On September 9, according to The Information, after the China Securities Regulatory Commission (CSRC) raised the listing threshold for humanoid robot companies through non-public window guidance, related companies must prove they can form sustainable revenue, are narrowing losses, or possess genuine technological innovation to go public. This policy shift is related to the financing frenzy in the primary market and the drastic stock price fluctuations after the listing of Unitree Robotics.
On August 21, economist Fu Peng stated in an interview with Phoenix Finance that the R&D expenditure of humanoid robot company UBTECH in 2025 is only 145 million yuan, far lower than that of pig farming company Muyuan Foods, which is 1.648 billion yuan. This reflects that related industries are still in a very early stage.