SIASUN(SZ:300024) Sou Hu Cai Jing·2025-08-09 07:27Group 1: Company Overview and IPO Plans - Yushu Technology, founded in 2016, initially focused on quadruped robots and has since expanded into humanoid robots due to customer demand [3] - The company has initiated its IPO process in July 2023, with CITIC Securities as the advisory institution, marking a significant step in its growth and maturity [2][3] - The CEO views the IPO as a response to years of effort and a responsible act towards shareholders, comparing it to a "college entrance examination" for the company [2] Group 2: Industry Growth and Market Demand - The humanoid robot market is experiencing significant growth, with many manufacturers achieving a 50% to 100% increase in sales driven by strong demand [2][4] - Yushu Technology has launched low-cost products this year to accelerate ecosystem development and aims for a potential multiple increase in annual shipment volumes in the near term [4] Group 3: Technological Challenges and Future Directions - The industry currently prioritizes data over model improvements, with the main bottleneck being the insufficient capabilities of humanoid robot models compared to large language models [4] - Future development will focus on unified end-to-end intelligent robot models, low-cost and high-lifetime hardware solutions, and distributed large-scale computing power to address performance and cost limitations [4]