对话联想创投王光熙：具身智能行业估值有泡沫，需要一两年消化

Core Insights - The field of embodied intelligence and robotics has become one of the hottest investment sectors in 2023, with significant interest from top investment firms and tech giants, leading to rapid valuation increases [1][5] - Investment events in the embodied intelligence and robotics sector reached 114 in the first five months of 2025, surpassing the total of 77 events in 2024, with total financing amounting to 232 billion yuan, exceeding the 209 billion yuan from the entirety of 2024 [1] - There are ongoing debates regarding the commercialization challenges within the robotics industry, with some investors expressing skepticism about the sustainability of high valuations [1][5] Investment Trends - Lenovo Ventures has been actively investing in the robotics sector for several years, focusing on various types of robots, including humanoid, multi-modal bipedal, medical, and industrial robots [2][9] - The firm acknowledges the presence of valuation bubbles in both primary and secondary markets, emphasizing that true business commercialization is necessary to address these bubbles over the next one to two years [5][7] Market Opportunities - The market for new scenarios in embodied intelligence is viewed as potentially vast, with estimates suggesting it could reach trillions or even tens of trillions in value [7][11] - Companies that have been in the robotics field for years are beginning to see the benefits of their investments as they expand into new applications and markets [7][11] Future Outlook - The next two to three years are expected to be crucial for companies in the embodied intelligence sector to demonstrate commercially viable products in controlled environments [11][12] - There is optimism about the potential for embodied intelligence to significantly reduce costs and improve efficiency across various industries, although the exact market share it will capture remains uncertain [12]