近日，彭博社援引知情人士称，北京松延动力科技集团股份有限公司已秘密向港交所提交上市申请，拟集资数亿美元，最快明年上市。截至目前，松延动力方面未就传闻作出回应，具体发行规模和上市时间表尚未确定。抛开资本市场的喧嚣，这家带有浓厚95后标签的机器人公司，正处于从产品验证走向规模化交付，并试图补齐大脑短板的关键节点。
Recently, Bloomberg cited people familiar with the matter saying Beijing Songyan Dynamics Technology Group Co., Ltd. has confidentially submitted a listing application to HKEX, planning to raise several hundred million dollars, potentially listing as early as next year. As of now, Songyan Dynamics has not responded to the rumor; specific issuance scale and listing timetable remain undetermined. Setting aside capital market noise, this robot company with a strong post-95s label sits at a critical node transitioning from product validation to scaled delivery while trying to fill in its brain shortcoming.
松延动力成立于2023年，创始团队来自清华大学、浙江大学等知名院校。公司创始人、董事长姜哲源出生于1998年，为90后创业者，其高考以北京市第28名考入清华大学电子工程系，博士三年级时选择辍学创业。2026年9月，他入选了《财富》中国40岁以下最具潜力的商界精英榜单。在产品布局上，松延动力是业内少数同时布局双足、仿生与轮式机器人的企业。其核心产品包括万元消费级人形机器人小布米、双足机器人、仿生人头小诺以及轮式机器人W1。其中，定价9998元的小布米将人形机器人拉进万元以内，主打陪伴与教育场景；仿生人头小诺则展现了极强的微表情控制能力，且已实现批量生产。
Songyan Dynamics was founded in 2023, with a founding team from Tsinghua University, Zhejiang University, and other prestigious institutions. Founder and Chairman Jiang Zheyuan was born in 1998, a post-90s entrepreneur who entered Tsinghua University's Department of Electronic Engineering ranked 28th in Beijing's college entrance exam, and chose to drop out in his third year of doctoral studies to start a business. In September 2026, he was selected for Fortune China's 40 Under 40 Most Promising Business Elites list. On product layout, Songyan Dynamics is one of the few industry players simultaneously布局 bipedal, biomimetic, and wheeled robots. Core products include the ten-thousand-yuan consumer humanoid robot Xiaobumi, bipedal robots (N series, E series), biomimetic head "Xiaonuo," and wheeled robot W1. Among them, the 9,998-yuan Xiaobumi brings humanoid robots below 10,000 yuan, targeting companionship and education scenarios; biomimetic head Xiaonuo demonstrates strong micro-expression control capability and has achieved mass production.
在证明能打这件事上，松延动力的成绩单是实打实的。旗下N&E系列机器人曾获2025世界人形机器人运动会跳远与体操冠军、单机舞蹈亚军，以及2025北京亦庄人形机器人半程马拉松第二名和第四名。2026年央视春晚，松延动力不仅亮相，更获春晚仿生人形机器人独家合作伙伴、人形机器人合作伙伴双重认证。商业化方面，2026年京东618期间，公司在人形机器人品类实现销售额、销量、热销榜三项第一，销售额环比增长254%。目前，其产品已进入家庭、教育、科研、文旅、康养等场景，与孩子王、编程猫、昌平卫健委、昌平区教委等合作伙伴持续探索实际应用。
On proving it can fight, Songyan Dynamics' report card is solid. Its N&E series robots won the 2025 World Humanoid Robot Games long jump and gymnastics championships and solo dance runner-up, plus second and fourth place in the 2025 Beijing Yizhuang Humanoid Robot Half Marathon. At the 2026 CCTV Spring Festival Gala, Songyan Dynamics not only appeared but received dual certification as the Gala's exclusive biomimetic humanoid robot partner and humanoid robot partner. On commercialization, during the 2026 JD.com 618 period, the company achieved first place in sales, volume, and hot-selling lists in the humanoid robot category, with sales up 254% quarter-over-quarter. Currently, its products have entered home, education, research, cultural tourism, and elderly care scenarios, with partners including Kidsland, Codemao, Changping Health Commission, and Changping District Education Commission continuing to explore practical applications.
在资本端，根据企查查数据，自成立以来，松延动力累计获得11轮融资，投资者包括中金资本、晨道资本、方广资本、北汽产投、北京国管、金沙江创投等。今年3月，公司完成高达10亿元人民币的B轮融资，由宁德时代系产业投资平台晨道资本领投，国科投资、九合创投和北工投资等跟投。但硬币的另一面，是智能层不可回避的补考。有分析指出，松延动力在本体加大脑的全栈叙事上入场偏晚，头部玩家智元、自变量、银河通用等已在2025至2026年间密集发布模型能力，部分估值进入200亿区间，而松延动力仍以本体加小布米为主要市场认知。
On the capital side, according to Qichacha data, Songyan Dynamics has accumulated 11 funding rounds since founding, with investors including CICC Capital, Chendao Capital, Fangguang Capital, BAIC Industrial Investment, Beijing Guoguan, and GSR Ventures. In March this year, the company completed a 1 billion yuan Series B led by CATL-affiliated industrial investment platform Chendao Capital, with Guoke Investment, Jiuhe Ventures, and Beijing Industrial Investment participating. But the other side of the coin is the unavoidable "make-up exam" at the intelligence layer. Some analyses note Songyan Dynamics entered the "body plus brain" full-stack narrative relatively late—leading players AgiBot, AgiBot, and Galbot have密集 released model capabilities between 2025 and 2026, with some valuations entering the 20 billion range, while Songyan Dynamics remains primarily known for "body plus Xiaobumi."
这一短板在2026年9月被正式直面，松延动力发布了通用具身智能技术品牌Scalabot，致力于构建机器人理解世界、推演未来与自主行动的核心能力。Scalabot将以家庭服务为重要场景，向商业服务延伸。然而，在部分观察者看来，这依然像一张补考的准考证，本体和量产已经跑通，但智能层能否支撑下一轮估值跃升，仍需时间验证。总体而言，松延动力已经是一家证明了卖得动的硬件公司，现在正努力证明自己想得深。万元机撕开了市场缺口，量产跑通了商业闭环，而下一轮估值的故事，取决于Scalabot能否真正将后发转化为踩点。传闻中的IPO定价，将是资本市场对这道题最直接的投票。
This shortcoming was formally confronted in September 2026—Songyan Dynamics released its general embodied intelligence technology brand Scalabot, committed to building robots' core capabilities of understanding the world, deducing the future, and acting autonomously. Scalabot will take home services as an important scenario, extending to commercial services. However, in some observers' view, this still looks like a "make-up exam admission ticket"—body and mass production are proven, but whether the intelligence layer can support the next valuation leap still needs time to verify. Overall, Songyan Dynamics is already a hardware company that has proven it can sell; now it is striving to prove it can think deeply. The ten-thousand-yuan machine tore open a market gap; mass production ran through the commercial closed loop; and the next valuation story depends on whether Scalabot can truly convert latecomer status into precise timing. The rumored IPO pricing will be the capital market's most direct vote on this question.
