I don't know if there are any different ideas when I read this note in a few months. I have had several conversations with Chinese robotics giants in the past few weeks. Overall understanding: -China has real structural advantages in hardware manufacturing and cost, but there are real and unresolved gaps in the intelligent layer (that is, the body has it, but the brain has not been fully developed) -And data, as a quieter business, may be more valuable than the products on the table for a long time -The story of Chinese humanoid robots is very similar to the big language model story from two years ago -Companies are actively seeking financing and going public, and there is also a large amount of capital chasing a narrowing listing window After these conversations, I didn't come up with a single winner, but I have a clearer understanding of where the real bottlenecks are and who is honestly facing them. At least it's true that they won't be fooled by beautiful robot performance videos, most of which are remotely controlled or pre programmed and can only be operated in a fully controllable environment. In fact, the West, including Chinese people, has a strong filter on the development of Chinese humanoid robots. In the past year and a half, I have received many inquiries from investors about the demand for Unitree quotas, asking for as much as possible. This is also the direct reason why I contacted all the top robotics companies to talk about it. Although these meetings gave me a reality check, the advantage of Chinese physical hardware will be a bottleneck after the commercialization of the brain. In addition, in the direction of data collection, if the country really prioritizes resources and policies towards robot data collection, I believe it will soon be able to shake off all overseas big companies that burn money to maintain data. When it comes to the listing of Yushu, how to put it? Imagine their video as a white paper, but in fact, most robots are paralyzed and there is no real profit. However, humanoid robots have a lot of room for imagination both at home and abroad, and everyone, including other robots, hopes that it will perform well because this is the first shot on the track, so I guess the volatility will be huge. In short, the Chinese robotics track is relatively early and promising in the future, with many opportunities at each stage. Welcome everyone to share their experiences and perspectives