The first batch of embodied intelligence companies has fallen amid the surge of hot money

In 2026, financing in China's embodied intelligence sector has disclosed more than 400 deals, with cumulative funding exceeding 100 billion yuan, but multiple companies such as Yixing Robotics, Dataa Robotics, and Wujing Dynamics have successively halted operations. The article points out that these companies' cash flow depends on the next round of financing rather than customer payments, making them financing-driven rather than product-driven, while real demand for humanoid robots remains limited. Over the past two months, large financings of 1 billion yuan or more have noticeably decreased, and capital is shifting from paying for possibilities to paying for certainty.