparts, paving the way for the mass production of robots.

With their high cost-effectiveness, their products have quickly entered the supply chains of leading robot manufacturers in many countries and regions, becoming key components for creating the next generation of humanoid robots and collaborative robots.

From catching up in the computing power of the "brain," making breakthroughs in the "skin" touch, to revolutionizing the cost of "dexterous hands" and "joints," Chinese companies are bringing humanoid robots down from the "luxury" status in the laboratory to become industrial consumer goods that are within reach and can be deployed on a large scale.

This is also the confidence that attracts capital to invest heavily in this track.

02

Can the Capital "Team Up" to Recreate an Investment Miracle?

The robot industry may seem bustling, but it is also a "rich man's game" with high investment, long cycles, and high risks. This high threshold has filtered out "patient capital" with foresight. They are not blindly chasing high returns but are trying to systematically capture value on the eve of the industry's explosion through long-term support and comprehensive ecological layout.

Professional venture capital institutions represented by Sequoia Capital and Matrix Partners are like "dream catchers." Before 2022, when the humanoid robot trend had not emerged, these institutions funded the R & D of Unitree Robotics. As the trend picked up, their investment plans became clearer.

In 2024, Matrix Partners led the Pre - A round of financing for Stardust Intelligence. On November 12, 2025, it also participated in leading the seed - round financing of Shanghai Luobo Party Technology Co., Ltd.

Sequoia Capital's approach is to systematically layout the entire industry chain like putting together a jigsaw puzzle.

From Zhipu in the "brain" field, to Lingxinqiaoshou in the "hand" field, and then to Lingzu Times in the "foot" field, Sequoia's investment portfolio in 2025 covered almost all the core links of humanoid robots. This "strategy" aims to capture the value of the entire industry chain, ensuring a share of the pie no matter which link explodes in the future.

Not only professional venture capital institutions, but also internet technology companies such as Tencent and Alibaba are "patient capital" in the robot industry. For example, they jointly invested in Yunji Technology, whose service robots have now become popular in the hotel industry. In the past few years when the hospitality industry was on hold, it was the support of this "patient capital" that gave industry unicorns like Yunji Technology more room for error .

Now, as the economy recovers and hotels start to introduce robots on a large scale to reduce labor costs, Yunji Technology's orders have increased exponentially. On October 16, it successfully went public, with a market value of nearly HK$10 billion.

Industrial capital not only brings funds but also rich application scenarios and resource support. In Unitree Technology's Series C+ financing in 2025, Tencent became a new shareholder with an 8.25% stake. In addition, Tencent - invested AliExpress has become the main overseas sales channel for Unitree.

On November 20, Xingdong Jiyuan completed a 1 - billion - yuan financing led by Geely Capital and immediately sent its robots to Geely's automobile factories. Meituan and Alibaba Cloud jointly invested in Zibianliang Robotics, targeting its huge potential in the fields of smart home, industry, and logistics.

This model not only provides valuable application scenarios and cash flow for startups but also locks in future technology and supply chains for these companies.

Against the backdrop of the country including "embodied intelligence" in the government work report and the 14th Five - Year Plan, "national team" capital represented by Shenzhen Capital Group plays a key role as a "pilot." Their investment logic is highly aligned with national strategies, focusing more on the security of the industry chain and breakthroughs in "chokepoint" technologies.

In the past three years, 3,331 investment institutions across the country have participated in the investment of humanoid robot projects, with Shenzhen Capital Group leading the list with 41 investments. On November 17, Beijing - based humanoid robot startup Jiasu Jinhua completed a new round of financing of over 100 million yuan, with the participation of state - owned capital such as Yizhuang Guotou and Shenzhen Capital Group. Keli Sensing, which has made breakthroughs in the field of six - axis force sensors, and Yimu Technology, which is committed to breaking the import dependence on flexible electronic skin materials, all fit the investment profile of the "national team."

The capital market is booming, but there have also been sober voices and embarrassing pains. On November 27, the National Development and Reform Commission called on humanoid robot companies to be aware of risks such as the "crowded" launch of highly similar products and the compression of R & D space.

On the industrial side, Wang Xingxing, the founder of Unitree Technology, once said in an interview that it is unrealistic to let robots do housework in the past few years. The video of Ubtech's mass - production and delivery of humanoid robots also caused a controversy over possible fraud, forcing the company to release a one - take video to prove its innocence.

On the other side of the ocean, the collapse of Silicon Valley star robot company K - Scale Labs, which was once highly anticipated, serves as a warning to all practitioners. Without continuous cash flow and a feasible industrialization path, even the grandest vision will ultimately be a castle in the air.

The long evolutionary path of robots requires continuous support from "patient capital," and the trillion - dollar investment from capital also requires robots to fulfill their promises and be implemented as soon as possible. For the domestic humanoid robot industry, as long as both sides work together, the hilarious cyber "show - offs" will eventually transform into all - powerful legendary "Iron Men."

By then, what we will witness will not only be a victory of technology but also a wealth - creating myth that satisfies consumers, geeks, and capital alike.

This article is from the WeChat official account "Clear Ambition", author: Luo Su. It is published by 36Kr with permission.