换个视角，解读头部人形机器人创企们为何争相IPO

Core Viewpoint - The article discusses the recent IPO progress of Yushu Technology, a leading humanoid robot company in China, and the competitive landscape among various startups in the humanoid robotics sector, highlighting the rush towards IPOs driven by funding needs and market positioning [2][4]. IPO Progress of Yushu Technology - Yushu Technology completed its IPO counseling on November 10 and is now in the acceptance phase, aiming to submit its IPO application and detailed financial data soon [2][4]. - The company is expected to be the first humanoid robot company listed on the A-share market, with a projected listing in the first half of 2026 [4]. Industry Trends and Competition - The article notes a surge in IPO activities among leading humanoid robot startups, with several companies like Leju Robotics and Zhiyuan Robotics also advancing their IPO processes [5]. - The rush for IPOs is seen as a response to the industry's lack of sustainable business models and the influx of new players, which has created a competitive environment [6][7]. Concerns and Challenges - There are concerns about the sustainability of the humanoid robotics market, as many startups have not achieved significant technological breakthroughs and are still in the early stages of commercialization [5][6]. - Reports of deceptive practices, such as companies presenting remote-controlled robots as fully autonomous, have raised red flags about the industry's integrity [6]. Financial Dynamics - Investors are pushing for IPOs due to high valuations achieved in previous funding rounds, with some stakeholders expressing urgency to go public to avoid potential buyback risks [7]. - The article highlights that the success of IPOs may not necessarily translate into long-term viability for the companies involved, as the market is still maturing [9]. Market Impact and Future Outlook - The article suggests that while the IPOs may provide short-term capital, the real challenge lies in achieving a sustainable business model post-listing [9][10]. - The performance of the humanoid robotics sector is currently influenced by external factors, including developments from major players like Tesla, which may overshadow the efforts of smaller startups [10][12].