观察｜宇树IPO，人形机器人上市赛鸣枪

Group 1 - Yushu Technology has initiated the listing guidance process with CITIC Securities as the advisory institution, aiming for an IPO in the near future [3][8] - The company controls 34.7630% of its shares through its major shareholder Wang Xingxing, who directly holds 23.8216% and controls an additional 10.9414% through a partnership [3] - Yushu's humanoid robots have a global market share of 60%-70%, and the company is actively competing for public attention alongside its peers in the robotics industry [1][4] Group 2 - The company has undergone significant changes recently, including a name change to a joint-stock company and a capital increase from 2.889 million to 364 million yuan, indicating preparations for an IPO [6][8] - Yushu's revenue exceeded 1 billion yuan in the previous year, showcasing its growth potential compared to competitors like UBTECH, which reported 1.3 billion yuan in revenue for 2024 [15] - The humanoid robot market is currently in a stage of scene penetration, with various performances and competitions being used to demonstrate capabilities and generate commercial value [14][16] Group 3 - The listing timeline indicates that Yushu may submit its application as early as October 2025, with a comprehensive evaluation of its listing conditions planned for the latter part of the year [8][9] - The competitive landscape includes other robotics companies like Zhiyuan Robotics, which is pursuing a different strategy through acquisitions rather than an IPO, highlighting the varied approaches within the industry [10][12] - Industry experts emphasize the importance of early listing for establishing pricing power and brand premium, which can attract resources and support from government and industry [13]