SIASUN(SZ:300024) Tai Mei Ti A P P·2025-08-09 08:54Core Viewpoint - The humanoid robotics industry is experiencing high attention, which brings both opportunities and challenges for companies like Yushu Technology. The focus should remain on improving product quality, reducing costs, and enhancing user experience [2][4]. Group 1: Company Overview - Yushu Technology, founded in 2016, initially gained prominence with its quadruped robotic dogs and has become a leading manufacturer in that segment. The company has recently initiated the development of humanoid robots and secured multiple rounds of financing from investors like Meituan and Shou Cheng Holdings [2]. - The company aims to make its robots more affordable, with prices dropping from 99,000 yuan last year to 33,000 yuan this year, to increase accessibility and market penetration [5]. Group 2: Industry Insights - The global humanoid robot market is expected to see annual shipment volumes double, with potential spikes to hundreds of thousands or even millions of units within the next few years if significant AI breakthroughs occur [3][14]. - The current hardware capabilities of robots are sufficient, but the industry has yet to achieve a breakthrough in embodied intelligence models, which is crucial for advancing the technology [3][7]. Group 3: Future Outlook - The company is focused on enhancing the functionality and affordability of its products to compete effectively in both domestic and international markets. The long-term vision includes a future where robots can perform a variety of tasks autonomously, potentially leading to a model where robots could be provided at no cost, funded through taxation on the value they generate [5][12]. - Yushu Technology has been actively expanding its overseas market presence, with approximately 50% of its annual revenue coming from international sales since 2018 [11]. Group 4: Technological Challenges - The main technological hurdle in the robotics field is the need for a significant advancement in AI capabilities, particularly in embodied intelligence, which has not yet reached a critical breakthrough akin to that seen in large language models like ChatGPT [6][8]. - The company recognizes that while current robots can perform simple tasks and demonstrations, achieving practical applications in real-world settings remains a challenge [9][13]. Group 5: Business Strategy - Yushu Technology is in the process of preparing for an IPO, viewing it as a significant step in the company's growth and maturity, akin to a graduation process for a student [15].