宇树科技上市绿色通道被叫停？知情人士：预计 1 月递表

Core Viewpoint - Yushu Technology's IPO process is currently facing challenges, but the company is still progressing through the normal listing procedures, with expectations to submit its application in January 2026 [1][5]. Group 1: Company Overview - Yushu Technology was founded in 2016 and focuses on developing quadruped and humanoid robots, with its humanoid robot H1 featured in the 2025 Spring Festival Gala [1][3]. - The company has achieved profitability since 2020, with annual revenues exceeding 1 billion yuan and a workforce of approximately 1,000 employees [9][10]. Group 2: IPO Process - The "green channel" for Yushu Technology's A-share listing has been suspended, but the company is still on track to submit its IPO application between October and December 2025 [1][5]. - Yushu Technology completed its IPO counseling on November 15, 2025, with CITIC Securities as the counseling institution [4][5]. Group 3: Market Position and Strategy - Yushu Technology has completed 13 rounds of financing, achieving a valuation exceeding 10 billion yuan, with investments from both state-owned and private enterprises [10]. - The company is lowering product prices to accelerate market penetration, recently launching the R1 humanoid robot priced at 39,900 yuan [10][11]. Group 4: Competitive Landscape - The humanoid robot sector is experiencing heightened competition, with multiple companies, including Zhiyuan Robotics, also pursuing IPOs and significant market presence [2][13]. - Zhiyuan Robotics, established in 2023, has a valuation of approximately 15 billion yuan and is focusing on software development for embodied intelligence, contrasting with Yushu's hardware focus [13][15]. Group 5: Industry Trends - The embodied intelligence sector has seen a surge in activity, with 165 companies completing 303 financing rounds in 2025, raising nearly 37 billion yuan, marking a 260% increase from 2024 [17]. - The competition for IPOs among domestic humanoid robot companies is intensifying, with several firms actively seeking to establish themselves in the market [17].