行 华福证券 机械设备 2025 年 12 月 13 日 业 研 究 机械设备 云深处科技再获超 5 亿 C 轮融资，技术产品双突破 建议关注 告 风险提示 市场及政策风险、行业竞争加剧风险、人形机器人进展不及预期 等 强于大市（维持评级） 投资要点： 融资保障多维发展，资本推动技术转化 行 业 定 期 报 告 云深处科技（"杭州六小龙"之一）近期完成超 5 亿元 C 轮融资， 招银国际、华夏基金领投，中国电信、中国联通旗下基金参投，云晖 资本等跟投，达晨财智等老股东持续加持。值得注意的是，今年 7 月 其已获近 5 亿融资。本轮资金将支撑技术研发、产能扩张与市场拓展， 同时联合投资方构建"技术-产业-场景"生态，推动具身智能机器人商 业化落地。 产品突破环境局限，导航赋能民用场景 作为国家级高新技术企业，云深处科技构建了"感知-决策-执行" 全链路技术体系。今年 4 月发布轮足机器人山猫 M20（IP66 防护、-20℃ 至 55℃作业，应对极端环境），10 月发布全天候人形机器人 DR02（同 防护宽温标准，打破受控环境限制），同步推出 DeepVLA1.0 导航系 统（支持跨楼层精准导航，赋能民用场景） ...

【环球网科技综合报道】12月9日，杭州云深处科技股份有限公司（以下简称云深处科技）宣布完成超5亿元人民币C轮融资。本轮融资由招银国际和华夏基 金联合领投，中国电信、中国联通旗下基金参与战略投资，云晖资本、中芯聚源、浙大基金会、首程控股等多家机构跟投，达晨财智、前海方舟、央视融媒 体基金、北京机器人产业发展投资基金和华映资本等老股东在本轮继续加持。 目前，云深处科技产品已在电力巡检、应急消防、安防巡逻、工业运维、教育科研、文娱体验等领域行业场景应用落地，并积极拓展新场景落地，推进各行 各业智能化升级。值得一提的是，云深处科技已构建了全球化市场布局，并在今年推动更多海外场景落地。比如在北美某大型仓储园区，云深处科技的机器 狗与HawkRobo的智能安防平台成功部署并投入实际应用，实现了仓储环境"感知-分析-决策-处置"的全流程自动化，提升了仓储区域的监控覆盖能力与应急 响应速度，在降低人工巡检负荷的同时，为全球仓储安保提供了稳定、智能的运营实践。 云深处科技创始人兼CEO朱秋国表示，这一轮的融资将用来继续加大研发投入力度，引进更多优秀人才，进一步加强四足机器人及人形机器人的研发，"我 们将以此次融资为契机，推动具 ...

Core Viewpoint - The recent financing of nearly 500 million yuan for Yun Shen Chu Technology raises caution despite its strong performance in the embodied intelligence sector, often referred to as one of the "Hangzhou Six Little Dragons" [1] Group 1: Market Expectations - The market trades on expectations rather than reality, indicating that while retail investors focus on technical parameters, professional investors are more concerned with institutional funding movements and potential impacts on the supply chain [2][3] - The concept of "expectation gap" is highlighted, where the true drivers of stock price may differ from public perception, as seen in the case of Yun Shen Chu Technology [3] Group 2: Data Insights - Historical comparisons show that stocks with active institutional interest can outperform those with strong financial reports but lack institutional backing, emphasizing the importance of funding recognition [6] - The need for quantitative tools to monitor trading behavior is stressed, as they can reveal subtle shifts in investor sentiment that precede significant market movements [4][6] Group 3: Industry Analysis - The embodied intelligence sector is still in its early stages, with commercialization potentially falling short of expectations, and the collective push of the "Hangzhou Six Little Dragons" may lead to capital market strain [4][11] - The introduction of new investors raises questions about the quality of the opportunity, suggesting that if the company were truly exceptional, existing shareholders would retain more control [4][11] Group 4: Investment Philosophy - The design philosophy of the wheeled robot, "Shan Mao M20," reflects investment principles, emphasizing the need to understand market trends and the complexities of operational capabilities [9] - In an era of information overload, reliance on objective data to filter out noise is crucial for making informed investment decisions [9]