A股人形机器人第一股来了！宇树科技IPO获受理，“预先审阅”第二单

Core Viewpoint - Yushu Technology is officially pursuing an IPO on the Science and Technology Innovation Board, aiming to become the first publicly listed humanoid robot company in China [1][4]. Company Overview - Yushu Technology Co., Ltd. is a leading global high-performance general robotics company, focusing on the research, production, and sales of humanoid robots, quadruped robots, robotic components, and embodied intelligent models [3][4]. - The company has achieved significant sales milestones, with over 30,000 quadruped robots sold from 2022 to September 2025, and over 5,500 humanoid robots shipped in 2025, ranking first globally in humanoid robot shipments [4]. Financial Performance - The company's revenue has shown rapid growth, with projected revenues of 123 million yuan in 2022, 159 million yuan in 2023, and 392 million yuan in 2024. By the first nine months of 2025, revenue reached 1.167 billion yuan, with an expected annual revenue of 1.7 billion yuan for 2025 [3][4]. - The revenue structure is improving, with humanoid robot business revenue increasing from 1.88% in 2023 to 51.53% in the first nine months of 2025, alongside quadruped robots forming a dual revenue pillar [3][4]. - The gross profit margin for the main business has steadily increased from 44.18% in 2022 to 59.45% in the first nine months of 2025, with a net profit of approximately 94.5 million yuan in 2024 and an expected net profit of 600 million yuan in 2025 after deducting non-recurring gains and losses [3][4]. IPO Details - Yushu Technology plans to publicly issue no less than 40.4464 million shares and aims to raise 4.202 billion yuan, which will be used for the development of intelligent robot models, robot bodies, new intelligent robot products, and the construction of intelligent robot manufacturing bases [4]. - The IPO is part of a broader strategy to enhance the company's core technology research, product iteration, and scalable production capacity, reinforcing its global leadership position [4]. Industry Context - The robotics industry is seen as a key driver of a new round of industrial transformation and economic growth, representing a strategic high ground in global frontier technology competition [6]. - The Science and Technology Innovation Board is committed to supporting high-growth "hard technology" companies, facilitating capital flow to areas in need of support for technological innovation [5][6]. - The embodied intelligent robotics industry integrates advanced technologies from artificial intelligence, high-end manufacturing, sensing technology, and automatic control, positioning it as a future industry crucial for manufacturing transformation and new economic growth [5].