从腾空而起的后空翻，到招式凌厉的舞剑，2026年除夕，宇树机器人在万众瞩目下以一整套行云流水的高难度功夫动作惊艳亮 相。 去年宇树机器人在央视春晚扭秧歌火出圈后，宇树迎来了新一轮的资本热涌和估值提升。2025年6月，公司完成C轮融资交割， 由中国移动旗下基金、腾讯、阿里、蚂蚁、吉利等产业资本联合领投，投后估值达120亿元，较B轮约十亿元的估值实现十倍增 长。2025年11月中旬，宇树科技已完成IPO辅导工作。宇树的估值暴涨与资本涌入，印证了春晚这个"超级路演场"的强大信用背 书与资本催化能力。 春晚超级路演场 作为超级流量入口，春晚机器人大比拼背后，是资本市场观察产业趋势的重要风向标。 今年登上春晚舞台的四家机器人企业都处在资本化的关键节点。分析四家企业的股权结构可以发现，他们已经完成多轮融资、 正处在从技术验证走向产业化的阶段性企业。 三届春晚"元老"宇树科技，早在2021年春晚后就启动A、B轮融资，吸引了包括中国互联网投资基金、深创投、顺为资本在内的 机构参与。 而就在去年春晚，它们因扭秧歌而红遍全国，短短一年，这些钢铁之躯竟已化身真正的"武林高手"，与人类共同演绎一场跨越 物种的人机共舞武林梦。 除了宇 ...

而从业绩来看，上海君屹实现了稳健成长。据招股书显示，2023、2024年，上海君屹的收入分别约为5.11亿(人民币，下同)、6.14亿元，期内的净利润分别 为2671.1万元、3500万元。进入2025年前三季度，上海君屹的收入为5.64亿元，同比增长26.67%，净利润为5817.2万元，同比增长88%，呈现发展提速趋 势。 凭借机器人产业在资本市场中的高热度以及上海君屹亮眼的业绩表现，其能否在IPO中获得高估值?透过公司的招股说明书，或可从中探寻关键线索。 2025年，中国机器人产业迎来资本化浪潮的爆发年。据不完全统计，全年约有30家机器人产业链相关企业密集奔赴港交所，涵盖工业机器人、服务机器人、 具身智能、移动机器人及核心零部件等全产业链环节。 其中，极智嘉-W(02590)、三花智控（002050）(02050)、云迹(02670)等企业已成功登陆港股，斯坦德、优艾智合、仙工智能等新锐力量也已递交上市申请， 形成了显著的板块集聚效应。 进入2026年，这一资本化浪潮持续涌动。翼菲科技、拓斯达（300607）(300607.SZ)、玖物智能、迦智科技等机器人相关企业陆续递表，冲刺港交所。而最 新加入这一 ...

2025年，中国机器人产业迎来资本化浪潮的爆发年。据不完全统计，全年约有30家机器人产业链相关企业密集奔赴港交所，涵盖工业机器人、服务机器人、 具身智能、移动机器人及核心零部件等全产业链环节。 其中，极智嘉-W(02590)、三花智控(02050)、云迹(02670)等企业已成功登陆港股，斯坦德、优艾智合、仙工智能等新锐力量也已递交上市申请，形成了显著 的板块集聚效应。 进入2026年，这一资本化浪潮持续涌动。翼菲科技、拓斯达(300607.SZ)、玖物智能、迦智科技等机器人相关企业陆续递表，冲刺港交所。而最新加入这一 行列的，还有深耕工业自动化领域的上海君屹，进一步壮大了港股"机器人军团"阵容。 智通财经APP了解到，上海君屹已于1月23日向港交所主板递交上市申请书，国泰海通国际为其独家保荐人。 据灼识咨询，若按2024年全球收入计，上海君屹在新能源电池模块与PACK自动化生产线解决方案以及汽车焊接自动化生产线解决方案两大市场中，分别位 列中国第十一及十二位。同时，若2024年在NEV电池托盘焊接自动化生产线解决方案的全球收入计，上海君屹位列中国公司第二位。由此可见，上海君屹 在工业细分领域已初具规模。 而 ...

Investment Rating - The report indicates a structural trend for high-quality Chinese robot companies to go public in Hong Kong, rather than a widespread IPO wave [5][6]. Core Insights - The trend of Chinese robot companies going public in Hong Kong is driven by leading firms with technological advantages and strong commercialization potential, such as UBTECH, Yujian, and Geek+, which are prioritized for listing [5]. - The financial performance of the listed companies shows that most have revenues ranging from hundreds of millions to billions, with a significant portion of their business coming from overseas [11][12]. Summary by Sections Section 1: Companies Going Public - As of mid-2025, a total of 13 Chinese robot companies have initiated the IPO process in Hong Kong, covering various sectors including humanoid robots, advanced autonomous driving, collaborative robots, and warehouse robots [2][4]. - Notable companies include UBTECH, Horizon Robotics, Yujian Technology, and Geek+ [2]. Section 2: Reasons for Going Public - The trend of Chinese robot companies listing in Hong Kong is influenced by the market's more accommodating listing requirements, especially for tech growth companies that may not yet be profitable [6][7]. - Policy support from the Hong Kong Stock Exchange has improved, providing a more favorable environment for specialized tech companies to list [6]. Section 3: Financial Performance - The revenue of the listed robot companies generally falls between hundreds of millions to billions, with a majority having a gross margin around 30% [11][12]. - Companies like Stone Technology and Yujian have shown higher gross margins, indicating their competitive edge in their respective markets [12]. Section 4: Geek+ Business Model - Geek+ successfully listed on July 9, 2025, marking the largest IPO in the Hong Kong robot sector for that year, demonstrating a high scale, growth, and a global business model [16]. - Geek+ reported a revenue of 2.409 billion yuan in 2024, with a compound annual growth rate of approximately 29% from 2022 to 2024 [16][19]. - The company has a high customer repurchase rate of 74.6% and has established a significant international presence, with over 70% of its revenue coming from overseas [17].

Core Viewpoint - Yushu Technology, a leading company in the domestic robotics sector, plans to submit its IPO application between October and December 2025, which is expected to significantly impact the robotics industry landscape [1][2]. Group 1: Company Overview - Yushu Technology aims to demonstrate the feasibility of its technology commercialization through its IPO, projecting revenue to exceed 1 billion yuan in 2024, with quadruped robots contributing 65% of this revenue [1]. - The company has achieved over 90% localization in core components such as motors, reducers, and controllers, indicating strong self-research capabilities [2]. Group 2: Market Impact - The IPO is anticipated to catalyze a revaluation of the entire robotics industry chain, enhancing capital flow across upstream precision manufacturing, midstream system integration, and downstream scenario operations [1]. - Post-IPO, Yushu Technology is expected to use the raised funds to expand production capacity, benefiting related supply chain companies with increased order volumes [2]. Group 3: Financial Background - Following a C-round financing in June 2025, Yushu Technology's post-investment valuation reached 12 billion yuan, with major investments from firms like China Mobile, Tencent, Alibaba, and Geely Capital [2].