艾媒咨询 | 2026年上半年中国具身智能行业投融资市场监测与分析报告

　　具身智能是指将人工智能与物理实体（如机器人、自动驾驶汽车等）相结合，赋予AI感知、行动并与物理世界实时交互能力的智能系统。其核心在于实现从虚拟空间的“计算智能”向现实世界的“行动智能”的跨越，构建“感知—决策—执行”的完整闭环。当前，中国具身智能行业投融资市场向大额集中型交易倾斜，高额融资总量与高频投资事件共同印证：行业已跨越早期技术验证阶段，逐步进入以场景落地和商业化闭环为核心的阶段，资金整体向具备技术积累和场景落地能力的头部阵营集中，并聚焦硬科技、AI及新能源等确定性赛道。此外，政策的引导与下游工业、服务等需求的井喷进一步推动行业迈入拼技术深度、拼场景适配、拼量产能力的精耕细作期，行业格局趋于理性和分化。

　　全球领先的新经济产业第三方数据挖掘和分析机构iiMedia Research（艾媒咨询）最新发布的《2026年上半年中国具身智能行业投融资市场监测与分析报告》数据显示，具身智能主题融资金额TOP10企业中，前三名分别为月之暗面Kimi（137.00亿人民币）、自变量机器人（65.00亿人民币）、智平方（60.00亿人民币），合计约占TOP10总融资金额的50.55%，头部集中度较高。艾媒咨询分析师认为，资金集中于具备通用大模型底座或核心算法能力的企业，上榜企业多数为AI技术原生公司，其业务既涵盖具身智能决策系统，也延伸至多模态交互与场景应用，呈现技术外溢特征；仅少数企业直接涉及机器人本体制造，说明当前资本更青睐软件与算法层面的高壁垒环节，而非硬件规模化生产。资本风向正从单一算法创新转向“模型+硬件+数据闭环”综合实力，头部阵营呈现以算法驱动为核心、多技术路径并行的格局，行业估值正向具备平台级潜力与生态构建能力的企业倾斜。

　　通过对头部企业的研究，可以更直观地了解具身智能投融资活动各具特色的布局和差异化的发展路径。参与具身智能领域的资本构成呈现多元化特征，涵盖市场化风险投资、国有产业资本及科技企业战略投资等多种类型，并且在投资金额上差距有限，布局力度较为均衡；各机构在具身智能领域的投资数量尚未形成明显分化，差异主要体现在单笔出资规模上。部分机构倾向于精选项目进行大额投资，另一部分则保持较为均衡的出资节奏。整体来看，活跃机构既包括市场化风险投资，也涵盖国有产业资本，各方在赛道选择与阶段偏好上形成一定互补，共同构建了多元化的资本供给格局。（《艾媒咨询 | 2026年上半年中国具身智能行业投融资市场监测与分析报告》完整高清PDF版共21页，可点击文章底部报告下载按钮进行报告下载。）

　　Embodied intelligence refers to intelligent systems that combine artificial intelligence with physical entities (such as robots, autonomous vehicles, etc.), endowing AI with the ability to perceive, act, and interact with the physical world in real time. Its core lies in achieving the leap from "computational intelligence" in virtual space to "action intelligence" in the real world, building a complete closed loop of "perception–decision–execution." At present, China's embodied intelligence industry investment and financing market is shifting toward large concentrated transactions. The total volume of high-value financing together with high-frequency investment events jointly confirms that the industry has moved beyond the early technology verification stage and is gradually entering a stage centered on scenario implementation and commercial closed loops. Capital is overall concentrating toward leading players with technological accumulation and scenario implementation capabilities, focusing on deterministic tracks such as hard technology, AI, and new energy. In addition, policy guidance and the surge in downstream industrial and service demand are further pushing the industry into a period of intensive cultivation characterized by competition in technological depth, scenario adaptability, and mass production capability, making the industry landscape more rational and differentiated.

　　According to the latest data from the "Monitoring and Analysis Report on the Investment and Financing Market for China’s Embodied Intelligence Industry in the First Half of 2026" released by iiMedia Research, a globally leading third-party data mining and analysis institution in the new economy industry, among the TOP10 companies by embodied intelligence-themed financing amount, the top three are Moonshot AI (Kimi) (13.700 billion yuan), X Square Robot (6.500 billion yuan), and Zhi Ping Fang (6.000 billion yuan), together accounting for approximately 50.55% of the total TOP10 financing amount, indicating a relatively high level of head concentration. iiMedia Research analysts believe that capital is concentrated in companies with general-purpose large model foundations or core algorithm capabilities. Most of the listed companies are AI technology-native firms, whose businesses cover both embodied intelligence decision-making systems and extend to multimodal interaction and scenario applications, showing a characteristic of technology spillover. Only a few companies are directly involved in robot hardware manufacturing, indicating that capital currently favors high-barrier segments at the software and algorithm level rather than hardware mass production. The capital trend is shifting from single algorithm innovation to the comprehensive strength of "model + hardware + data closed loop." The leading camp is showing a pattern driven by algorithms at the core with multiple technological paths advancing in parallel, and industry valuations are tilting toward companies with platform-level potential and ecosystem-building capabilities.

　　Through the study of leading companies, one can more intuitively understand the distinctive layouts and differentiated development paths of embodied intelligence investment and financing activities. The composition of capital participating in the embodied intelligence field shows diversified characteristics, encompassing market-oriented venture capital, state-owned industrial capital, and strategic investment by technology enterprises, with relatively limited differences in investment amounts and relatively balanced deployment intensity. Institutions have not yet formed obvious differentiation in the number of embodied intelligence investments, with differences mainly reflected in the scale of individual investments. Some institutions tend to select projects for large-ticket investments, while others maintain a relatively balanced investment pace. Overall, active institutions include both market-oriented venture capital and state-owned industrial capital, with various parties forming a certain degree of complementarity in track selection and stage preferences, jointly building a diversified capital supply landscape. (The full high-definition PDF version of "iiMedia Research | Monitoring and Analysis Report on the Investment and Financing Market for China’s Embodied Intelligence Industry in the First Half of 2026" consists of 21 pages; you can click the report download button at the bottom of this article to download the report.)

　　2026年上半年具身智能投融资趋势

　　数据显示，2026年上半年中国具身智能主题投融资事件172起，总额1091.74亿人民币，显示市场向大额集中型交易倾斜。艾媒咨询分析师认为，高额融资总量与高频投资事件共同印证：行业已跨越早期技术验证阶段，逐步进入以场景落地和商业化闭环为核心的阶段。然而，资金并非均匀铺洒，而是向具备成熟产品矩阵和落地能力的头部阵营集中，更聚焦硬科技、AI及新能源等确定性赛道。政策端的强力引导与下游工业、服务等真实需求的井喷，进一步加速了技术从实验室走向工厂和家庭，行业迈入拼技术深度、拼场景适配、拼量产能力的精耕细作期。市场整体呈谨慎乐观，资金向技术壁垒高、现金流健康的领域集聚，预计未来两年交易量或继续温和回落，但单笔规模与战略协同价值将持续提升。

　　2026年上半年全球具身智能投融资概况

　　数据显示，根据月度走势，2026年上半年全球具身智能投融资活动呈现先稳后升的态势。年初市场活跃，随后经历阶段性回调，融资规模显著攀升，6月投融资金额达到241.96亿元，或与具身智能领域头部企业新一轮战略融资及政策对机器人产业扶持加码相关，推高单笔估值。艾媒咨询分析师认为，资金整体向具备技术积累和场景落地能力的头部企业集中，同时投资重心正从硬件制造逐步转向决策算法与软件系统等核心环节。下游工业、服务等领域的实际需求增长，叠加政策支持，共同驱动行业进入技术深耕与商业化推进阶段，行业格局趋于理性和分化。

　　具身智能主题各赛道投融资金额及数量

　　数据显示，具身智能大脑赛道以595.44亿元融资额形成主导，单笔均值高，反映出资本市场对决策算法、多模态感知等软件能力的优先布局；智能运载装备和具身智能整机制造虽然融资额较高，但事件数量相对较少，单笔融资规模更大，表明硬件本体和产线场景更依赖大额资本投入；核心硬件、数据生态以及行业应用等环节则呈现融资体量偏小或数量偏少的特征，显示行业仍处于技术攻坚阶段，资本整体向研发门槛高、可复用性强的上层智能系统集中，下游集成应用尚未形成规模化融资热潮。艾媒咨询分析师认为，资本流向呈现“大脑>躯干>场景”的递进逻辑，受政策新质生产力导向驱动，短期看好大脑及运载装备持续领跑，中期随技术成熟，整机和数据生态将迎来补涨轮动机遇，行业应用规模化尚需场景验证周期。

　　具身智能主题投融资轮次分布

　　数据显示，从投融资轮次分布来看，资金主要集中于B轮及以后的中后期阶段，这表明具身智能行业已迈过早期技术验证期，进入规模化扩张与商业化落地加速的新阶段。艾媒咨询分析师认为，早期轮次（种子轮至A轮）融资体量相对有限，说明新创企业的资本门槛较高，获得支持的难度加大；而战略投资、基石轮等非标准轮次的参与，表明产业资本和长期资金正积极介入，推动头部企业向上市或并购方向演进。整体上前期和极后期（如Pre-IPO）相对均衡，中后期融资规模突出，暗示行业资源正向具备明确产品路径和营收能力的标杆企业集中，市场分化与竞争格局日益清晰。

　　具身智能主题融资金额TOP10企业

　　数据显示，具身智能主题融资金额TOP10企业中，前三名分别为月之暗面Kimi（137.00亿人民币）、自变量机器人（65.00亿人民币）、智平方（60.00亿人民币），合计约占TOP10总融资金额的50.55%，头部集中度较高。艾媒咨询分析师认为，资金集中于具备通用大模型底座或核心算法能力的企业，上榜企业多数为AI技术原生公司，其业务既涵盖具身智能决策系统，也延伸至多模态交互与场景应用，呈现技术外溢特征；仅少数企业直接涉及机器人本体制造，说明当前资本更青睐软件与算法层面的高壁垒环节，而非硬件规模化生产。资本风向正从单一算法创新转向“模型+硬件+数据闭环”综合实力，头部阵营呈现以算法驱动为核心、多技术路径并行的格局，行业估值正向具备平台级潜力与生态构建能力的企业倾斜。

　　具身智能主题投资活跃度TOP10机构

　　数据显示，具身智能主题投资活跃度TOP10机构中，中金资本的投资事件数量为6起，位列第一，其余机构的投资数量多为5起或4起，频次分布较为均衡。艾媒咨询分析师认为，整体数量分布较为接近，差距并不显著；而在投资金额方面，红杉资本中国、博华资本、五源资本等机构金额较高，中金资本虽事件数最多但金额属于中等水平。这表明各机构在具身智能领域的投资数量尚未形成明显分化，差异主要体现在单笔出资规模上。部分机构倾向于精选项目进行大额投资，另一部分则保持较为均衡的出资节奏。整体来看，活跃机构既包括市场化风险投资，也涵盖国有产业资本，各方在赛道选择与阶段偏好上形成一定互补，共同构建了多元化的资本供给格局。

　　具身智能主题融资事件（部分）

　　本文内容选自艾媒咨询发布的《艾媒咨询 | 2026年上半年中国具身智能行业投融资市场监测与分析报告》，报告共21页，点击下方链接可直达报告。点击这里即刻探索艾媒报告中心，更多行业报告解码商业趋势，助您精准决策！