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宇树科技背后的国资投资账本_我的网站
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Some Indian media outlets and regional political forces have recently sought to amplify allegations of an unverified China-India border confrontation, while official signals from Beijing and New Delhi have emphasized stability, communication and the importance of managing differences through established mechanisms.
The contrasting narratives have emerged at a moment when exchanges between China and India in various fields have gradually resumed, and cooperation has been advanced in an orderly manner, Chinese experts noted, warning that sensationalizing border-related claims could disrupt the hard-won momentum in bilateral ties and the two countries should prevent the boundary question from hijacking their broader relationship.
Contrasting narratives
The latest media speculation was partly triggered by claims made by the People's Party of the so-called "Arunachal Pradesh" (PPA), a regional Indian political party. According to The Arunachal Times, a local Indian newspaper, a four-member PPA "fact-finding committee" led by former minister and party adviser Kahfa Bengia visited the so-called "Taksing area" (known as Taxin, in Zangnan, Southwest China's Xizang Autonomous Region) on July 10 and subsequently alleged that Indian forces had been prevented from accessing several patrolling points.
The claims were then amplified by Indian news outlet ThePrint, which reported on Tuesday, citing unnamed sources, that Chinese and Indian patrols had allegedly come "face to face" near Taxin in late July.
The outlet further claimed that Chinese personnel subsequently left before returning in early August and setting up "two or three tents."
However, ThePrint acknowledged that sources in India's defense and security establishment said the "situation was well under control."
Some other Indian reports have also questioned the sensational allegations. India Today reported on Wednesday that Indian government sources dismissed social media claims circulating about what was described as "slow encroachment," while noting that similar allegations regarding the area had previously been rejected by local authorities and the Indian Army.
In fact, the claims stand in contrast to the official diplomatic signals coming from both sides.
Asked on Tuesday about reports concerning the border, Indian Ministry of External Affairs spokesperson Randhir Jaiswal said New Delhi takes border matters seriously and reiterated India's position that "the state of the border affairs will reflect on the state of our larger bilateral ties," according to a media briefing released by the ministry on its website on Tuesday.
He also referred to existing mechanisms for dealing with border issues and preventing misunderstanding and miscalculation, according to the briefing.
Responding on Wednesday to questions from Bloomberg and Reuters concerning social media claims about stepped-up Chinese military activity and a possible new border incident, Chinese Foreign Ministry Spokesperson Guo Jiakun said, "The China-India border situation is generally stable at the moment."
"China and India held the 36th meeting of the Working Mechanism for Consultation and Coordination (WMCC) on China-India Border Affairs last week. The two sides agreed to maintain communication via diplomatic and military channels and jointly uphold peace and tranquility in the border areas," Guo said.
Qian Feng, director of the Research Department at Tsinghua University's National Strategy Institute, told the Global Times on Thursday that the fact that the two sides continue to communicate through established channels shows that the border situation has not developed in the direction of escalation portrayed by some Indian media.
Such hype also came amid another development concerning Zangnan. India on August 7 announced what it called "standard" names for 27 locations in so-called "Arunachal Pradesh," a move that some Indian media outlets portrayed as an effort to counter China and further connected with the latest reports of border tensions.
China has firmly rejected the move. Responding to the issue on Monday, spokesperson Guo said, "Zangnan region is China's territory. China does not recognize the so-called 'Arunachal Pradesh' illegally set up by India."
Guo said India's attempt to replace names long used by China with its so-called "standard names" is "illegal, null and void," and stressed that it would not change the fact that Zangnan belongs to China.
Hu Zhiyong, a professor from Zhejiang International Studies University and a research fellow at the Institute of International Relations at the Shanghai Academy of Social Sciences, told the Global Times on Thursday that border and security issues have traditionally been susceptible to political manipulation in India's domestic politics. "When domestic economic and social problems become difficult to address, issues involving the borders with China or Pakistan can easily be pushed to the forefront to divert public attention," Hu explained.
He said economic pressures, concerns over foreign investment and the domestic business environment, together with accumulated public sentiment, could provide incentives for some political forces to magnify external disputes.
Hu argued that another problem lies in the tendency of some Indian political figures to bind the boundary question too closely to the entire China-India relationship. "The boundary issue is one part of bilateral relations, which also encompass political, economic, diplomatic, security and people-to-people exchanges," Hu said. "It should not be allowed to hijack the entire relationship."
Dialogue matters
According to the Chinese Foreign Ministry's statement of the August 6 meeting, the two sides conducted constructive dialogue in a candid and friendly manner, had an in-depth exchange of views on further implementing the consensus reached during the 24th Round of Talks between the Special Representatives of China and India on the Boundary Question, and agreed to jointly prepare for the coming 25th Round of SR talks. The two sides also discussed boundary delimitation, border management, mechanism development, cross-border exchange and cooperation. The two sides agreed to continue to maintain diplomatic and military communication, and jointly safeguard peace and tranquility in the border areas.
Hu pointed out that the timing of the latest speculation is noteworthy, as border issues have at times been used by some forces in India in an attempt to gain leverage ahead of important bilateral interactions.
The 36th WMCC meeting demonstrates that the two sides possess functioning channels through which disagreements can be addressed. This is particularly important as China and India seek to sustain the improvement in relations and prepare for further high-level interactions, said Chinese observers.
"The boundary dispute is a complicated issue left over from history and cannot be resolved overnight," Qian said. "What matters is to keep diplomatic and military communication channels open, promptly handle frontline frictions through established mechanisms, expand people-to-people exchanges and strengthen coordination under multilateral frameworks such as BRICS and the SCO."
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2016年，宇树科技种子轮估值仅为1333万元，截至上市当日，总市值达到3418亿元，估值呈现指数级翻倍。《中国经营报》记者注意到，宇树科技上市背后，北京、上海、深圳、杭州等地方国资也获得“超预期收益”。 在多位参与宇树科技投资的地方国资人士看来，投资的初衷是长期深耕产业、陪伴企业成长，而非短期追逐收益。上市并不意味着投资结束，未来地方国资将继续围绕数据和场景发挥耐心资本效应，推动产业走向商业化、市场化。
B | 耐心资本兑现超预期收益 8月19日，宇树科技成功在科创板上市。
C | 记者注意到，除了杭州本地国资曾参与宇树科技多轮融资外，京沪深等地国资也参与融资，实现超预期收益。
D | 招股书显示，北京机器人产业发展投资基金（以下简称“北京机器人基金”）持有宇树科技股份1392.8万股，占发行后总股本的3.44%，按照上市当日收盘价845元/股计算，持股市值近120亿元。
E | 其中，北京机器人基金由首程控股（00697.HK）担任基金管理人。自2024年起，北京机器人基金两度投资宇树科技，2024年投资1.5亿元，2025年6月再度增资3572万元。 2022年，首程控股首次与宇树科技接触，首程控股资本市场部总经理康雨回忆：“当时宇树科技的市场关注度并不高，促使我们下定决心投资有三个方面：一是商业上的确定性。通过交叉验证可以看出，宇树科技的收入规模、产品具备可靠性和稳定性。二是团队的特质。早期宇树科技的融资环境并不好，倒逼团队边研发边经营，形成很强的经营纪律。三是基于第一性原理的判断。我们判断赛道的核心标准是产品能不能真正提升社会生产力、生产真实的经济价值。
F | ” 在康雨看来，投资宇树科技不能看成一笔孤立的财务投资，而是要放在整体战略中。
G | 记者注意到，首程控股2021年涉足机器人赛道，2023 年其作为管理人参与设立百亿规模北京机器人产业发展投资基金。近年来，首程控股不仅重仓宇树科技，还投向星海图、银河通用、云深处等20多家机器人企业，其中80%的企业实现持股5%以上。 此外，北京市海淀区国有资本运营有限公司（以下简称“海淀国资”）旗下的中关村科学城持有宇树科技338.86万股，占发行后总股本的0.84%，按上市当日收盘价计算，持股市值为28.63亿元。 值得一提的是，据招股书及容诚会计师事务所出具的审计报告，中关村科学城 2024 年出资 3923.53 万元，叠加北京机器人基金的投入，按照上市当日收盘价静态测算，合计持股市值 146.33 亿元，北京国资相关主体账面回报超 64 倍（该数值仅为上市首日账面浮盈，下同）。 2022年，上海国际集团有限公司（以下简称“上海国际集团”）旗下的上海科创中心股权投资基金管理有限公司管理的上海科创中心贰号私募投资基金合伙企业（有限合伙）（以下简称“上海科创”）以1500万元对价受让老股入局。宇树科技招股书显示，上海科创持股136.37万股，占发行后总股本的0.34%。按照上市当日收盘价计算，对应股票市值11.52亿元，账面回报超过75倍。 对于此次宇树科技上市，上海国际集团方面公开表示，未来将继续前瞻布局未来产业和前沿科创赛道。 深圳市创新投资集团有限公司（以下简称“深创投集团”）也是较早布局宇树科技的地方国资之一。招股书显示，深创投集团及其子公司创新资本，分别持有宇树科技股份107.96万股、136.57万股，由深创投集团管理的基金新疆深创投、江苏疌泉分别持有宇树科技股份469.15万股、216.01万股。
H | 上述主体合计持有929.69万股，占发行后总股本的2.30%。按上市当日收盘价测算，对应股票市值约78.56亿元。 容诚会计师事务所公布的审计报告显示，自宇树科技2022年第二次增资起，深创投集团及相关主体累计投资9181.87万元。
I | 若按上市当日收盘价静态测算，账面回报超84倍。
“陪伴”新阶段 如果将目光回顾更远，早在2018年，杭州地方国资以“3天尽调、7天放款”的速度，为宇树科技提供了2000万元类信用担保债权，让宇树科技在创业初期走出了资金困境。 从B2轮到C+轮，杭州科创基金、杭州创新基金通过市场化子基金连续跟投4轮，专注扮演“耐心资本”角色。 随着进入上市阶段，宇树科技与杭州地方国资“合作”进入新阶段。
J | 2026年5月，国家人工智能应用中试基地（具身智能）在杭州揭牌，该基地系全国唯一面向具身智能领域的国家级中试基地。
K | 公开资料显示，中试基地的运营主体为杭州具身智能中试基地科技有限公司。该公司由杭州高新科创集团有限公司、杭州市数据集团有限公司、宇树科技、传化智联（002010.SZ）共同持股。其中，杭州市区两级国资保证公共属性，宇树科技提供本体，传化智联提供场景验证。 在多位地方国资人士看来，随着地方国资与宇树科技形成联动，可持续吸引人工智能、高端制造领域的企业和人才落地杭州，进一步巩固杭州千亿级人工智能产业集群的发展优势。 杭州之外，2026年3月26日，宇树科技与重庆大渡口区签约，共建“具身智能机器人西部创新运营中心”。而在更早之前，重庆国资也参与了宇树科技的“成长”。 根据宇树科技招股书：南京经纬创壹号投资合伙企业（有限合伙）（以下简称“经纬创壹号”）、金石成长股权投资（杭州）合伙企业（有限合伙）（以下简称“金石成长”）分别持有宇树科技1550.63万股和1511.42万股，分别占宇树科技发行前总股本的4.26%和4.15%。
L | 股权穿透看，重庆地方国资正通过上述两家有限合伙企业经纬创壹号和金石成长间接持有宇树科技股份。
M | 重庆高速公路集团有限公司旗下的重庆高速公路投资控股有限公司，持有重庆成渝共兴私募股权投资基金合伙企业（有限合伙）49.79%的股权，成渝共兴基金持有金石成长1%的股权，对应持有宇树科技股份数量约为15万股；重庆江北嘴中央商务区投资集团有限公司通过旗下的重庆两江新区金智私募股权投资基金合伙企业（有限合伙）持有经纬创壹号0.4699%的份额，对应宇树科技持股数量为7.29万股。 此外，成都高投集团有限公司旗下的成都高新策源投资集团有限公司、成都产业投资集团有限公司旗下成都科技创新投资集团有限公司等成都本土国资创投平台，均通过基金渠道间接参投宇树科技。 方达咨询研究院方面认为，不到一个月，长鑫科技（688825.SH）、宇树科技接连上市，虽然两者分属不同产业、不同地域，但是两者折射出一定共性，即地方国资正在系统性进入硬科技领域，并且摒弃过往简单的财务投资，从项目的早期进入，以“耐心资本”的身份一直陪伴到成长期，支持产业进入商业化、市场化阶段。（文章来源：中国经营网）。
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