正文： 梅开四度， 国内领先通用具身智能企业[极佳视界]完成亿元级A1轮融资！ 近日，Physical AI（物理AI）领域头部创企 [极佳视界 ]宣布完成 新一轮亿元级A1轮融资，本轮融资由华为哈 勃、华控基金联合投资 。 值的注意的是，公司于8月28日刚完成Pre-A、Pre-A+两轮数亿元融资，其中 Pre-A轮融资由国中资本领投，紫峰 资本、老股东 PKSHA Algorithm Fund跟投；Pre-A+轮融资由中金资本、广州产投、一村淞灵、华强资本投资； 以及于今年2月份完成由 普超资本、合鼎共资本、上海天使会投资联合投资的 数千万天使++轮融资。 温馨提示 ： 点击下方图片，查看运营团队最新原创报告（共235页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 有关科技大厂入局具身赛道（大模型赋能、投资和自研）更多详细梳理、解读，已放到知识星 球"机器人头条"（点击后方链接，加入星球查看） ： 【 原创】多家顶尖科技大厂，进军人形机器人整机制 ...

温馨提示 ： 点击下方图片，查看运营团队最新原创报告（共235页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 信息层面上，小编视角，其实并没有核心利好催化，更多是T链核心标的利好变现和跌无可跌后的预期反弹。 小编上周五（11月14日）盘后梳理中，就有提到看好后续反弹，并在本周持续建议低吸核心利好标的，周四濒临 崩溃之际，周五核心利好标的迎来不错反弹。 注： 小编 "机器人头条"知识星球 "人形供应链专栏 每天都会对大盘行情进行详细梳理，包括盘前预测、盘中利好/利空梳理以及盘 后复盘，并梳理T链重点利好资讯和企业，为大家投资做参考。 同时，小编早星球内已梳理特斯拉Optimus机器人产业链上市公司 表格， 70+家公司（T1、T2、准T链、潜在T链以及合作进展）（最全） 。 沉寂一周的微信群，周五突然热闹了，核心T链标的逆势上行了；唱反弹一周的小编也松了一口气，差点"翻车"。 特斯拉官方层面利好（不算利好）： 上一次讨论还是在上周末，缘由是" 特斯拉美 ...

Core Viewpoint - Xiaopeng Motors is shifting its focus towards humanoid robots, with CEO He Xiaopeng discussing this vision extensively during the Q3 earnings call, while the market response has been negative, leading to a significant drop in stock prices [2][11]. Financial Performance - Xiaopeng Motors reported a Q3 loss, with the CEO emphasizing the company's new ten-year vision to become a global embodiment intelligence company, dedicating nearly one-third of the earnings call to humanoid robots [2][11]. Product Development - The company plans to achieve mass production of advanced humanoid robots by the end of 2026, targeting commercial applications in areas such as guiding and front desk services [2][11]. - The new generation humanoid robot, IRON, was unveiled on November 5, 2025, showcasing human-like walking capabilities but lacking practical application demonstrations [4][5]. Market Reaction - Following the announcement of the IRON robot, market interest was limited, with the focus shifting to its humanoid features rather than practical use cases, resulting in a lack of significant market catalysts for Xiaopeng's supply chain [11][12]. - The stock of Xiaopeng Motors fell over 10% after the earnings call, marking a four-day decline, while related stocks in the humanoid robot supply chain saw mixed reactions [2][11]. Industry Context - The humanoid robot sector is becoming increasingly competitive, with 15 major automotive companies entering the field, and Xiaopeng Motors is positioned as a leading contender for early mass production [11][12]. - Despite some positive developments in the supply chain, the overall market for humanoid robots has faced challenges, with analysts from Goldman Sachs and Morgan Stanley expressing skepticism about the industry's growth potential [12][13].

Core Viewpoint - The article discusses the current state of the humanoid robot industry, highlighting the contrast between the struggling secondary market and the thriving primary market, with a focus on the commercialization efforts of leading companies like Ubtech, Zhiyuan Robotics, and Yushu Technology [2][3][10]. Market Sentiment - The secondary market for humanoid robots is experiencing a significant downturn, with market sentiment described as "frozen" due to the delay in the release of Tesla's Optimus Gen3 prototype [2]. - In contrast, the primary market remains vibrant, with significant capital inflow and new startups emerging with innovative technology stories [2]. Company Analysis Ubtech - Ubtech has established itself as a leader in commercialization, having secured over 800 million yuan in contracts for its Walker series humanoid robots, marking a significant step towards mass production [10][11]. - The company aims to ramp up production capacity to 5,000 units by 2026 and further to 10,000 units by 2027 [13]. - Despite its achievements, Ubtech's stock performance has been volatile, with a current market value of 47.63 billion HKD [18]. Zhiyuan Robotics - Zhiyuan Robotics is focusing on expanding its ecosystem and commercial applications, having announced multiple large orders but facing skepticism regarding actual delivery [5][17]. - The company has diversified its product lines across various sectors, including entertainment, industrial manufacturing, and logistics [17]. - Zhiyuan has also made strategic moves in the secondary market, acquiring a significant stake in a listed company to enhance its financing capabilities [19]. Yushu Technology - Yushu Technology has carved out a niche in the education and research markets, achieving annual revenue exceeding 1 billion yuan, with humanoid robots contributing significantly to this figure [15]. - The company is in the process of preparing for an IPO, which could position it as the first humanoid robot company listed on the A-share market [20]. Technological Landscape - The article notes that while many leading companies claim to have comprehensive self-developed technology, there is skepticism about the existence of a true competitive moat in the industry [9]. - The core technological challenges, particularly in developing the "brain" of humanoid robots, remain significant hurdles for all players [9]. Commercialization Challenges - The commercialization of humanoid robots is facing bottlenecks, with many companies struggling to transition from prototype to mass production and effective application in real-world scenarios [18]. - The article emphasizes that while securing large orders is common, the authenticity and feasibility of these orders are often questioned, particularly in light of the industry's funding and listing pressures [18][21].

温馨提示 ： 点击下方图片，查看运营团队6月最新原创报告（共235页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 【原创】车企、产业链公司、智驾领域从业者，疯狂涌入具身智能赛道 正文： 梅开二度，国内头部人形机器人企业【星动纪元】完成约10亿元A+轮融资，累计融资近20亿元！ 11月20日，"清华系"人形机器人创企创企[星动纪元]（公司全称" 北京星动纪元科技有限公司 "）宣布 完成 约10 亿元 A+ 轮融资，本轮融资由吉利资本领投，北汽产投、北京市人工智能产业投资基金、北京机器人产业发展投 资基金联合投资。 | 融资历程 5 | | | | | | 〔 导出数据, 联系商务 | © 企查查 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 融资日期 | 融资轮次 | 融资金额 | | 投资方 | 关联机构 | 来源 | >> | | 1 | 2025-11-20 ...

Core Viewpoint - Xiaopeng Motors is shifting its focus towards humanoid robots, with CEO He Xiaopeng discussing this vision extensively during the Q3 earnings call, while the market response has been negative, leading to a significant drop in stock prices [2]. Financial Performance - Xiaopeng Motors reported a Q3 loss, with the CEO emphasizing the company's new ten-year vision to become a global embodiment intelligence company, dedicating nearly one-third of the earnings call to humanoid robots [2]. Product Development - The new generation humanoid robot, IRON, was officially launched on November 5, 2025, showcasing its ability to walk in a human-like manner [4]. - The company plans to achieve mass production of high-end humanoid robots by the end of 2026, targeting commercial applications in guiding and front desk services [2][5]. Market Reaction - Following the discussions around humanoid robots, Xiaopeng's stock fell over 10%, marking a four-day decline, with no significant market catalysts for the associated supply chain companies [2][11]. - Despite the launch of the IRON robot, market interest remained low, with criticisms regarding the lack of practical applications demonstrated [7]. Industry Context - The humanoid robot sector is seeing increased competition, with 15 major automotive companies entering the field, and Xiaopeng Motors positioned as a leading contender for early mass production [11]. - The overall market for humanoid robots has faced challenges, with recent reports from Goldman Sachs and Morgan Stanley indicating skepticism about the industry's growth potential [12]. Future Outlook - The company aims to sell over one million robots annually by 2030, with a focus on commercial applications [2]. - The humanoid robot sector is currently in a "good news vacuum," with limited catalysts for growth, although some supply chain companies are beginning to receive positive developments [12].

Core Insights - The article highlights the recent funding success of "Yuanli Lingji" (原力灵机), a robotics startup focused on embodied intelligence, which has raised nearly 1.2 billion yuan in total funding this year [2][5]. Funding Overview - "Yuanli Lingji" completed a series of funding rounds, including an A+ round of approximately 1 billion yuan led solely by Alibaba on November 12, 2025, and an A round led by NIO Capital on August 27, 2025, with a total of nearly 1 billion yuan raised in these two rounds [3][5]. - The company has achieved a total of nearly 1.2 billion yuan in three funding rounds within nine months, starting with a 200 million yuan angel round on March 26, 2025 [3][5]. Company Background - "Yuanli Lingji" was founded on March 6, 2025, in Chongqing by early core technical members of Megvii Technology (旷视科技), including Tang Wenbin, Fan Haoqiang, and Zhou Erjin, focusing on the integration of large model technology with robotics [5][6]. - The founding team has a strong academic background and over ten years of experience in AI product implementation, making them a unique player in the embodied intelligence sector [7]. Technical Capabilities - The company has developed a comprehensive technology stack for embodied intelligence, achieving significant results in benchmark tests and becoming the first in China to exceed a 90% success rate across over a hundred tasks [8]. - "Yuanli Lingji" has created a proprietary end-to-end multi-modal large model (MMLA) that integrates various sensor data and language models, enabling intelligent generalization across different scenarios and tasks [8]. Competitive Landscape - The article notes that "Yuanli Lingji" shares the spotlight with another startup, "Tashi Zhihang," which has also raised significant funding without product launches, indicating a competitive and rapidly evolving market for embodied intelligence startups [10]. - The company is positioned to leverage its unique combination of algorithm, hardware, and application scenarios, which is seen as a competitive advantage in the robotics field [15].

Core Viewpoint - The article discusses the recent IPO progress of Yushu Technology, a leading humanoid robot company in China, and the competitive landscape among various startups in the humanoid robotics sector, highlighting the rush towards IPOs driven by funding needs and market positioning [2][4]. IPO Progress of Yushu Technology - Yushu Technology completed its IPO counseling on November 10 and is now in the acceptance phase, aiming to submit its IPO application and detailed financial data soon [2][4]. - The company is expected to be the first humanoid robot company listed on the A-share market, with a projected listing in the first half of 2026 [4]. Industry Trends and Competition - The article notes a surge in IPO activities among leading humanoid robot startups, with several companies like Leju Robotics and Zhiyuan Robotics also advancing their IPO processes [5]. - The rush for IPOs is seen as a response to the industry's lack of sustainable business models and the influx of new players, which has created a competitive environment [6][7]. Concerns and Challenges - There are concerns about the sustainability of the humanoid robotics market, as many startups have not achieved significant technological breakthroughs and are still in the early stages of commercialization [5][6]. - Reports of deceptive practices, such as companies presenting remote-controlled robots as fully autonomous, have raised red flags about the industry's integrity [6]. Financial Dynamics - Investors are pushing for IPOs due to high valuations achieved in previous funding rounds, with some stakeholders expressing urgency to go public to avoid potential buyback risks [7]. - The article highlights that the success of IPOs may not necessarily translate into long-term viability for the companies involved, as the market is still maturing [9]. Market Impact and Future Outlook - The article suggests that while the IPOs may provide short-term capital, the real challenge lies in achieving a sustainable business model post-listing [9][10]. - The performance of the humanoid robotics sector is currently influenced by external factors, including developments from major players like Tesla, which may overshadow the efforts of smaller startups [10][12].

Core Viewpoint - The article discusses the recent IPO progress of Yushu Technology, a leading humanoid robot company in China, and the competitive landscape among top startups in the humanoid robotics sector as they rush to go public [1][3]. Summary by Sections Yushu Technology's IPO Progress - Yushu Technology completed its IPO counseling on November 10 and is now in the acceptance phase, marking a significant step towards becoming the first humanoid robot company listed on the A-share market [1][3]. - The company began its counseling process on July 8, and after four months, it is preparing to submit its IPO application, with expectations to complete the listing by the first half of 2026 [3]. Competitive Landscape in Humanoid Robotics - Other leading humanoid robot companies are also accelerating their IPO processes, with notable milestones such as Leju Robotics completing counseling registration and Zhiyuan Robotics finishing its share reform [4]. - The rush for IPOs among these companies is seen as a response to the industry's chaotic environment, where many startups are struggling to establish sustainable business models and core technological advantages [4][5]. Industry Challenges and Concerns - The article highlights concerns about the integrity of some startups in the humanoid robotics sector, with reports of deceptive practices such as misrepresenting capabilities and backgrounds to attract investment [4][5]. - The competitive pressure to go public is driven by factors such as the need for funding and the urgency of existing shareholders to realize returns, with some expressing that failure to list could jeopardize their survival [5]. External Influences and Market Dynamics - The success of Yushu Technology's IPO is influenced by the performance of other companies like Zhiyuan Robotics, which has demonstrated strong capital operation capabilities [6]. - The article notes that the overall market dynamics for humanoid robots are currently influenced by major players like Tesla, which is seen as a catalyst for the sector, although the impact of Yushu and Zhiyuan on the broader market remains limited [7].

Core Viewpoint - Yushu Technology has completed its IPO counseling and is entering the acceptance phase, marking a significant step towards becoming the first humanoid robot company listed on the A-share market [2][4]. Group 1: IPO Progress of Yushu Technology - Yushu Technology completed its IPO counseling on November 10 and is now in the acceptance phase [2]. - The company submitted its counseling registration materials on July 8 and was publicly announced on July 18, taking four months to reach this stage [4]. - If the IPO application proceeds smoothly, Yushu Technology is expected to be listed in the first half of 2026 [4]. Group 2: Industry Context and Competition - The humanoid robot industry is experiencing a rush towards IPOs, with many leading companies accelerating their processes [4]. - The article highlights the chaotic nature of the industry, where some startups are accused of misleading investors by exaggerating their technological capabilities [5][6]. - The competition is intense, as companies like ZhiYuan Robotics are also pushing for rapid IPOs, which adds pressure on Yushu Technology [6][7]. Group 3: Financial and Market Implications - The rush to IPO is driven by the unsustainable nature of current business models and the influx of new players without established technological barriers [6]. - Investors are eager for liquidity, with some shareholders expressing that failing to go public could jeopardize the company's survival [6]. - The article suggests that while IPOs may provide short-term funding, achieving a sustainable business model is crucial for long-term success in the humanoid robot sector [8].