Humanoid robot boom meets commercialization reality
创业邦科技 reports that China’s embodied-intelligence sector recorded 322 financing events worth RMB 93.5 billion in the first half of 2026, while the number of companies valued at RMB 10 billion or more rose from three to at least 22. The column also cites more than 20 robotics companies entering bankruptcy, dissolution, liquidation, or business-line closure between February 2025 and September 2026, and reports that several large orders did not translate into substantial operating results. It says demand remains concentrated in research, commercial performances, and data collection, while some unnamed investors have stopped submitting humanoid-robotics projects for approval after Unitree’s listing.
The reported combination of strong financing, company failures, and weak order conversion highlights the gap between rapid hardware production and sustainable commercial demand in China’s humanoid-robotics industry.
编者按：本文来自微信公众号 蓝字计划，作者：Chester，创业邦经授权转载。
其兴也勃焉，其亡也忽焉。
2026年，机器人不仅几乎占据春晚C位，赛道的融资热度也迎来巅峰：今年上半年，中国具身智能赛道发生了322起融资事件，融资总额达到935亿元，同比增长137%。
据IT桔子统计，这一数字不仅较去年同期增长约5倍，也已经超过2025年全年。与此同时，百亿估值的具身智能“独角兽”至少增加至22家，而去年这一数字还是3家。
但资本疯狂涌入的这一年，却有一批机器人公司接连倒下。据公开报道和法院公告统计，2025年2月至2026年9月的19个月间，破产、解散、清算和业务线关停的机器人公司超过20家。
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