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01-07

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“恒大式”疯狂扩张，俞浩的追觅将成小米最大对手？

交易完成后，俞浩将成为这家A股上市包装公司的实控人。与恒大曾经在房地产、足球、汽车、冰泉等多领域疯狂扩张相似，追觅的战线拉得惊人地长。造车是公认的“吞金兽”，小米汽车首期投入即达百亿。然而，威胁的成立建立在巨大的不确定性之上。这场“恒大式”的多线豪赌，最终会将追觅带向与小米分庭抗礼的科技帝国，还是因资源过于分散、管理失控而陷入泥潭？

“恒大式”疯狂扩张，俞浩的追觅将成小米最大对手？

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俞浩的这番论述，为其进军新能源汽车、人形机器人、手机乃至运动相机提供了理论注脚。在他看来，扫地机器人是地面移动机器人，汽车是轮式机器人，人形机器人是仿生机器人，内核并无本质不同。</p><p>这套高度抽象、充满工程师理想主义色彩的理论，成为追觅全面出击的“思想武器”。</p><p><strong>0</strong><strong>3</strong></p><p><strong>多线豪赌</strong></p><p>然而，从商业现实审视，俞浩的蓝图堪称一场“<a href=\"https://laohu8.com/S/03333\">恒大</a>式”的豪赌。与<a href=\"https://laohu8.com/S/06666\">恒大</a>曾经在房地产、足球、汽车、冰泉等多领域疯狂扩张相似，追觅的战线拉得惊人地长。</p><p>这背后是海量的资源消耗。造车是公认的“吞金兽”，<a href=\"https://laohu8.com/S/XIACY\">小米</a>汽车首期投入即达百亿。人形机器人需要顶尖的AI模型与精密的运动控制，手机则是供应链与品牌运营的终极修罗场。每一个领域，都需要持续的天量投入和截然不同的核心能力。</p><p>俞浩试图用“心脑”理论简化这些复杂工业领域间的巨大鸿沟，但商业竞争远比考场复杂。先行者的规模、技术、品牌和生态壁垒，让“坐在同一间教室”的机会变得渺茫。</p><p>资本市场用脚投票。<a href=\"https://laohu8.com/S/002835\">同为</a>“扫地机器人四小龙”，<a href=\"https://laohu8.com/S/603486\">科沃斯</a>、<a href=\"https://laohu8.com/S/688169\">石头科技</a>早已上市，云鲸也获得了<a href=\"https://laohu8.com/S/00700\">腾讯</a>的巨额融资。而追觅自2021年完成36亿元C轮融资后，再无公开融资消息，与同期竞争对手的资本运作节奏形成对比。</p><p>尽管追觅营收增长迅猛，2024年达150亿元，2025年上半年即超去年全年，但在多线烧钱的战略下，资金压力可想而知。控股嘉美包装，正是为这场豪赌寻找一个稳定的“弹药输送平台”。</p><p>追觅的全面出击，既是创始人的自信使然，某种程度上也是智能家居行业内卷困局下的被迫突围。</p><p>智能清洁赛道已从蓝海杀成红海。“扫地茅”科沃斯<span>净利润</span>从2021年20.1亿元的高峰回落。石头科技2025年前三季度净利润下滑近三成。行业面临着 “<a href=\"https://laohu8.com/S/01810\">小米</a>式”极致性价比的持续挤压，硬件利润空间被不断压缩。</p><p>在此背景下，拓展边界成为头部玩家的共同选择。科沃斯分拆机器人业务冲刺上市，石头科技创始人昌敬下场造车（极石汽车），<a href=\"https://laohu8.com/S/81810\">小米</a>的生态链更是无远弗届。追觅的多元化，是在存量市场中寻找新增量的必然尝试，也是应对巨头竞争的一种防御性进攻。</p><p><strong>0</strong><strong>4</strong></p><p><strong>雷军的最大威胁？</strong></p><p>于是，一个更有意思的问题浮现：以如此激进姿态扩张的追觅，会成为小米生态模式的最大威胁吗？</p><p>从模式上看，追觅似乎在走一条与小米早期相似但更为激进的“生态链”道路。小米通过投资孵化，构建庞大生态；而俞浩则试图将核心技术与资本控制更深地绑定，在集团内部直接孵化多个重磅业务，掌控力更强，但风险也更为集中。</p><p>俞浩的终极对手，或许正是雷军。两者都信奉“硬件+软件+生态”的铁人三项，都具备极强的技术背景与产品思维，都怀有打造泛机器人<a href=\"https://laohu8.com/S/00776\">帝国</a>的雄心。追觅在清洁、造车、机器人、手机等领域的布局，与小米的核心生态位形成了近乎“像素级”的重叠与对抗。</p><p>然而，威胁的成立建立在巨大的不确定性之上。小米拥有万亿美元市值的集团支撑、成熟的生态链协同、庞大的用户基础和品牌号召力。而追觅，目前仍是一家未上市的<a href=\"https://laohu8.com/S/V03.SI\">创业公司</a>，主业虽强但并非绝对统治，新业务则处于巨大投入的早期阶段。</p><p>俞浩的“复制成功”理论，在从百亿营收向千亿、万亿市值跃迁的残酷商业长征中，是否依然有效？ 这场“恒大式”的多线豪赌，最终会将追觅带向与小米分庭抗礼的科技帝国，还是因资源过于分散、管理失控而陷入泥潭？</p><p>答案，或许就藏在俞浩能否为这场疯狂的扩张，持续找到“煮饺子”所需的足够沸水——不仅是资本，更是时间、人才、技术突破与一丝不可或缺的运气。商业世界的考场，从不给答卷者“重考”的机会。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260106223347866v2065djqazkxbx3\"/><p><strong><a href=\"https://laohu8.com/S/BABA\">阿里</a>左手外卖、右手AI，400亿补贴难挡第二春？</strong></p><p><strong>2200亿小红书再败本地生活，没有\"钞能力\"干不赢<a href=\"https://laohu8.com/S/MPNGY\">美团</a>抖音？</strong></p><p><strong>深耕养老金融新赛道 <a href=\"https://laohu8.com/S/601998\">中信银行</a>“幸福+”品牌全面升级</strong></p><p><strong><a href=\"https://laohu8.com/S/601169\">北京银行</a>中关村分行作为独家战略合作伙伴支持2025北京PE论坛举办</strong></p><p><strong>以隐私之名的万亿博弈 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class=\"title\">\n“恒大式”疯狂扩张，俞浩的追觅将成小米最大对手？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-06 22:19 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260106230354a6fae6d1&s=b><strong>一视财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>撰文丨一视财经  东阳编辑 | 高山野心勃勃的追觅，正试图用一场豪赌，在巨头林立的智能生态战场上，杀出一条血路。近期，嘉美包装的控股股东及实控人，拟将持有的上市公司约2.08亿股股份协议转让给追觅科技。转让价格确定为每股10.95元，总价款约22.82亿元。交易完成后，俞浩将成为这家A股上市包装公司的实控人。一家靠“高速马达”起家的扫地机器人新贵，正将触角伸向汽车、机器人、手机乃至资本运作的更深处...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260106230354a6fae6d1&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","BK1615":"港股-互联网","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) 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高山野心勃勃的追觅，正试图用一场豪赌，在巨头林立的智能生态战场上，杀出一条血路。近期，嘉美包装的控股股东及实控人，拟将持有的上市公司约2.08亿股股份协议转让给追觅科技。转让价格确定为每股10.95元，总价款约22.82亿元。交易完成后，俞浩将成为这家A股上市包装公司的实控人。一家靠“高速马达”起家的扫地机器人新贵，正将触角伸向汽车、机器人、手机乃至资本运作的更深处。俞浩试图用“心脏和大脑”理论，为这场跨界扩张寻找合理逻辑。01买壳上市一家以扫地机器人闻名的智能家居公司，意图控股一家金属包装制造商，这笔交易在资本市场激起了巨大波澜。市场普遍将此解读为俞浩为追觅科技核心资产上市铺路的“借壳”之举。通过“协议转让+主动要约”的方式斥资近23亿元入主一家上市公司，其资本运作的手笔与野心已然显现。俞浩在朋友圈的高调言论似乎印证了外界的猜想。他声称，从2026年底开始，追觅生态旗下多个业务将如同“下饺子”般在全球各交易所批量IPO。嘉美包装，很可能就是他用来煮开这锅“饺子”的沸水。对俞浩和追觅而言，拥有一个上市平台不仅是打通融资渠道、缓解多线作战资金压力的燃眉之急，更是一种战略必需。在智能家居这片“红海”中，仅靠主业的利润，已无法支撑其造车、造手机、造机器人的宏大蓝图。02复制成功俞浩的自信，源于他个人成长经历中一次次“自证的飞轮”。从村镇到县城再到清华，他自述的经验是：起初或许落后，但只要身处同一环境，通过努力复制此前的成功经验，最终就能成为第一。 这种“换地图、夺第一”的思维方式，深刻地塑造了他的商业逻辑。追觅以自研高速马达技术为基石，在扫地机器人领域撕开市场缺口。在俞浩的规划中，高速马达是“心脏”，基于视觉的感知与控制算法是“大脑”。他坚信，掌握了这套“心脑”组合，便能将其复制到任何一个需要动力与智能的领域。“未来追觅会是一家广义机器人公司。” 俞浩的这番论述，为其进军新能源汽车、人形机器人、手机乃至运动相机提供了理论注脚。在他看来，扫地机器人是地面移动机器人，汽车是轮式机器人，人形机器人是仿生机器人，内核并无本质不同。这套高度抽象、充满工程师理想主义色彩的理论，成为追觅全面出击的“思想武器”。03多线豪赌然而，从商业现实审视，俞浩的蓝图堪称一场“恒大式”的豪赌。与恒大曾经在房地产、足球、汽车、冰泉等多领域疯狂扩张相似，追觅的战线拉得惊人地长。这背后是海量的资源消耗。造车是公认的“吞金兽”，小米汽车首期投入即达百亿。人形机器人需要顶尖的AI模型与精密的运动控制，手机则是供应链与品牌运营的终极修罗场。每一个领域，都需要持续的天量投入和截然不同的核心能力。俞浩试图用“心脑”理论简化这些复杂工业领域间的巨大鸿沟，但商业竞争远比考场复杂。先行者的规模、技术、品牌和生态壁垒，让“坐在同一间教室”的机会变得渺茫。资本市场用脚投票。同为“扫地机器人四小龙”，科沃斯、石头科技早已上市，云鲸也获得了腾讯的巨额融资。而追觅自2021年完成36亿元C轮融资后，再无公开融资消息，与同期竞争对手的资本运作节奏形成对比。尽管追觅营收增长迅猛，2024年达150亿元，2025年上半年即超去年全年，但在多线烧钱的战略下，资金压力可想而知。控股嘉美包装，正是为这场豪赌寻找一个稳定的“弹药输送平台”。追觅的全面出击，既是创始人的自信使然，某种程度上也是智能家居行业内卷困局下的被迫突围。智能清洁赛道已从蓝海杀成红海。“扫地茅”科沃斯净利润从2021年20.1亿元的高峰回落。石头科技2025年前三季度净利润下滑近三成。行业面临着 “小米式”极致性价比的持续挤压，硬件利润空间被不断压缩。在此背景下，拓展边界成为头部玩家的共同选择。科沃斯分拆机器人业务冲刺上市，石头科技创始人昌敬下场造车（极石汽车），小米的生态链更是无远弗届。追觅的多元化，是在存量市场中寻找新增量的必然尝试，也是应对巨头竞争的一种防御性进攻。04雷军的最大威胁？于是，一个更有意思的问题浮现：以如此激进姿态扩张的追觅，会成为小米生态模式的最大威胁吗？从模式上看，追觅似乎在走一条与小米早期相似但更为激进的“生态链”道路。小米通过投资孵化，构建庞大生态；而俞浩则试图将核心技术与资本控制更深地绑定，在集团内部直接孵化多个重磅业务，掌控力更强，但风险也更为集中。俞浩的终极对手，或许正是雷军。两者都信奉“硬件+软件+生态”的铁人三项，都具备极强的技术背景与产品思维，都怀有打造泛机器人帝国的雄心。追觅在清洁、造车、机器人、手机等领域的布局，与小米的核心生态位形成了近乎“像素级”的重叠与对抗。然而，威胁的成立建立在巨大的不确定性之上。小米拥有万亿美元市值的集团支撑、成熟的生态链协同、庞大的用户基础和品牌号召力。而追觅，目前仍是一家未上市的创业公司，主业虽强但并非绝对统治，新业务则处于巨大投入的早期阶段。俞浩的“复制成功”理论，在从百亿营收向千亿、万亿市值跃迁的残酷商业长征中，是否依然有效？ 这场“恒大式”的多线豪赌，最终会将追觅带向与小米分庭抗礼的科技帝国，还是因资源过于分散、管理失控而陷入泥潭？答案，或许就藏在俞浩能否为这场疯狂的扩张，持续找到“煮饺子”所需的足够沸水——不仅是资本，更是时间、人才、技术突破与一丝不可或缺的运气。商业世界的考场，从不给答卷者“重考”的机会。阿里左手外卖、右手AI，400亿补贴难挡第二春？2200亿小红书再败本地生活，没有\"钞能力\"干不赢美团抖音？深耕养老金融新赛道 中信银行“幸福+”品牌全面升级北京银行中关村分行作为独家战略合作伙伴支持2025北京PE论坛举办以隐私之名的万亿博弈 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