Company
Chinese robotics company known for quadruped (robot dog) and legged robots used in inspection, security, and industrial applications.
DEEP Robotics put its DR02 humanoid on Hangzhou roads and in Xixi National Wetland Park in early October for a trial limited to spoken reminders and gestures. No results from the advisory trial have been published.
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DEEP Robotics tested its IP66-rated DR02 humanoid robots directing traffic at Hangzhou intersections in heavy rain in early October. The company called the runs product testing, and a city still has to judge which of the robot's tasks beat existing traffic equipment.
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The scrutiny centres on revenue booked through data collection centres and joint ventures that local governments capitalised. One person familiar with the review put the valuation impact at 60 to 70 percent if that revenue is stripped out.
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Three weeks after Unitree's Shanghai debut rose fivefold and then gave most of it back, the CSRC has told robotics applicants to show recurring revenue and a path to profit, a test two pending applicants fail.
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Retail-driven Shanghai is now where domestic memory and humanoid programmes raise equity. The first-day pops describe the allocation, not the fab. CXMT's revenue line is the number worth reading.
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Chinese issuers are raising money into a domestic bid that then multiplies it by five, which says more about rationed supply than about durable AI earnings. Shein, the non-AI name in the queue, got the residual.
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Entrants quadrupled and teleoperation was banned in track, soccer and dance. The manipulation events still ran on human joysticks, and that is where the buyers are.
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At the 2026 World Robot Conference, AVIC showed a humanoid built for missile loading and NEXWISE a robot dog that fires restraining nets. The buyer being courted is not a factory.
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Unitree closed its Shanghai debut worth about $53 billion on $252 million of revenue. That number is now the comp in every robotics board deck, and it is not a demand signal.
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