An introductory guide to China's embodied AI industry: what embodied AI is, the five-layer value chain, five coordinates for 2026 (policy, capital, production, listings, consolidation), and a practical method for reading the industry. China accounts for 97% of humanoid robot shipments worldwide and raised RMB 93.5 billion (~$13B) in the first half of 2026.
Unitree G1 teardown: a RMB 41,574 bill of materials with 66% in joints. How China cut humanoid prices from RMB 593,400 to RMB 9,998 in three years.
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?