Let capital's "long-distance run" accompany humanoid robots' "growth"

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■ Jia Li

On the shores of the South China Sea, by the Wanquan River, the Boao Forum for Asia 2026 Annual Conference arrives as scheduled. Inside and outside the venue, humanoid robots are undoubtedly the dazzling “stars.” At the forum session on “The Advancement and Leap of Humanoid Robots,” robots such as Tiangong 3.0 and Xingdong Era Q5 engage in dialogue with guests on the same stage; around the venue, robots take on practical tasks such as assisting the host, providing venue services, and sanitation work across land, sea, and air.

Moving from the “show stage” to the “front line of industry,” humanoid robots are shifting from flashy demonstrations to real-world applications. At the same time, investment in this sector is also gaining momentum. As of mid-March, total financing in the embodied intelligence industry this year has already exceeded RMB 37 billion. Meanwhile, the application for Utree Technology’s IPO on the Sci-Tech Innovation Board has been accepted. However, in key components areas such as dexterous hands, joints, and perception systems, financing is still largely confined to early funding rounds, with relatively small financing amounts and generally low valuations. In addition, capital is no longer buying into cool technical demos—it is paying more attention to real orders, repeat purchase rates, and similar factors. This means companies that lack the ability to deploy in real scenarios may be eliminated during the process of “deflating the bubble.”

The author believes that if we want capital to stay the course with a “long-distance race” mindset, we can support humanoid robots in continuously moving toward maturity.

First, guide capital to build a multi-tier investment ecosystem. We should both encourage “national team” funds and industrial capital to play a strategic guiding role, and also leave sufficient room for market-oriented venture capital and early-stage investment. Local governments can use policy tools such as setting up special guidance funds, tax incentives, and other measures to steer capital toward hardware segments like dexterous hands and high-precision sensors. At the same time, capital can appropriately extend investment assessment cycles, tolerate reasonable trial-and-error by companies, and avoid distorting innovation directions in response to short-term performance pressure.

Second, promote “big brain–small brain” coordination to drive technological iteration through scenarios. At the Boao Forum for Asia, “the evolution of big brain–small brain coordination” has become a shared consensus. Currently, industrial scenarios—because they are standardized and have clearly defined task objectives—are the “main battlefront” for humanoid robots to be deployed. The author suggests that localities start from B-end scenarios such as manufacturing and logistics, build a virtuous cycle featuring open scene access, data accumulation, technological iteration, and scale replication, and establish industry-level data platforms to tackle common problems such as high data collection costs and inconsistent standards. Only when robots can truly “do the work, be reliable, and be efficient” on real production lines can their commercial value be fully realized, and only then will capital step up investment.

Third, improve the governance system and draw a “safety boundary” for the industry. At the Boao Forum for Asia, issues such as safety, privacy, and liability boundaries have been repeatedly discussed. As capital drives rapid technological iteration, relevant regulatory rules and standards must advance in parallel. Here, the author suggests that localities accelerate the formulation of foundational systems such as humanoid robot safety regulations, boundaries for data collection, and rules for liability determination. Clear rules help stabilize capital expectations and reduce investor concerns.

China’s complete industrial chain, abundant application scenarios, and strong policy execution capacity provide a unique development environment for the humanoid robot industry. But to truly achieve a takeoff for the industry, we need to endure the loneliness of the “long-distance race” spirit. Only when capital and technology, scenarios, and governance resonate at the same frequency can humanoid robots truly move from Boao’s “stage” into factories’ “production lines,” integrate into everyday life for the public, and ultimately benefit families across the country.

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