Wujing Future Dynamics Technology, a robotics company founded just a few months ago, once drew considerable attention with nearly 1 billion yuan in orders and 110 million yuan in financing. Yet since August 2026, it has defaulted on salaries and social insurance for dozens of employees, and its actual controller has become unreachable—laying bare the reality of a bursting bubble on the embodied intelligence track. Today, many companies that once led the field are sliding into bankruptcy liquidation one after another. The capital market remains frigid, IPO plans of companies lining up have stalled, and even industry leaders have shelved their IPOs in favor of new financing rounds. The track is bidding farewell to the era of high-valuation dividends. The model once propped up by large framework orders and financing narratives is proving hard to sustain: framework orders carry no binding obligation to perform, and difficult acceptance procedures coupled with long payment collection cycles have become the trigger for cash-flow breakdowns at many companies. Investment enthusiasm has cooled markedly, capital is concentrating at the top, and mid-tier players face mounting financing difficulties. The industry no longer pays for narratives—self-consistent cash flow has become the key to survival. At the same time, real-world deployment scenarios remain severely insufficient: a large share of products ends up on showroom floors and in laboratories, and the proportion actually put into production operations to create value is extremely low. The revenue of many leading companies depends on research and education procurement, state-owned capital projects, and purchases by shareholders or investors—market-oriented self-sustaining capacity has yet to take shape. The entire industry now faces a brutal commercialization test.