王兴兴抢跑 “具身智能” 红利，宇树产业链能否啖头汤？

Core Viewpoint - Hangzhou Yushu Technology Co., Ltd. is set to initiate its IPO process after completing a Series C financing round in June, aiming to become the first "embodied intelligence" stock in the A-share market by the end of this year [1][5]. Company Overview - Founded on August 26, 2016, Yushu Technology has a registered capital of 364.017906 million yuan and is headquartered in Hangzhou, Zhejiang Province [2]. - The company is primarily engaged in the manufacturing of computer, communication, and other electronic equipment, as well as general equipment manufacturing [2]. Shareholding Structure - The largest shareholder is Wang Xingxing, who directly holds 26.9673% of the shares and indirectly controls an additional 6.4754% through Shanghai Yuyi Enterprise Management Consulting Partnership, totaling approximately 34% [6]. - Other significant shareholders include Meituan's Han Hai Information Technology (8%) and Sequoia Capital's Ningbo Sequoia Kesheng Equity Investment Partnership (6.9157%) [6]. IPO Preparation - The IPO guidance process began on July 7, 2025, with CITIC Securities as the advisory institution [3]. - The company aims to meet the requirements for listing on the Sci-Tech Innovation Board, including a compound annual growth rate of 25% in revenue over the last three years or a revenue of 300 million yuan in the most recent year [5]. Market Position and Product Offerings - Yushu Technology has gained significant market traction, particularly in the quadruped robot segment, achieving a sales volume of approximately 23,700 units in 2023, capturing a market share of 69.75% globally [10]. - The company offers various models, including quadruped robots and humanoid robots, with a focus on cost-effective solutions [11]. Competitive Advantage - Yushu Technology has successfully controlled costs, with its quadruped robot Go2 priced at 9,997 yuan, significantly lower than competitors like Boston Dynamics [11]. - The company has also leveraged high-frequency marketing strategies to enhance brand visibility and market penetration [12][14]. Future Prospects - The company plans to expand into the humanoid robot market, which is seen as the future core direction of the industry [11][18]. - Yushu Technology currently holds 163 patents, primarily in the areas of robotic power structures and control algorithms, although it lacks significant advantages in AI and multi-modal algorithms [19]. Industry Context - The humanoid robot market is still in its early stages, with significant opportunities for growth as technology matures [23]. - Competitors like UBTECH have faced challenges in achieving profitability despite exploring industrial applications, indicating potential risks for Yushu Technology if it cannot effectively transition into industrial markets [21].