一级市场最热最贵的杭州「七龙珠」，他凭什么能冷门地押中两个？｜36氪专访

Core Viewpoint - The article discusses the investment journey of Dunhong Asset in Yushu Technology, highlighting the strategic decisions and market conditions that led to the investment in a company that has become a significant player in the robotics sector. The narrative emphasizes the importance of timing, technological innovation, and market adaptability in the investment landscape [4][5][6]. Investment in Yushu Technology - Dunhong Asset's investor, Yu Wenchao, recognized Yushu Technology's potential after its robotic dog appeared on a major television event, which sparked interest despite the company being relatively unknown at the time [6][12]. - The investment decision was influenced by Yushu's ability to cross the survival line and its existing B2B business model, which provided a safety net for potential returns [7][14]. - Yushu's first consumer product, the Go1 robot, was seen as a groundbreaking entry into the consumer robotics market, with expectations that future iterations could significantly lower prices and expand market reach [13][22]. Market Conditions and Competitive Landscape - The investment landscape in 2021 was dominated by consumer sectors, with significant funding directed towards companies in food and beverage, while robotics was perceived as lacking commercial viability [6][7]. - Despite the competitive environment, Dunhong Asset managed to secure a leading position in the investment round for Yushu, competing against well-known institutions [15][16]. Team and Leadership - The leadership of Yushu, particularly CEO Wang Xingxing, is characterized by a strong technical background and a keen business sense, which has been crucial for the company's adaptability and growth [18][19]. - The team structure at Yushu combines technical expertise with strong sales capabilities, allowing for effective market engagement and product development [19]. Future Outlook for Robotics - The article posits that China is poised to lead in the field of embodied intelligence and humanoid robotics due to its manufacturing capabilities and existing application scenarios [21][22]. - Yushu's pricing strategy for its humanoid robots has made them accessible to a broader range of customers, which could accelerate market adoption [22]. Transition to Hard Technology Investment - Dunhong Asset shifted its focus from TMT (Technology, Media, and Telecommunications) to hard technology investments around 2018, recognizing the diminishing returns in the former sector [30][31]. - The investment strategy emphasizes targeting leading companies in emerging sectors, such as Yushu in robotics and Rokid in AR, to build a comprehensive supply chain around these key players [32][34].