Core Insights - The China Securities Regulatory Commission (CSRC) disclosed the progress report of Yushu Technology's listing guidance work, indicating that the company is moving towards its IPO with the assistance of CITIC Securities as the guiding institution [1][2] Group 1: Listing Guidance Progress - Yushu Technology filed for listing guidance with the Zhejiang Securities Regulatory Bureau in July, with CITIC Securities as the guiding institution and Beijing Deheng Law Firm as the legal advisor [1] - The report highlights that during the guidance period, CITIC Securities conducted on-site due diligence, urged the company to operate in compliance, and communicated the latest regulatory updates [1][2] - The company is in the process of changing its name to "Yushu Technology Co., Ltd." following the approval at its fifth extraordinary general meeting in 2025 [1] Group 2: Company Governance and Development - The guidance team reported improvements in the company's governance structure and operational standards, indicating a positive trend in corporate governance [1] - The guidance work will continue with a focus on comprehensive due diligence, monitoring significant changes in the company, and ensuring compliance with the guidance plan [2] Group 3: Business Overview and Market Position - Yushu Technology plans to submit its listing application to the stock exchange between October and December 2025 [3] - In 2024, the sales revenue distribution for its products is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for component products, with 80% of quadruped robots used in research, education, and consumer sectors [3]

Core Viewpoint - The report outlines the progress of Yushu Technology's listing guidance work, indicating that the company is on track for its IPO application in late 2025, with ongoing improvements in corporate governance and operational compliance [1][2][3]. Group 1: Listing Guidance Progress - Yushu Technology filed for listing guidance with the Zhejiang Securities Regulatory Bureau in July 2023, with CITIC Securities as the guiding institution [1]. - The guidance work includes on-site due diligence, promoting standardized operations, and conveying the latest regulatory updates [1]. - The company is in the process of changing its name to "Yushu Technology Co., Ltd." following a resolution passed at its fifth extraordinary general meeting in 2025 [1]. Group 2: Future Work Arrangements - The next phase of guidance will involve comprehensive due diligence and continuous monitoring of significant changes within the company [2]. - The guidance team will focus on corporate governance, operational compliance, financial information, and business models to ensure orderly progress [2]. Group 3: Sales and Market Segmentation - Yushu Technology announced plans to submit its IPO application between October and December 2025 [3]. - In 2024, the sales revenue distribution for its products is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for component products [3]. - About 80% of quadruped robots are intended for research, education, and consumer markets, while the remaining 20% are for industrial applications such as inspection and firefighting [3].

Core Viewpoint - The domestic humanoid robot manufacturer "Zhiyuan Robotics" plans to complete its initial public offering (IPO) in Hong Kong by the third quarter of next year, targeting a valuation of HKD 40 billion to 50 billion (approximately USD 5.14 billion to 6.4 billion) [1] Company Summary - Zhiyuan Robotics has engaged CICC and CITIC Securities as the lead underwriters for its Hong Kong listing [1] - Morgan Stanley has recently joined the project as well [1] - The company is expected to issue 15% to 25% of its total share capital [1]

Core Viewpoint - Yushu Technology plans to submit its IPO application to the Chinese Securities Regulatory Commission between October and December 2025, with a focus on its product sales structure for 2024 [1][3]. Group 1: IPO Preparation - The company is actively preparing for its IPO, with plans to disclose relevant operational data at the time of filing [3]. - The IPO guidance is being provided by CITIC Securities, which will assist in setting business development goals and evaluating the company's readiness for listing [5]. Group 2: Product Sales Structure - For the year 2024, the sales revenue distribution of Yushu Technology's products is projected to be approximately 65% from quadruped robots, 30% from humanoid robots, and 5% from core components [1][3]. - About 80% of the quadruped robots are intended for research, education, and consumer applications, while the remaining 20% are used in industrial scenarios such as inspection and firefighting [3]. Group 3: Recent Developments - Yushu Technology recently faced a patent dispute with Hangzhou Luweimei Daily Chemical Co., which has filed a lawsuit regarding alleged patent infringement [6]. - The company launched a new quadruped robot, Unitree A2, which weighs approximately 37 kg and features advanced 3D perception technology [6]. Group 4: Market Expansion - Since 2018, Yushu Technology has been expanding its overseas market presence, with an average of 50% of its revenue coming from international sales [7]. - The company anticipates that global shipments of humanoid robots will double annually in the coming years [7].

Group 1 - The company, Yushu Technology, plans to submit its listing application to the stock exchange between October and December 2025, with relevant operational data to be disclosed at that time [1] - In 2024, the sales revenue distribution for Yushu Technology's products is expected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for component products [3] - About 80% of the quadruped robots are utilized in research, education, and consumer sectors, while the remaining 20% are applied in industrial fields such as inspection and firefighting [3] Group 2 - Yushu Technology has initiated its listing guidance with CITIC Securities as the advisory institution, as indicated on the official website of the China Securities Regulatory Commission [4] - The controlling shareholder and actual controller of Yushu Technology is Wang Xingxing, who directly holds 23.8216% of the company's shares and controls an additional 10.9414% through a partnership, totaling 34.7630% [4] - The company changed its name from Hangzhou Yushu Technology Co., Ltd. to Hangzhou Yushu Technology Co., Ltd. as a significant step towards its listing plans, and its registered capital increased from 2.889 million to 364 million, a 125-fold increase [4] - Yushu Technology confirmed the completion of its Series C financing on June 19, with participation from major investors including funds from Meituan, Tencent, Jin Qiu Fund, Alibaba, Ant Group, and Geely Capital, leading to a valuation exceeding 10 billion [4]

Core Insights - Yushu Technology plans to submit its IPO application to the stock exchange in the fourth quarter of this year [3] - The revenue structure for 2024 is projected to be approximately 65% from quadruped robots, 30% from humanoid robots, and 5% from related components [3] - Yushu Technology has maintained profitability since 2020, with annual revenue exceeding 1 billion yuan [3] Revenue Structure - Quadruped robots account for about 65% of total sales, with 80% of these used in research, education, and consumer sectors, and 20% in industrial applications such as security and firefighting [3] - Humanoid robots are entirely focused on research, education, and consumer applications, contributing 30% to the revenue [3] International Business - Since 2018, Yushu Technology has been expanding its overseas business, which has constituted around 50% of its operations in recent years [3] IPO Process - Yushu Technology signed a counseling agreement with CITIC Securities on July 7, officially starting the A-share IPO process [4] - The CEO views the IPO as a significant milestone for the company, akin to a high school entrance examination, marking a transition to more mature management and operations [4]