宇树上市定档四季度，人形机器人赛道迎资本“冲刺期”

Core Viewpoint - Yushu Technology is set to submit its IPO application between October and December 2025, with significant attention on its business fundamentals and market positioning as a leading quadruped robot manufacturer [2][3]. Group 1: Business Overview - In 2024, Yushu's revenue breakdown is projected to be 65% from quadruped robots, 30% from humanoid robots, and 5% from component products, indicating a strong focus on civilian applications [2]. - The company is recognized as a leading player in the quadruped robot market, accounting for 60-70% of global market share, with 80% of quadruped robots used in civilian sectors such as research, education, and consumer applications [2][3]. - Yushu's strategic focus is on civilian robots, with a limited 20% of quadruped robots applied in industrial settings, emphasizing its commitment to research, education, and consumer markets [4]. Group 2: Capital and Financing - Yushu completed a C-round financing in June 2025, attracting major investors like Tencent, Alibaba, Ant Group, and Geely Holdings, leading to a valuation exceeding 10 billion RMB [3]. - The company has opted for a traditional IPO route rather than a reverse merger, which is seen as a more transparent method to showcase its technological commercialization [3][4]. Group 3: Industry Context - The humanoid robot sector is experiencing a capital explosion, with financing growing from 1.58 billion RMB in 2020 to 7.23 billion RMB in 2024, reflecting a compound annual growth rate of 35.6% [3]. - The industry is entering a phase of accelerated IPO activity, with several companies like Extreme Intelligence and Boreton already listed, indicating a competitive landscape for Yushu [4]. Group 4: Future Implications - The upcoming IPO will reveal critical data such as R&D investment ratios and order conversion rates, which are essential for determining the company's valuation and assessing the progress of humanoid robot technology in real-life applications [4][6].