从做“狗”到做“人”，“杭州六小龙”又跑出一个IPO！

Core Insights - Yunshen Technology has successfully transitioned from quadruped robots to humanoid robots, reflecting significant technological advancements and market confidence in its future [1][10] Group 1: Capital Injection - In December, Yunshen Technology completed a Pre-IPO financing round of several hundred million yuan, led by the National Artificial Intelligence Industry Fund and followed by JD.com [1][10] - The company had previously announced over 500 million yuan in Series C financing, indicating a rapid and dense capital activity throughout the year [3][12] - Since its establishment, Yunshen Technology has undergone 10 financing rounds, with the latest round attracting significant institutional investors, showcasing strong market confidence [3][12] Group 2: Technological Evolution - The company initially gained recognition for its quadruped robots and has now successfully launched humanoid robot products [4][13] - In April 2025, Yunshen Technology plans to release the world's first industry application wheeled-foot robot, the Mountain Cat M20, designed for complex terrains [4][13] - The company also introduced the DR02 humanoid robot in October, which features IP66 protection and wide temperature operating capabilities, breaking the limitations of humanoid robots being used only in controlled environments [4][13] Group 3: Application Scenarios - Yunshen Technology's quadruped robots have been deployed in nearly thirty substations of the Southern Power Grid, saving about 70% in operational costs and improving efficiency by over 50% [6][15] - In security patrols, the company's robots have significantly enhanced efficiency and safety in various applications, including urban policing and commercial security [6][15] - The robots have also been utilized in wildlife research, providing data support by integrating with herds of Tibetan antelopes in remote areas [6][15] Group 4: Global Expansion - Yunshen Technology's operations span 34 provincial-level administrative regions in China and 44 countries and regions worldwide [7][16] - The company has established an automated outdoor inspection system in Saudi Arabia's NEOM city, replacing manual inspections in hazardous environments [7][16] - A strategic partnership with JD.com is expected to open new market opportunities, with the launch of the agile intelligent robot, Yeying Lite3, on JD's platform during the 2025 Double Eleven shopping festival [7][16] Group 5: Rise of the "Six Little Dragons" - Yunshen Technology is part of the "Six Little Dragons" of Hangzhou, a group of rapidly growing tech unicorns that are becoming symbols of innovation in the region [8][17] - Among these six companies, three have initiated IPO processes, with Yunshen Technology recently starting its listing guidance [8][17] - The company's journey from a local lab to a global market presence exemplifies the rise of Chinese hard-tech enterprises [8][17]