SIASUN(SZ:300024) 3 6 Ke·2025-05-29 01:05Core Viewpoint - The article discusses the emergence of embodied intelligence in China, highlighting the rapid growth and investment in the sector, particularly focusing on the company "Self-Variable Robotics" founded by Wang Qian, which has raised over 1 billion yuan in funding within a year and a half [5][12]. Group 1: Company Overview - Wang Qian, the founder of Self-Variable Robotics, has a strong academic background and prior experience in the U.S. quant fund industry, which he left to pursue robotics [2][5]. - Since its establishment in 2023, Self-Variable Robotics has completed seven rounds of financing, with a total amount exceeding 1 billion yuan [5]. - The company has adopted an "end-to-end unified VLA model" technology route, updating its model every 2-3 months [7][12]. Group 2: Industry Context - 2023 is marked as a significant year for the domestic embodied intelligence sector, with major players like Nvidia's founder predicting it as the next tech wave [5]. - The domestic humanoid robotics startup landscape has formed a clear hierarchy, with Self-Variable Robotics moving from a secondary to a quasi-first-tier position due to its funding achievements [5]. - There are contrasting views on the commercial viability of humanoid robots, with some investors skeptical about their practical applications, while others continue to invest heavily [5][10]. Group 3: Technological Development - Self-Variable Robotics has developed the WALL-A model capable of performing complex tasks beyond simple operations, positioning itself at the forefront of the industry [8][12]. - Wang Qian anticipates that a GPT-3 level embodied intelligence model could emerge within a year, with commercial applications expected to materialize in one to two years [10][21]. - The company prioritizes enhancing model capabilities over immediate commercialization, with two-thirds of its expenditures directed towards model development [12][30]. Group 4: Market and Commercialization - Current commercial applications for embodied robots are primarily in research education and hospitality, which Wang Qian believes are not the ultimate target markets for long-term growth [10][31]. - The company has already developed a physical product, although it has not yet been widely released, and is currently in the proof of concept stage with seed customers [27][29]. - Wang Qian expresses skepticism about the long-term value of current commercial scenarios, suggesting they may be more about meeting investor expectations than achieving substantial market impact [31][32]. Group 5: Competitive Landscape - The article notes that while domestic companies are catching up, there remains a significant gap between Chinese and U.S. companies in terms of overall capabilities [37]. - Self-Variable Robotics claims to be on par with international leaders like Physical Intelligence and Google in certain aspects, despite the general perception of being behind [38]. - The challenges of open-source models in the embodied intelligence space are highlighted, with Wang Qian arguing that commercial success cannot rely solely on open-source strategies [43][44].