宇树科技投资方谈机器人产业：永远不能靠泡沫靠融资

Group 1 - The core viewpoint is that the decline in operational costs due to DeepSeek will accelerate the commercialization and scaling of AI applications [1] - There is a potential bubble in large models due to their high costs and the need for significant funding, which drives up valuations [3] - The true value lies in industry applications where there are paying customers, making it essential to assess whether large models can generate value and orders [3] Group 2 - The future development of industries like intelligent agents and robotics will depend on whether they target B2B or B2C markets, with B2B being more favorable due to its focus on specific verticals [4] - A wave of IPOs in the robotics industry is expected in the second half of the year, with projects already preparing for public offerings [4] - Companies must avoid relying on bubbles and financing to inflate valuations for IPOs, as this approach is generally not accepted in the Chinese A-share market [4] Group 3 -容亿投资 has been a key institutional shareholder in Yushu Technology, participating in its B round (2022) and B2 round (2024) financing [4]