RunningHub Launches World's First AIGC Feature-Length Film Competition with 5.5 Million Yuan Prize, Backed by Cixin Liu
What truly moves people is always "story" and "emotion."
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Inno Pharmaceuticals Completes Nearly RMB 800 Million Series D Funding to Accelerate Global Multicenter Clinical Development of Precision Targeted Drugs
The company has pioneered a proprietary active-targeting liposomal drug delivery platform, underpinning an innovative drug pipeline that spans multiple serious disease areas, including cardiovascular and cerebrovascular diseases and glioblastoma.
Qiming Weekly | Top 10 Updates from Qiming Venture Partners Portfolio Companies Vol.29, 2026.9.9
Celebrating milestone moments with you at Qiming Venture Partners portfolio companies
Smart glasses brand INMO closes nearly 1 billion yuan Series C round, kicks off IPO preparations | Unity Ventures
In recent years, J&T Global Express has maintained revenue growth of over 200% year after year.
Former Neuralink President Under Elon Musk: Brain-Computer Interfaces Are Not a "Moonshot"
The smallest combination needed to drive a major transformation in medicine.
PHYMI Closes Nearly $100 Million Seed Round to Bring Physical Agents into Open, Dynamic Real-World Environments | Yunqi Partners
Building a Physical Agent for the Open, Dynamic, Real World
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After Unitree's IPO, what is Embodied Artificial Intelligence actually worth?
After pouring hundreds of billions of yuan into the primary market, how to price embodied AI companies has become one of the venture capital world's biggest headaches in 2026. Unitree's IPO offered the humanoid robotics industry its first real valuation benchmark — within five trading days, its market cap nearly halved from a peak of 440 billion yuan. Before this, the global market had lacked a publicly listed company whose core business was humanoid robot manufacturing, with genuine profitability and order records. Three points merit attention. **First, the hundred-billion-yuan divergence.** For the same company, CITIC Securities assigned a fair market cap of 50.6–55.9 billion yuan over the next 6–12 months; CCB International, applying a 32x 2026 price-to-sales ratio, arrived at 269 yuan per share, implying 109 billion yuan; Nomura, using a 25x 2027 price-to-sales ratio, set a target price of 370 yuan, or roughly 149.6 billion yuan. All below Unitree's current valuation. Unitree trades at 134x sales, roughly 7x UBTECH's 19x and 15x the 9x multiple for China's robot component suppliers. The premium stems from two factors: one, the market treats Unitree as a technology company rather than a manufacturer, pricing in expectations of AI-driven industry transformation; two, "scarcity" — for the past two and a half years, UBTECH was virtually the only investable humanoid robot pure-play in the secondary market, commanding a premium despite cumulative losses exceeding 5 billion yuan over six years. But with Unitree now listed and at least 20 related companies queueing for IPOs this year, scarcity is depreciating rapidly. **Second, the two-year payback threshold.** Compared with远期市场规模, whether the unit cost of humanoid robots can
Who Is Mass-Producing the AI Short Dramas You Keep Scrolling Past? | Crossing's Hands-On Test
The model sets the ceiling; the agent sets the floor.