Summary in Plain Language
Recently, there have been rumors on the internet that regulatory authorities are guiding companies planning to list humanoid robots to provide proof of their revenue, profit models, and actual technological capabilities. However, these signals do not indicate a desire to slow down the development of the robotics industry. Over the past few years, more than 150 companies have entered the humanoid robotics sector. The era when early-stage companies could secure funding and policy subsidies simply by showing a prototype that could walk a few steps has completely ended. Support from various authorities, from the National Development and Reform Commission (NDRC) and the Ministry of Industry and Information Technology to stock exchanges, has not decreased; instead, it has shifted from a generalized approach to focusing resources on companies that can actually deliver tangible results. Companies can still go public and receive support, but they can no longer rely on the vague promise of a “trillion-dollar future” for humanoid robots to obtain resources.
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Detailed Explanation
1. Don’t Misinterpret the “IPO Tightening” Rumors: The Industry Is Getting More Support
Many people mistakenly think that humanoid robots are being suppressed by regulations. In reality, the NDRC is still investing in robotics training facilities, databases of real robots, and mass production pilot bases to help companies overcome the challenge of transitioning from laboratory prototypes to mass-market products. The Shanghai Stock Exchange has also included robotics in its list of high-tech equipment for priority support on the Science and Technology Innovation Board (STAR Market), further opening up opportunities for listings. There is no sign of a cooling down in the industry.
2. The Era of Easy Funding for Basic Prototypes Is Over
In the early days of humanoid robotics, companies that could build a prototype capable of walking a few steps and performing simple maneuvers were considered leaders in technology, attracting significant investment. This logic no longer applies. With over 150 companies in the field, resources can no longer be distributed equally among those that only produce demonstrative models that cannot be sold. Resources are now directed towards companies that can provide real, practical solutions.
3. Proof of Revenue and Technology Is Necessary
The requirement for proof of revenue and technology reflects a change in the support approach. Initially, companies could get support just by entering the industry, regardless of their performance. Now, resources must be allocated to those that can demonstrate tangible results. For example, Yuzhu, which went public this year, showed impressive growth, while Meikamand’s stock price plummeted shortly after its Hong Kong listing, indicating that investors are no longer willing to pay for unproven concepts.
4. Support Is Based on Performance, Not Just Identity
Previous support policies focused on the company’s identity (e.g., being a robotics company). Now, policies require companies to demonstrate their practical capabilities. For instance, the Ministry of Industry and Information Technology’s training programs only allow robots to be tested in scenarios with clear requirements and potential for profit. After testing, companies must show their efficiency and cost-saving benefits. This ensures that resources are used where they can make a real impact.
5. A Different Approach to Evaluation
Companies no longer get support based on their claims alone. They must provide evidence of their competitiveness. The STAR Market, for example, has a fifth set of listing criteria for unprofitable tech companies, and the Hong Kong Stock Exchange has a dedicated channel for specialized tech firms. Each company must provide evidence that matches its stage of development. For instance, Yuzhu demonstrated its ability to sell products, while Meikamand showed sustainable commercialization despite not being profitable. Companies in different segments (整机 manufacturers, component suppliers, etc.) must provide specific evidence of their value.
6. Selection of Companies Is Gradual and Based on Performance
The industry will not be shut down abruptly. Those that can successfully apply their technologies in real-world scenarios will receive continued support. Companies that can demonstrate practical benefits will have access to additional resources and opportunities. Those that can only perform well in demonstrations but fail in real-world applications will be gradually phased out. The focus is on companies that can provide real, measurable value.
In summary, while there are new requirements and a shift in support strategies, the robotics industry is not being stifled. Instead, the focus is on companies that can deliver tangible results and contribute to the industry’s growth.