盈利多年，谁在买王兴兴的机器人？「宇树科技」中标订单梳理及行业分析！

Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Yushu Technology, a leading humanoid robot company in China, highlighting its financial performance, market presence, and the challenges it faces in the humanoid robotics sector [1][2][6]. Group 1: Company Developments - On May 30, Yushu Technology changed its name to Yushu Technology Co., Ltd. and appointed a new board member, signaling preparations for an IPO [1]. - On June 19, Yushu Technology announced the completion of its Series C financing round, with a pre-investment valuation exceeding 10 billion yuan, officially entering the unicorn club [1]. - The company has maintained profitability since 2020, with projected revenues of approximately 200 million yuan in 2023 and 400 million yuan in 2024, and net profits ranging from 10 million to 70 million yuan [2]. Group 2: Market Performance - Yushu Technology's humanoid robots gained significant attention after their appearance on the Spring Festival Gala in early 2025, leading to increased interest in the stock market and related companies [6]. - The company has secured numerous contracts, with a notable order from Shanghai Tongji University for 10 humanoid robots valued at 825.66 million yuan [3][13]. - As of March 2025, Yushu Technology's project wins have nearly matched the total for the entire year of 2024, indicating strong market demand [3]. Group 3: Industry Challenges - Despite initial success, the humanoid robotics market faces challenges, including a lack of substantial commercial applications and a tendency for companies to focus on showcasing capabilities rather than practical uses [16][19]. - The rental market for humanoid robots has seen a surge, but there are concerns about sustainability as interest may wane once the novelty wears off [16]. - The industry is criticized for prioritizing physical capabilities over advanced AI and practical applications, which are essential for long-term success [19][20].