本报（chinatimes.net.cn）记者胡梦然 见习记者 黄海婷 深圳摄影报道 近十年，我国人形机器人相关企业存量逐年增加。天眼查数据显示，截至2026年2月11日，国内在业存 续的人形机器人相关企业达870家，其中华东地区占比47.2%，华南地区占比23.6%。 就在这片热土上，深圳逐际动力（LimX Dynamics）于2026年2月2日宣布完成2亿美元B轮融资。这是今 年以来国内具身智能领域金额最高的一笔融资，资方名单中既有阿联酋磊石资本等国际财务投资人，也 出现了京东、上汽尚颀资本、蔚来资本等产业资本身影。 这家成立仅四年的公司，凭借"大小脑融合""具身Agentic OS""模块化通用基座"等技术标签，在资本寒 冬尚未完全退去的当下，获得了超预期加注。 然而，围绕逐际动力的行业评价远非一致叫好。《华夏时报》记者在为期一周的多方调查中发现，这家 被资本捧上浪尖的公司，正面临"业内认可、业外无感""技术领先、营销滞后""定价策略与市场预期错 位"等多重压力，有业内人士甚至直言："这个价格就没打算卖，说白了就是吸引融资圈钱。" 当人形机器人赛道从2024年的"百企争流"行至2026年的"分化淘汰"前 ...

Core Viewpoint - The article emphasizes the rapid growth and potential of the embodied intelligence sector, highlighting significant investments and innovations, particularly from the company Zhujidongli, which recently secured $200 million in funding [11][12]. Group 1: Industry Overview - In 2025, the embodied intelligence sector saw 168 companies receive funding totaling 32.9 billion, a year-on-year increase of 291% [3]. - The Ministry of Industry and Information Technology has identified humanoid robots as a key driver for the development of the embodied intelligence industry [3]. - Despite the optimism, concerns about a potential "winter" for the industry are emerging due to high valuations and challenges in technology and application [3][39]. Group 2: Company Innovations - Zhujidongli is recognized for its unique approach in the embodied intelligence space, showcasing its humanoid robot Oli during a government visit [5]. - The company introduced the "Embodied Intelligence System LimX COSA," which acts as an intelligent operating system for humanoid robots, enabling them to think and act autonomously [6][7]. - The TRON 2 robot, capable of switching between multiple forms, is designed to reduce the cost of exploring various application scenarios, making it a versatile tool for businesses [8][11]. Group 3: Market Position and Strategy - Zhujidongli's focus is on original innovation, avoiding trends and competition based solely on parameters, aiming instead for practical applications and user value [11][42]. - The company is strategically positioned to leverage its technological advancements in the humanoid robot sector, emphasizing the importance of product experience over mere technical demonstrations [17][32]. - The founder believes that 2026 will mark a pivotal year for the industry, with a shift towards practical applications and proof of concept validations [39][49]. Group 4: Future Outlook - The company anticipates that 2026 will be a year of significant breakthroughs in embodied intelligence, particularly in video data training and reinforcement learning [49][50]. - The focus will be on achieving product-market fit and expanding the product matrix, with an emphasis on the Agentic OS as a key technological advancement [55][56]. - The founder asserts that true competition in the sector will revolve around creating meaningful products and solutions rather than merely competing on technology [57][58].

Core Insights - In January 2026, the number of newly registered private equity and venture capital fund managers decreased by 62.5% year-on-year and month-on-month, with a total of 8 new registrations [1][13] - The total number of newly filed private equity and venture capital funds was 548, a decrease of 20.6% compared to December 2025, but a significant increase of 66.1% compared to January 2025 [1][13] - The domestic primary market saw 644 equity investment events in January 2026, with a total disclosed investment amount of approximately 52.999 billion yuan, reflecting a year-on-year increase of 2.1% and a 55.5% increase compared to the same month in 2025 [1][13] Investment Trends - The average single investment amount in January 2026 was approximately 82.296 million yuan, showing a year-on-year increase of 52.5% and a month-on-month increase of 6.0% [1][13] - The investment activities of Dongfang Fuhai, a prominent investment institution, included 7 disclosed equity investment events in January 2026, marking a 75.0% increase compared to the same month in 2025 and a 16.7% increase from December 2025 [3][16] - Dongfang Fuhai's investment strategy involves 80% of funds allocated to early and growth-stage companies, focusing on A and B rounds, while 20% is directed towards mature companies [2][15] Sector Focus - In January 2026, Dongfang Fuhai's investments were heavily concentrated in the artificial intelligence and manufacturing sectors, each accounting for 42.9%, together exceeding 85% of total investments [7][21] - The institution's investment strategy reflects a focus on hard technology and industrial upgrades, particularly in the integration of artificial intelligence and manufacturing, aligning with national strategic and industrial transformation trends [7][21] Geographic Distribution - Dongfang Fuhai's investments are primarily concentrated in Shanghai and Shenzhen, with over 70% of the invested companies located in these economically active regions [9][23] - The institution is also expanding its investment footprint into Sichuan and Anhui, indicating a strategy that extends from the Yangtze River Delta and Pearl River Delta into potential growth areas in central and western China [9][23] Notable Investment Case - The humanoid robot company LimX Dynamics announced a successful B round financing of 200 million USD, with participation from multiple investors including Dongfang Fuhai [12][25] - LimX Dynamics focuses on developing full-size general-purpose humanoid robots and has created several innovative products, leveraging core technologies in hardware design, motion control, and intelligent systems [12][25]

Group 1 - LimX Dynamics, a humanoid robotics company, has completed a $200 million Series B funding round with investments from various firms including Stone Venture, Dongfang Fuhai, and JD.com [3][4] - The company aims to address the challenges of scaling robotics by introducing the TRON 2, a modular robot that can adapt to various tasks through interchangeable components, thus reducing the need for custom designs for each application [4][5] - TRON 2 features a modular architecture allowing it to switch between different forms, such as dual-arm and dual-leg configurations, enhancing its versatility for tasks ranging from precise operations to navigating complex terrains [5][6] Group 2 - The LimX COSA operating system is designed to enhance the robot's cognitive capabilities, enabling it to prioritize tasks and plan actions autonomously, which is a significant advancement over traditional linear task execution [6][8] - The integration of TRON 2 and the COSA system creates a comprehensive solution for embodied intelligence, allowing for efficient development and deployment in various industries [8][9] - The company is focusing on applications that require high adaptability and interaction, targeting both B2B services and C2C home services, while also planning to establish a localized ecosystem for overseas markets [12]

Core Viewpoint - The article discusses the recent $200 million Series B funding round for humanoid robot company LimX Dynamics, highlighting the importance of embodied intelligence in robotics and the company's innovative solutions to overcome traditional barriers in the industry [6][16]. Group 1: Funding and Investment - LimX Dynamics has successfully completed a $200 million Series B financing round, with investors including Stone Venture, Dongfang Fuhai, and several strategic industry investors such as JD.com and SAIC Group [6]. - Existing shareholders, including SAIC Group's Shangqi Capital and NIO Capital, have also increased their investments in the company [6]. Group 2: Technological Innovations - LimX Dynamics has introduced two key technologies: the TRON 2 multi-modal embodied robot and the LimX COSA embodied intelligence operating system, which aim to address the challenges of integrating robotics into real-world applications [6][7]. - The TRON 2 features a modular architecture that allows for flexible reconfiguration into various forms, enabling it to adapt to different operational needs, such as fine manipulation or navigating complex terrains [7][10]. Group 3: Operational Efficiency - The modular design of TRON 2 reduces costs and increases efficiency by allowing enterprises to use a single robot for multiple tasks, thus improving hardware utilization and return on investment [10]. - The system serves as a standardized validation platform, enabling companies to conduct algorithm testing and commercial validation at a lower cost and faster pace before mass production [10]. Group 4: Intelligent Systems - The LimX COSA operating system aims to enhance the robot's cognitive capabilities, allowing it to prioritize tasks and autonomously plan actions in dynamic environments [11][13]. - The integration of TRON 2, the humanoid robot Oli, and the COSA system creates a reusable embodied intelligence production capability, streamlining the development process for engineers and developers [13][14]. Group 5: Market Focus and Strategy - LimX Dynamics targets applications that require high adaptability and interaction, initially focusing on B2B services and expanding into B2C home services [16]. - The company plans to leverage the advantages of the Chinese supply chain for rapid iteration and cost control while establishing a localized ecosystem for developers, customers, and channels [16].

Core Insights - The article discusses the launch of the world's first embodied Agentic OS, named LimX COSA, developed by LimX Dynamics from Shenzhen, China, which enables robots to think and act simultaneously [1][25] - The system allows the humanoid robot Oli to perform complex tasks autonomously, overcoming the traditional limitations of robots that could only execute pre-programmed instructions [1][3] - The focus of the industry is shifting from model capabilities to OS system capabilities, paving the way for the transition from technology demonstrations to actual product delivery [1][25] Group 1: Unique Features of COSA - COSA integrates the robot's cognitive and motor functions, creating a real-time feedback loop that enhances its ability to adapt to the physical world [3][6] - Unlike competitors that simply attach a "general brain" to robots, COSA serves as a complete operating system, akin to Android or iOS, capable of supporting numerous applications and driving physical AI [3][18] - The continuous operation capability of COSA allows Oli to perform tasks seamlessly, demonstrating a significant advancement over segmented demonstrations by other systems [3][19] Group 2: Technical Structure of COSA - COSA is built on a three-layer structure: the foundational model for whole-body control, a high-level skills layer, and an autonomous cognitive and decision-making layer [8][12] - The foundational layer ensures stable and reliable atomic actions, allowing the robot to perform complex movements without relying on pre-trained actions [9][23] - The high-level skills layer connects cognitive functions with motor control, enabling the robot to adapt its actions based on environmental feedback and task requirements [11][20] Group 3: Core Capabilities of COSA - COSA endows robots with advanced cognitive and reasoning abilities, allowing them to dynamically decompose long-term tasks into executable sub-tasks based on situational context [20][21] - The system incorporates a semantic memory and proactive perception capability, enabling robots to build a continuous understanding of their environment and remember past interactions [21][22] - COSA facilitates real-time physical interaction, allowing robots to execute tasks smoothly while managing multiple objectives simultaneously [23][24] Group 4: Implications for the Industry - The launch of COSA represents a fundamental breakthrough in the development of embodied intelligence, showcasing China's innovative capabilities in advanced robotics [25][27] - This advancement is expected to drive the commercialization of humanoid robots by 2026, marking a significant milestone in the robotics industry [29][28]

Core Viewpoint - LimX Dynamics has made a significant advancement in embodied intelligence with the release of the LimX COSA, transitioning from a focus on model capabilities to operating system capabilities, emphasizing product delivery and user experience [1][15]. Group 1: Introduction of LimX COSA - LimX COSA is a newly developed embodied Agentic OS designed for the physical world, integrating high-level cognition with full-body control to enable robots to think and act simultaneously [1][2]. - The full-sized humanoid robot Oli, powered by the COSA system, becomes the first humanoid agent with both motion intelligence and high-level cognition [10]. Group 2: Design Philosophy of COSA - COSA is structured in a bottom-up three-layer architecture, corresponding to the behavioral evolution of the robot Oli [4]. - The system is centered around the robot itself, creating a modular and reusable toolbox of diverse skills, each skill trained for reliability and supporting independent iteration and combination [5]. Group 3: Functional Capabilities of COSA - COSA enables a complete feedback loop of understanding tasks, perceiving the environment, adjusting decisions, combining skills, and executing actions, achieving "unity of knowledge and action" [5]. - The foundational layer consists of a robust whole-body control model, providing stable balance and movement capabilities [6]. - The middle layer integrates environmental perception and adaptive high-level skills, allowing for complex behaviors such as navigation and obstacle avoidance [6]. - The top layer embodies autonomous cognition and decision-making capabilities, focusing on interaction, memory, and thought processes [6]. Group 4: Advanced Cognitive Abilities - COSA endows robots with high-level cognitive and reasoning capabilities, allowing them to understand tasks and goals based on physical logic [9]. - The robot Oli can autonomously decompose and plan complex tasks, dynamically adjusting priorities based on environmental changes, enabling concurrent multi-task processing [9]. Group 5: Memory and Perception - COSA provides robots with continuous cognitive abilities through cross-temporal and cross-modal perception and memory, allowing Oli to build its own "worldview" [11]. - The system enables a shift from passive input acceptance to active perception and exploration, enhancing the robot's ability to make precise judgments based on its surroundings [11]. Group 6: Integration of Intelligence and Motion - COSA represents a seamless integration of high-level intelligence and motion capabilities, allowing Oli to maintain stability and robustness in complex environments while performing tasks [13]. - The "brain + cerebellum" integration technology ensures that Oli can think and act effectively [13]. Group 7: Transition from Demo to Product - COSA marks a pivotal shift in embodied intelligence from a focus on model capabilities to operating system capabilities, moving from technology demos to product delivery and user experience [15].

Core Viewpoint - Dongtu Technology (300353) is strategically investing in the embodied robotics sector by acquiring stakes in Shenzhen Zhujidong Power Technology Co., Ltd. and Chengdu Annu Intelligent Technology Co., Ltd., and plans to lead a Series A funding round for Beijing Humanoid Robot Innovation Center Co., Ltd. [2] Group 1: Investment and Strategic Focus - Dongtu Technology's investments encompass hardware manufacturers, software model foundations, and scenario-based companies, highlighting a strong emphasis on ecological collaboration [2] - Zhujidong, founded in 2022, focuses on developing full-size humanoid robots and has attracted investments from top-tier institutions such as Alibaba, JD.com, and NIO Capital [2] - Annu Intelligent, a scenario-based company, has successfully implemented embodied intelligent robots in industrial applications, achieving commercial orders [3][4] Group 2: Technological Development and Applications - Zhujidong's humanoid robot, Oli, can autonomously perform tasks such as tennis ball recognition and retrieval, showcasing advanced motion control technology [3] - Annu Intelligent plays a crucial role in collecting vertical scene data to bridge the gap between robotic technology and practical applications [4] - Dongtu Technology aims to focus on key areas such as motion control and industrial training scenarios through its investments [4] Group 3: Research and Ecosystem Building - The Beijing Humanoid Robot Innovation Center is the first national-local collaborative platform for embodied intelligence, focusing on common technology research and ecosystem development [5] - Dongtu Technology's previous investments in the embodied intelligence sector include the launch of the Hongdao AI robot operating system, which aims to address key technological bottlenecks in domestic robotics [5][6] - The Hongdao Intewell operating system is positioned as the core of the full-stack technology for embodied intelligent robots, supporting diverse intelligent applications [6]

Core Insights - The company Zhujiji Power announced that its full-sized humanoid robot, Oli, has achieved full autonomy in tennis-related tasks, including recognition, tracking, ball collection, placement, walking, bending, and squatting [1] Group 1: Robot Capabilities - Oli operates based on Whole-Body Loco-Manipulation with Active Perception, completing tasks without motion capture data or remote control [1] - The robot stands at a height of 1.65 meters and has a total of 43 degrees of freedom, comprising 31 for the body and 12 for the dexterous hands [1] - The tracking range of Oli's hands reaches a vertical maximum of 2 meters and a horizontal maximum of 1.8 meters [1]