Henry Yin × 程曼祺

个人助理正从聊天入口转向主动执行的操作层：Dots月费100/200/500美元，Muse靠免费版本和社交平台分发。GPT-6 Astra在RoboDojo中平均成功率超22%，领先GPT-5.5与π0.5，但算力短缺和安全事故仍是风险。

卫诗婕 × 郑俊聪

祥峰中国四年不投DeepSeek、智谱、Kimi等大模型，转向AI for science与物理AI，新基金至少50%投具身智能。宇树以成本降一个梯级打开应用场景，量产一致性成为壁垒；中国供应链按周迭代与香港、内地上市，重塑Long China的创新与退出逻辑。

李翔 × 王华东

具身智能正经历中国投资史上前所未有的高估值融资潮，但王华东认为“贵不是问题”，关键在于能否交付有价值、产生毛利的产品。宇树在2021年B轮投前估值约7亿元时，已按出货量位居四足机器人全球第一；行业仍须警惕以更贵、更不可控的方案重做Rule-based已解决的问题，并观察Room-based落地与迭代能否兑现商业化。

Koji × 黄一

22岁的黄一约一年半完成五轮、合计超过一亿美元融资，把RP One发布和量产设为A轮milestone，商业闭环留到B轮。萝博派对以开源本体卡位模型公司与硬件厂商的missing layer，RP0月出货约100台；RP One预计第4季度发布、明年约2000台，但行业到2030年或仅10到15家公司走出。

José × Andrew Kang

Humanoid robotics may be approaching the pre-ChatGPT phase of AI, with $50,000 robots requiring only 20,000 units for $1B revenue and a projected tens-of-billions industry within two to four years.Robo Strategy (NASDAQ: BOT) seeks to challenge SoftBank through public markets, favoring vertically integrated players with embodiment-specific data; US restrictions on Chinese robots could help, while robotics data businesses face a two-to-five-year durability test.

姚颂 × 程曼祺

姚颂判断，VLA的规模化增益正在见顶，物理AI的突破不只取决于模型，而是一场由数据、算力、组织、商业场景与垂直整合共同推进的系统工程。谈过技术路线、创业取舍与泡沫生存法则，他也解释了正行创新为何从轮式双臂和全栈自研出发，押注物理世界的长期价值。

李翔 × 李丰 × 刘鹏琦 × 颜黔杭

上半年一级市场由FOMO、分化和估值前置主导，OpenClaw把agent推向“雇数字员工”。任务轨迹与harness engineering可能在agent层沉淀数据飞轮，Anthropic押注coding，传闻ARR达160亿美元、年终可能盈亏平衡。下半年看真实数据闭环与订单鲁棒性；上市潮若失守预期，或触发一二级倒挂后的“大冷静期”。

卫诗婕 × 赵越

仙工的差异化信号，是覆盖两千多种机型、四百多种传感器并拥有数万台装机的控制器，掌握真实、对齐且持续产生的机器数据入口。赵越更看好先用叉车等垂类专家验证To B的ROI，而非押注全能人形大脑；若端侧模型能理解协议并生成控制能力，现有工具链优势仍可能被抹平。

Thread Guy × Andrew Kang

Andrew Kang says robotics is shifting from mechanical design toward intelligence, with reliability now the next threshold for physical intelligence.He expects GPT-5-level robots in roughly a year and home-capable robots in about two years, while hardware, manufacturing, supply chains, model commoditization, and labor displacement shape the opportunity.

Avi Felman × Andrew Kang × Jonah Van Bourg

Andrew Kang sees private robotics as crypto in 2014–2015, with market capitalization rising from $20B to $100–150B and potentially 100x upside toward a tens-of-trillions destination.Robo Strategy applies MicroStrategy’s accretive issuance model to private robotics, while a roughly one-year path from GPT-3 to GPT-5-level robotics, rising VC interest and severe failure risk make execution, NAV premiums and valuation marks the key watchpoints.