这一轮AI基建热潮中，美团可能是最特殊的一个

蓝鲸财经04-03

文｜最话FunTalk 刘宇翔“在AI革命中，唯一合理的策略是进攻，而不是防守。”3月26日的财报会上，美团CEO王兴用这句话回答了投行有关AI的问题。我注意到，整场财报会上，这是第一问题，足见业界对于美团AI进展的关注。这家生活服务平台，应该是全球碳基与硅基交互最频繁的节点之一，如果说AI的终极使命是提升人类的生活质量，那么美团所承担的角色，大概类似于互联网时代的gateway（网关）。可能因为...

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one","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/6719135edde13ca981d49da861d25d67","symbols_score_info":{"MPNGY":1.97,"HMTD.SI":0.6,"03690":1.97,"METmain":0.6},"content_text":"文｜最话FunTalk 刘宇翔“在AI革命中，唯一合理的策略是进攻，而不是防守。”3月26日的财报会上，美团CEO王兴用这句话回答了投行有关AI的问题。我注意到，整场财报会上，这是第一问题，足见业界对于美团AI进展的关注。这家生活服务平台，应该是全球碳基与硅基交互最频繁的节点之一，如果说AI的终极使命是提升人类的生活质量，那么美团所承担的角色，大概类似于互联网时代的gateway（网关）。可能因为是财报会，管理层有关美团AI方面的进展，基本没有脱离公司框架，例如去年上线的独立入口“小美”，今年春节时推出的agent“小团”，以及美团的自研大模型LongCat。但几天前，已有自媒体通过openclaw扒出了美团AI的一条隐线，原来，它已经通过投资，打造了一个“硬科技天团”。过去五年，美团投资的硬科技公司至少有43家，其中包括28个科技独角兽，涵盖半导体、AI大模型、具身智能与机器人、自动驾驶和智能硬件五大核心赛道，几乎覆盖了AI全产业链。如果用一条江比喻，AI的价值可以从最上游的芯片一直流动到机器人和智能汽车。所以，我并不觉得美团在做和腾讯类似的事情，当年腾讯的投资版图同样广阔，但接近于财务投资逻辑，而从上述列表来看，美团的投资逻辑更像是产业资本。其实美团又何尝不是长江的“吴淞口”，AI的价值从这里可以注入现实之海。近日，宇树科技递交科创板IPO申请，由此公布的公司资料让外界得以窥见这家当红炸子鸡的股权结构。早在2024年2月，美团就在宇树B2轮估值仅10亿元时领投入局，不仅如此，美团还参与宇树B3轮融资，及至持股9.65%，是最大的外部股东。在所有大厂里，美团是第一家发现宇树的价值的，领先于其他在蛇年春晚后开始上车的巨头。我想美团做这些事的核心目的，肯定不是为了财务套利，乔·贝恩所著《产业组织》中有个观点，创新总是来源于公司外部。正如扶持了open AI 的微软，最终还是要帮办公和云服务业务全面AI化。无论是纳德拉还是王兴，他们的逻辑和两千多年前李冰修建都江堰非常类似——深淘滩、低作堰，因势利导，引水入蓉。（图片来源：卓哥投研笔记） AI底座——抢先布局逆市重投从上述图表不难看出，美团对AI投资之旅大致从2020年出发。为什么是2020年？因为正是那年，美团正式将战略从“Food+Platform”升级为“零售+科技”。这里的“科技”指向能直接影响物理世界的硬科技，机器人、自动驾驶、芯片、大模型。王兴认为，美团本质上是一家“移动公司”，其核心任务是高效连接人与商品/服务，而硬科技是提升连接效率、降低社会交易成本的终极手段。因为硬科技主要交付的就是AI，智能体，机器人，无人机等，为人们的日常生活提效。如果把AI比作水，这些前沿的硬科技则如引流的沟渠和堤坝，水在分水堤、飞沙堰和宝瓶口中流转，互相作用，共同构成了一套“都江堰工程”。新的战略立刻指引了这家公司的行动，美团开始以“自研核心+投资生态”的双线布局，死磕硬科技。具体来看，与自身即时配送网络强相关的无人车、无人机坚持自研；而对于芯片、半导体、机器人本体等底层技术，则通过投资布局，获取外部创新活力。恰逢其时的是，上一年，科创板开板，投资人普遍将投资重点明确转向符合国家战略、突破关键核心技术的科技创新企业，进一步强化了硬科技的投资主线。此后，美团加速加大对硬科技的投资。2020年就有超过一半的投资项目都和硬科技相关，连续投资了普渡科技、高仙机器人、盈合机器人、梅卡曼德、非夕科技，当年6月还领投了激光雷达制造商禾赛科技的D轮融资，以及对自动驾驶重卡公司嬴彻科技的B轮融资。那年王兴在财报会议上高频提及的关键词是robotics，而其他大厂还在重点投资游戏、零售领域，美团已将主要精力放在还尚未有盈利苗头的硬科技领域。2022年，是互联网企业投资热潮的转折点。这一年，大厂投资数量骤降七成，美团对硬科技的投资量却逆势增长。2020年至2025年5月，美团共参与投资事件89起，其中47笔投向硬科技，其中就包括宇树科技。此外，2022年美团也成立了机器人研究院，致力于无人机、自动驾驶、具身智能等机器人共性关键技术研发。2025年美团核心业务因外卖大战由盈转亏，但没有收缩对外投资，反而提升了对硬科技的投入强度和深度，“不仅向被投企业开放场景、共同研发，也在加码产学方面的正向互动。美团机器人研究院已与全球数十所余所高校持续达成科研合作，成果被ICRA、IROS等顶会收录。这也充分说明，美团的AI大投资，是一种战略行为，而非机会主义。综合财报会上的表述，美团的AI战略是“打造物理世界的AI底座”，其机会点在于“无缝整合数字世界和物理世界的信息”，并由此迸发出的效率。按照王兴的判断，互联网的下半场，流量和补贴的效用很快会边际递减，规模无效率，硬科技才是下一代基础设施。这也是美团打造“AI底座”的目的之一。 场景——“宇树们”的成长地其实回过头来看，以芯片、AI大模型、具身智能为代表的科技创新公司本身就光环加身，面对众多“追求者，”他们为什么选择接受美团的投资？拆解来看，影响初创科技企业的成长主要有三个关键因素：充足的资金、适配的可落地场景，足够的发展时间。第一个很关键，但真正有技术实力的企业“并不缺钱。从企业长期发展角度来看，后两者更关键。比如机器人需要试验场景，积累数据，迭代算法，实现“小脑”（运动控制）与“大脑”（理解自然语言与物理世界）的融合；无论是大语言模型、智能驾驶、具身智能都要用到的AI芯片（GPU），要经过大规模测试。可落地场景，是加速技术从走出实验室的载体，也是实现商业化的关键。美团作为消费场景最多的平台，拥有密集的物理世界数据，包括商家运营数据，全面真实的用户评论，以及网格化的运力系统，这些数据在训练AI、测试机器的过程中不可或缺，可以说，它构成了美团在AI领域最核心的资源优势。这些消费场景更是“宇树们”的成长地。机器人在商场过道里跳舞，绝不是王兴兴们的终极追求。最终，那些智能能力，还是要像插件一样，插到基于物理世界打造的AI底座上，成为真实服务的一部分。仅2025年上半年，美团就投了多家具身智能企业，包括自变量，它石智航、星海图，其中多起都为领投。多位被投企业的创始人，均在不同场合表达过对真实场景数据的关注。实际上，前期，美团已经与合作伙伴在实际场景实现协同、共同探索。例如，其域创新已经开始与小象、美团到店、美团无人机合作，进行前置仓测绘建模和地图测绘，帮助商家生成3D效果展示。2024年，美团就与银河通用战略合作，探索机器人线下零售、智慧货仓、智慧物流领域的应用，2025年北京已有10余家药店使用Galbot机器人进行全天候药品分拣。去年年底，禾赛的感知定位激光雷达获得了美团无人机量产定点，低空物流场景与激光雷达技术实现融合，推进产业化的速度。这些消费场景，为初创企业提供了足够的成长空间。今年3月，王兴兴曾在公开场合表示，机器人当前最大瓶颈是泛化能力不足，需要“基于视频生成的世界模型”和大规模真实物理场景数据。外界普遍认为，宇树上市筹资的主要部分将被用于机器人“大脑”的训练。宇树自己也在做如景区导游、门店体验等场景落地。而美团能为具身智能企业提供更多、更广的场景。美团和“宇树们”可能合作的场景还有很多。除了已经落地的零售货仓、货架分拣等场景，很多老居民小区并没有电梯，四足、人形机器人配送美团订单即可积累无电梯场景训练数据；机器人进入药房、零售仓储场景进行测试；在美团商家店铺中，人形机器人与客户做测试性质的交互。美团的投资不仅有资金，也投入资源、分享场景。这也是初创科技企业最为看重的。 融合——共建物理AI世界26日，美团发布了2025年第四季度及全年业绩。即使在战况最激烈时，美团的研发投入仍再创新高，同比增长23%至260亿元。但王兴也表示，美团不会盲目追求成为“词元工厂”。成为物理世界的AI底座这件事，聊天机器人做不了。真实世界太复杂了，需要提供从消费者到本地服务端到端的AI解决方案——比如能够准确理解消费需求的超级入口，帮助商家提效的AI数字系统，当然还有通过智能化进一步提效的运力，比如无人机配送。可以说，在整个链条当中，每个节点都具备高潜AI空间，有可能诞生几个 “宇树”。这些事情光靠美团干不完，光靠“宇树们”肯定也干不了。最后，这个计划还是要通过社会化来完成。美团投资了智谱AI、月之暗面等国内头部大模型公司，它们探索打造的“最强大脑”，未来必然会与具身智能融合。在最上游的芯片与算力领域，美团在2022年12月底就参与摩尔线程的B+轮融资，在上市时参与了战略配售。美团还参与了另一家GPU创新企业沐曦的战略配售。去年12月，两家企业式登陆科创板，上市后表现抢眼。半导体领域，除了公众熟知的摩尔线程和沐曦股份，美团还参与投资了“国家队”级别的芯片企业，如国内通信芯片领域的核心力量紫光展锐，。此外，美团还投了爱芯智元、荣芯半导体、德尔科技、东方算芯、广州众山等一众芯片企业。正如都江堰将岷江分成了内江、外江，美团自身的AI相关技术，囊括了语音、视觉、自然语言处理、机器学习、知识图谱等，他们落地为外卖配送的策略、调度算法、定价系统，延伸到智能耳机里的语音识别、人脸识别、客服系统。同时，美团也长期探索线下世界的物流、履约科技，目前已经是国内无人车配送单量最大的公司，并在国内外开通了70多条无人机的航线。这一轮AI基建热潮中，美团可能是最特殊的一个，它有提效的真实需求，也手握链接线上与线下、AI与真实世界的链接入口，它不仅有长期的自研路径，也在通过场景合作种出一棵枝叶茂盛的“科技树”。回头来看，在这场全社会的AI革命当中，美团承担的AI底座角色，实际上也是被分配的，它已经积累了物理世界的数据网络，相当于有了现成的集成电路板，能够带动上面元器件的联动反应。美团和被投企业互相充实AI能力，这是串联；那些智能驾驶、激光、雷达、芯片领域的被投企业，在美团的产业链条中有更紧密的合作、探索、应用，这就是并联。正如王兴所说，美团在试图更好的去理解这个物理世界，然后再去连接它和数字世界。一旦次元壁消失，词元就不再只在赛博世界里奔腾，它终将经过都江堰的“吴淞口”，流向现实之海。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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