2 1 Shi Ji Jing Ji Bao Dao·2025-11-28 06:38Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a warning regarding risks in the humanoid robot industry, highlighting the rapid influx of capital and the increasing number of companies in this sector, which exceeds 150, with over half being startups or companies from other industries [1][2]. Industry Overview - The NDRC's warning is the first of its kind for the humanoid robot industry in China, emphasizing the need to prevent the market from being flooded with similar products and to ensure adequate research and development space [2]. - Following the NDRC's comments, the A-share humanoid robot sector experienced a cooling effect, with many stocks showing a pattern of rising and then falling [3]. Market Dynamics - The NDRC aims to coordinate resource allocation within the industry to support companies that possess global competitiveness [3]. - There is a call for investment to focus on critical segments of the humanoid robot supply chain, such as the "big and small brains" of robots, to promote coordinated and rapid development while avoiding internal competition [4]. Investment Trends - The investment community has noted a trend where companies showcase their products through demonstrations to attract venture capital, a practice referred to as "Price to Demo" [5]. - The industry is currently experiencing a surge in product launches, but there are concerns that the market may be oversaturated with similar offerings, which could hinder innovation [6][7]. Future Outlook - Experts suggest that the humanoid robot industry is still in its early stages, and while there is significant capital inflow, the focus should shift towards practical applications and commercial viability [9]. - The NDRC's strategic adjustments are seen as beneficial for the industry, helping to avoid chaotic development and allowing for more concentrated talent and investment [9]. Competitive Landscape - The financing landscape for humanoid robot companies in China is fragmented, with an average of just over 100 million yuan per company since 2025, which is significantly lower compared to international counterparts [13]. - Notably, global companies like FigureAI and Apptronik have secured substantial funding, highlighting a disparity in financial resources available to Chinese firms [13]. Technological Development - The humanoid robot sector is recognized for its potential in embodied intelligence, but current language models are insufficient for achieving this goal [14]. - Companies are encouraged to focus on real-world applications and simulations to enhance the robots' capabilities and to identify viable commercial scenarios for their deployment [14].