SIASUN(SZ:300024) Xin Lang Cai Jing·2025-12-19 14:47Financing Record - Galaxy General Robotics announced the completion of a new financing round exceeding $300 million (approximately 2.1 billion RMB), led by China Mobile Chain Long Fund, with a post-financing valuation of $3 billion (approximately 21.1 billion RMB), setting a record for single-round financing in the domestic embodied intelligence sector [1][11] - The financing round included major investment platforms and industry giants such as CICC Capital, the Chinese Academy of Sciences Fund, and others, with total cumulative financing reaching approximately $800 million [1][13] - The founder emphasized a pragmatic approach, stating that the focus has shifted from showcasing technology to practical applications in factories [1][13] Technical Path - Galaxy General adopts a unique "brain-first, body-practical" strategy, utilizing a "wheeled chassis + folding legs" design for its Galbot robot, which provides stability and cost advantages in smooth surface environments [3][14] - The core technological breakthrough is the embodied large model, TrackVLA, set to be released in June 2025, featuring pure visual perception, strong generalization reasoning, and zero-shot capabilities [3][14] - TrackVLA integrates visual perception, target recognition, and path planning into a unified model, allowing deployment across various robotic forms without reliance on specific hardware [4][14] Commercial Implementation - Unlike many competitors still in the experimental phase, Galaxy General has achieved large-scale commercial implementation, partnering with leading companies like CATL, Bosch, Toyota, and Hyundai, with cumulative orders reaching thousands of units [5][15] - The company has launched the "Galaxy Space Capsule" urban-level embodied intelligence solution, operational in major commercial areas across several cities [5][16] - In the retail and warehousing sector, Galaxy General plans to introduce the first 24-hour smart medical store in collaboration with Aibo Medical by the end of 2024, utilizing its humanoid robots for fully autonomous operations [5][16] Industry Landscape - The Chinese humanoid robot industry has formed a clear tiered structure, with Galaxy General, Zhiyuan Robotics, and Yushun Technology leading the first tier with valuations of approximately 21.1 billion RMB, 15 billion RMB, and 12 billion RMB respectively [7][18] - Zhiyuan Robotics is pursuing aggressive capital operations, while Yushun Technology is taking a steady IPO path, indicating diverse strategies among leading companies [7][18] - Galaxy General focuses on technological breakthroughs and validating commercial scenarios, achieving significant advancements in multi-task generalization and full-body motion control [7][18] Future Challenges - Despite record financing and high valuation, the humanoid robot industry faces challenges, including the need for further validation of application scenarios and the diverse technological paths chosen by different companies [8][19] - The founder maintains a cautiously optimistic outlook, emphasizing a phased approach to market entry, starting with business applications before expanding to consumer markets [8][19] - Galaxy General is reportedly considering an IPO in Hong Kong, aiming for a valuation of $3 billion to $4 billion, with plans to accelerate financing and listing efforts in response to a competitive IPO window [8][19]