Siasun Robot & Automation industry capitalization accelerates: First and second-tier markets are simultaneously active, and the production pace of leading companies is becoming clearer.

The capitalization process of the Siasun Robot&Automation sector is accelerating. Only 24 days after the implementation of the fourth set of GEM listing standards, on May 19th, Siasun Robot&Automation company Pleiades Intelligence became the first IPO to be accepted. Public information shows that Pleiades Intelligence has a forecasted revenue of 258 million yuan by 2025, with a compound growth rate of 118.68%, a post-investment valuation of 4.327 billion yuan, and its products include the series of Kuafu, Luban, and Aelos, making it one of the few humanoid Siasun Robot&Automation companies with full-stack technology in "brain", "cerebellum", and "body". On the same day, it was reported that robotic arm manufacturer Lingxin Qiaoshou is considering an IPO in Hong Kong, with sources saying that if the plan progresses, Lingxin Qiaoshou may raise hundreds of millions of dollars through listing. On the evening of May 18th, the Shanghai Stock Exchange website showed that the IPO application of Yunshenchu Technology Innovation Board was recently accepted by the Shanghai Stock Exchange. Less than a month before this, on April 27th, DOBOT Technology, which is already listed on the Hong Kong Stock Exchange, was also accepted by the Shenzhen Stock Exchange, becoming the first GEM IPO to transfer from "H" shares to A shares after the new policy. In addition to the companies mentioned above, star companies like Yushu Technology were accepted by the Science and Technology Innovation Board on March 20th, and many companies in the Siasun Robot&Automation industry chain like Luoshi, Youai Zhihe, and Kanopu are lining up at the Hong Kong Stock Exchange, aiming for listing. Active primary market financing In addition to the high-frequency catalysts in the secondary market, primary financing in the Siasun Robot&Automation industry continues to be active. According to HAITONG INT'L Securities, the total AI Siasun Robot&Automation financing in 2025 is approximately 38 billion yuan, while the financing in the first quarter of 2026 has exceeded 30 billion yuan. Valuations of many star start-up humanoid Siasun Robot&Automation companies have quickly surpassed 10 billion yuan. According to reports from Saide Net, in just the first quarter, there were 210 financing events in the Siasun Robot&Automation field, with over 30 billion yuan flowing in, and an average daily financing rate of 3 to 5 billion yuan. 9 single financing deals exceeding 1 billion yuan set records in the industry, with the number of unicorns exceeding 10 billion expanding to 7. Among them, the 25 billion yuan financing completed by Galaxy Universal has directly refreshed the domestic humanoid single-wheel record, with investors including the National Artificial Intelligence Industry Fund (the National Big Fund's first investment in humanoid intelligence), Sinopec, CITIC Group, and other top-notch groups, with a post-investment valuation exceeding 20 billion yuan. According to "Science and Technology Daily," in the second quarter alone, several companies in the field such as Zibian Siasun Robot&Automation, Critical Point, Wuji Dynamics, Pudu Siasun Robot&Automation, Zhongqing Siasun Robot&Automation, and Xihu Siasun Robot&Automation announced the completion of new rounds of financing. In the second quarter, Zibian Siasun Robot&Automation has completed a B round of financing led by Xiaomi's venture capital, becoming the only publicly disclosed humanoid intelligence company in China that has received investments from ByteDance, Meituan, Alibaba Group, and Xiaomi. Pudu Siasun Robot&Automation has raised more than $200 million in angel rounds, with investors including the Beijing Artificial Intelligence Industry Investment Fund, Sequoia Capital China, Hillhouse Venture Capital, and Baidu's investment. Acceleration of product and hardware iterations by leading manufacturers reveals a clearer pace of mass production The developments in the Siasun Robot&Automation sector have been continuous this year. Recently, Figure launched a live battle in the parcel sorting scene with its F.03 humanoid robot, which lasted from May 15th to the morning of May 22nd. During this period, the three F.03 robots worked continuously for 200 hours, sorting approximately 249,600 parcels in total. In terms of efficiency, the F.03 averaged close to 21 items sorted per minute, approaching the human speed of 30-40 items per minute. Brett Adcock, CEO of Figure, posted that the F.03 did not experience any malfunctions during the live battle. Prior to this, China's first manifold topology-maintaining humanoid robot world model was released; Yushu Technology opened its first flagship store in Beijing Wangfujing Group; Zhiyuan Robotics achieved a 100% success rate on the 3C production line; UBTECH ROBOTICS introduced a new humanoid intelligent world model, Thinker-WM; Beijing humanoid robot innovation center unveiled Tian Gong 3.0 and Tian Gong Ultra at the Beijing Science Expo... The pace of mass production by leading manufacturers is accelerating. On May 21st, Tesla, Inc. Vice President Tao Lin announced that at the Fremont factory in California, Musk and the owners of ModelS/X signature edition cars witnessed the last production run of these two models, and the production line will soon be transformed into a production line for Tesla's humanoid robots. On May 1st, Tesla, Inc. (TSLA.US) officially announced the start of mass production of Optimus Gen-3, with the first models already rolled out and undergoing internal testing. The original Model S/X production line at the Fremont factory has been transformed into an exclusive line for Optimus, with a planned annual production capacity of 1 million units; the Texas factory is scheduled to start production in 2027 with a long-term target of 10 million units per year. The Gen-3 is priced at $49,000. Huatai's latest research report believes that the Siasun Robot&Automation sector has shown relative strength in the past week, further confirming the upward trend of the industry. With recent intensive catalysts such as long continuous sorting of parcels in live broadcasts, design locking + component delivery startup, initiation of Tesla, Inc.'s Fremont factory Optimus production line, and the unveiling of the national artificial intelligence application test base (humanoid intelligence) in Hangzhou, the narrative of the "mass production year" for Siasun Robot&Automation continues to materialize. In the medium term, mass production in the T chain and commercialization of domestic chains remain the core themes. Meanwhile, the continuous decline in core component costs is driving a rapid reduction in overall machine costs. HAITONG INT'L Securities stated that the hardware system (body, actuators, supply chain) of Siasun Robot&Automation has become relatively mature, with core components (reducers, servo motors, sensors) experiencing a nearly 60% reduction in the past three years. The overall machine bill of materials (BOM) cost has reached the 300,000 yuan range, and Siasun Robot&Automation has the foundation for scaled production. The core constraints of commercial expansion have shifted from mechanical hardware performance to environmental understanding, autonomous decision-making, and generalization capabilities. The industry is transitioning from competing on hardware, scale, and cost to intelligence and scenarios. On the demand side, Siasun Robot&Automation is surpassing humans in certain closed industrial or logistics scenarios (such as sorting) with its 24/7 continuous operation and multi-task generalization capabilities. Given the current cost assumptions, the static payback period has been compressed to about 5 years, providing a preliminary economic basis for large-scale industrial deployment. The sector enters a valuation digestion period, with the focus on commercial deployment scenarios Despite the rapid financing and continuous product iterations, it cannot be ignored that the Siasun Robot&Automation industry is currently in the early stage of commercialization validation, with most companies still not profitable. This is why many Siasun Robot&Automation companies are flocking to Hong Kong stock listings, as Hong Kong has become the preferred IPO destination for Siasun Robot&Automation companies due to the tolerance for non-profitable businesses under Chapter 18C. According to incomplete statistics, since December 2024, 30 companies in the Siasun Robot&Automation industry chain have submitted applications for Hong Kong listings, with 25 companies still in the queue, including segment leaders such as Kanopu, Youai Zhihe, Luoshi Siasun Robot&Automation, etc. These companies, leveraging their core technological advantages, have received recognition from the capital market through the listing pathway of Chapter 18C of the Hong Kong Stock Exchange YUNJI Technology, which listed in 2026, and Kanopu Siasun Robot&Automation and others on the waiting list have taken this listing route. HAITONG INT'L Securities maintains a cautious yet optimistic view on the AI Siasun Robot&Automation sector for the summer. Short-term market expectations for shipment pace are already sufficient, and the sector is now entering a stage focused on digesting valuations and awaiting a new round of fundamental validation. On the one hand, the mass production pace of humanoid robots is significantly accelerating. According to Gaogong Data, domestic humanoid robot shipments in 2026 are expected to climb to 62,500 units, a 247% year-on-year increase. The increased activity in the capital markets will continue to provide event-driven support; on the other hand, the market has already priced in shipment and volume expectations to a considerable extent, making it difficult to support further valuation expansion solely by upward guidance. The institution believes that the core of future excess returns lies in scenario validation, i.e., whether commercial closed loops can achieve internal breakthroughs in real application scenarios. Guoyuan suggests that the description "24/7 continuous autonomous operation" is more in line with the actual assessment standards when importing into factories compared to the "walking, grasping, and moving" demonstrations. Market attention to humanoid robots is gradually shifting from action abilities to mass production feasibility and factory deployment viability, prioritizing manufacturers with early commercialization grounding. Wanlian Securities also points out that 2026 is a critical window for mass production validation and scenario implementation. Market focus is shifting from action capabilities to mass production feasibility and factory deployment. This article was reprinted from "Cailianshe", edited by GMTEight: Jiang Yuanhua.