炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：第一机器人 01 融资纪录 银河通用机器人此轮融资阵容堪称豪华。除中国移动链长基金领投外，中金资本、中科院基金、苏创 投、央视融媒体基金、天奇股份等重量级投资平台及产业巨头联合注资。 与此同时，来自新加坡、中东的国际投资机构及老股东也参与了此轮加注。市场消息显示，**银河通用 累计融资额已达约8亿美元**。 "人形机器人已经过了炫技、表演的阶段，现在更看重谁能真正进厂干活。"银河通用创始人王鹤在采访 中强调了公司的务实态度。 王鹤拥有清华本科、斯坦福博士的学术背景，师从美国三院院士Leonidas J． Guibas教授，是具身智能 大模型领域的领军学者。公司联合创始人姚腾洲则拥有北航机器人研究所的学术背景及千万级智能硬件 的量产经验。 02 技术路径 与传统机器人厂商不同，银河通用采取了独特的"大脑优先、身体务实"策略。 中国估值第一的人形机器人公司，换了！ 12月19日，银河通用机器人宣布完成超3亿美元（约21亿元人民币）新一轮融资。本轮融资由中国移动 链长基金领投，投后公司估值已达30亿美元（约合人民币211亿元），刷新了国 ...

"北大系"初创公司银河通用完成超3亿美元融资，创具身智能单轮纪录，投后估值约30亿美元。中国移动链长基金领投，产业资本与国际资金加码，凸显赛道热度。公司押注端到端 具身大模型，已在工业与商业场景落地并获千台级订单。完成股改后正筹备赴港IPO，最快或于明年初申报。 硬·AI 作者 | 张雅绮 编辑 | 硬 AI 银河通用宣布完成超3亿美元新一轮融资，这一金额刷新了具身智能领域的单轮融资纪录。 据19日公布的信息，本轮融资由中国移动链长基金领投，中金资本、中科院基金、苏创投、央视融媒体基金、天奇股份等产业资本与投资平台联合注资。此外， 交易还吸引了来自新加坡、中东的国际投资机构及老股东的加注。 融资完成后，银河通用的估值已达到30亿美元（约211.3亿人民币）。 这笔交易凸显了资本市场对具身智能赛道的持续押注。作为北京大学系的初创企业，银河通用在短短半年内估值翻了三倍。此前一轮融资后， 其外部估值约为10 亿美元。随着新资金的注入，其累计融资额已约达8亿美元。 公司表示，资金将主要用于核心技术的持续投入、加速各领域解决方案的规模化落地与迭代，以及 拓展全球合作网络。 此次融资正值中国人形机器人企业加速迈向资本市场 ...

智通财经APP获悉，12月19日，国内人形机器人独角兽银河通用宣布已于近期完成新一轮超3亿美元(约 23.4亿港元)融资，公司估值已达30亿美元(约234亿港元)。 12月9日，有报道称，银河通用正在筹备赴港上市，预计明年一季度交表，最快一月可能交表。对此， 银河通用方面曾回应称，赴港上市、一季度交表、一月交表这些都不属实，股改是因为后续融资需要， 引入新的一级市场投资人。 据悉，银河通用为国内人形机器人明星公司之一，公司开展具身智能多模态大模型通用机器人研发。商 业化落地方面，银河通用Galbot机器人已在智慧零售领域应用，在北京部署了多家无人店铺，执行商品 盘点、补货、取送、打包等全流程自动化作业；还与美团合作落地了智慧药房。银河通用还与博世集团 旗下博原资本共同成立合资公司，将聚焦工业制造场景，共同推动具身智能机器人的商业化应用探索和 全球市场落地。 本轮融资由中国移动链长基金领投，中金资本、中科院基金、苏创投、央视融媒体基金、天奇股份等重 量级投资平台及产业巨头联合注资，并同步获得来自新加坡、中东的国际投资机构及原有股东的加码投 资。 银河通用表示，融资完成后，公司将持续加大对核心技术的投入，加速各领 ...

银河通用宣布完成超3亿美元新一轮融资，这一金额刷新了具身智能领域的单轮融资纪录。 据19日公布的信息，本轮融资由中国移动链长基金领投，中金资本、中科院基金、苏创投、央视融媒体 基金、天奇股份等产业资本与投资平台联合注资。此外，交易还吸引了来自新加坡、中东的国际投资机 构及老股东的加注。融资完成后，银河通用的估值已达到30亿美元（约211.3亿人民币）。 这笔交易凸显了资本市场对具身智能赛道的持续押注。作为北京大学系的初创企业，银河通用在短短半 年内估值翻了三倍。此前一轮融资后，其外部估值约为10亿美元。随着新资金的注入，其累计融资额已 约达8亿美元。公司表示，资金将主要用于核心技术的持续投入、加速各领域解决方案的规模化落地与 迭代，以及拓展全球合作网络。 此次融资正值中国人形机器人企业加速迈向资本市场的关键窗口期。据报道，银河通用已于11月28日完 成股份制改革，目前正在筹备赴港上市，最早可能在明年首季向港交所递交申请，目标估值在30至40亿 美元之间。 "国家队"与产业资本重注 在完成本轮融资前，银河通用已在资本市场动作频频。公司于今年6月23日完成了由宁德时代领投的11 亿元新一轮融资，并在今年6月和11 ...

记者丨周慧 编辑丨朱益民 12月9日，据报道，国内人形机器人独角兽公司银河通用正在筹备赴港上市。 有关媒体援引知情人士称，银河通用上市已经筹备数月，预计明年一季度交表，"最快一月可 能交表"。目前银河通用估值位于国内第一梯队，仅次于准备科创板上市的宇树科技和已经并 购上市公司的智元机器人。 近日，银河通用完成股改，被认为是在为登陆资本市场做准备。 SFC 2023年成立于北京海淀的银河通用，是国内人形机器人明星公司之一， 在2025年6月创下具 身大模型机器人领域的单笔最大融资纪录， 截至2025年下半年，公司累计融资额已经超过24 亿元。 商业化落地方面，银河通用Galbot机器人已在智慧零售领域应用，在北京部署了多家无人店 铺，执行商品盘点、补货、取送、打包等全流程自动化作业；还与美团合作落地了智慧药 房。银河通用还与博世集团旗下博原资本共同成立合资公司，将聚焦工业制造场景，共同推 动具身智能机器人的商业化应用探索和全球市场落地。 以零售场景为例，银河通用创始人王鹤在今年8月份接受21世纪经济报道记者采访时曾表示， 银河通用将以北京为起点，在更多城市打造百个银河太空舱。对银河通用而言， 未来几年最 关键的 ...

2023年成立于北京海淀的银河通用，是国内人形机器人明星公司之一，在2025年6月创下具身大模型机 器人领域的单笔最大融资纪录，截至2025年下半年，公司累计融资额已经超过24亿元。 商业化落地方面，银河通用Galbot机器人已在智慧零售领域应用，在北京部署了多家无人店铺，执行商 品盘点、补货、取送、打包等全流程自动化作业；还与美团合作落地了智慧药房。银河通用还与博世集 团旗下博原资本共同成立合资公司，将聚焦工业制造场景，共同推动具身智能机器人的商业化应用探索 和全球市场落地。 以零售场景为例，银河通用创始人王鹤在今年8月份接受21世纪经济报道记者采访时曾表示，银河通用 将以北京为起点，在更多城市打造百个银河太空舱。对银河通用而言，未来几年最关键的任务是完成千 台至万台机器人的自主批量交付。 图：银河通用的机器人和创始人王鹤 拍摄：周慧 21世纪经济报道记者周慧 北京报道 12月9日，据报道，国内人形机器人独角兽公司银河通用正在筹备赴港上市。 有关媒体援引知情人士称，银河通用上市已经筹备数月，预计明年一季度交表，"最快一月可能交表"。 目前银河通用估值位于国内第一梯队，仅次于准备科创板上市的宇树科技和已经并购 ...

Core Insights - The humanoid robot industry in China is experiencing rapid development during the "14th Five-Year Plan" period, transitioning from a "technology verification phase" to a "scale commercialization phase" by 2025, with the global embodied intelligence market expected to reach 19.525 billion yuan, of which China's market share is nearly half [1][2] Group 1: Technological Breakthroughs - The rise of humanoid robots is attributed to breakthroughs in embodied intelligence technology, which integrates artificial intelligence into physical entities, enabling them to perceive, learn, and interact with their environment like humans [2] - The structure of embodied intelligence is categorized into "brain," "cerebellum," and "body," where the "brain" refers to AI models responsible for language interaction and decision-making, while the "cerebellum" involves motion control algorithms [2] - Significant advancements in AI models have enhanced humanoid robots' capabilities, allowing them to perform complex tasks such as grasping and manipulating irregular objects with low-cost hardware [2][3] Group 2: Industry Applications - Humanoid robots are now being deployed in various real-world applications, such as in factories for tasks like quality inspection and component sorting, exemplified by the Galbot robot from Galaxy General [4] - In the healthcare sector, humanoid robots are assisting in rehabilitation, such as exoskeleton robots helping stroke patients relearn walking by analyzing muscle signals and adjusting support strategies in real-time [5] - The development of general-purpose humanoid robots is underway, aiming to create robots that can adapt to various unstructured environments, moving from being specialized tools to intelligent companions that understand human intentions [5]

Core Insights - The article discusses the emerging concept of embodied intelligence, which is seen as the next frontier for AI, enabling machines to not only think but also act in the physical world [1][3] - Despite the potential, the commercialization of embodied intelligence is facing challenges such as high costs, inefficiencies, and data bottlenecks, with significant advancements needed to bridge the gap between technical feasibility and commercial success [1][3] - The global humanoid robot market is projected to reach $17.3 billion by 2027, with a compound annual growth rate (CAGR) of 63.5%, and could potentially grow to $7 trillion by 2050 [3][4] Industry Developments - Various companies, including Apple, Huawei, and Xiaomi, are investing in the embodied intelligence sector, with significant government support through the establishment of investment funds [3][4] - The application of embodied intelligence is gaining traction in traditional industries such as manufacturing, healthcare, retail, energy, logistics, and construction, showcasing its potential to deliver tangible benefits [3][4] Technological Advancements - The article highlights the need for AI to integrate seamlessly into existing industry processes, moving from being a tool to becoming an essential infrastructure that enhances productivity [4][6] - Ant Group's Robbyant-R1 humanoid robot exemplifies advancements in multi-modal perception and interaction, capable of performing various tasks in real-world scenarios [6][10] Market Trends - The shift from "selling tools" to "selling outcomes" is evident in the AI industry, with companies like Ant Group focusing on delivering measurable business results rather than just AI functionalities [14][16] - The introduction of AI digital employee teams by Ant Group aims to enhance operational efficiency and reduce costs for businesses, demonstrating the growing importance of AI in driving business growth [16][17]

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 Insights - The humanoid robot industry is experiencing a dichotomy of rapid advancements in capabilities and significant challenges in commercial viability, with a notable gap between technological achievements and actual orders received [1][5][41] - Investment in humanoid robotics has surged, with over 20 companies in the sector moving towards IPOs, marking a pivotal year for mass production in humanoid robots [1][12] - The development of embodied intelligence is at a crossroads, requiring a balance between technological innovation and practical application in real-world scenarios [1][18] Group 1: Industry Developments - The first city-level operational humanoid robot demonstration zone was established in Beijing, featuring a robot-operated unmanned supermarket, indicating a significant step towards integrating humanoid robots into daily life [5] - Companies like Beijing Galaxy General Robotics are leading the way in deploying humanoid robots in various sectors, including industrial and retail applications, with plans to open 100 smart pharmacies nationwide [12][41] - The industry is witnessing a shift from merely showcasing capabilities to focusing on practical applications that can generate revenue and sustain growth [1][41] Group 2: Technological Challenges - The primary challenge for humanoid robots lies in their ability to operate autonomously without remote control, which is contingent on the development of advanced models that can generalize across different scenarios [7][13] - Data quality and diversity are critical for enhancing the capabilities of humanoid robots, with a focus on using high-quality synthetic data to train models effectively [15][33] - The current models used in humanoid robotics are not fully mature, and the industry is still grappling with the need for a unified approach to model architecture that can handle the complexities of the physical world [27][34] Group 3: Market Dynamics - The humanoid robot market is characterized by a "chicken or egg" dilemma, where the lack of orders hampers technological iteration, while insufficient technology prevents securing orders [41] - The cost of humanoid robots remains high, with individual units exceeding 100,000 yuan, making them less competitive compared to traditional labor in industrial settings [46][47] - The focus is shifting towards household applications as the ultimate goal for humanoid robots, with the belief that their true value lies in versatility and the ability to create new ecosystems [47]