WISE2025商业之王大会 DAY1议程公布！ 2025年的商业世界，似乎已经迈入了新的拐点，创业者和投资人都在寻找：下一步，钱从哪里来，价值又在哪里体现？ 尽管有诸多困惑散落在不同行业里，但2025年，中国品牌、中国科技正持续惊艳世界。风景这边独好，36氪年度重磅商业大会"WISE 2025商业之王"将参 与首届北京艺术与科技周，于11月27日-28日，落地北京朝阳798艺术区传导空间，书写这场"科技逆袭"的高燃故事："中国市场独好"、"这些行业独 好"、"来到WISE现场的企业独好"。 这样的2025与那样的2035 大会在36氪CEO冯大刚"风景这边独好"的开场中启幕。在随后的大朋友环节，冯大刚将深度对话影石Insta360创始人刘靖康，探讨当硬件不再仅是工具， 而是成为连接人与世界的媒介，中国硬件如何在全球化浪潮中实现技术突围？ NOVEMBE 淘汰刚 36氪CEO 2 HERE Carone HILAC AAAI 今年的WISE大会将突破传统形式，以"科技爽文短剧"为载体，讲述颠覆性创新如何重塑中国商业之路。大会聚焦AI、出海、品牌等核心赛道，还原真实 商业现场，并特邀"AI实战派""出海老炮"" ...

11月18日，小米集团发布业绩，2025年第三季度实现营收约1131.21亿元，同比增长22.3%，连续4个季 度突破千亿元；经调整净利润为113亿元，创历史新高，同比增长80.9%；11月20日，小米汽车官方微 博发文称第50万辆整车正式下产线；11月21日，小米宣布具身大模型MiMo-Embodied正式发布并全面开 源。 智通财经APP获悉，小米集团-W(01810)涨超5%，截至发稿，涨4.91%，报40.54港元，成交额33.97亿港 元。 消息面上，11月24日，小米集团发布公告表示，小米集团创始人、董事长兼CEO雷军个人斥资超1亿港 元增持小米集团260万股，平均价为每股约38.58港元，雷军持股比例增加至23.26%。小米集团董事会认 为，增持事项显示雷军对公司的发展前景及增长潜力充满信心。 ...

Core Insights - The article discusses the evolution and potential of humanoid robots, highlighting the advancements in technology and the aspirations of the industry to integrate these robots into everyday life [1][2]. Company Overview - Zhao Tongyang, the founder of Zhongqing Robotics, has a history of working in the robotics sector, initially focusing on IoT before pivoting to humanoid robots [2][3]. - The company made its debut at the 2025 Alibaba Cloud Conference, showcasing its capabilities through a performance that demonstrated the robot's coordination and balance [2]. Funding and Partnerships - Zhongqing Robotics has successfully completed two rounds of financing in July 2023, with significant investments from Xiaopeng Motors and JD.com, among others [4][5]. - A strategic partnership was established with Duolun Technology, which plans to purchase at least 2,000 humanoid robots over three years for applications in road safety and data collection [5]. Technology and Development - The company positions itself as a full-stack self-research entity, focusing on both hardware and software, aiming to create robots that exhibit human-like characteristics [6]. - The current focus is on enhancing the physical capabilities of robots before advancing their intelligence, addressing issues related to agility, coordination, and stability [6][12]. Market Strategy - The company plans to begin large-scale deliveries in October 2023, with an expected production capacity of 500 units per month by the end of the year [13][14]. - Zhongqing Robotics aims to explore various application scenarios beyond education and research, seeking to commercialize its technology effectively [15]. Competitive Landscape - The founder emphasizes the importance of not being defined solely as a hardware company, highlighting the uniqueness of Zhongqing Robotics compared to competitors like Yuzhu [9]. - The company is cautious about engaging in price wars, focusing instead on delivering value through its products [16].

Core Viewpoint - The article discusses the evolution and significance of embodied intelligence, emphasizing its philosophical roots and the necessity of physical interaction for intelligent systems [4][5][7]. Group 1: Historical Development - The concept of embodied intelligence traces back to philosophical and cognitive science developments, highlighting the importance of physical interaction in cognitive processes [4]. - Key experiments, such as Richard Held's "passive movement cat" study, demonstrate the intrinsic link between perception and action, reinforcing the idea that active engagement with the environment is crucial for learning [5]. - The shift from traditional views of intelligence as disembodied computation to a more integrated approach that includes physical embodiment is outlined [6][7]. Group 2: Current Trends in Embodied Intelligence - The construction of immersive environments for embodied intelligence is essential, requiring the integration of physical properties and sensory feedback [9][10]. - The development of large-scale, systematic robot training facilities is identified as a critical infrastructure for advancing embodied intelligence [12]. - Various high-level robot training platforms are emerging across China, indicating a rapid growth in this sector [12]. Group 3: Data Collection and Training - High-quality, diverse behavioral data is crucial for the development of embodied intelligence, focusing on visual, interaction, and semantic understanding data [15][17]. - The article outlines the importance of structured data collection methods, including teleoperation and wearable devices, to enhance the training of robots [19][20]. - A systematic approach to data collection is emphasized, with a focus on stability in object grasping tasks, leading to improved predictive capabilities in robotic systems [22][23][25]. Group 4: Future Directions and Challenges - The integration of embodied intelligence with large models is seen as a key pathway for advancing robotic technology, emphasizing the need for a collaborative framework between edge and cloud computing [26][29]. - The article discusses the necessity of building a comprehensive training ecosystem that combines real and virtual environments to facilitate effective learning and adaptation [34][35]. - The future of embodied intelligence relies on diverse embodied agents and a robust learning and evolution framework to ensure continuous improvement and adaptability [31][36]. Group 5: Practical Applications - Embodied intelligence is being applied in various sectors, including logistics, consumer electronics, and healthcare, showcasing its potential to address real-world challenges [30][33]. - The establishment of training centers and collaborative platforms is crucial for fostering innovation and standardization in the field of embodied intelligence [42][45]. - The article highlights the importance of open-source ecosystems and collaborative efforts among industry players to drive advancements in embodied intelligence [74].

Core Viewpoint - The article highlights the advancements and challenges in the Chinese robotics industry, focusing on two prominent figures, Wang Xingxing and Wang He, who are making significant contributions to the field. Wang Xingxing is known for his technical prowess, while Wang He emphasizes the practical application of humanoid robots in real-world scenarios [2][3]. Group 1: Key Figures and Their Contributions - Wang Xingxing, founder of Yushu Technology, gained fame for his robots performing on a national stage, showcasing nine years of technical development [2]. - Wang He, an assistant professor at Peking University and founder of Galaxy General, is recognized for his methodical approach in transitioning humanoid robots from labs to practical applications [2][3]. - Both figures are respected in the industry, with Wang Xingxing noted for his technical breakthroughs and Wang He for his forward-thinking strategies [3]. Group 2: Industry Developments and Innovations - Galaxy General has made significant strides since its establishment in May 2023, completing two rounds of substantial financing, including an 11 billion RMB round led by CATL and Puxuan Capital, marking the largest single financing in the domestic embodied intelligence sector [3]. - The company launched the "Galaxy Space Capsule," a humanoid robot-operated smart retail system, which occupies less than 9 square meters and can serve over a thousand customers daily [5][9]. - Wang He believes that retail is the optimal entry point for robots due to its large market size and diverse tasks, with plans to expand the deployment of the Galaxy Space Capsule across major cities [5][9]. Group 3: Challenges and Solutions in Robotics - Wang He addressed the industry's "three mountains": cost, mass production, and data challenges, emphasizing that the true difficulty lies in delivering economic value rather than merely producing robots [5][6]. - The cost of a Galbot robot is currently lower than hiring a human for three years, making it an attractive option for businesses [10]. - Galaxy General is tackling the data scarcity issue in embodied intelligence by utilizing synthetic data for training, achieving significant efficiency improvements in robot learning processes [14][15].

Core Viewpoint - The company, Tuosida, is experiencing significant growth in its product-related business, driven by its strategic focus on product development and project reduction, with a notable increase in revenue and profit margins [1] Financial Performance - In the first half of 2025, Tuosida's product-related business revenue increased by 22.66% year-on-year, with a gross margin of 38.83%, showing a slight improvement [1] - Revenue from industrial robots specifically grew by 22.55% year-on-year [1] Product Development - Tuosida has made progress on its first humanoid robot, "Xiao Tuo," developed in collaboration with Zhipu, which features an embodied large model [1] - The robot has successfully completed multiple rounds of verification in injection molding workshops, capable of real-time detection of injection part quality and autonomous loading, achieving full-process automation from detection to operation [1] - The development of "Xiao Tuo" demonstrates the feasibility of humanoid robots in industrial applications and reflects the company's capability in creating a closed-loop system of technology, manufacturing, products, and scenarios [1]

Group 1 - The development of embodied large models may require trillions of data points, as stated by Zhang Zhizheng, co-founder of Galaxy General Robotics [1] - The challenge lies in the insufficient and unsustainable nature of real data collection, making synthetic data an inevitable choice [1]

Core Insights - The humanoid robot industry is actively preparing for IPOs, with at least four companies, including Yushu, aiming to enter the secondary market soon [1][2] - The competition for the title of "first humanoid robot stock" is intense, as companies seek to secure funding and establish a market presence [2][3] - The success of these IPOs could lead to increased investment in the humanoid robot sector, particularly in areas like embodied AI models [3] Group 1: IPO Preparations - Yushu has recently completed a name change and is in the final stages of preparing for its IPO, expected between October and December [2] - Other humanoid robot companies in Beijing and Shanghai are also preparing for IPOs, with many targeting the Hong Kong Stock Exchange due to differing regulatory processes compared to A-shares [2] - The urgency to go public is driven by the need for capital to support growth and development in the humanoid robot sector [2][3] Group 2: Market Performance - The humanoid robot index has seen a significant increase of 55.90% year-to-date, indicating strong market interest [3] - Companies associated with Yushu, such as Changsheng Bearings and Orbbec, have experienced substantial stock price increases, with gains of over 195% and 240% respectively [3] Group 3: Investment Strategies - Companies like Zhiyuan are forming investment funds to enhance their valuation narratives while also focusing on core business operations [4][5] - The strategy of investing in early-stage projects has been employed by Zhiyuan, which has invested in 15 projects over the past year [4] - There are concerns that excessive focus on investment could distract from core business objectives, potentially leading to misalignment between investment and operational cycles [5][6] Group 4: Ecosystem Development - The collaboration between investment and operational activities aims to create a robust ecosystem for humanoid robots, with companies leveraging their supply chains for competitive advantages [6] - Partnerships are being formed to enhance resource sharing and reduce costs, which could lead to improved operational efficiency [6]

Core Viewpoint - The humanoid robot industry is rapidly preparing for IPOs, with several companies aiming to enter the secondary market, highlighting the competitive landscape for the "first stock" in this sector [1][2]. Group 1: IPO Preparations - Yushu has recently changed its name and is on the verge of an IPO, with expectations to file between October and December 2023 [2]. - At least three other humanoid robot companies in Beijing and Shanghai are also preparing for IPOs, primarily targeting the Hong Kong Stock Exchange [2]. - The urgency for these companies to go public is driven by the need for capital to support growth and development in the humanoid robot sector [2][3]. Group 2: Market Dynamics - The humanoid robot index has increased by 55.90% year-to-date, indicating strong market interest [3]. - Companies like Changsheng Bearing and Aobo Zhongguang have seen significant stock price increases, with gains of over 195% and 240% respectively, reflecting investor enthusiasm for the sector [3]. Group 3: Investment Strategies - Companies are leveraging investments to enhance their valuation narratives, with firms like Zhiyuan establishing funds to invest in early-stage projects within the robotics ecosystem [4]. - Zhiyuan has invested in 15 early-stage projects over the past year, indicating a proactive approach to building a comprehensive investment portfolio [4]. - The dual strategy of investing while securing orders is seen as a way to create an ecological moat, although there are concerns about potential distractions from core business operations [4][12].

Group 1: Development of Embodied Intelligence - The concept of embodied intelligence dates back to the 1950s, with Turing laying the groundwork for its potential development [1] - Significant theoretical support was provided by researchers like Rodney Brooks and Rolf Pfeifer in the 1980s and 1990s, marking the early exploration and theoretical development phase [1] - The early 2000s saw the integration of interdisciplinary methods and technologies, leading to a more complete academic branch of embodied intelligence [1] - The rapid advancement of deep learning technology in the mid-2010s injected new momentum into the field, leading to increased industrial application since 2020 [1] Group 2: Large Models and Their Evolution - Large models refer to machine learning models with vast parameter counts, widely applied in NLP, computer vision, and multimodal fields [2] - The development of large models can be traced back to early AI research focused on logic reasoning and expert systems, which were limited by hard-coded knowledge [2] - The introduction of the Transformer model by Google in 2017 significantly enhanced sequence modeling capabilities, leading to the mainstream adoption of pre-trained language models [2] - The emergence of ChatGPT in late 2022 propelled advancements in the NLP field, with GPT-4 introducing multimodal capabilities in March 2023 [2] Group 3: Embodied Large Models - Embodied large models evolved from non-embodied large models, initially focusing on single-modal language models before expanding to multimodal inputs and outputs [4] - Google's RT series exemplifies embodied large models, with RT-1 integrating vision, language, and robotic actions for the first time in 2022, and RT-2 enhancing multimodal fusion and generalization capabilities in 2023 [4] - The future of embodied large models is expected to move towards more general applications, driven by foundational models like RFM-1 [4] Group 4: Data as a Core Barrier - The competition between real data and synthetic data is crucial for embodied robots, which often face challenges such as data scarcity and high collection costs [15] - The scale of embodied robot datasets is significantly smaller compared to text and image datasets, with only 2.4 million data points available [15] - Various organizations are expected to release high-quality embodied intelligence datasets in 2024, such as AgiBotWorld and Open X-Embodiment [15] Group 5: Motion Capture Systems - Motion capture technology records and analyzes real-world actions, evolving from manual keyframe drawing to modern high-precision methods [23] - The motion capture system consists of hardware (sensors, cameras) and software (data processing modules), generating three-dimensional motion data [23] - Different types of motion capture systems include mechanical, acoustic, electromagnetic, inertial, and optical systems, each with its own advantages and limitations [25] Group 6: Key Companies in Motion Capture Industry - Beijing Duliang Technology specializes in optical 3D motion capture systems, offering high-resolution and high-precision solutions [28] - Lingyun Technology is a professional supplier of configurable vision systems, providing optical motion capture systems with real-time tracking capabilities [29] - Aofei Entertainment focuses on motion capture solutions through investments in companies like Nuoyiteng, which offers high-precision products based on MEMS inertial sensors [30] - Liyade is a leading company in audiovisual technology, utilizing optical motion capture technology for various applications [31] - Zhouming Technology has developed a non-wearable human posture motion capture system that leverages computer vision and AI [32] - Xindong Lianke focuses on high-performance MEMS inertial sensors, expanding its business into motion capture hardware for robots [33]