SIASUN(SZ:300024) Zheng Quan Shi Bao Wang·2025-12-24 03:12Core Viewpoint - The "Hangzhou Six Little Dragons" are actively pursuing IPOs, with Yunshen Technology being the latest to initiate the listing guidance process, indicating a growing trend in the robotics sector towards public offerings and capital raising [1][2]. Company Summary - Yunshen Technology officially started its IPO guidance on December 23, 2025, with CITIC Securities as the advisory institution [1]. - The company underwent a share reform on November 3, 2025, changing its name from Hangzhou Yunshen Technology Co., Ltd. to Hangzhou Yunshen Technology Co., Ltd. (joint-stock company) [1]. - The founder, Zhu Qiuguo, is the controlling shareholder, holding 16.39% of the shares directly and an additional 10.74% indirectly through an employee stock ownership platform [1]. - As of December 9, 2025, Yunshen Technology completed a C-round financing of over 500 million RMB, aimed at enhancing the R&D of quadruped and humanoid robots [2]. - The company was established in 2017 and specializes in quadruped robots, humanoid robots, and core components, primarily serving B-end applications such as power inspection and emergency rescue [2]. - Yunshen Technology has launched several innovative products, including the quadruped robot Shancat M20 and the industry-level humanoid robot DR02, which is designed for various operational environments [2]. Industry Summary - Since 2025, the humanoid robot industry has experienced a surge in orders, new product launches, and capital activities, with several leading companies initiating IPOs and mergers [3]. - According to a report by Everbright Securities, the robotics industry is expected to transition from "demonstration applications" to "scale production" by 2026, with leading companies benefiting from technological barriers, production capabilities, and supply chain control [3].