6.8 Billion Yuan Order vs. Only 4 Units Sold: The Industrialization of Embodied Intelligence – Bubble and Reality Coexist
2026-05-26

I. A Tale of Two Extremes: The Industry Shows Extreme Differentiation

In 2026, the embodied intelligence sector witnessed an extremely polarized development landscape. On one hand, the State Grid Corporation of China placed a massive annual procurement order of 6.8 billion yuan, coupled with procurement plans from the Southern Power Grid and local energy groups, suggesting that total investment in embodied intelligence in the power industry is expected to exceed 10 billion yuan for the year, injecting substantial incremental investment into the industry. On the other hand, only 4 cutting-edge humanoid robots were sold in two years, with no large-scale purchases of high-margin products. The clash between the multi-billion yuan financing boom in the capital market and the real difficulties in industrial implementation has made it clear that the industrialization of embodied intelligence is still at a critical inflection point, with partial implementation and general mass production yet to be achieved.

II. A 10 Billion Yuan Power Order Ushers in a New Era of Large-Scale Commercialization

The State Grid's 10 billion yuan procurement order officially opened the prelude to the large-scale commercialization of embodied intelligence. According to the State Grid's 2026 Intelligent Equipment Development Plan, 8,500 intelligent devices will be procured throughout the year. Funding allocation is clear, and the implementation schedule is well-defined, proceeding in three phases: pilot projects, large-scale deployment, and supplementary phases. The procured equipment categories are precisely tailored to the essential needs of the power industry: 5,000 quadruped inspection robot dogs, 3,000 dual-arm inspection robots, and 500 humanoid live-line working robots, respectively targeting power grid inspection, equipment maintenance, and high-risk live-line work scenarios.

It is no coincidence that the power industry has become the first sector to undertake large-scale adoption of intelligent equipment. The power grid scenario is characterized by standardization, high risk, and high labor costs. With over 100,000 substations and 2.4 million kilometers of transmission lines nationwide, there is a vast potential for replacement. From an implementation value perspective, intelligent equipment can save an average of 500,000 to 800,000 yuan in labor costs annually, with a payback period of only 2 to 3 years. Inspection efficiency is increased fivefold, while avoiding over 90% of high-risk operational risks. Its extremely high cost-effectiveness makes commercialization in industrial scenarios truly viable.

III. Significant Commercialization Divergence: Robot Dogs Profitable, Humanoid Robots Facing a Cold Reception

Behind the seemingly hot market, the commercialization of products is extremely divergent, with the industry's true profit logic defying public perception: four-legged robot dogs are making money, while the envisioned bipedal humanoid robots are still operating at a loss.

Companies like CloudMinds have established a foothold in the industrial market with their four-legged robot dogs, successfully turning a profit in 2025 with a gross profit margin exceeding 52%. Over 95% of their revenue comes from industrial inspection robot dogs, with nearly 700 units shipped annually for a single product, demonstrating a mature and stable commercialization model. However, their high-margin humanoid robot product sold only 4 units in 2024 and 2025, with a unit price exceeding 800,000 yuan and a gross profit margin of nearly 69%, yet it has consistently failed to penetrate the market. The core pain point lies in the lack of essential demand for high-tech products and the lack of application scenarios for high-margin products, making it difficult to adapt to the needs of real industrial operations.

The paths of leading players in the industry have completely diverged. Unitree Robotics leads the world in humanoid robot shipments, but demand is concentrated in scientific research, education, and consumer entertainment scenarios, not core industrial applications. Meanwhile, Leju Intelligent, which has gone all-in on humanoid robots, continues to be mired in losses, accumulating over 170 million yuan in losses over three years, with a continuously declining gross profit margin. Constrained by high costs of core components and insufficient scenario adaptability, it has yet to achieve a commercial closed loop.

IV. Soaring Capital, Severe Mismatch Between Capital Investment and Industrial Implementation

Looking at the entire sector, there is a severe mismatch between capital investment and industrial implementation. In 2026, total investment in the domestic humanoid intelligence field exceeded 57.7 billion yuan, surpassing the total investment for 2025. Many companies are rushing to IPO, and industry valuations continue to rise. Institutions predict that the industry will surge from 5.3 billion yuan in 2025 to a trillion-yuan level by 2035. Policy support and capital inflows have fueled unprecedented enthusiasm for the sector.

However, behind this prosperity, three core bottlenecks are hindering the industrialization process. First, there is a huge gap between mass production and commercialization. The claimed production capacity of tens of thousands of units by companies is difficult to match the actual needs of industrial applications. Second, there is insufficient general adaptability. While robots can perform somersaults and walk, they cannot cope with the complex and ever-changing working conditions in industrial scenarios, lacking stable operational capabilities. Third, the industry bubble is intensifying. The number of companies has surged in a short period, and many small and medium-sized players lack sustainable business models, increasing the risk of industry consolidation.

V. The industry is at a turning point; the tough battle for industrialization has officially begun.

Overall, embodied intelligence has completed the warm-up phase of technology verification, and robots for specific scenarios have achieved stable profitability. However, the industrialization of general-purpose humanoid robots is a long and arduous journey. As industry practitioners have stated, it will take at least another decade of dedicated development for humanoid robots to go from technological breakthroughs to mature commercialization. The current landscape is characterized by both certain localized applications and uncertain general-purpose futures; the real tough battle for industrialization has only just begun.

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6.8 Billion Yuan Order vs. Only 4 Units Sold: The Industrialization of Embodied Intelligence – Bubble and Reality Coexist2026-05-26

6.8 Billion Yuan Order vs. Only 4 Units Sold: The Industrialization of Embodied Intelligence – Bubble and Reality Coexist
2026-05-26