The proliferation of technological trailblazers over the past two years underscores the necessity for internet giants to enhance their AIoT ecosystems with cutting-edge technology, ensuring they remain competitive in the next generation of computing platforms amidst rapid technological shifts.

Among these advancements, the robotics sector, poised for its first year of commercialization in 2025, stands out, particularly with the breakthrough progress in embodied intelligence—a fusion of AI and robotics.

According to Shanghai Securities News, JD.com, a leading Chinese comprehensive internet e-commerce platform, has recently ventured into embodied intelligence, specifically targeting household scenarios, and has established dedicated business units.

Simultaneously, Zhiyuan Robotics, led by Tencent, has successfully completed a new funding round.

It is anticipated that internet giants will intensify their competition in vertical markets by deploying embodied intelligence, particularly in manufacturing, healthcare, and home services, where this technology holds immense potential.

Strategic Chessboard: JD.com's Bet on Embodied Intelligence for Household Use

Embodied intelligence, the cornerstone of AI's interaction with the physical world, integrates robotics, computer vision, natural language processing (NLP), and reinforcement learning, marking a pivotal direction for the next generation of AI.

Internet giants' deployment of embodied intelligence aims to maximize the integration of their strengths in AI, cloud computing, and big data, thereby pushing the boundaries of technological innovation.

JD.com's entry into this domain is neither surprising nor coincidental.

In 2024, JD.com's annual revenue surpassed 1.16 trillion yuan, with a 71.1% year-on-year increase in net profit. Notably, the fourth quarter saw operating revenue and Non-GAAP net profit attributable to shareholders rise by 13.4% and 34.2% year-on-year, respectively, significantly exceeding Bloomberg consensus estimates.

This performance surge is likely attributed to user growth spurred by national subsidy-induced traffic dividends, coupled with the normalization of commission rates.

However, as the marginal benefits of these national subsidies diminish, the concern of slowing growth in JD.com's core e-commerce business may resurface amidst a stable yet fiercely competitive market environment.

Elite players often anticipate and prepare for challenges well in advance. Currently, embodied intelligence, increasingly viable commercially and integrable with JD.com's home appliance e-commerce retail roots, emerges as an optimal strategy to further reduce costs, enhance efficiency, and potentially unlock a new growth trajectory.

From an industry perspective, embodied intelligence is viewed as a necessary path toward Artificial General Intelligence (AGI). Unlike traditional "disembodied intelligence" reliant on algorithms and data, embodied intelligence interacts with the environment through physical entities, forming a closed loop of perception, decision-making, and action.

The 2025 State Council Government Work Report explicitly identified embodied intelligence as a future industry. Driven by policy dividends and technological maturity (e.g., the deep integration of large models and robots), Dongwu Securities projects the market size to reach 632.8 billion yuan by 2028, a substantial increase from 418.6 billion yuan in 2023.

With early entrants already laying the groundwork, what does JD.com rely on to "secure its foothold"?

In fact, signs of JD.com's impending entry into embodied intelligence were already evident.

According to the Observer Network, as early as July 2023, at the World Artificial Intelligence Conference, He Xiaodong, Dean of JD Explore Academy, revealed two directions for future general artificial intelligence: multimodal AI, where large models must possess visual capabilities and potentially extend to olfaction and touch; and embodied intelligence, encompassing robots, robotic arms, driverless vehicles, etc., bringing general AI into the physical world.

Thanks to JD.com's consistent investment in AI and robotics technology, by the end of 2024, its AI technology had been deeply integrated into logistics and retail scenarios, resulting in the successful launch of multiple intelligent robots used in warehousing, sorting, delivery, and other processes.

Xu Ran, CEO of JD.com, also affirmed in the latest earnings call that "AI is playing an increasingly crucial role in JD.com's overall business."

As artificial intelligence application technology matures, embodied intelligence, representing the future, has become a new focal point. Recently, JD.com confirmed its entry into embodied intelligence, focusing on household scenarios, and has established relevant business departments. Sources close to JD.com emphasized the company's commitment to innovation and application in AI, automation, and robotics, with multiple internal teams dedicated to researching and developing cutting-edge directions like embodied intelligence.

When media outlets sought confirmation from JD.com regarding this news, the official response was: "True."

JD.com's competitive edge lies in its technological reserves and ecological synergy capabilities. For instance, JD.com has collaboratively launched the industry's first "Atomic Skill Library" framework for embodied intelligence with enterprises and universities like Songling, significantly reducing data requirements and enhancing generalization capabilities by decomposing tasks into reusable skill modules. Additionally, JD Logistics' automation experience and supply chain resources can support the large-scale deployment of embodied intelligence products.

By officially and comprehensively entering the embodied intelligence sector, JD.com may transform from a mere e-commerce company to a "smart lifestyle service provider."

Giants Converge on Embodied Intelligence, and Humanoid Robots May Experience a "ChatGPT Moment"

Embodied intelligence, deemed the "next-generation human-computer interaction entry point," has garnered industry consensus on its commercialization potential.

In addition to JD.com, numerous other players have deployed in this field, including global manufacturing enterprises, traditional internet giants, renowned software ecosystem companies, and global hardware technology enterprises such as CATL, Tencent, Huawei, Tesla, and NVIDIA, all signaling their entry within the past year.

Recently, on the heels of news about JD.com's entry into embodied intelligence, Tianyancha App revealed that Shanghai Zhiyuan Xinchuang Technology Co., Ltd., an affiliate of Zhiyuan Robotics, underwent a business change, with Guangxi Tencent Venture Capital Co., Ltd. and Wolong Electric Drive added as shareholders, and the registered capital increased from approximately 76.37 million yuan to approximately 80.46 million yuan.

Notably, most giants' strategic choices in embodied intelligence exhibit a clear scenario orientation. For example, JD.com continues to focus on household scenarios; Haier Smart Home has partnered with Beijing Xingdong Jiyuan to develop service robot products tailored for household use; and Baidu Intelligent Cloud and iFLYTEK, which previously announced partnerships with Zhiyuan Robotics and Unitree Robotics, respectively, aim to implement segmented vertical scenarios.

With frequent moves by multiple giants in this sector, the capital market holds high confidence in embodied intelligence and even the robotics sector. Notably, the entry of internet giants with diverse C-end commercialization scenarios may expedite embodied intelligence's commercialization.

Wang Xingxing, CEO of Unitree Robotics, previously stated that AI-driven robot technology is progressing rapidly, significantly accelerating technological development. He predicts that by the end of 2025, AI humanoid robots will attain a new level of sophistication.

He believes that "if all goes well, some basic service or industrial applications could be promoted next year or the year after, but household robots may lag slightly due to higher safety requirements and the need for more mature technology."

Institutions share similar insights with Wang Xingxing. They generally agree that embodied intelligence will reshape the smart home market landscape, and JD.com's e-commerce traffic and supply chain advantages could accelerate product penetration. For instance, Goldman Sachs highlighted in its research report that JD.com's fiscal year 2024 fourth-quarter performance was robust, surpassing both the bank's and market expectations. If JD.com can integrate embodied intelligence with existing retail scenarios (like smart shopping guides and warehousing robots), its valuation may still have room for improvement.

From a broader industrial chain perspective, Guohai Securities pointed out that amidst the wave of electrification and intelligence, domestic and foreign humanoid robot products have been launched and continuously iterated, potentially opening up a broader market space than automobiles. The humanoid robot industry chain is set to embrace significant investment opportunities as it transitions from "0 to 1".

The bank also noted that Zhiyuan Robotics continues to unveil new products, and Yuejiang Technology has released the world's first dexterous manipulation + straight-knee walking embodied intelligent humanoid robot. Domestic body manufacturers are continuously exploring and rapidly iterating. Meanwhile, the industry chain is actively advancing business cooperation and capacity building, preparing in advance for the anticipated surge in industrial demand. The humanoid robot industry may soon experience a "ChatGPT moment".

Conclusion

JD.com's foray into embodied intelligence is both an inevitable choice amidst technological iteration and a crucial step in business model upgrading.

In household scenarios, the pace of embodied intelligence's implementation will hinge on technological breakthroughs, cost control, and ecological synergy capabilities. If JD.com can seamlessly integrate its e-commerce roots with AI technology, it may indeed unveil a "new continent" for smart homes. Otherwise, it risks falling behind, repeating the mistakes of some internet companies that prioritize concepts over execution.

The race behind the rise of the embodied intelligence sector, intricately linked to future lifestyles, has only just begun.