人形机器人行业快评报告：宇树科技启动IPO辅导，并发布最新款人形机器人UnitreeR1

Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected increase of over 10% in the industry index relative to the broader market within the next six months [5][7]. Core Insights - Yushu Technology has initiated its IPO counseling and launched the latest humanoid robot, Unitree R1, marking a significant acceleration in its commercialization and capitalization processes [1][2]. - The successful IPO of Yushu Technology is expected to enhance its financing channels, injecting funds into the development of high-torque density motors, lightweight materials, and intelligent algorithms. This could lead to a shift in the market from "concept speculation" to "performance realization," favoring technology leaders [2]. - The launch of Unitree R1, priced at 39,900 yuan, positions it as the most affordable bipedal humanoid robot from Yushu Technology. It features 26 joints, weighs approximately 25 kg, and integrates multimodal AI capabilities. The pricing strategy aims to attract developers and educational institutions, fostering an ecosystem similar to the "Android model" [3]. Summary by Sections IPO and Financing - Yushu Technology completed its IPO counseling registration on July 18, 2025, with CITIC Securities as the counseling institution. The counseling period is from July to September 2025. The controlling shareholder, Wang Xingxing, holds 23.82% of the shares directly and controls an additional 10.94% through a partnership, totaling 34.76% [2]. Product Launch - The Unitree R1 humanoid robot is designed as a developer platform rather than a labor replacement, targeting AI companies, educational institutions, and enthusiasts. This approach aligns with the company's IPO strategy, emphasizing growth through scale, cost, and iteration [3]. Market Positioning - Yushu Technology's ability to self-develop core components and leverage domestic manufacturing advantages positions it favorably for future mass production. The R1 robot is expected to stimulate a "developer economy" in education, research, and light industry applications [3]. - The company has previously launched several quadruped robots and humanoid robots, indicating a robust product pipeline and ongoing commercialization efforts [3].