The year 2025 has been widely recognized as the commercialization元年 for humanoid robots, marking a pivotal shift from laboratory research to mass production. Recent advancements in power systems, high-torque servo joints, and whole-body coordination control algorithms have significantly enhanced the stability, flexibility, and cost-effectiveness of humanoid robots. In July, leading companies such as Unitree Robotics, Zhiyuan Robotics, and Ubtech announced substantial orders, highlighting the accelerating adoption of humanoid robot technologies. For instance, Songyan Dynamics, a startup known for its humanoid robot half-marathon achievements, reported total orders exceeding 2,500 units, with contract values surpassing 100 million yuan and monthly deliveries reaching over 100 units in July.
At the recent 2025 World Robotics Congress (WRC), insights from industry executives, experts, and investors revealed that exhibition displays, scientific research, education, and competitive events are currently the core scenarios for commercializing humanoid robots. In contrast, industrial applications in sectors like automotive and 3C manufacturing remain areas for future breakthroughs. “Different scenarios impose varying demands on robot capabilities, and exceptional teams are exploring multiple avenues to capture commercial opportunities at different stages,” commented Cao Wei, Partner at BlueRun Ventures, which has been investing in the robotics sector since 2016, with portfolios including Gaoxian Robotics, Zhiyuan Robotics, and Yinhe Tongyong Robotics.
- Scenario Breakthroughs: Exhibition Displays as Entry Point, Then Exploring More Possibilities
The 2025 WRC attracted not only professional attendees but also a significant number of general visitors and families, indicating a surge in public interest and acceptance. “This is a positive signal that market attention and tolerance are rising. Even if current humanoid robots are not fully intelligent, their appeal and interactivity boost public receptiveness, laying the groundwork for future retail and B2C expansions,” said Kang Yu, Board General Manager of Shoucheng Holdings. At the event, humanoid robots like Accelerated Evolution’s Booster T1 engaged in soccer matches with children, drawing crowds and applause. Notably, Accelerated Evolution’s T1 humanoid robot, used by Tsinghua’s Vulcan Team, made history by winning the adult组 championship at the 2025 RoboCup Brazil Robot Soccer World Cup.
Discussing commercialization pathways, Cheng Hao, Founder and CEO of Accelerated Evolution, emphasized that competitions and education are key scenarios. Robot soccer tournaments, for example, can generate revenue through sponsorships, tickets, merchandise, and live streams. Over the next three to five years, these markets are expected to mutually reinforce growth. Similarly, Songyan Dynamics showcased humanoid robots performing dances, flips,拟人 running, and multi-terrain walks. Jiang Zheyuan, Founder of Songyan Dynamics, noted that their largest customer base comes from the education sector, including K-12, vocational training, and research institutions, where humanoid robots serve as teaching tools.
In exhibition displays, a highly consensus-driven scenario, competition among manufacturers is evident, with头部 effects concentrating demand. Units from companies like Unitree Robotics and Songyan Dynamics are in high demand, while lesser-known firms actively promote deployments. Kang Yu added that while some exhibition interest may stem from novelty, sustained demand exists, with daily rental prices for humanoid robots ranging from 3,000 to 5,000 yuan, indicating a substantial market value. “The exhibition display sector is not a ‘red ocean’; we estimate its scale at billions of yuan, offering ample space without rapid saturation due to homogenization,” he stated.
Moreover, humanoid robot manufacturers backed by Shoucheng Holdings are not limited to exhibition markets. They use this segment as an entry point for quick monetization but focus on R&D breakthroughs to explore B2C and other applications. Jiang Zheyuan outlined plans to enhance penetration in existing scenarios, such as using humanoid robots as leaders in K-12 calisthenics or running activities, and to pioneer new areas like tourism, where robots could assist with guided tours. “In the long term, humanoid robots hold immense potential across numerous scenarios, likely accommodating many players,” he said.
- Investment Logic Evolution: From Demo Effects to Mass Production Delivery
As commercialization of humanoid robots accelerates, the investment logic of VC/PE firms has undergone significant changes. Reflecting on nearly a decade of experience, Cao Wei recalled that early robotics investments attracted limited institutional attention, whereas today’s market is bustling, fostering industry growth but intensifying competition for star projects. “We don’t follow trends blindly; we invest in teams with long-term potential, such as Zhiyuan, Yinhe Tongyong, Lingchu Intelligence, and Tashi Zhihang, which excel in their niches,” he said. BlueRun Ventures focuses on areas from data and algorithms to hardware and scenario implementation, anticipating more entrepreneurs to enter the humanoid robot field.
During the WRC, Zhu Fangwen, Managing Partner of Shoucheng Capital, highlighted this shift at a robot investment themed exchange hosted by Shoucheng Holdings. “In 2024, we prioritized team strength, technical routes, and demo effects. In 2025, mass production and delivery capabilities have become critical metrics. Global shipments of humanoid robots are projected to exceed 10,000 units this year, with five to six companies each delivering over 1,000 units,” he stated. Shoucheng Holdings, which manages the 10-billion-yuan Beijing Robot Industry Development Fund, has invested in leaders like Unitree Robotics, Yinhe Tongyong, Songyan Dynamics, Xinghai Tu, and Accelerated Evolution.
Currently, Shoucheng Holdings concentrates on midstream segments, such as humanoid robot ontology and mainframe manufacturing, but plans to expand into downstream applications and upstream core components. Downstream efforts include sales agency, establish product matrices; financing leasing to mitigate high upfront costs; and secondary development for scenario-specific deployments. “The key constraint in humanoid robot development is not supply chains but the lack of mature application scenarios,” Kang Yu noted. He added that industrial adoption involves “point breakthroughs,” and once generality and solution capabilities mature, they could spawn leading firms. Technologically, “small brain” motion control has stabilized, enabling faster humanoid robot shipments, while “big brain” embodied intelligence is still evolving, resulting in products that are “less intelligent but reliably usable.”
In upstream components, Shoucheng Holdings has identified promising humanoid robot parts suppliers with horizontal migration potential for future investments. However, component firms face higher risks, such as order drops if key clients shift technical routes, necessitating a focus on technology trends and resilience.
- Bubble and Forward: Elimination Race Expected in Second Half of Next Year
Investment fervor in the humanoid robot sector has surged this year, with data showing over 200 investment deals in embodied intelligence and robotics from January to July, totaling more than 24 billion yuan—exceeding the full-year sum of 2024. This boom has sparked debates about a potential bubble. Zhou Zhifeng, Managing Partner of Qiming Venture Partners, argued that major tech waves inherently involve bubbles. “Just as good beer has foam—about one-third foam and two-thirds beer—it’s acceptable. Many investors tolerate a one-third premium for projects with future high value,” he said.
Zhu Fangwen pointed out that the embodied intelligence and humanoid robot sector has remained hot since last August’s WRC. Short-term valuations may be relatively high, but long-term prospects are promising, given the trillion-yuan market potential for thousand-billion or trillion-yuan companies. “The influx of capital accelerates R&D and industrial land, speeding up natural selection. Eventually, value and price will align,” he remarked.
Notably, Unitree Robotics began IPO tutoring in July, while Zhiyuan Robotics plans to merge with listed company Shangwei New Materials, drawing widespread attention. These moves are expected to set valuation benchmarks for other humanoid robot firms. “Listings of Unitree and Zhiyuan may fuel optimism, sustaining financing heat in the second half and providing cash reserves. However, mass listings of humanoid robot companies will take time, as scaling from revenue to substantial income is challenging,” Cao Wei cautioned.
Multiple investors predict that the humanoid robot industry will face an elimination race by the second half of next year, as it matures and head firms go public. Wang Sheng, Partner of Angel Fund, outlined key traits for surviving companies: strong financing capabilities to secure ongoing capital amid an immature market; prudent direction and pace management, including reserving funds amid unconverged technical paradigms; and flexibility to adapt to evolving technologies and opportunities—a significant challenge for founders.
In summary, the humanoid robot industry is at a critical juncture, with commercialization expanding through diverse scenarios and investment strategies evolving toward practical delivery. While challenges like scenario development and valuation bubbles persist, the long-term outlook for humanoid robots remains robust, driven by innovation and market demand.