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这份报告来自本周的 CNBC的 China Connection 时事通讯,，它为您带来有关的 驱动世界的 第二大经济体的见解和分析。您可以在这里订阅。
This report is from this week的 CNBC的 The China Connection newsletter, which brings you insights and analysis on what的 driving the world的 second-largest economy. You can subscribe here.
你好,，这是伊芙琳,，从北京给您写信。欢迎阅读最新一期的《中国连线—》，其中简要介绍了我'm 在当地企业的所见所闻。今天,我深入研究了中国人形初创公司不断上升的估值，以及为什么尽管交付了更多的机器人，但他们仍然'没有像美国竞争对手—那样吸引到同样的资金。美国风险投资公司是否错过了?
Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a succinct snapshot of what I'm seeing and hearing from local businesses.
Today, I dig into rising valuations for Chinese humanoid startups and why they still aren't attracting the same kind of money as their U.S. rivals — despite delivering far more robots. Are U.S. VCs missing out?
大故事
The big story
中国的人形初创公司已经将机器人运送到工厂和商场,，而他们的美国竞争对手仍然专注于开发— 和更高的估值。
Chinese humanoid startups are already shipping robots to factories and malls, while their U.S. rivals remain focused on development — and far higher valuations.
这是一个日益扩大的鸿沟。
It的 a growing divide.
美国人形机器人初创公司 Figure 的估值至少为 24390 亿;，德克萨斯州的竞争对手 Apptronik, 同时, 在 2 月份的估值为 2450 亿%。
U.S. humanoid robot startup Figure commands a valuation of at least $39 billion; Texas-based rival Apptronik, meanwhile, achieved a $5 billion valuation in February.
根据首席执行官兼创始人郭先生的说法，在私营公司— 中，中国有超过 100 家类人初创公司— AI2 Robotics 已实现 200 亿元人民币 ($29.3 亿) 估值,。
Among private companies — and there are well over 100 humanoid startups in China — AI2 Robotics has achieved a 20 billion yuan ($2.93 billion) valuation, according to CEO and founder Eric Guo.
这可能只是图的估值,的一小部分，但郭声称，一家大型,外国高端制造商选择AI2的机器人而不是美国初创公司的进行工厂工作。 AI2 还在中国的机场, 以及半导体和医疗保健工厂推出机器人。
It might be a fraction of Figure的 valuation, but Guo claimed a large, foreign high-end manufacturer chose AI2的 robots over the U.S. startup的 for factory work. AI2 is also rolling out robots at airports in China, as well as in semiconductor and healthcare factories.
"商业化和技术能力'并不矛盾,"郭用CNBC翻译的普通话,说道。
"Commercialization and tech capability aren't contradictory," Guo said in Mandarin, translated by CNBC.
他 预计投资者 — 即使来自美国 — 也会在短短几个月内开始接受这一投资论点。
It的 an investment thesis he expects investors — even from the U.S. — to start picking up on in just a few months.
如果这种转变发生,，中国就处于有利地位。
If that shift happens, China is well-positioned.
中国人形初创公司在 Omdia的 2025 年全球机器人出货量排名中占据前六名。Figure 和 Tesla 是唯一跻身前十的美国公司。虽然在 3 月份的白宫活动中，Figure 机器人出现在美国第一夫人梅拉尼娅·特朗普旁边, Tesla的 Optimus 仍处于开发阶段。
Chinese humanoid startups took the top six spots in Omdia的 rankings of global robot shipments in 2025. Figure and Tesla were the only U.S. companies that made the top 10. While a Figure robot appeared beside U.S. first lady Melania Trump at a White House event in March, Tesla的 Optimus still largely remains in development.
估值差距的另一个原因是投资者如何看待这些公司及其雄心。
Another reason for the valuation gap is how investors perceive the companies and their ambitions.
Tech Buzz China, 的创始人马睿, 表示，美国的人形初创公司被定价为影响广泛的人工智能平台,，而中国的初创公司更多地被视为工业硬件公司,，该公司定期带领美国投资者参观中国初创公司。
U.S. humanoid startups are being priced as wide-reaching artificial intelligence platforms, while Chinese ones are seen more as industrial hardware plays, said Rui Ma, founder of Tech Buzz China, which regularly brings U.S. investors to visit Chinese startups.
"如果中国最终在制造规模和实际部署方面占据主导地位,"美国风险投资基金可能会在某种程度上错过这个机会,她说。
"If China ends up dominating manufacturing scale and real-world deployment," U.S. venture capital funds may miss out on the opportunity to some degree, she said.
双方打球
Playing both sides
地缘政治使投资格局变得复杂。
Geopolitics has complicated the investment landscape.
中美关系紧张, 以及国内国家安全政策, 抑制了跨境投资。在双方加强监管审查后，曾经通过风险投资基金对中国初创企业进行大量投资的美国大型养老基金已减少了投资。
U.S.-China tensions, along with domestic national security policies, have chilled cross-border investment. Large U.S. pension funds that once invested heavily in Chinese startups via venture capital funds have reduced their exposure in the wake of greater regulatory scrutiny on both sides.
这为中东基金创造了机会。随着海湾国家寻求摆脱化石燃料，他们支持中国的风险投资并购买当地开发的机器人。
That has created an opportunity for Middle East funds. They have backed Chinese venture capital and bought locally developed robots as Gulf countries look to transition away from fossil fuels.
他们"似乎能够更灵活地应对双方," 科技热议的 Ma 说, 补充说"他们最终可能会获得最平衡的人形机会。"
They "seem able to play both sides more flexibly," Tech Buzz的 Ma said, adding that "they may end up with the most balanced exposure to the humanoid opportunity."
Limx Dynamics, 的支持者包括中国的 Future Capital,，今年它迎来了第一个外国投资者，即总部位于迪拜的 Stone Venture。
Limx Dynamics, whose backers include China-based Future Capital, got its first foreign investor this year in the form of Dubai-based Stone Venture.
他补充说，中国'在电动汽车和无人机制造方面的经验现在正在转化为人形机器人生产。
He added that China的 experience with electric car and drone manufacturing is now translating into humanoid production.
早期投资电动汽车公司理想汽车,的未来资本,最近宣布，其投资的另一家,运动机器人公司Pongbot,在不到六个月的时间里筹集了近2亿元人民币。
Future Capital, whose early investments included EV company Li Auto, recently announced that another of its portfolio companies, sports robot company Pongbot, had raised almost 200 million yuan in less than six months.
这'表明,资金流入的速度有多快，即使'只是美国水平的一小部分。
It的 a sign of how quickly the money is coming in, even if it的 at a fraction of the U.S. level.
供应链咨询公司 Tidalwave Solutions 驻上海的高级合伙人 Cameron Johnson, 表示，不同的轨迹也改变了投资者, 的剧本。他说，美国人来深圳购买人形机器人零件—，并将其与美国软件结合起来。
Diverging trajectories also flip the script for investors, according to Cameron Johnson, Shanghai-based senior partner at supply chain consulting firm Tidalwave Solutions. He says Americans are coming to Shenzhen to buy humanoid robot parts — and combine them with U.S. software.
需要知道
Need to know
中国的第一季度经济增长5%
China的 economy grew by 5% in the first quarter
第一季度 GDP 同比增长 5%,，好于预期，而 3 月份零售销售同比增长 1.7%，低于预期。由于伊朗战争打击了全球需求，出口增速放缓至仅 2.5%。
First-quarter GDP rose by a better-than-expected 5% from a year ago, while retail sales missed with a 1.7% year-on-year increase in March. Exports slowed their growth to just 2.5% as the Iran war hit global demand.
尽管伊朗战争，中国机器人出租车公司在阿联酋奋勇前进
Chinese robotaxi companies forge ahead in UAE despite Iran war
上周，叫车公司滴滴成为最新一家宣布在中东扩张计划的中国机器人出租车公司。这一消息是在阿联酋对北京进行国事访问期间与中国举办的商业论坛上发布的。
Ride-hailing company Didi last week became the latest Chinese robotaxi business to announce expansion plans in the Middle East. The news came as part of a business forum the United Arab Emirates organized with China as part of a state visit to Beijing.
香港宣布减税以吸引全球大宗商品贸易商
Hong Kong to announce tax break to lure global commodity traders
该地区计划将某些商品交易利润的税率减半，以吸引全球参与者来到中国南部沿海的金融中心。确切的实施日期尚未公布。
The region plans to halve the tax rate on profits from trading certain commodities in an effort to draw global players to the finance hub on the southern coast of China. Exact implementation dates have yet to be announced.
Coming up
4月21:大众集团四款新车在北京首发
April 21: Volkswagen Group to premiere four new car models in Beijing
4月24日-5月3:北京车展
April 24 - May 3: Beijing Auto Show
4 月 15 日 - 5 月 5: 以出口为重点的广州广交会(春季场)
April 15 - May 5: Export-focused Canton Fair in Guangzhou (Spring Session)
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