SIASUN(SZ:300024) Tai Mei Ti A P P·2026-01-05 01:21Core Viewpoint - The controversy surrounding Yushu Technology's alleged suspension of the "green channel" for its IPO has highlighted the scrutiny and regulatory focus on the humanoid robot sector, raising questions about the industry's fundamentals and sustainability [1][5]. Company Overview - Yushu Technology, founded in 2016, has established itself in the quadruped robot market and is expanding into humanoid robots, capturing 69.75% of global quadruped robot sales in 2023 [2][3]. - The company has reported annual revenues exceeding 1 billion yuan and has maintained profitability since 2020, which is rare in the heavily invested and often loss-making robotics sector [3][4]. Financial and Investment Insights - Yushu Technology has completed 10 rounds of financing, raising over 1.5 billion yuan, with notable investors including Meituan, Sequoia China, and Tencent [3][4]. - The company’s recent C-round financing in June 2025 raised nearly 700 million yuan, with a post-investment valuation exceeding 12 billion yuan, indicating strong market confidence in its business model [4]. Market Dynamics - The humanoid robot sector is experiencing a surge in interest, with nearly 30 companies applying for IPOs in Hong Kong by November 2025, reflecting a market frenzy similar to past trends in autonomous driving and new energy [6]. - However, many humanoid robot products remain in the demonstration phase, lacking large-scale commercial applications, which raises concerns about the sustainability of the current investment climate [6][8]. Technical and Application Challenges - The VLA model, crucial for achieving "general intelligence" in robots, faces significant challenges due to the scarcity of dynamic, real-world data required for training, which hampers the development of truly intelligent robots [7][8]. - Most humanoid robots are currently deployed in research, education, and consumer demonstration scenarios, with limited adoption in industries requiring robust performance and reliability [8][10]. Order and Production Concerns - Reports indicate that many announced large orders are framework agreements or intentions rather than binding contracts, leading to skepticism about their execution certainty [10][11]. - There are concerns about "internal digestion" of orders, where orders may circulate among related parties rather than reflecting genuine market demand, potentially creating a facade of growth [10][12]. Regulatory Environment - The regulatory landscape is shifting towards a more cautious approach, emphasizing the need for real technological breakthroughs and market validation rather than speculative valuations [13]. - The National Development and Reform Commission has highlighted the importance of balancing speed and potential bubbles in the development of the humanoid robot industry, signaling a need for more grounded expectations [13].