China's embodied AI boom traces a 40-year relay: state labs built the roots, startups sprinted to market, and Unitree's RMB 60.99B IPO set the valuation anchor. Five drivers, three leaders, one system.
China's embodied AI raised RMB 96B in a year. Now the test is spending: Unitree profits on tiny R&D while UBTECH lost RMB 4.2B. Who spends well?