Shanghai Stock Exchange Accepts Yuanshu Technology's IPO Application, Prospectus Reveals Five Key Information Points

On March 20, the Shanghai Stock Exchange accepted the IPO application of Yushu Technology Co., Ltd. on the STAR Market. This IPO is expected to raise 4.202 billion yuan, potentially making it the first “humanoid robot” stock in A-shares.

Having performed on the CCTV New Year’s Gala multiple times and showcased at the World Humanoid Robot Competition, Yushu Technology’s listing process has driven the development of the domestic embodied intelligence industry. A review of Yushu Technology’s prospectus and the company’s responses to inquiry letters reveals five key pieces of information.

Key Information 1:

Initial Market Valuation of at Least 42 Billion Yuan

The prospectus shows that Yushu Technology will issue no less than 40,446,434 new shares, accounting for at least 10% of the total post-issuance share capital, meaning an initial market valuation of at least 42 billion yuan.

Currently, all listed robot companies in China are listed on the Hong Kong Stock Exchange. Comparing those listed in Hong Kong:

• UBTECH, listed at the end of 2023, has a latest market value of HKD 49.8 billion (about 43.8 billion RMB);
• Yujian Robotics, a collaborative robot company, has a market value of HKD 15.9 billion (about 14 billion RMB);
• Yunji Service Robots has a market value of HKD 13.8 billion (about 12.2 billion RMB);
• JZ Robot, a warehouse robot company, has a market value of HKD 24.8 billion (about 21.8 billion RMB).

It is expected that after listing, Yushu Technology’s market value will rank among the top tier of robot companies.

Domestic embodied intelligence companies have formed a “hundred-billion club.” According to data from market research firm IT Juzi, as of now, there are 12 unlisted domestic embodied intelligence companies valued over 10 billion yuan, excluding Yushu Technology. These include Galaxy General, Zhiyuan Robotics, Yunshen Technology, Qianxun Intelligence, Xingdong Jiyuan, Lingxin Qiaoshou, Xinghai Tu, Mekamand, Qinglang Intelligent, Zhi Pingfang, Pasini, and Zhongqing Robots.

Additionally, the domestic embodied intelligence industry is accelerating its listing process. Zhiyuan Robotics has undergone share reform and is controlled by the holding platform Zhiyuan Hengyue, which has listed on the A-share market; Leju Intelligent has completed guidance filing and will finish Pre-IPO financing by October 2025; Yunshen Technology launched listing guidance in December 2025; Galaxy General, Fourier Intelligent, Xinghai Tu, and Songyan Power have all completed share reform.

Key Information 2:

Performance Growth and Leading Profitability

The prospectus shows that in 2025, Yushu Technology will achieve operating revenue of 1.708 billion yuan, a year-on-year increase of 335.36%; net profit attributable to non-recurring gains and losses exceeds 600 million yuan, up 674.29%, mainly due to rapid growth in product sales.

Compared to listed robot companies in Hong Kong, Yushu Technology’s performance is outstanding, demonstrating a broader profit potential for robot enterprises.

UBTECH’s mid-2025 report shows that in the first half of 2025, revenue was 620 million yuan, up 27.5% year-on-year, with a loss of 440 million yuan, a reduction from the previous year.

Yunji’s 2025 annual report indicates revenue increased to 301 million yuan, but net loss attributable to equity shareholders significantly widened.

JZ Robot, boosted by its broad commercial application scenarios, disclosed in its latest performance forecast that in 2025, revenue will be between 3.14 billion and 3.18 billion yuan, up 30%–32% year-on-year, with an adjusted net profit turning profitable.

Key Information 3:

Gradual Increase in Revenue Share of Humanoid Robots

The prospectus shows that from January to September 2025, Yushu Technology’s humanoid robot revenue first surpassed quadruped robots, with revenues of 595 million yuan and 488 million yuan respectively.

Yushu’s main business revenue consists of quadruped and humanoid robots. The company’s performance growth point is gradually shifting from quadruped to humanoid robots. The prospectus shows that in 2022, 2023, 2024, and January-September 2025, the revenue share of quadruped robots decreased from 76.57% to 42.25%, while the share of humanoid robot revenue increased from 1.88% in 2023 to 51.53% in the first nine months of 2025.

[Image source: Yushu Technology Prospectus, amount unit: ten thousand yuan]

Meanwhile, Yushu announced that in 2025, the shipment volume of humanoid robots exceeded 5,500 units (pure humanoid, excluding wheeled bipedal robots), ranking first globally.

It is noteworthy that the initial reliance on research and education income in the robot industry is decreasing, while commercial consumer and industry application markets are gradually opening.

[Image source: Response to Inquiry Letter from Yushu Technology]

The response shows that, for quadruped robots, the proportion of revenue from research and education decreased from 68.61% in 2022 to 31.58% in the first nine months of 2025. In the same period, revenue from commercial and industry applications increased to 42.30% and 26.12%, respectively, with commercial applications surpassing research and education, becoming the largest sales segment for quadruped robots.

In the first nine months of 2025, online sales of quadruped robots surged. Yushu also stated that as the application of quadruped robots in scenarios such as intelligent patrol and fire emergency continues to improve and expands into exploration, detection, and intelligent manufacturing, the proportion of industry application revenue is steadily rising.

Regarding humanoid robots, in 2023, all revenue came from research and education. By the first nine months of 2025, this proportion decreased to 73.60%. Revenue from commercial consumption increased from 13.70% in 2024 to 17.39% in the first nine months of 2025, and industry application revenue accounted for 9.01%, amounting to 53.6036 million yuan. The company disclosed that industry applications mainly include enterprise tours, intelligent manufacturing, and intelligent inspection, with enterprise tours accounting for about 50%–70%.

[Image source: Response to Inquiry Letter from Yushu Technology]

From sales channels perspective, during each period, over 35% of Yushu’s revenue came from overseas, with offline sales exceeding 85%, and direct sales accounting for over 50%.

In the first nine months of 2025, domestic clients included JD.com, with sales of 41.36 million yuan. In February 2025, Yushu’s Unitree H1 and G1 humanoid robots were launched on JD.com. Other major domestic clients include Beijing Chaoyuan Times Technology Co., Ltd. and Beijing Galaxy General Robots Co., Ltd.

[Image source: Yushu Technology Prospectus]

Key Information 4:

Supply Chain and Cost Advantages

Yushu Technology mentioned product price advantages in its disclosures.

In July 2023, the company launched the Go2 Air quadruped robot, with a starting price of 9,997 yuan, marking the industry’s first price point below 10,000 yuan.

In humanoid robots, the company released the medium-sized G1 robot in May 2024, with a base price of 99,000 yuan, which has since been reduced to 85,000 yuan, significantly lower than foreign quadruped robots. In July 2025, the company launched the R1 humanoid robot, starting at 39,900 yuan, and the Air version at 29,900 yuan, further lowering prices for mid-sized and small high-performance general-purpose humanoid robots.

Yushu states that its self-developed key components have greatly reduced product costs, forming an important basis for its cost-performance advantage.

The company adopts an open supply chain cooperation model, with most self-developed components designed and produced in-house, including customized procurement and assembly. It also plans to consider customized procurement for mature, low-cost external components as the supply chain matures.

In terms of supply chain cooperation, research shows that as early as 2024, companies like Mannesmann, SUTENG Juchuang, and Daotong Technology have signed strategic cooperation agreements with Yushu, either on robot hardware and software or broader intelligent solutions.

As the embodied intelligence industry develops, more listed companies have disclosed related cooperation progress with Yushu.

Meihu Co., Ltd. responded to investor inquiries, confirming that the gear joint modules supplied to Yushu are in mass production. Companies like Chuangshi and Jinfu Technology have also announced cooperation with Yushu. Recently, Superstar Legend announced a joint venture with Yushu to develop entertainment and interactive intelligent robots.

Key Information 5:

Mass Production and Large-Model Capabilities

Yushu’s disclosed fundraising plan emphasizes its focus on model development and local R&D and manufacturing bases.

The prospectus states that 2.022 billion yuan will be used for intelligent robot model R&D, 1.11 billion yuan for robot hardware R&D, 445 million yuan for new intelligent robot products, and 624 million yuan for building an intelligent robot manufacturing base.

Yushu indicates that the manufacturing base is a key project of the IPO funds. Once completed, it is expected to produce 75,000 humanoid robots and 115,000 quadruped robots annually. This capacity expansion aims to significantly improve delivery efficiency, reduce costs, and amplify scale effects.

Scaling production is a major goal for domestic robot companies. Zhejiang Humanoid Robot Innovation Center founder and chief scientist Xiong Rong predicts that by 2026, China’s humanoid robot output will reach 100,000 to 200,000 units. Yushu’s founder and CEO Wang Xingxing previously stated that the company aims to ship around 10,000 to 20,000 units this year. UBTECH has set a target of 10,000 industrial humanoid robots by 2026.

In terms of technological breakthroughs, Yushu states that, based on significant advances and mass production of general robot motion intelligence and structural components, key technical challenges for large-scale industrial and household applications include “embodied large models” at the “brain” level and the durability and dexterity of “flexible hands.” The main difficulty remains that global embodied large models are still in early development stages with limited generalization.

Some investors believe that successful embodied intelligence companies must have strong data feedback and model evolution capabilities, capable of transitioning from laboratory experiments to real production lines, with clear commercialization pathways. By 2026, the industry will shift from technological demonstration to commercial exploration, and market focus will be on deployment capabilities. Before large-scale deployment, companies must overcome bottlenecks in large model capabilities.