谁在卡位人形机器人③｜阿里系坐稳“头号玩家”，腾讯系“挑食”

新京报04-15

星海图、千寻智能、自变量机器人、宇树科技均成为押注的热门选择，背后有着至少6个大厂派系组成的资方“豪华阵容”。　　人形机器人再度走上练兵场。　　2026人形机器人半程马拉松即将于4月19日鸣枪开跑。相比去年参赛的20多支队伍，今年赛事参赛队伍数量超百支，参赛数量、技术类型、测试范围均创历史新高。参赛之外，今年人形机器人还首次承担了配速、表演、清洁等服务。　　赛道上的较量，也是赛道外产业实力的投射。...

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　　新京报贝壳财经记者梳理看到，阿里系几乎全线出击，涵盖阿里巴巴、阿里云、蚂蚁集团等自有资本及云锋基金等相关资本，合计投资20次，覆盖13家企业，是人形机器人赛道上最活跃的大厂玩家。紧随其后的是联想系（14次，10家企业）、百度系（13次，7家企业）和小米系（12次，6家企业）。　　大厂资本入局，策略有所差异。美团系出手10次，仅覆盖4家企业，投资更倾向于围绕少数标的持续加码。腾讯系出手9次，其中仅5次来自其自有体系资本，参与度明显低于其余大厂。　　小米爱挖“潜力股”，腾讯偏爱成熟企业　　新京报贝壳财经记者依据IT桔子数据，梳理了7家人形机器人赛道活跃大厂的投资偏好。结果显示，各家企业选择的投资轮次与估值水平差异鲜明，折射出不同的战略重心与投资意图。　　阿里系和百度系倾向于布局成长期到成熟期企业，但具体策略有所不同。阿里系资本集中在Pre-A轮至A+轮，投资企业估值大多超过10亿元，投资偏好稳定而集中，显示出锁定高价值项目的战略意图。百度系投资则更分散，从种子轮到B轮均有涉猎，覆盖不同估值阶段的企业，更偏向全周期布局。　　相比之下，腾讯系、美团系和宁德系资本青睐高估值的成熟期企业，通常在A+轮及以后轮次入场。不过，腾讯系投资中，早期投资大多来自腾讯前高管创办的德讯资本，其自有体系的投资主体——腾讯投资则偏向成熟、稳健项目，平均估值偏好在7家活跃大厂中最高。这也符合腾讯“不做硬件，只做伙伴”的财务投资定位。　　宁德系资本偏好能快速落地的投资标的，例如银河通用机器人和松延动力。万联证券投资顾问屈放在接受媒体采访时解析，宁德时代布局人形机器人，除了考虑财务投资回报外，首先考虑未来机器人产业的电池需求，通过股权投资与机器人企业深度绑定。其次也是基于自身机器人工厂的发展需求。　　2024年11月，由宁德时代联合创始人参与设立的柏睿资本完成对千寻智能的天使+轮融资。一年后，千寻智能研发的“小墨”人形机器人已在宁德时代动力电池PACK生产线规模化投入使用，搭载宁德时代自研电池。 　　与上述大厂相比，小米系展现出明显的早期布局倾向，过去两年进行过3次种子轮投资，分别投向萝博派对和千寻智能。其中，千寻智能已成长为估值破百亿级别的头部企业。　　由于小米自身也在研发人形机器人，其资本布局与集团战略紧密绑定。小米系资本的投资标的既涵盖具身大脑研发的千寻智能，也包括生产关节精密部件和灵巧手的曦诺未来（Xynova），以及提升仿生水平的首形科技。这种“早期进入、单点技术积累”的投资路径，清晰对应着小米“从单点突破到多点扩展、最终构建完整人形机器人生态”的集团发展战略。　　向细分领域进击，大厂盯上灵巧手“钱景”　　自2020年以来，人形机器人赛道的整体融资节奏逐渐加快。　　新京报贝壳财经记者梳理看到，早期投资主要集中在全栈型企业，也涉及少量具身大脑和整机生产企业。到了2024年，大厂资本在具身大脑相关企业的布局明显增多。2025年全年投资事件达到峰值，超过80起，投资也向感知系统、灵巧手和关节精密零部件等领域扩展。　　7家大厂的投资节奏与整体趋势一致。各类人形机器人企业出现在大厂投资名单之列，资本的关注点从早期集中押注明星企业，逐渐向专精某一关键技术环节的企业倾斜。　　其中，阿里系资本布局的人形机器人细分类别最为多元，涵盖全栈、具身大脑、整机生产、灵巧手等多个方向；联想系和百度系仍以全栈企业为主，美团系的投资则围绕全栈和具身大脑的头部企业。 　　大厂的目光也逐渐投向人形机器人各个细分技术环节。例如，首形科技获得阿里系、小米系、腾讯系和字节系资本的共同投资，曦诺未来 Xynova则获得小米、宁德时代和比亚迪三家大厂系资本布局。　　这种投资向细分技术节点扩散的趋势，与赛道技术发展和产业化落地进程密切相关。随着赛道热度上升，资本正在从机器人本体厂商蔓延至上游零部件领域，灵巧手模块成为最受追捧的细分赛道之一。　　多份研究报告认为，灵巧手等核心执行器不仅是机械组件，而且是实现机器人在复杂环境中完成任务的关键环节，也被视为机器人操作能力的“最后一厘米”。因此，尽管灵巧手技术成熟度尚未达到本体制造商水平，但其在提升机器人综合能力、实现复杂任务中的作用已日益凸显，融资规模和融资企业数量随之提升。　　资本“争宠”，星海图、千寻智能背靠7个大厂派系　　目前，不同大厂系资本竞相押注的人形机器人企业，仍以全栈型或具身大脑企业为主，它们在经历了2025年的融资热后脱颖而出。一位投资人在去年接受新京报贝壳财经采访时表示，投资这类厂商是为了完整参与从研发到市场验证的全周期，“哪怕最后没有收获，也要完整经历一遍”。　　新京报贝壳财经记者梳理IT桔子数据发现，人形机器人赛道中，大厂的投资策略差异主要源于各自的技术积累、战略目标和产业经验，行业类别本身影响有限。　　在这种格局下，部分人形机器人企业逐渐成为跨行业、多派系押宝的选择。数据显示，星海图、千寻智能分别获得了7个大厂派系投资，自变量机器人、宇树科技也分别获得了6个大厂派系的青睐。 　　值得一提的是，星海图、千寻智能和自变量机器人分别获得了百度系、小米系和美团系的4次高频投资。　　其中，百度系从2023年开始投资星海图，成为其天使轮投资人，又先后在2025年进行A轮和两次A+轮投资。2026年，星海图完成B轮融资后，估值已达百亿级别。　　小米系资本从2024年的种子轮就开始陪伴千寻智能发展，历经天使轮、Pre-A轮，到2026年的A轮，投后估值超100亿元。　　美团系及其设立的产业基金美团龙珠资本，则在不到10个月内4次出手，参与了自变量机器人从A轮到Pre-B轮的融资，其中1轮由美团与美团龙珠共同参投。　　2026年以来，随着部分头部企业开始冲刺上市，大厂系资本纷纷进场卡位。其中，千寻智能背后的投资机构新增了360和TCL，自变量机器人则迎来了上汽和字节跳动的参与。　　国信证券研报分析称，互联网大厂具备AI大模型能力和云计算优势；消费电子与ICT企业可借助智能硬件生态和终端产品经验，探索机器人在更多场景中的应用；汽车和新能源企业则利用在供应链、动力系统和规模制造上的积累加速布局赛道核心环节。这在一定程度上解释了，为什么活跃的大厂资本多是这些拥有技术积累、产业经验和生态整合优势的企业。（文章来源：新京报）","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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