2026年7月30日，深圳法院通过摇号方式，正式对外公布盈合（深圳）机器人与自动化科技有限公司的破产处置单位。结果的公布，标志着这家成立6年之久、先后成功融资6亿元的明星企业的最终结局。在机器人热的春风之下，盈合的倒下显得有些扎眼，或许跟企业内部各种各样的问题紧密相关，但结合最近的市场风向变化，这起事件值得每一个准备进军机器人行业或已经在路上的企业警醒。
On July 30, 2026, the Shenzhen court officially announced the bankruptcy disposal unit for Yinghe (Shenzhen) Robotics and Automation Technology Co., Ltd. through a lottery method. The announcement of the result marked the final outcome of this star enterprise founded 6 years ago that had successfully raised 600 million yuan. Under the spring breeze of robot enthusiasm, Yinghe's fall seems jarring, perhaps closely related to various internal problems. But combined with recent market changes, this event deserves vigilance from every enterprise preparing to enter the robot industry or already on the road.
盈合机器人出身尊贵，由盈峰集团孵化。盈峰集团成立于1994年，由被誉为美的太子的何剑锋先生创立，业务横跨环境、文化、投资、科技、消费五大领域，拥有盈峰环境、百纳千成两家上市公司，知名品牌数十个。2020年，盈峰集团跻身中国民企500强，现总资产近900亿元，年营业收入超400亿元。主要操盘手沈岗先生，拥有日本东京工业大学博士学位，2003年进入全球知名机器人巨头发那科从事机器人研发工作，一干就是15年之久，曾主导完成多个重量级项目。2018年沈岗先生离开发那科后短暂加入碧桂园，操盘机器人项目，后加入盈峰资本。之后，才有了盈合机器人项目的启动。
Yinghe Robotics has distinguished origins, incubated by Yingfeng Group. Yingfeng Group was founded in 1994 by Mr. He Jianfeng, known as the "Midea prince," with business spanning five major fields: environment, culture, investment, technology, and consumption. It owns two listed companies, Yingfeng Environment and Bainaqiancheng, and dozens of well-known brands. In 2020, Yingfeng Group entered China's top 500 private enterprises, with current total assets near 90 billion yuan and annual revenue exceeding 40 billion yuan. Chief operator Mr. Shen Gang holds a doctorate from Tokyo Institute of Technology. In 2003, he joined global robotics giant Fanuc for robot R&D, staying 15 years and leading multiple heavyweight projects. After leaving Fanuc in 2018, Mr. Shen briefly joined Country Garden to run robot projects, then joined Yingfeng Capital. Only afterward did the Yinghe Robotics project start.
在众多光环的加持下，盈合机器人前几年的发展可谓是一帆风顺。公司成立不到6个月就成功融资9000万元，12个月内完成A轮4亿元融资，2024年上半年又顺利完成A+轮融资，前前后后从市场上拿到6亿真金白银，估值一度达到30亿元。一大批知名机构云集，美团、抖音、金沙江创投、熊猫资本、广州国资等都先后出现在股东名录中。在资本市场频频捷报的同时，盈合机器人的市场大小动作不断。公司成立之初就对外宣布与某重要客户签订5000万元的订单，之后不久又对外宣称积极洽谈中的意向订单超过2亿元。2021年，公司宣布与顺德政府签订100亿元的合作协议，拟投资兴建占地500亩的机器人产业园。
With numerous halos, Yinghe Robotics' early development was smooth sailing. The company raised 90 million yuan less than 6 months after founding, completed a 400 million yuan Series A within 12 months, and successfully completed Series A+ in the first half of 2024, raising 600 million yuan in real money from the market, with valuation once reaching 3 billion yuan. A large number of well-known institutions gathered—Meituan, Douyin, GSR Ventures, Panda Capital, Guangzhou state capital all appeared on the shareholder list. While capital market victories came frequently, Yinghe Robotics' market moves continued. At founding, it announced a 50 million yuan order with an important customer, then soon after announced intent orders under negotiation exceeding 200 million yuan. In 2021, the company announced a 10 billion yuan cooperation agreement with the Shunde government, planning a 500-mu robot industrial park.
然而，美好的一切在2024年被打破。据内部员工透露，2024年上半年开始，公司就开始出现工资拖欠现象，拖欠时间从半个月、一个月到二个月，后来直接停发。员工数量开始锐减，巅峰时期总员工约300人，到2024年9月，员工只剩下60余人。2025年开始，危机彻底爆发，诉讼不断，有合作客户，有投资机构，也有个人。据网络查询，截止目前，盈合机器人涉及的诉讼案件有62起，限制高消费35条，终本案件40起。让很多人感觉到不可思议的是，2024年刚成功完成的A+轮融资1个多亿，撑了不到三个月就花完了。
However, everything good was shattered in 2024. According to internal employees, starting in the first half of 2024, the company began wage arrears—from half a month to one month to two months, then simply stopping payment. Employee numbers plummeted from a peak of about 300 to just over 60 by September 2024. Starting in 2025, the crisis fully erupted with continuous litigation—partners, investment institutions, and individuals. According to online searches, Yinghe Robotics currently involves 62 lawsuits, 35 high-consumption restrictions, and 40 terminated cases. What many find unbelievable is that the Series A+ funding of over 100 million yuan completed in 2024 was spent in less than three months.
据投资人透露，盈合2025年全年实现收入约430万元，净亏损6600多万元，高管薪酬达到300万元。此外，高管还花了2800多万装修豪华办公室，办公室占地就达到2600多平。更让人惊叹的是，大股东在2024年危机暴露前已成功套现约1亿元。这玩法，怎么看都是投资者被大股东给割韭菜了。盈合的故事还远远没有结束，接下来将会是漫长的破产重整。但在机器人行业，这两年失败或破产的项目并不少见。
According to investors, Yinghe's full-year 2025 revenue was about 4.3 million yuan, net loss over 66 million yuan, with executive compensation reaching 3 million yuan. Additionally, executives spent over 28 million yuan renovating luxury offices covering over 2,600 square meters. More astonishing, major shareholders successfully cashed out about 100 million yuan before the crisis was exposed in 2024. This玩法, however you look at it, is investors being harvested by major shareholders. Yinghe's story is far from over—next comes a long bankruptcy reorganization. But in the robot industry, failed or bankrupt projects have not been rare these past two years.
行业研究机构调查发现，2026年上半年，机器人赛道内注销企业数量同比增长87%。截止2026年6月30日，近30%的早期人形机器人初创企业已终止运营。工信部、中国信通院联合调研显示，国内具身智能与人形机器人相关企业超3000家，预计约80%的企业将在2026年底前被加速出清。2026年5月，知名机器人公司深兰机器人被上海法院正式裁定进入破产程序，据说仅拖欠员工工资一项就达到2300万元。这家明星企业先后吸纳云锋基金、燕园资本、浦东创投、中金公司等知名投资机构入股，融资总金额达9.03亿元。2026年9月初，另外一家知名机器人企业也传出危机，智橙动力，企业核心成员来自小米、微软、大疆等知名公司，先后进行4轮融资。
Industry research institutions found that in the first half of 2026, robot track deregistrations increased 87% year-over-year. As of June 30, 2026, nearly 30% of early humanoid robot startups had ceased operations. MIIT and CAICT joint research shows over 3,000 domestic embodied intelligence and humanoid robot-related enterprises, with about 80% expected to be accelerated out by the end of 2026. In May 2026, well-known robot company DeepBlue Robotics was officially ruled bankrupt by Shanghai court, reportedly owing 23 million yuan in employee wages alone. This star enterprise had attracted investments from Yunfeng Capital, Yanyuan Capital, Pudong Venture Capital, CICC, and others, raising 903 million yuan total. In early September 2026, another well-known robot company, Zhideng Power, also faced crisis, with core members from Xiaomi, Microsoft, DJI, having completed 4 funding rounds.
故事一个比一个高大上，PPT一个比一个精美，办公室一个比一个富丽堂皇，产品规划一个比一个具备颠覆性。但产品销出去多少，销售收入是多少，利润是多少，更关键的是，纸面上的数字的真实性如何。更值得关注的是，资本市场的风向已经在悄悄发生变化。据媒体报道，9月21日，部分投行或投资机构已经收到公司的内部消息提醒，要求压实中介机构在机器人企业IPO中的前端责任，重点核实三方面的内容，业务真实性、可持续性，营业收入的真实性、可持续，商业化落地能力。这一消息并没有获得监管层的肯定，但也没有公开否认。
Stories are grander one after another, PPTs more exquisite, offices more luxurious, product plans more disruptive. But how many products are sold, what is sales revenue, what is profit, and more critically, how真实 are the numbers on paper. More noteworthy is that capital market winds have quietly changed. According to media reports, on September 21, some investment banks or investment institutions received internal message reminders requiring consolidating intermediary institutions' front-end responsibilities in robot enterprise IPOs, focusing on verifying three aspects: business authenticity and sustainability; revenue authenticity and sustainability; commercialization deployment capability. This news has not been confirmed by regulators, but has not been publicly denied either.
接下来，该是众多机器人行业企业头大的时刻了，因为不少企业已经提交资料或者在辅导阶段了。据行业机构统计，目前在港交所排队的机器人科技企业约46家，国内有超过20家人形机器人核心企业进入了IPO辅导、申报或发行阶段。成功还是失败，就要看企业到底几斤几两了。
Next comes a headache moment for many robot industry enterprises, as many have already submitted materials or are in coaching stages. According to industry institution statistics, about 46 robot technology enterprises are currently queuing at HKEX, and over 20 domestic humanoid robot core enterprises have entered IPO coaching, filing, or issuance stages. Success or failure depends on how much substance the enterprises really have.
