SIASUN(SZ:300024) 3 6 Ke·2025-10-21 11:19Core Insights - The domestic robotics industry in China has seen a significant increase in financing events, with 610 new financing incidents recorded in the first three quarters of 2025, doubling from 294 incidents in the same period last year [2] - The total financing amount for robotics startups reached approximately 500 billion yuan, which is 2.5 times that of the previous year, with Q3 alone accounting for 198.13 billion yuan, a year-on-year increase of 172% [3] - Early and mid-stage investments have become the mainstream financing method in the robotics sector, indicating a shift from early exploration to scaled development [5] Financing Trends - The number of early-stage (pre-A round and earlier) and mid-stage (A round to B+ round) investments has shown remarkable growth, together accounting for over 80% of total financing [5] - A complete policy support system from national to local levels is driving the current enthusiasm in the robotics investment market, including financial incentives and targeted industrial fund investments [5] - In the first three quarters of this year, 190 financing events involved direct investment from local state-owned assets, representing 31.15% of total investment events [5] Active Investors - Among the top 20 active investment institutions in the robotics sector, five have state-owned backgrounds, with Beijing State-owned Capital Operation Management Co. and Shenzhen Capital Group being the most active [7] - Market-oriented investment institutions dominate the landscape, with 11 firms leading the charge, including Qiji Chuangtan, which has made 20 investments [7] - Notable industry capital players include Lenovo Capital, Zhiyuan Robotics, and Baidu Ventures, which are actively investing in robotics startups [7] City Distribution - The financing activities are primarily concentrated in Beijing, Shenzhen, and Shanghai, with these cities benefiting from comprehensive advantages in policy, talent, and industrial chains [9] - In Q3 2025, Beijing led the robotics financing scene with 50 events totaling 48.39 billion yuan, showing a 72.41% increase year-on-year [9] - Shenzhen ranked second with 48 financing events, doubling compared to the previous year, while Shanghai's financing was mainly concentrated in the Pudong and Minhang districts [11] Growth Potential - Cities like Suzhou and Chengdu have shown remarkable growth, with Suzhou's financing events increasing by 566.67% and Chengdu experiencing explosive growth from zero to 11 events [12] - The overall trend indicates a transition from technological exploration to commercial implementation in the robotics sector, with mid-stage investments exceeding 40% of total financing [12] - The participation of state-owned capital in robotics investments has surpassed 30%, highlighting the collaborative effort between industry capital and VC/PE to boost the sector's momentum [12]