2026年2月11日 ，北京，一家名为"星海图"的创业公司在其略显低调的办公室内，完成了一笔足以搅动整个机器人投资界的融资。 10亿元人民币 ，这是B轮融资的数字； 百亿估值 ，这是公司成立不到三年交出的答卷。 融资名单堪称豪华。 金鼎资本、北汽产投、碧鸿投资 等产业资本躬身入局； 正心谷资本、前海方舟 等顶尖PE基金重仓押注； 毅峰资本 带来国际视野。 更令人瞩目的是， 凯辉、美团龙珠、今日资本、襄禾资本、高瓴创投 五位老股东集体超额跟投，创下中国具身智能领域"老股东加持比例与频次最高"的记录。 星海图由此成为继宇树、智元、银河通用之后，行业第四只百亿独角兽，也是其中 成立时间最短、估值攀升最快 的一家。 然而，与融资市场的热烈形成鲜明对比的，是这家公司一贯的"低调"与"务实"。在当晚举行的媒体会中，合伙人兼CFO罗天奇面对尖锐提问，罕见地系统阐述了公 司的"非共识"逻辑： 不迷信烧钱、不追逐虚名、不贪图快钱。 这或许不仅是一家公司的成长故事，更映射出中国硬科技创业在资本狂潮中的一次理性回归，以及具身智能这条万亿赛道正在浮现的"中国式进化路径"。 01. 百亿估值背后的"冷思考" "外界总说我们是'百年老店 ...

Core Insights - Starry Sea Map completed a 1 billion yuan Series B financing round, with investors including leading industry capital and top private equity funds, marking a significant recognition of its technology and commercialization progress [2][3] - The financing round indicates a shift in market focus from early-stage technology validation to deep consideration of industrial collaboration and commercialization [3][4] Financing Details - The round included participation from industry capitals such as Jinding Capital, BAIC Investment, and Bihong Investment, which will accelerate the integration of Starry Sea Map's technology in key sectors like smart manufacturing and automotive [3] - Top private equity funds like Zhengxin Valley Capital and Qianhai Ark's interest reflects long-term value recognition from investors in the sector [4] - International capital from Yifeng Capital enhances the company's global expansion efforts, aligning with its market growth [4] - Existing shareholders, including K2VC, Meituan Longzhu, and Hillhouse Capital, have increased their stakes, showcasing strong confidence in the company's execution and growth potential [4] Technological Advancements - The core technology barrier of Starry Sea Map stems from its "post-90s Tsinghua team," which combines top academic capabilities with industry engineering experience [6] - The company is focused on an end-to-end visual-language-action (VLA) model technology route, with continuous iterations leading to the release of the G0 model and its upgraded version G0 Plus, which is positioned as the world's first out-of-the-box VLA model [6] - Starry Sea Map has built a high-efficiency data collection and model training base, enhancing data collection efficiency and quality through innovative methods [6][8] Market Position and Commercialization - The company has achieved thousands of orders, covering top global universities and industry leaders, validating its market competitiveness [8] - Starry Sea Map leads in the deployment scale and market share in the wheeled dual-arm robot sector, with its platforms being utilized by over 90% of top global developers [8] - The company is transitioning from demonstration feasibility to large-scale deployment, having secured significant orders from leading automotive manufacturers and logistics companies [8] Vision and Future Goals - Starry Sea Map aims to redefine its mission beyond manufacturing single robots, focusing on building foundational infrastructure for the intelligent transformation of the physical world [9] - The company is committed to deploying 10 billion intelligent agents to serve 10 billion people, having established a closed-loop verification from technology research and product innovation to commercial landing [10]

Core Viewpoint - The company has demonstrated confidence in its valuation through a significant share buyback program, indicating a commitment to stabilizing stock prices and enhancing shareholder returns. The long-term strategy involves a dual-engine approach combining REITs and robotics to create a distinctive industrial capital paradigm in the Hong Kong market [1] Group 1: REITs Sector - The REITs segment is crucial for assessing the company's fundamental resilience, having established a leading position in the securitization of infrastructure assets. The company has successfully introduced multiple core asset projects into the IDC REITs market, including data centers and transportation hubs [2] - The REITs framework, characterized by standardization, high dividends, and strong regulation, has not only released cash flow but also facilitated liquidity transformation and capital structure optimization [2] - Several projects have entered the national-level stabilization fund system, becoming stable income asset types encouraged by policy, enhancing the company's ability to quickly activate heavy asset projects [2] Group 2: Robotics Business - In contrast to the REITs sector, the robotics business represents the company's high growth trajectory and capital imagination. The company has invested in leading robotics firms and established a clear "chain leader investment portfolio" [3] - The four-legged robot sector is expected to see significant revenue growth, with one company projected to achieve over 100% year-on-year revenue growth by 2025. Another company has implemented over 600 projects across 26 provinces [3] - The company is not merely a financial investor; it possesses inherent advantages in parking assets and industrial parks, launching various scenario-based support systems to facilitate the commercialization of technology [3] Group 3: Dual-Engine Strategy - The dual-engine model of the company—REITs providing cash flow and stability, while robotics offers high growth and capital potential—addresses the market's structural demand for both stable dividends and industrial upgrade benefits [4] - The REITs segment mitigates cyclical fluctuations and serves as a valuation anchor, while the robotics segment focuses on high-growth technology sectors expected to explode in the next 5-10 years [4] - This combination allows the company to maintain its existing dividend distribution system while capitalizing on industry upturns, leading to a potential revaluation of capital [4]