Group 1 - The core valuation expectation for Yushu Technology's IPO is reported to be as high as 50 billion RMB (approximately 7 billion USD), but the company has stated that there has been no discussion regarding this valuation, deeming the information inaccurate [2] - Yushu Technology is actively preparing for its IPO and plans to submit the listing application documents in the fourth quarter of this year, which could make it one of the largest and most well-known domestic tech company IPOs in recent years [2] - The company has initiated IPO counseling with CITIC Securities as the advisory institution, and a comprehensive assessment of whether the company meets the listing conditions will be conducted between October and December [2] Group 2 - Yushu Technology's founder and CEO, Wang Xingxing, likened the IPO process to a student's progression, indicating that it represents a maturation phase for the company after nine years of development [3] - The company disclosed its revenue structure for 2024, with sales from quadruped robots, humanoid robots, and component products accounting for approximately 65%, 30%, and 5% respectively [4] - About 80% of quadruped robots are utilized in research, education, and consumer sectors, while the remaining 20% are applied in industrial fields such as inspection and firefighting [5]

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].