Robot Bodies Are Losing Value: Whole-Hardware Valuations Cool as Embodied Brains Become Capital's New Favorite

The article outlines a diverging trend in the robotics industry: valuations for complete robot hardware are being marked down while funding for embodied brains is heating up. Yinghe Robotics has entered bankruptcy liquidation; Unitree Technology's market value has fallen from a peak of 444.9 billion yuan on its first trading day to around 170 billion yuan, and JPMorgan initiated coverage with an underweight rating. Meanwhile, according to Zhongtai Securities data, domestic embodied intelligence funding in the first half of 2026 totaled about 43.8 billion yuan, of which embodied brain companies took 22.253 billion yuan, or 50.8%, while complete hardware companies took only 5.6 billion yuan, or 12.8%.