宇树科技称上市工作正常推进，未涉及申请“绿色通道”相关事宜

Core Viewpoint - The news reports that the green channel for the IPO of robotics unicorn Yushutech has been halted, but the company clarifies that its IPO process is proceeding normally and that the reports are inaccurate [1][2]. Company Overview - Yushutech, founded in 2016, is a leading startup in the field of embodied intelligence in China, primarily generating revenue from quadruped robots [1]. - The company has completed IPO counseling work as of November 2025, with CITIC Securities as the advisory institution [1]. Revenue Structure - In 2024, the revenue breakdown for Yushutech's products is approximately 65% from quadruped robots, 30% from humanoid robots, and 5% from component products [1]. - Quadruped robots account for about 80% of sales in research, education, and consumer sectors, while 20% is used in industrial applications [1]. Product Launch and Market Position - Yushutech launched humanoid robot products in 2023, with the G1 model priced at 99,000 yuan, addressing previous high-cost issues [2]. - The company captured 69.75% of the global sales share for quadruped robots in 2023 [2]. Financial Performance - Yushutech reported annual revenue exceeding 1 billion yuan and has been profitable for five consecutive years, distinguishing itself as one of the few profitable startups in the robotics industry [2][3]. - In the first half of 2025, the company's net profit surpassed 300 million yuan, indicating strong revenue and profitability without the need for a "green channel" for IPO [3]. Investment and Financing - Yushutech has completed 10 rounds of financing, raising over 1.5 billion yuan from notable investors including Meituan, Sequoia China, and Tencent [2]. - The company completed a C-round financing in June 2025, raising nearly 700 million yuan, with a post-investment valuation exceeding 12 billion yuan [2]. Industry Context - The field of embodied intelligence is a hot investment area in 2025, with nearly 30 robotics companies applying for listings on the Hong Kong Stock Exchange [3]. - There are concerns about market saturation, as over 150 humanoid robot companies exist in China, with many being startups or companies from other sectors entering the market [3].