State-backed Teams and Central Enterprises Enter the Arena.

Investor Network Lead | Xuanyuan

On March 2, 2026, two companies that had previously appeared on the CCTV Spring Festival Gala stage—Songyan Dynamics and Galaxy General—announced major funding progress on the same day. Songyan Dynamics completed a nearly RMB 1 billion Series B funding round, led by Ningde Times' industrial investment platform ChenDao Capital, with follow-on investments from well-known institutions such as Guoke Investment, Jingguosheng Fund, and Jiuhe Venture Capital. Meanwhile, Galaxy General secured RMB 2.5 billion in a new funding round, with investors including the National AI Industry Investment Fund (National Big Fund Phase III), Sinopec, CITIC Group, BOC Assets, SAIC Group Financial Holdings, Zhongxin Juyuan, Chengdu Science and Technology Investment, Wuxi Venture Capital, Fujian Industrial Investment, Yizhuang State-owned Investment, and Kunpeng Fund, among other heavyweight institutions. Several existing shareholders also continued to increase their investments.

This event was no coincidence but rather a positive response from the capital market to the "Super Roadshow" effect of the Spring Festival Gala, marking a critical inflection point where the embodied AI industry is transitioning from technological demonstration to commercialization.

Why Are Industrial Capitals Betting Now?

For robotics companies, the Spring Festival Gala stage has transcended mere brand exposure, becoming a "highlight show" to validate technological maturity and commercial potential. During the 2026 CCTV Spring Festival Gala, multiple companies, including Unitree Technology, Magic Atom, Galaxy General, Songyan Dynamics, NOETIX, Tiangong, and RoboPeak, showcased various technical routes, including bipedal humanoids and wheeled embodied intelligence. The market feedback post-performance was significant: JD.com data revealed a over 300% month-on-month increase in robot product searches during the Gala, a 460% rise in customer inquiries, and a 150% growth in orders. Galaxy General's official data showed that nearly 1,000 robot orders were placed in the week following the Gala. This surge in consumer-side attention quickly translated to business-side capital market activity.

However, capital enthusiasm is not solely driven by traffic. Analysts point out that recent industry dynamics are fundamentally driven by technological progress, with capital increasingly concentrating on companies with clear mass-production capabilities and commercialization paths. Notably, industrial capital played a prominent role in this funding round. The entry of Ningde Times (300750.SZ) and Sinopec (600028.SH) not only signifies financial support but also hints at deep synergies in battery supply chains and energy-chemical scenarios. For robotics companies, addressing "where to deploy" and "how to reduce costs" is more urgent than mere technological demonstrations. Galaxy General's record-breaking single-round funding in the embodied AI sector and Songyan Dynamics' favor among industrial capital both confirm the trend of capital converging toward industry leaders.

Industry Shifts from "Showcasing" to "Practicality"

Despite the exciting funding news, a sober examination of the industry reveals that technological bottlenecks remain the core factor restricting large-scale commercialization. Huajin Securities analysis suggests that as robots begin to undertake practical work, evaluation criteria shift, with continuous operation capability and measurable output becoming key metrics.

In core components and hardware, the localization rate has significantly improved, but disparities persist. According to the latest industry data for Q1 2026, the localization rate of core components for Chinese humanoid robots has surpassed 70%-75%. Specifically, the localization rate for harmonic reducers has reached 50%-70%, servo motors 40%-80%, and RV reducers approximately 55%. Structural components have achieved near-complete localization, with high localization rates for batteries, controllers, and other parts.

However, high-end components still rely on imports: the localization rate for six-axis force sensors, planetary roller screws, and frameless torque motors is below 30%. Domestic products lag behind international advanced levels in precision, lifespan, and stability. For example, domestic harmonic reducers still have room for improvement in lifespan and precision; domestic processing yield for planetary roller screws is only 60%; and six-axis force sensors have a precision of ±2%, far below overseas products. These gaps directly impact overall machine reliability and cost control.

Additionally, the "brain's" intelligent decision-making capabilities require breakthroughs. Robots' task execution success rates in complex scenarios remain low, with limited generalization abilities that fail to meet real-world "last-mile" application demands. Morgan Stanley's China industrial sector analyst stated that while the Spring Festival Gala showcased comprehensive progress from motion capabilities to emotional value, the industry's trajectory will ultimately be determined by real-world deployments in malls, factories, and other authentic settings. In 2026, it is widely believed that OEMs and component suppliers capable of entering real-world scenarios, stably executing tasks, and minimizing errors over long-term operations will stand out. This requires substantial capital support, and the clarity of demand has made the commercial value of the embodied AI sector verifiable.

Differentiated Competition and Commercialization Paths

Looking ahead, the clarity of commercialization paths will become key to differentiating companies. A differentiated competitive landscape has begun to take shape between Songyan Dynamics and Galaxy General: the former focuses on motion control and consumer adoption, while the latter emphasizes embodied intelligence and scenario-based deployment.

Songyan Dynamics pursues a "high-dynamic motion + consumer adoption" route, showcasing robust motion performance while targeting the consumer market with its consumer-grade humanoid robot "Bumi," designed for companionship and education in family settings. This funding round will support deepening commercial ecosystem development, accelerating consumer market penetration, R&D, and capacity expansion.

Galaxy General, on the other hand, follows an "embodied intelligence + scenario-based deployment" route, focusing on large model R&D and vertical scenarios in retail, energy, and industry. This funding round will support building a globally leading embodied AI large model and advancing flagship project deployments. Galaxy General expects to ship 5,000-6,000 units in 2026.

This diversified, parallel approach helps avoid homogenized competition and promotes a healthy industrial ecosystem. Today, capital enthusiasm coexists with technological challenges, and opportunities are intertwined with bottlenecks. For industry practitioners, beyond the hype, only by solving real industrial problems and achieving commercial returns can they succeed in this "mass-production examination."

According to the MIIT's Robot Industry Development Implementation Plan (2026-2028) and related policy goals, the localization rate of core components is expected to surpass 80% by 2026. As the localization rate of core components continues to rise and application scenarios gradually become clearer, China's robotics industry is poised to occupy a significant position in global competition, but this path requires patience and pragmatic efforts. (Produced by Thinker Finance) ■

Source: Investor Network