以下文章来源于融中财经 ，作者吕敬之 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体 资讯平台、品牌活动、研究服务、专家咨询、投资顾问等业务，为政府、企业、投资机构提供一站式专 业服务。 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 本文转载自融中财经（ID：thecapital） 2025 年，人形机器人行业经历了冰与火的双重考验。 一边是 570 亿元融资涌入、近 30 家企业扎堆冲刺上市、亿元级订单频频落地；一边是硅谷明星 创业公司在量产前夜轰然倒塌，协作机器人先驱二次死亡，就连扫地机器人鼻祖也黯然申请破产保 护。 中国 100 多家人形机器人企业经过近三年奔跑，头部与尾部的差距已是云泥之别——第一梯队手 握十亿级概念验证订单筹备上市，而那些融资停滞、产品难以落地的企业，用一位行业观察者的话 说， " 事实上已经不行了，只是还保持着低速运转 " 。技术专家和行业分析师都在发出同样的警 告： 2026 年，行业出清将加速到来。这不是一个 ...

Core Viewpoint - The humanoid robot industry in 2025 is experiencing a severe dichotomy, with significant funding and successful companies on one side, while many startups face collapse due to financial and operational challenges [4][5][9]. Industry Overview - In 2025, the humanoid robot sector saw 610 financing events, nearly tripling from the previous year, with total funding exceeding 57 billion yuan [15]. - Over 100 humanoid robot companies in China have differentiated significantly, with leading firms securing billion-level orders and preparing for IPOs, while others struggle to survive [4][5]. Company Failures - Notable failures include K-Scale Labs, which collapsed just before mass production due to cash flow issues, revealing the challenges faced by many startups lacking a complete local supply chain [5][6]. - Rethink Robotics, a pioneer in collaborative robots, faced its second closure in 2025 after failing to meet market expectations, highlighting the risks of rushed product launches [7][9]. - iRobot, the maker of Roomba, filed for bankruptcy in December 2025, attributed to prolonged financial struggles and competition from lower-priced Chinese products [8][9]. Market Dynamics - The industry is shifting from a focus on academic institutions to industrial enterprises, with increased orders from automotive manufacturers, indicating a demand for reliability and economic viability [15][16]. - The competition has intensified, with many companies producing similar products, leading to a "race to the bottom" in pricing and innovation [10][11]. Technological Challenges - The primary bottleneck in humanoid robots is the AI module, which is crucial for their functionality, yet many companies invest little in this area, relying on larger tech firms for support [11][12]. - The rapid pace of technological evolution means that today's leaders can quickly become laggards if they fail to innovate [12][13]. Survival Strategies - Companies must establish differentiation, create genuine commercial loops, maintain financing capabilities, and leverage data to enhance AI models [16]. - The industry is expected to see further consolidation and a clearer divide between successful firms and those unable to adapt to market demands [15][16].

2025年，人形机器人行业经历了冰与火的双重考验。 一边是570亿元融资涌入、近30家企业扎堆冲刺上市、亿元级订单频频落地；一边是硅谷明星创业公司 在量产前夜轰然倒塌，协作机器人先驱二次死亡，就连扫地机器人鼻祖也黯然申请破产保护。 中国100多家人形机器人企业经过近三年奔跑，头部与尾部的差距已是云泥之别——第一梯队手握十亿 级概念验证订单筹备上市，而那些融资停滞、产品难以落地的企业，用一位行业观察者的话说，"事实 上已经不行了，只是还保持着低速运转"。技术专家和行业分析师都在发出同样的警告：2026年，行业 出清将加速到来。这不是一个关于失败者的挽歌，而是一面照出行业真实面貌的镜子：当潮水退去，谁 在裸泳？当资本从"看Demo"转向"看量产"，谁能真正活下来？ 行业分化加剧，淘汰赛已经开始 2025年，人形机器人行业经历了一场残酷的淘汰赛。曾经站在聚光灯下的明星企业接连倒下，硅谷的创 业神话被现实击碎，就连开创协作机器人品类的行业先驱也未能幸免。当潮水退去，技术的狂热与商业 的冷酷之间那道难以逾越的鸿沟终于显现。 最具戏剧性的倒闭发生在2025年11月。硅谷人形机器人初创公司K-Scale Labs的创始人本 ...

Core Viewpoint - Despite significant investments from venture capital firms and large tech companies, humanoid robots still struggle to achieve dexterity, which is essential for performing tasks in human environments [2][3][4]. Group 1: Historical Context of Humanoid Robots - The concept of humanoid robots has been explored for over 65 years, with early developments including a computer-controlled robotic arm capable of stacking blocks in 1961 [3]. - The evolution of humanoid robots has seen contributions from various institutions, including WABOT-1 from Waseda University in the 1970s and Honda's ASIMO in 2000 [11][12]. Group 2: Current State and Future Predictions - Humanoid robots are currently in the early stages of development, with Gartner indicating they have not yet reached their peak hype [4]. - Companies like Tesla and Figure are optimistic about the economic potential of humanoid robots, with predictions of creating trillions in revenue [9][10]. Group 3: Challenges in Dexterity - Achieving human-level dexterity in humanoid robots remains a significant challenge, as current robotic hands lack the necessary finesse and adaptability for a wide range of tasks [23][24]. - Existing methods for training robots often rely on visual demonstrations, which do not adequately capture the tactile feedback necessary for dexterous manipulation [27][28]. Group 4: Learning Approaches - The industry has seen a shift towards end-to-end learning methods, where robots learn from observing human actions, but this approach has limitations due to the lack of tactile feedback and precision [30][31]. - Successful applications of end-to-end learning in other fields, such as speech recognition and image labeling, highlight the importance of pre-processing and human-like structures in achieving effective learning outcomes [49][50]. Group 5: Importance of Tactile Feedback - Human dexterity is heavily reliant on rich tactile feedback, which current humanoid robots do not possess, leading to challenges in replicating human-like manipulation [51][52]. - The complexity of human touch perception and the integration of multiple body parts in dexterous tasks further complicate the development of humanoid robots capable of similar actions [52].