Core Viewpoint - Yushutech is set to submit its IPO application between October and December 2025, with a detailed disclosure of its business fundamentals and operational data expected at that time [1][2]. Company Overview - Yushutech's revenue structure for 2024 shows that quadruped robots, humanoid robots, and component products will account for 65%, 30%, and 5% of total revenue, respectively [1]. - The company focuses on civilian applications, with 80% of quadruped robots used in research, education, and consumer scenarios, while humanoid robots are entirely dedicated to civilian use [1][5]. Capitalization and Financing - Yushutech completed a C-round financing in June 2025, attracting major investors such as Tencent, Alibaba, Ant Group, and Geely Holdings, leading to a valuation exceeding 10 billion RMB [3]. - The company has opted for a traditional IPO route rather than a reverse merger, which is seen as a more transparent method to showcase its technological commercialization [3]. Industry Context - The humanoid robot sector is experiencing a capital explosion, with financing in this area projected to grow from 1.58 billion RMB in 2020 to 7.23 billion RMB by 2024, reflecting a compound annual growth rate of 35.6% [3]. - Yushutech's revenue for 2024 is expected to exceed 1 billion RMB, positioning it as a notable player in the market, although it still trails behind competitors like UBTECH [4]. Strategic Positioning - Yushutech emphasizes its focus on civilian robots, contrasting with competitors that prioritize industrial applications [5]. - The upcoming IPO will reveal key metrics such as R&D investment ratios and order conversion rates, which are crucial for assessing the company's valuation and the progress of humanoid robot technology in real-life applications [5].