【导读】智平方B轮系列融资后估值超百亿元，相关人士透露正在筹备上市 中国基金报记者 邱德坤 2月23日，通用智能机器人公司智平方官宣已完成B轮系列融资，融资规模超10亿元。至此，智平方的 估值超过100亿元。 如今，智平方完成B轮系列融资，投资方包括中车资本、百度战投、沄柏资本、国泰海通，以及多家特 斯拉生态链龙头企业。 | | | 都在用的商业盖面工具 用家中小企业发展子基金属下机构 | 美公园 黑电视 亚共斯 重风处 即公路配资 (高速) 权年编 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 0 天服一下 | ■ 出用· 美好合作 企业级产品。 由开通会员· ▲ 国和韩 · | | | 基本信息 88 | | 法律诉讼 | | 经营风险 经营信息 277 | 公司发展 29 | 知识产权 40 | 历史信息 13 @ | | ■ 高级分级 5 核心团队 1 | | 企业业务 1 | 股份融件0 | 英著 2 竞品信息 20 股免费 2 | 日创分 | | | | 融资历程 5 | | | | | | | 天眼 ...

Group 1 - The first trading day of the Year of the Horse is approaching, with investors hopeful for a strong market performance similar to previous years [1] - The A-share market has seen significant growth, with nearly 5,500 listed companies and a total market capitalization of 124 trillion yuan [1] - Historical data shows that the last trading day before the Spring Festival has generally been positive, with the Shanghai Composite Index rising in 17 out of the last 27 years [2] Group 2 - The performance of the A-share market during the Year of the Horse has been notable, with the last occurrence seeing the Shanghai Composite Index increase by nearly 60% [3] - The Year of the Snake saw a strong performance, with the Shanghai Composite Index rising by 25.58%, driven by advancements in AI technology [3] - The Year of the Dragon has consistently shown positive returns across three cycles, while the Year of the Tiger has seen declines in all three cycles [4] Group 3 - Global markets have shown positive trends during the Spring Festival, with major indices in the US and Europe experiencing gains [5][6] - The Hong Kong market has also rebounded, with significant increases in the Hang Seng Index and technology sectors [7] - Analysts express optimism for the A-share market post-Spring Festival, citing historical trends and potential for recovery in trading volume and price [8] Group 4 - The Spring Festival Gala showcased advancements in humanoid robotics, increasing public awareness and acceptance of these technologies [9] - The appearance of humanoid robots on a major television event is expected to boost orders significantly, with a reported increase in search and inquiry volumes on e-commerce platforms [10] - Companies involved in the humanoid robotics sector are likely to benefit from this heightened interest and technological advancements [10]

Core Viewpoint - The 2026 CCTV Spring Festival Gala showcased a significant presence of robots, highlighting the industry's push for exposure and potential orders amidst unclear application scenarios [1][6][9] Group 1: Industry Trends - The robot industry is entering a commercialization phase, with humanoid robots being recognized as part of this new era, although it is still in its infancy [1][2] - There is a growing expectation from audiences for robots to perform beyond simple talent shows, reflecting a higher acceptance and understanding of robots in China compared to abroad [2][4] - The interaction between robots and human performers has evolved, with many performances now featuring deeper engagement rather than just solo acts [3][4] Group 2: Sponsorship and Exposure - Many robot companies invested heavily in sponsorship fees to appear on the Spring Festival Gala, indicating a strategic move to gain visibility and attract orders [6][7] - The presence of multiple robot brands at the gala is seen as a way to boost overall industry confidence and create a buzz around the sector [7][9] - Companies like EX Robotics emphasize the importance of establishing a unique identity in a crowded market to attract investment [9][10] Group 3: Challenges and Future Outlook - Despite the excitement, the industry faces challenges in finding viable application scenarios, with many companies still struggling to achieve profitability [10][11] - The industry is expected to undergo a "survival of the fittest" phase, where only those with unique technologies and operational capabilities will thrive [10][11] - The debate continues between the sustainability of performance-based robots versus those designed for practical applications in factories and homes [12][13] Group 4: Commercialization and Application - The commercialization of humanoid robots is seen as a pressing need, with companies exploring various business models, including performance and practical applications [12][13] - The integration of advanced AI and hardware is anticipated to enhance robots' capabilities, focusing on specific sectors that can yield quick commercial value [13][14] - The complexity of household service scenarios remains a significant barrier to widespread adoption, with industry consensus indicating that this will take longer to develop [15]

Core Insights - The company Zhi Ping Fang has completed a Series B financing round exceeding 1 billion RMB, with a valuation surpassing 10 billion RMB, marking its 12th financing round in the past year [2] - The investment partners include major players such as Baidu Investment, CRRC Capital, and Tesla ecosystem leaders, indicating strong industry collaboration [2] - Zhi Ping Fang is recognized as the "most Tesla-like" Chinese robotics company due to its similar team genetics, technological pathways, and mass production capabilities [2] Financing and Investment - The recent financing round is part of a series of investments that have occurred within a short timeframe, with Zhi Ping Fang having completed 7 rounds in just six months prior to this latest round [2] - The investment portfolio of the backers spans foundational AI technology, high-end manufacturing scenarios, and upstream and downstream supply chains [2] - The entry of Baidu Investment aligns with the focus on foundational large model technology, while CRRC Capital provides substantial application scenarios for general-purpose intelligent robots [2] Commercialization and Production - Zhi Ping Fang's commercialization and production processes are accelerating, with the company achieving real deliveries of 100 units of the AlphaBot 2 robot in December 2025 [3] - The self-built production line, operational since September 2025, has an annual production capacity of 1,000 units, with plans to expand to 10,000 units by 2026 [3] - The company's robots are being deployed in various sectors, including industrial flexible manufacturing, public services, and new retail [3] Technological Development - The company released the GOVLA 0.0 model in June 2024, followed by the GOVLA 0.5 model in June 2025, which features a dual-system model with enhanced performance metrics [4] - Third-party testing indicates that the GOVLA 0.5 model outperforms mainstream models by 30% in several metrics and achieves a control frequency of 117.7 Hz, significantly improving robot execution speed and precision [4] - The recent financing will primarily support the ongoing research and development of the GOVLA embodied large model and drive the iteration and production expansion of the AlphaBot series [4]

Investment Rating - The report suggests a focus on companies within the embodied intelligence sector, highlighting potential investment opportunities in firms such as Greentech Harmony, Hengli Hydraulic, and others [2]. Core Insights - The embodied intelligence sector is experiencing rapid development, particularly in humanoid robots, with significant advancements in performance and hardware maturity showcased during the Spring Festival Gala [9][10]. - The report emphasizes the strong iterative and integration capabilities of the Chinese humanoid robot supply chain, which is crucial for the industry's growth [9]. Summary by Sections Section 1: Humanoid Robots at the Spring Festival Gala - Humanoid robots demonstrated significant advancements in performance, focusing on three main scenarios: performance, emotional companionship, and commercial applications [9]. - The performance of humanoid robots at the gala highlighted breakthroughs in motion control and hardware collaboration, showcasing the industry's rapid evolution [9]. Section 2: Overview of Major Manufacturers - **Yushun Technology**: Achieved multiple global firsts in performance, showcasing advanced motion capabilities and real-time environmental interaction [10][11]. - **Galaxy General**: Focused on practical applications in service and household scenarios, with a strong emphasis on safety and usability [19][21]. - **Songyan Power**: Introduced cost-effective humanoid robots aimed at consumer markets, achieving significant sales milestones shortly after launch [36][38]. - **Magic Atom**: Demonstrated cluster control capabilities with multiple robots performing coordinated tasks, emphasizing their self-developed technology [40][44]. Section 3: Tesla Optimus Progress and Supply Chain Updates - Tesla's Optimus project is approaching the release of its Gen3 model, with significant advancements in dexterous hand technology and production plans [48][49]. - The report indicates a strong market sentiment as the release date nears, with expectations for substantial production increases in the coming years [54][56].

Group 1 - The core product SimOne 4.0 has successfully completed systematic adaptation and deep optimization on the Moer Thread MTTS5000 GPU, supporting multiple intelligent driving technology routes for mass production [1][2] - 51Sim is a leading synthetic data and simulation platform in China, significantly reducing testing and validation costs for intelligent driving systems across various complex scenarios [1] - The Moer Thread MTTS5000 GPU is designed for large model training and high-performance computing, achieving a maximum AI dense computing power of 1000 TFLOPS [1] Group 2 - The successful adaptation of SimOne 4.0 and Moer Thread MTTS5000 GPU provides a complete domestic solution for the intelligent driving industry ecosystem, indicating that domestic GPUs have entered the stage of high precision and high load tasks in autonomous driving [2] - The 2026 revised requirements for vehicle production enterprise access review mandate that intelligent driving-related companies must possess simulation, closed-field, and actual road verification capabilities, making simulation testing a necessity before intelligent vehicles can be deployed on the road [2]

Core Viewpoint - 51Sim's next-generation intelligent driving and robotics simulation platform, SimOne 4.0, has successfully completed systematic adaptation and deep optimization on the Moore Threads MTT S5000 GPU, supporting multiple intelligent driving technology routes for mass production and expanding into the field of embodied intelligence [1] Group 1 - The SimOne 4.0 platform supports end-to-end, VLA, and world model technology routes, enabling comprehensive training and intelligent upgrades in robotics [1] - The platform achieves high-confidence closed-loop simulation and synthetic data generation for physical AI, marking a significant step towards full-stack domestic production [1]

Group 1 - The core product SimOne 4.0 has successfully completed systematic adaptation and deep optimization on the Moole Thread MTT S5000 GPU, supporting various intelligent driving technology routes for mass production [1][2] - 51Sim is a leading synthetic data and simulation platform in China, significantly reducing testing and validation costs for intelligent driving systems across various complex scenarios [1][2] - The Moole Thread MTT S5000 GPU is designed for large model training and high-performance computing, achieving a maximum AI dense computing power of 1000 TFLOPS [1] Group 2 - The successful adaptation of SimOne 4.0 and MTT S5000 GPU provides a complete domestic solution for the intelligent driving industry ecosystem, indicating that domestic GPUs have entered the stage of high precision and high load tasks in autonomous driving [2] - The upgraded 2026 version of the "Road Motor Vehicle Production Enterprise Access Review Requirements" mandates that intelligent driving-related companies must possess simulation, closed-field, and actual road verification capabilities, making simulation testing a necessity before intelligent vehicles can be deployed [2]

Core Viewpoint - The article highlights the rapid advancements and competitive dynamics in the humanoid robotics industry, particularly focusing on the achievements of Yushutech and the implications for the broader market [4][5][6]. Group 1: Yushutech's Achievements - Yushutech made headlines during the 2026 Spring Festival Gala, showcasing multiple "world firsts" in humanoid robotics, including the first continuous table-flipping and single-leg flips [5][6]. - The company's previous performances at the Spring Festival Gala in 2021 and 2025 established its reputation, with the 2025 performance marking a significant transition from quadruped to humanoid robots [10][12]. - The 2026 performance featured advanced martial arts movements, demonstrating significant improvements in dynamic actions and audience engagement [14][19]. Group 2: Industry Trends and Competition - The humanoid robotics sector is experiencing heightened urgency, with companies racing to secure funding, orders, and market presence [28][29]. - Yushutech's competitive edge is reflected in its 2025 humanoid robot sales exceeding 5,500 units, surpassing its closest competitor, Zhiyuan Robotics [28]. - The industry is witnessing a price war, with Yushutech's strategic pricing leading to a broader trend of price reductions across competitors, aiming to make humanoid robots more accessible [28][29]. Group 3: Leadership and Vision - Wang Xingxing, the founder of Yushutech, is emerging as a prominent figure in the industry, advocating for the development of large models that can adapt to various environments [22][24]. - His recent public appearances and discussions emphasize the need for the industry to transition from technical feasibility to sustainable commercial applications [34][35]. - Wang's vision includes achieving a "double 80%" goal, where robots can successfully complete 80% of tasks in unfamiliar environments using voice or text commands, marking a pivotal point for embodied intelligence [23][33].

Market Performance - The automotive sector outperformed the market this week, with A-share automotive index rising by 1.35%, ranking 12th among Shenwan sub-industries, compared to the CSI 300's increase of 0.04 percentage points [3][38]. - Within sub-sectors, commercial trucks, motorcycles and others, automotive parts, and automotive services saw increases of 4.56%, 1.92%, 1.68%, and 1.32% respectively, while passenger cars and commercial passenger vehicles experienced declines of 0.32% and 0.10% [3][38]. Investment Recommendations - The core investment focus for the month includes companies such as Geely Automobile, Xpeng Motors, BYD, Bertley, Top Group, New Spring, Chuanfeng Power, Weichai Power, China National Heavy Duty Truck Group, and Kingood [4][9]. - For passenger vehicles, the recommendation is to pay attention to the bottom opportunities in demand, particularly for Geely, Xpeng, and BYD, with a suggestion to also consider Jianghuai Automobile [7][18]. - In the parts sector, recommendations include intelligent driving companies like Bertley, Horizon Robotics, and Kobot, as well as new force industry chains such as Xingyu and Huguang [7][22]. Policy and Demand Outlook - Various regions have begun implementing the 2026 vehicle replacement subsidy, which, combined with the upcoming auto shows post-Spring Festival, is expected to stabilize and increase automotive sales [6][10]. - The National Development and Reform Commission and the Ministry of Finance have allocated 62.5 billion yuan for 2026 national subsidies, which will support consumer demand for vehicle purchases [11][50]. - The January wholesale volume of passenger vehicles was 1.973 million units, a year-on-year decrease of 6.2%, with new energy vehicles accounting for 864,000 units, down 3.3% year-on-year [6][10]. Robotics Sector - Four domestic humanoid robot companies showcased their technologies during the 2026 CCTV Spring Festival Gala, with Yushutech's "Wu BOT" performance being particularly impressive, creating a breakout effect [5][9]. - The mid-term outlook for the robotics sector is optimistic, with Tesla's mass production and technological iterations expected to be a core driving force [5][9]. Motorcycle Market - The motorcycle market is experiencing growth, with sales of 250cc and above motorcycles reaching 69,000 units in December 2025, a year-on-year increase of 1.8% [28]. - The domestic sales of 250cc+ motorcycles in December were 28,000 units, up 32.8% year-on-year, while exports were 41,000 units, down 12.1% year-on-year [29][30]. - The recommendation for the motorcycle sector includes leading companies such as Chuanfeng Power and Longxin General [32]. Heavy Truck Market - The heavy truck market saw sales of approximately 105,000 units in January 2026, a year-on-year increase of about 46% [33]. - The expansion of the vehicle replacement subsidy policy is expected to stimulate demand for heavy trucks, particularly with the focus on replacing older vehicles [34][35].