10月21日，苏州西恩科技宣布连续完成Pre-A轮与Pre-A+轮合计数亿元融资，前一轮由钟鼎资本领投，经纬创投、建发新兴投资跟投，后一轮改由国投招商领投，洪泰基金、中鑫致道资本和绿的谐波、景业智能旗下的产业基金跟投。这家公司做高端伺服驱动器，自研驱动芯片，客户在四足机器狗、人形机器人和半导体装备那条链上。同一周披露的另外两笔早期融资走向同一个方向，四川具身人形机器人科技超亿元的Pre-A轮，四个投资席位全部是政府投资基金，绍兴紫明低温的A+轮由中核科创基金和东方电气系的高端能源装备基金领投。硬科技早期轮的领投位，这一周成批交到政府基金和产业资本手上。
On October 21, Suzhou Xi'en Technology announced consecutive completion of Pre-A and Pre-A+ rounds totaling hundreds of millions of yuan. The former was led by Zhongding Capital with Matrix Partners and Jianfa Emerging Investment participating; the latter switched to Guotou Merchants leading, with Hongtai Fund, Zhongxin Zhidao Capital, and industrial funds under Leaderdrive and Jingye Intelligent participating. The company makes high-end servo drives and self-developed driver chips, with customers in the quadruped robot dog, humanoid robot, and semiconductor equipment chain. Two other early-stage financings disclosed the same week moved in the same direction: Sichuan Embodied Humanoid Robot Technology's over-100-million-yuan Pre-A round had all four investor seats filled by government investment funds, and Shaoxing Ziming Cryogenics' A+ round was led by CNNC Science and Technology Innovation Fund and Dongfang Electric's high-end energy equipment fund. Early-stage hard-tech lead positions were handed to government funds and industrial capital in batches this week.
伊塔动力前天披露的超亿元种子和种子加轮算半个例外，经纬创投在出资名单里，同列的建银国际、商汤国香资本加上银河通用、傅利叶智能两家机器人公司，央企金融资本与产业方合计占了席位的一半。名单变动只是表象，跟着变的是出资的考核方式和估值的算法。西恩这轮把更替压缩到了一个轮次里，Pre-A轮还由钟鼎资本这样的市场化基金牵头，间隔不久的Pre-A+轮已经改由国投招商领投，经纬创投从领投方降回加注的老股东。Pre-A阶段财务基金愿意下的注，到加注那一轮已经不愿意单独扛，拉进国资和产业方来分摊。部件公司往A轮走时，接棒的名单上大概率还是政府基金。卖方这一头的整机叙事项目还在按上一个窗口的行情报价，买方这一头已经是按产业落地算账的钱，两边对同一份商业计划给出的价差，比过去几轮融资都难谈。
Yita Dynamics' over-100-million-yuan seed and seed+ rounds disclosed the day before yesterday are half an exception—Matrix Partners is on the investor list, alongside CCB International, SenseTime Guoxiang Capital, and robot companies Galbot and Fourier Intelligence; central SOE financial capital and industrial parties together occupy half the seats. The list change is only a surface phenomenon; what changes with it is the assessment method for capital contributions and the valuation algorithm. Xi'en compressed the transition into a single round—Pre-A was still led by a market-oriented fund like Zhongding Capital; the not-long-after Pre-A+ switched to Guotou Merchants leading, with Matrix Partners downgraded from lead to existing shareholder increasing its stake. What financial funds were willing to bet at Pre-A, they were no longer willing to carry alone at the follow-on round, pulling in state capital and industrial parties to share. When component companies move toward Series A, the baton-passing list will likely still be government funds. On the sell side, whole-machine narrative projects are still quoting at the previous window's prices; on the buy side, it is already money calculating by industrial deployment—the price gap between the two sides on the same business plan is harder to negotiate than in past funding rounds.
四川具身这轮的出资方是成都未来产业天使基金、德阳投控集团、凯州新城产业基金和中江高新区产业基金，省市县三级国资同时出现在一家成立两年、做情感交互机器人的公司的Pre-A轮里。爱湫、天巡、天行者三条产品线已经批量交付，出资名单和交付记录对得上，国资挑的是手上有批量交付的公司。紫明低温更靠上游，液氢、液氦、超流氦温区的阀门和斯特林制冷机，公司披露2025年营业收入2579万元，自称国内唯一全谱系供给，客户里有中科院上海应用物理研究所这类大科学装置。中核科创基金和东方电气系的基金进来，出资人名册里同时站了装置用户和装备厂，这笔钱考核的是配套能力和产能建设，退出周期按十年算。这三笔轮次的估值一家都没公开，财务基金下一轮报价得跟着国资的算法走。
Sichuan Embodied's investors this round are Chengdu Future Industry Angel Fund, Deyang Investment Holding Group, Kaizhou New City Industrial Fund, and Zhongjiang High-tech Zone Industrial Fund—provincial, municipal, and county-level state capital simultaneously appearing in the Pre-A round of a company founded two years ago doing emotional interaction robots. Three product lines—Aiqiu, Tianxun, and Tianxingzhe—have already achieved batch delivery; the investor list and delivery records match; state capital picks companies with batch delivery on hand. Ziming Cryogenics is further upstream—valves and Stirling cryocoolers for liquid hydrogen, liquid helium, and superfluid helium temperature zones. The company disclosed 2025 revenue of 25.79 million yuan, claims to be the only domestic full-spectrum supplier, with customers including the Chinese Academy of Sciences' Shanghai Institute of Applied Physics and other major science facilities. CNNC Science and Technology Innovation Fund and Dongfang Electric's fund entering means the investor roster simultaneously includes facility users and equipment manufacturers; this money assesses supporting capability and capacity building, with exit cycles calculated over ten years. None of these three rounds' valuations were disclosed; financial funds' next-round quotes must follow state capital's algorithm.
400款整机，是这条钱的背景。工信部本周一在国新办发布会上披露了全年10万台的整机预期。10万台摊到400款整机，单款一年平均250台上下，这个出货量撑不住靠卖整机摊薄研发投入的模型，钱往部件、配套和场景层走，这些环节的轮次恰好是政府基金接手的档位。银河通用和傅利叶把种子轮的钱给到部件厂，考核的是供应链优先权，跟政府基金的出资逻辑是同一套。受压的是还按上个窗口报估值、交付名单空着的整机叙事项目，受益的是像西恩这样手握批量订单、把国资和产业方拉进股东名册的部件公司。只要国资的考核表上写的还是交付和配套，这个更替的节奏就停不下来。
Four hundred complete machine models is the background to this money. MIIT disclosed the full-year 100,000-unit complete machine expectation at the State Council Information Office press conference this Monday. Spread across 400 complete machine models, that is an average of about 250 units per model per year—this shipment volume cannot support a model of amortizing R&D investment by selling complete machines. Money moves toward components, supporting facilities, and scenario layers; these links' funding rounds happen to be the tier government funds take over. Galbot and Fourier Intelligence giving seed round money to component factories assesses supply chain priority—the same logic as government fund contributions. Under pressure are whole-machine narrative projects still quoting last window's valuations with empty delivery lists; benefiting are component companies like Xi'en holding batch orders and pulling state capital and industrial parties onto the shareholder roster. As long as state capital's assessment table still says delivery and supporting facilities, this transition rhythm will not stop.
