Core Insights - The primary focus of the article is the significant evolution of the primary market in 2025, driven by a transformative wave of artificial intelligence technologies, with substantial capital concentration in leading AI projects like OpenAI, xAI, and Anthropic, which collectively attracted investments of $40 billion, $25 billion, and $16.5 billion respectively [1][14]. Investment Overview - In 2025, a total of 5,599 companies completed 6,343 investment events in the domestic primary market, representing year-on-year growth of 2.6% and 7.5% respectively. However, the total disclosed investment amount reached approximately 440.1 billion yuan, a decline of 20.5% compared to 2024 [1][14]. - Artificial intelligence emerged as the dominant investment theme, with 788 companies receiving 1,015 investments totaling 65.6 billion yuan, compared to 478 companies and 55.3 billion yuan in 2024 [1][14]. Focus on Embodied Intelligence - The embodied intelligence sector was the most sought-after subfield within AI in 2025, with 530 investment events disclosing a total of 34.5 billion yuan, marking significant increases of 116.3% and 242.2% in event count and investment amount respectively compared to 2024 [1][15]. - 91 embodied intelligence companies secured multiple rounds of financing, accounting for approximately 60.3% of the total number of multi-round financing AI companies, a rise from 28 companies (47.5%) in 2024 [2][15]. Notable Companies and Investments - Leading companies in the embodied intelligence sector included "Zhongqing Robot" and "Zhiyuan Robot," each with six investment events, while "Jijia Vision," "Lingxin Qiaoshou," and "Songyan Power" completed five rounds of financing [2][3]. - Three companies in the sector raised over 1 billion yuan in single financing rounds, with "Galaxy General Robot" raising 1.1 billion yuan and 300 million USD in its B and B+ rounds, totaling over 3.2 billion yuan in just six months [3][18]. Investment Stages and Trends - The majority of investments in embodied intelligence companies were concentrated in early-stage rounds, with angel round investments leading at 155 events, accounting for 46.4% of total events in that round, and a significant year-on-year increase of 108.8% [4][19]. - A-round investments reached 8.95 billion yuan, representing 71.7% of the total disclosed investment in that round, with over 26% of events exceeding 1 billion yuan [5][19]. Regional Investment Insights - Shenzhen ranked first in the number of investments in embodied intelligence companies, with 77 companies completing 106 investments, reflecting year-on-year growth of 51.0% and 79.7%, and a total disclosed investment of approximately 10.05 billion yuan, nearly seven times that of 2024 [8][22]. - The Sichuan-Chongqing region saw the highest growth in investment events and amounts, with increases of 1000.0% and 1100.0% respectively, while Shaanxi was the only region to experience a decline in disclosed investment amounts [8][22]. Investment Institutions - Seven investment institutions participated in over 10 investment events in the embodied intelligence sector, with BV Baidu Ventures leading with 12 events, accounting for 57.1% of total institutional investments [10][24]. - "Zhiyuan Robot," a unicorn company, completed 10 investments in the year, focusing on incubating "small unicorns" within the industry [10][24]. Exit Strategies - Several intelligent robot companies have pursued listings in the secondary market, with "Jizhi Jia" successfully listing on the Hong Kong Stock Exchange and achieving a market value exceeding 22 billion HKD on its first trading day [13][27]. - At least 34 companies in the robotics industry are reportedly waiting for IPO hearings, with notable companies like "Yushut Technology" and "Yunshenchu Technology" also preparing for listings [13][27].