北京——据三位熟悉中国证监会（CSRC）决策过程的消息人士透露，中国证券监管机构正在提高 humanoid robot（人形机器人）相关初创企业上市的标准。
BEIJING — China's securities regulator is raising the bar for public listings of humanoid robot startups, according to three sources familiar with the CSRC's thinking.
这一举措表明，这个市场中最热门的领域之一正在逐渐降温：全球投资者正在评估人工智能相关股票是否处于泡沫之中。据这些消息人士称，中国监管机构要求那些希望上市的本土“人形机器人”初创企业必须满足三项具体要求（由于情况敏感，他们要求匿名）。这些要求包括：
It's a sign of how one of the hottest sectors of the market is cooling, as investors globally assess whether artificial intelligence stocks are in a bubble The Chinese regulator wants local "embodied AI" startups seeking to go public to meet three specific criteria, according to the sources, who requested anonymity due to the sensitivity of the situation.
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申请人必须拥有可持续的收入和商业订单；
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公司的亏损必须有所减少（其中一位消息人士指出，需要提供三年的财务预测数据）；
They are: The "window guidance" requires that the humanoid applicants have sustainable revenue and commercial orders Losses must narrow, with one source saying a three-year forecast is needed.
- 该公司必须掌握核心技术（例如机器人控制系统或相关零部件）。
The company must possess core technology such as robotic brain or hands.
尽管据一位消息人士称，初创企业只需满足其中两项要求即可，但目前尚不清楚究竟有哪些企业能够满足这些条件。因此，这些初创企业能够成功上市的可能性非常低，甚至可能一只也没有。
Even if a startup only has to meet two of the three criteria, as one source indicated, it's unclear which, if any, of the companies can do so. That's lowered expectations to just a handful, or none, of these startups making it to public markets, the sources said.
据两位消息人士透露，仅在香港，就有至少二十多家与人形机器人相关的初创企业提交了上市申请。香港证券交易所已于2025年5月开始允许科技公司秘密提交IPO申请。
At least two dozen humanoid-related embodied AI companies have filed to list in Hong Kong alone, according to two of the sources. Hong Kong in May 2025 started letting tech companies file confidentially for IPOs.
对于这一消息，香港证券交易所和中国证券监管委员会均未立即作出回应。那些希望在香港上市的内地企业也需要获得中国证监会的批准。
The Hong Kong stock exchange and China Securities Regulatory Commission did not immediately respond to a request for comment. Mainland China companies wanting to list in Hong Kong also need the CSRC's blessing.
过去几周里，对中国日益增多的 humanoid robot 初创企业及其快速增长的估值的监管审查力度有所加大；这些企业的成长得到了政府及私营部门资金的共同支持。
Unitree IPO impact Scrutiny on China's growing number of humanoid robot startups and their fast-growing valuations — supported by a mix of government and private sector funds — has grown over the last several weeks.
该行业的代表企业 Unitree 在8月19日成功在上海上市——当时北京正在举办世界机器人大会。
The industry's posterchild, Unitree, got a regulatory fast-track to its listing in Shanghai on Aug. 19 as the World Robot Conference kicked off in Beijing.
但在一天后的主题演讲中，创始人王星星警告称，除了舞蹈机器人之外，该领域的商业化进程仍需数年时间才能实现。这一观点引发了后续几周的激烈讨论：这些类人机器人究竟能实现哪些功能？以及这些初创企业是否真的能够盈利？目前，中国已有超过100家从事类人机器人研发的公司，这些公司都隶属于国家推动的“具身人工智能”（embodied AI）项目。这一概念在最近两份政府年度报告中得到了官方的支持；不过，相关机构也警告称类人机器人行业可能存在泡沫风险。
But in a keynote a day later, founder Wang Xingxing cautioned that commercialization beyond dancing robots remained years away. It accentuated a debate that picked up in subsequent weeks on what humanoids can actually do— and whether industry startups were actually making money China now has well over 100 humanoid companies, which fall under the national push for "embodied AI." The term received Beijing's support in the last two annual government work reports, although authorities have warned of a bubble in the humanoid robot industry.
随着市场兴趣的迅速升温，根据行业数据提供商Xiniu的统计，该领域的投资额在第二季度达到了470.9亿元人民币（69.5亿美元），是第一季度的两倍多，相比去年同期更是增长了六倍以上。
Reflecting a rapid surge in interest, investment in the sector hit 47.09 billion yuan ($6.95 billion) in the second quarter, more than double that of the first quarter — and up over six times versus the same period last year, according to industry data provider Xiniu.
Unitree公司在8月19日的IPO中筹集了约61亿元人民币（9.05亿美元），其在上海上市的股票在首日涨幅超过460%，收盘价达到845元人民币。然而截至周一，该公司股价已下跌近一半，目前为459.65元人民币。同样在港股上市的Ubtech公司今年股价也下跌了超过40%；该公司虽然于2023年12月上市，但今年上半年仍出现了高达2.79亿元人民币的营业亏损。
Unitree raised about about 6.1 billion yuan ($905 million) in its IPO on Aug. 19 with Shanghai-listed shares skyrocketing more than 460% in their debut to close at 845 yuan. The stock had nearly halved in price as of Monday, at 459.65 yuan a Hong Kong-listed Ubtech has also tumbled more than 40% so far this year. The company, which went public in December 2023, still reported an operating loss for the first half of this year of 279 million yuan.
这种股价下跌的现象与过去12个月里大量资本涌入类人机器人行业形成了鲜明对比。在中国，这项技术常被称为“物理人工智能”（physical AI），被视为早期投资者从人工智能热潮中获利的一种途径。然而，Rhodium Group本月的分析指出，中国的人工智能企业的收入仅相当于Anthropic和OpenAI的10%左右。报告还指出，尤其是中国初创企业Moonshot和DeepSeek的估值与收入之比远高于其美国竞争对手。
The share price decline contrasts with the flood of capital pouring into humanoid robotics companies over the last 12 months or so. The tech, often called "physical AI" in China, has been seen as a way for early-stage investors to benefit from the surge of interest in artificial intelligence models. However, Rhodium Group analysis this month found that China's AI companies only make about 10% the revenue of Anthropic and OpenAI. The ratio of valuation to revenue — especially for Chinese AI startups Moonshot and DeepSeek — was far higher than their U.S. rivals, the report said.
随着人们对美国人工智能巨头们首次公开募股（IPO）的期待日益高涨，这家芯片制造商周一宣布将以82亿美元的价格收购World Labs。这家初创公司由人工智能领域的先驱李飞飞（Fei-Fei Li）创立，专注于开发用于创建虚拟3D环境的AI模型，这些模型在人形机器人的研发中得到了广泛应用。
While expectations grow for the U.S. AI giants' IPOs, chipmaker said Monday it is acquiring World Labs for $8.2 billion in a stock deal. The startup, founded by AI pioneer Fei-Fei Li, is building AI models for creating virtual 3D environments frequently used in humanoid robot development.
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