Amid concerns about "crowded competition" and "redundant development," capital flows and industrial consolidation in the humanoid robotics sector show no signs of slowing down.
Recently, UBTECH ROBOTICS announced a refinancing plan to strengthen supply chain integration, while Zhiyuan Robotics partnered with Hillhouse Capital to invest early in core technology players. Industry analysts note that humanoid robotics firms are prioritizing investments in core component suppliers to secure supply chains and expand production capacity, while also leveraging these investments to secure large client orders. Despite varying approaches, leading companies share a common goal: deepening control over the industrial value chain through vertical integration.
**Leading Firms Accelerate External Investments** By 2025, the embodied intelligence sector is taking shape as a tripartite race: Zhiyuan Robotics leads in technology and ecosystem development; Unitree Robotics excels in cost control and mass production; and UBTECH ROBOTICS, the first publicly listed humanoid robotics firm in Hong Kong, focuses on industrial commercialization and capital operations. Recently, Zhiyuan and UBTECH have ramped up external investments.
UBTECH announced a share placement at HKD 98.80 per share, raising approximately HKD 3.056 billion to consolidate its supply chain and reinforce its position as a leader in the humanoid robotics industry. The company plans to invest in or acquire upstream and downstream targets over the next two years.
Meanwhile, Zhiyuan Robotics and Hillhouse Capital launched an early-stage investment fund, Shanghai Lingzhi Xinchuang Venture Capital Partnership, targeting embodied intelligence startups. The fund will focus on upstream components (servo systems, motors, sensors), midstream robot manufacturing, and downstream application solutions.
Notably, despite being a startup, Zhiyuan has aggressively invested across the industry—acquiring listed companies, forming joint ventures, and partnering with tech firms. Public records show Zhiyuan has invested in about 30 firms within a year, spanning strategic partnerships and venture capital collaborations.
**The Battle for Industry Dominance** Both UBTECH’s refinancing and Zhiyuan’s early-stage bets are seen as moves to vie for the "chain leader" role in embodied intelligence.
"Current investments aim to secure supply chains and win major client orders," said Tian Feng, director of the Fast-Slow Thinking Research Institute. While Zhiyuan focuses on disruptive tech through early investments (akin to Google’s acquisition of DeepMind), UBTECH prioritizes industrial-grade robotics, requiring customized components for precision and durability.
Zhiyuan CEO Deng Taihua emphasized ecosystem collaboration as key to scaling embodied intelligence, framing investments as strategic rather than financial. Backed by top-tier investors like LG Electronics and Mirae Asset, Zhiyuan boasts ample capital reserves, enabling aggressive expansion.
**Challenges Amid Rapid Growth** Despite booming orders and investments, concerns linger over market hype, homogeneity, and "bubble" risks. Over 150 Chinese firms now operate in the sector, half of them startups or cross-industry entrants.
In response, China’s National Development and Reform Commission (NDRC) pledged to address redundant development and promote core tech R&D, including "brain-body" coordination and simulation-to-real data integration.
Tian Feng cautioned that while investments can accelerate R&D, true competitiveness stems from ecosystem support and foundational research. "Only by achieving technological superiority and scaling production can firms secure a place in the 2026 arena," he noted.
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