估值超 120 亿元，宇树科技启动上市辅导！

Core Viewpoint - Yushutech has officially initiated its capitalization process, aiming to become the first humanoid robot stock in the A-share market, with a focus on the robotics sector [1][4]. Company Overview - Yushutech was established on August 26, 2016, with a registered capital of 364.017906 million yuan, and is headquartered in Hangzhou, Zhejiang Province [2]. - The controlling shareholder and actual controller is Wang Xingxing, who holds 23.8216% of the shares directly and controls an additional 10.9414% through Shanghai Yuyi Enterprise Management Consulting Partnership, totaling 34.7630% [2]. Product Development - The company initially focused on quadruped robots, launching the consumer-grade quadruped robot "UnitreeGo1" in 2018, which sold over 10,000 units, becoming the first in the world to achieve mass production of quadruped robots [3]. - In 2021, Yushutech introduced the industrial-grade inspection robot "UnitreeB2," which improved inspection efficiency by three times and reduced failure rates by 60% [3]. Market Expansion - Yushutech is expanding its humanoid robot offerings, with the G1 humanoid robot set to launch in 2024 at a starting price of 99,000 yuan, and both the UnitreeH1 and G1 sold out shortly after their early 2025 release [4]. - The company has established a global sales network, partnering with platforms like JD.com and Suning in China, and utilizing Amazon and local agents in overseas markets [5]. Financial Performance - Yushutech has attracted significant investment, achieving a valuation exceeding 12 billion yuan, supported by its technological capabilities, commercialization success, and favorable industry conditions [6]. - The company reported revenues of over 1.5 billion yuan and a net profit of 230 million yuan in 2023, with industrial robots contributing over 50% to gross profit [6]. Industry Context - The global industrial robot market is projected to exceed $70 billion by 2025, with mobile robots experiencing the fastest growth at a compound annual growth rate of 28% [7]. - The Chinese government has prioritized the robotics industry, providing support for research and development, particularly in Zhejiang Province [7]. Strategic Goals - Yushutech's listing under the guidance of CITIC Securities aims to raise funds for R&D in humanoid robots, establish a smart manufacturing base in Hangzhou and Chongqing, and set up R&D centers in Germany and the USA [8]. - The company's move to go public signals a shift in the Chinese robotics industry towards a dual focus on technology and capital, potentially accelerating the maturity of the robotics supply chain [8].