Robotics valuation gap: profitable service robot makers lag embodied AI startups
An analysis published via TMTPost describes a stark valuation split in China's robotics sector: service-robot makers with real revenue trade at low multiples, while early-stage embodied-AI and humanoid startups command multi-billion-yuan valuations with little revenue. It cites Uodi Robotics, which has sold 114,000 robots and reported 318 million yuan in revenue, ending its Hong Kong listing with a market value of about HK$15 billion, and Geek+, which was profitable on an adjusted basis in 2025 with 36% gross margin but trades below HK$8.5 billion and a forecast P/S of just 3–4x. By contrast, the article says Spirit AI has raised about 6 billion yuan and reached a 20 billion yuan valuation in roughly two years, Galbot has raised 7.5 billion yuan at a valuation above 20 billion yuan, and Galaxea doubled its valuation to 20 billion yuan in two months. It also reports 322 embodied-AI primary-market deals worth 93 billion yuan in the first half of the year, roughly five times the year-earlier level, and notes that Unitree's market value fell after listing while Mech-Mind broke issue price on its first trading day.
The piece argues robotics pricing is shifting from a "hardware equipment" framework toward bets on AGI's physical entry point, so investors must separate real commercialization from concept premium.