Unitree Technology went public on the A-share Science and Technology Innovation Board with an issue price of 150.8 yuan per share, delivering substantial returns to investors on its debut day. Meanwhile, Agibot announced the initiation of its Hong Kong IPO process, with a rumored target valuation ranging from HK$40 billion to HK$50 billion. As the two largest companies in China's embodied AI sector, Unitree Technology and Agibot have chosen distinct development paths due to their differing DNA. Unitree Technology, an ultimate product-focused company led by Xingxing Wang, features a simple organizational structure and specializes in motion control. It has formed a product matrix of quadrupedal and humanoid robots, pursuing an extreme cost-effectiveness route. With impressive revenue and profit performance, it opted for an A-share Science and Technology Innovation Board listing. In contrast, Agibot operates as a platform company, founded by a team with Huawei backgrounds. It has deployed a full industrial chain covering large models and data acquisition, constructing an ecosystem through multiple spin-off subsidiaries. Despite rapid revenue growth, it remains in a loss-making state and plans to list under Chapter 18C of the Hong Kong Stock Exchange rules. Currently, these two development paths are gradually converging. Unitree Technology is beginning to enhance its 'brain' capabilities by developing large models, while Agibot leads in shipment volumes leveraging its motion capabilities. Meanwhile, the industry faces common challenges such as frequent talent mobility, immature technology, and gaps in scenario implementation. Competition between product-focused and platform companies will persist.