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].