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Can China’s new IPOs bring clarity to global debate over its technological rise?_我的网站
一 | 译者注：原文发表于ESPN，作者：NBA Insiders众记者；文中数据均截至原文发稿时（当地时间8月25日），所涉及日期和时间均为当地时间。文中观点与译者及平台无关。自2019年以来，NBA已经诞生了八支不同的总冠军球队：多伦多猛龙、洛杉矶湖人、密尔沃基雄鹿、金州勇士、丹佛掘金、波士顿凯尔特人、俄克拉荷马雷霆和纽约尼克斯。
A few days ago, The New York Times published a story with the headline "China's Robots Know Kung Fu and Can Scale Walls. Can They Woo Investors?" Soon after, China's capital market delivered its answer through Unitree Robotics' IPO. Investors piled in so heavily that the preliminary online subscription multiple hit an eye-watering 8,288.82 times. The strong demand can, to some extent, be seen as a vote of confidence from investors in the commercial prospects of humanoid robots. The market's verdict is clear: China's robots have received a high score.
In recent months, China's robotics sector has drawn growing international attention. Some overseas commentators have questioned whether Chinese humanoid robots are still "performative rather than functional," casting doubt on the prospect of a large-scale commercial market emerging in the near term. The IPO of Unitree Robotics, however, has provided fresh evidence in that debate. According to the company's prospectus, its revenue rose from 159 million yuan ($23.6 million) in 2023 to 1.699 billion yuan in 2025. The numbers point to the expanding commercial potential of robotics.
For those seeking to gauge the progress of China's robotics industry, Unitree Robotics' prospectus is worth a closer look. Beyond the numbers, the document offers a detailed picture of the company's products, business model and growth strategy. Given Unitree Robotics' role as one of the sector's notable players, the prospectus also provides a useful reference point for assessing the industry's current stage of development.
Over the past few years, China's technology capabilities have expanded across a range of fields, from semiconductors and artificial intelligence to humanoid robots and beyond. This progress has given rise to a group of technology companies that are now entering a more active phase of public listings. The IPO of CXMT, for instance, attracted considerable attention. More technology companies are expected to follow. The emerging wave of technology IPOs suggests that China's capital market is accelerating its role in bringing technology companies closer to investors and the broader market.
As more Chinese technology companies enter the capital market, prospectuses, financial reports and market responses are bringing more information about their profitability and strategic direction into public view. This gives global observers more data points with which to assess China's technological development. Questions such as whether humanoid robots are merely a momentary wave of attention or a business opportunity backed by market fundamentals can increasingly be answered through financial markets. In this process, China's capital market is bringing more information into view and creating a reference point grounded in market realities for technology companies, one that exists beyond external narratives and speculation surrounding China's technological rise.
In recent years, China's technological rise has generated considerable international discussion. Within that discussion, two distorted narratives have emerged. One portrays China's technological progress as a "threat" far beyond what the evidence supports, while the other seeks to downplay its advances. The coexistence of these two opposing narratives has made it harder for the outside world to develop a more rational assessment of China's technological development.
China's technological progress does not need to be exaggerated, nor does it need to be underestimated. The capital market may be building an information base rooted in business realities, allowing investors to examine, evaluate and assign value to technology companies based on their actual performance. Such a mechanism could help address some of the questions surrounding China's technological development: How far has China's semiconductor industry advanced? Can external technology restrictions deliver their intended results? What directions will shape the next stage of growth?
As this information base rooted in business realities continues to evolve, international perceptions of China's technology sector should increasingly be grounded in facts. The West's engagement with Chinese technology companies could also be guided by market principles - making judgments based on business and economic realities rather than allowing politically driven narratives to distort assessments of technological progress.
The author is a reporter with the Global Times. [email protected]
。2027年总决赛还会延续同样的剧本吗？在东部，卫冕冠军尼克斯在寻求卫冕的过程中，将面临詹姆斯、布朗以及焕然一新的76人等对手的挑战。在西部，竞争同样激烈，马刺、森林狼以及2024-25赛季总冠军雷霆等劲旅都在争夺代表西部出战的资格。
二 | 随着揭幕战的临近，哪些球队能在2027年的4月、5月和6月脱颖而出？在预测了每支球队的战绩后，我们的NBA内部人士预测了最有可能打进各自联盟分区决赛的球队，以及哪支球队将赢得本赛季的总冠军。以下是投票规则：第一选票得5分，第二选票得3分，第三选票得1分。（注：夏季预测将在周三继续，带来NBA各大奖项的预测。
三 | ）谁将赢得东部决赛？尼克斯： 68分76人： 51分凯尔特人（并列）： 17分活塞（并列）： 17分步行者： 12分骑士： 9分根据我们的预测，尼克斯和76人将争夺一个总决赛名额。此前，两队曾在第二轮系列赛中相遇，当时尼克斯四战横扫对手轻松晋级。如果尼克斯能重返东部决赛，这将是实力平均时代（自2019年以来）第二次有卫冕冠军在次年达到这一高度（2025-26赛季的雷霆是第一支）。尼克斯在季后赛和总决赛中创纪录的征程不容忽视——76人在令人震惊的休赛期所做的运作同样不容忽视。
四 | 布朗和詹姆斯的加入，是该队自2001年以来首次打进东部决赛希望的关键拼图。一场“95号州际公路/美国国铁”德比的东部决赛将让联盟办公室垂涎三尺：詹姆斯在麦迪逊广场花园的背景下打一轮高风险的系列赛？但骑士正指望能再次打进东部决赛，而活塞在经历了上赛季作为头号种子在第二轮折戟后，正寻求更进一步。
五 | 凯尔特人上赛季在东部拥有第二好的战绩，但在首轮却将3-1的领先优势拱手让给了76人。尽管在马祖拉时代，凯尔特人作为热门球队已经输掉了三轮季后赛，但他们可能会受益于较低的期望值和更好的三分球投射。随着哈利伯顿从2025年总决赛抢七大战中的右跟腱撕裂中伤愈复出，步行者可能会成为一匹黑马。当步行者阵容齐整时，他们曾在2024年和2025年的季后赛中击败过尼克斯。
六 | 未被提及：由字母哥带领的热火。这也很有趣。
七 | —— Vincent Goodwill谁将赢得西部决赛？雷霆： 88分马刺： 74分森林狼： 9分掘金（并列）： 8分火箭（并列）： 8分湖人： 2分如果上赛季西部决赛没有重演，那将令人感到惊讶。
八 | 马刺赢下了上赛季那场七场鏖战，这似乎是NBA下一段史诗级宿敌对决的序章。根据DraftKings的数据，雷霆（60.5胜）和马刺（59.5胜）的预测胜场数远远高于联盟其他球队，与西部下一支球队有着10个胜场的断层差距。今年5月下旬，文班亚马和马刺在雷霆的主场庆祝了抢七大战的胜利。但在那轮系列赛中缺少了杰伦·威廉姆斯（腿筋受伤）和米切尔（小腿受伤）的雷霆，在进入本赛季时略微被看好。森林狼在此前的两次西部决赛中都成功晋级。在上赛季第二轮被淘汰后，森林狼对阵容进行了大幅调整，送走了兰德尔和里德以换来三球，将这位前夏洛特黄蜂球员与爱德华兹搭档，组成了可以说是联盟中最具天赋的后场组合。—— Tim MacMahon谁将赢得2027年NBA总决赛？雷霆： 84分马刺： 74分尼克斯： 11分76人： 10分活塞： 6分NBA会在九年内诞生第九支不同的冠军球队吗？在文班亚马及其队友上赛季积累了五场总决赛经验之后，马刺有机会让这一切发生，但背靠背MVP亚历山大和2024-25赛季的冠军雷霆被认为是稍微热门的一方，至少在专家团看来是这样。很少有人预测尼克斯上赛季能走上夺冠之路，但布伦森带领尼克斯以统治级的表现拿下了该球队五十多年来的首个总冠军，他们在季后赛中仅输掉了三场比赛。尽管如此，根据我们专家团的看法，尼克斯在夺冠热门中仅排在遥远的第三位，落后于两支充满了处于上升期天赋球员的西部强队。说到漫长的冠军荒，76人今夏引人注目的运作让人们看到了费城很快就能庆祝自1983年以来首个NBA总冠军的希望。然而值得注意的是，詹姆斯在过去三次换队时，都是在第二个赛季夺冠，而不是第一个赛季。
九 | —— Tim MacMahon。
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