上市辅导完成函尚待落地，宇树科技距离A股IPO还有多远？

Core Viewpoint - Yushu Technology has completed the IPO counseling process, but it is still in the acceptance phase and has not yet received the completion letter from the regulatory authority [2][4][5]. Group 1: IPO Counseling Process - Yushu Technology's IPO counseling has entered its final stage, but it is still awaiting acceptance from the Zhejiang Securities Regulatory Bureau [4][5]. - The counseling process includes several steps: filing for counseling, conducting related work, submitting a completion report, and obtaining an acceptance letter from the regulatory authority [4][5]. - The acceptance letter is crucial; without it, the counseling cannot be considered complete, and the company cannot proceed with the IPO application [5][6]. Group 2: Timeline and Expectations - Yushu Technology's counseling was officially accepted on July 18, 2025, and it has now entered the acceptance phase after nearly four months of counseling [5]. - There are currently 14 companies, including Yushu Technology, undergoing the counseling acceptance process, with many completing this phase in about six months [5]. - It is anticipated that Yushu Technology will likely receive the acceptance letter before December 2025, allowing it to submit its IPO application shortly thereafter [9][21]. Group 3: Company Background and Financials - Yushu Technology's actual controller, Wang Xingxing, holds a 34.76% stake in the company, with significant investments from well-known firms like Sequoia China, Tencent, and Alibaba [12][14]. - The company raised approximately 700 million yuan (about 100 million USD) in its last funding round, leading to a post-money valuation of around 12 billion yuan (approximately 1.7 billion USD) [14]. - There are varying reports on Yushu Technology's revenue, with estimates for 2023 and 2024 being around 200 million yuan and 400 million yuan, respectively, and net profits ranging from 10 million to 70 million yuan [16]. Group 4: Product Structure and Market Position - Yushu Technology's main products include quadruped robots, humanoid robots, and components, with sales contributing approximately 65%, 30%, and 5% to total revenue, respectively [17]. - The company has maintained profitability since 2020, with expectations for continued strong performance as it approaches its IPO [16]. Group 5: Underwriting and Future Prospects - CITIC Securities is the underwriting firm for Yushu Technology's IPO, deploying a large team of 24 members for the counseling process, indicating a strong commitment to the project [19][20]. - If Yushu Technology adheres to its timeline and submits its IPO application by the end of December 2025, it could potentially complete the listing by the second quarter of 2026 [21].