Core Viewpoint - The meeting between Chongqing Municipal Secretary Yuan Jiajun and Yushu Technology's founder Wang Xingxing highlights the collaboration potential in artificial intelligence and robotics, emphasizing Chongqing's strategic advantages for industrial development and innovation [4][5]. Group 1: Meeting Highlights - Yuan Jiajun welcomed Wang Xingxing and his team, expressing gratitude for Yushu Technology's support in Chongqing's economic and social development [4]. - Yuan emphasized Chongqing's advantages, including its location, industrial foundation, and talent resources, which align well with Yushu Technology's development needs [5]. - The meeting aimed to deepen cooperation in artificial intelligence applications across various sectors, including industrial manufacturing and public services [4][5]. Group 2: Yushu Technology's Developments - Yushu Technology is a leading global company in high-performance general-purpose robotics, focusing on humanoid and quadruped robots [5]. - The company has seen significant revenue growth, with projected revenues of 1.23 billion yuan in 2022, 1.59 billion yuan in 2023, and 3.92 billion yuan in 2024, reaching 11.67 billion yuan in the first nine months of 2025 [6]. - The company plans to go public on the Science and Technology Innovation Board, aiming to raise 4.202 billion yuan for various projects, including research and development of intelligent robots [6].

Core Viewpoint - The article highlights the significant milestone achieved by Yushu Technology as it successfully submitted its IPO application, aiming to become the first publicly listed company in the field of embodied intelligence in A-shares [3][5]. Capital Landscape - Yushu Technology focuses on the research, development, production, and sales of high-performance general humanoid robots, quadruped robots, robotic components, and embodied intelligence models [5]. - The company is primarily controlled by its founder, Wang Xingxing, who holds 23.82% of the shares directly and controls an additional 10.94% indirectly, totaling 34.76% of the shares [5]. - Major investors include Sequoia China, Shenchuang Investment, and various industry giants such as Meituan, Tencent, and Alibaba, indicating a strong backing from both venture capital and industrial capital [5][6][7]. Valuation Changes - In 2025, Yushu Technology experienced a significant increase in valuation, rising from approximately 5 billion yuan at the beginning of the year to around 12 billion yuan by June, marking a growth of about 1.1 times [3][8]. - The valuation increase is attributed to the rapid development and recognition of artificial intelligence and general robotics both domestically and globally [8]. Industry Overview - The embodied intelligence robot industry integrates advanced technologies from artificial intelligence, high-end manufacturing, sensing technology, and automatic control, positioning it as a key future industry for driving manufacturing transformation and new productivity [9]. - The global humanoid robot industry is still in the early stages of technological exploration, with large-scale applications yet to be realized [3][10]. Competitive Landscape - The competition in the high-performance general robot industry is intensifying, shifting from hardware manufacturing to a full-stack technology approach encompassing perception, decision-making, and execution [3][10]. - International competitors like Boston Dynamics and Tesla are leading in technological research and commercial applications, while domestic companies, including Yushu Technology, focus on product self-research and commercialization [10][12]. Revenue Composition - Yushu Technology's revenue is primarily derived from quadruped and humanoid robots, with the revenue share from quadruped robots decreasing from 75.78% in 2023 to 42.25% in the first three quarters of 2025, while humanoid robots' share increased from 1.88% to 51.53% during the same period [12].

Core Viewpoint - The humanoid robot industry is at a critical point of industrialization, with the IPO of Yushu Technology on the Sci-Tech Innovation Board being a key catalyst for accelerated commercialization in the industry. Yushu Technology, as a leading enterprise, is expected to continue releasing its catalytic effects, driving collaborative development across the industry chain, indicating a broad growth space for the industry [1]. Group 1: Company Overview - Yushu Technology focuses on the research, production, and sales of high-performance general humanoid robots, quadruped robots, robotic components, and embodied intelligent models. The company has launched a complete product matrix, including full-size H1 in August 2023 and plans to release G1 in May 2024 and R1 and H2 in 2025, consolidating its leading position in the industry [1]. - The company has a total share capital of 364 million shares, with the IPO expected to issue no less than 40.45 million shares, raising approximately 4.202 billion yuan for various development projects [1]. Group 2: Financial Performance - In 2025, the company is projected to achieve revenue of 1.708 billion yuan, a year-on-year increase of 335.36%, and a net profit attributable to shareholders of 288 million yuan, up 204.29%. The non-recurring net profit is expected to reach 600 million yuan, reflecting a significant growth of 674.29% [2]. - The gross margin for the first three quarters of 2025 is expected to reach 59.45%, with quadruped robots showing a gross margin of 55.49%. Although the gross margin for humanoid robots has decreased to 62.91% due to model transitions and price reductions, it remains high [2]. Group 3: Product Structure and Market Dynamics - The production of humanoid robots is expected to increase from 9 units in 2023 to 3,701 units by September 2025, with sales rising from 5 units to 3,551 units, achieving a production and sales rate of 95.95%. The average price per unit has decreased from 593,400 yuan to 167,600 yuan, generating revenue of 595 million yuan [3]. - The production of quadruped robots is projected to grow from 2,520 units in 2022 to 21,100 units by September 2025, with sales increasing from 2,403 units to 17,900 units. The average price per unit has decreased from 38,600 yuan to 27,200 yuan, with revenue rising from 92.82 million yuan to 488 million yuan [3]. - The company primarily sells through offline channels, accounting for over 85% of sales, with online sales expected to increase to 13.5% by 2025. The domestic revenue share is projected to rise to 60.80% in the first three quarters of 2025, surpassing international revenue [3]. Group 4: Supply Chain and Customer Structure - The company has a stable and diversified supply chain, with the top five suppliers accounting for 21.72% of the total supply in the first three quarters of 2025. Major clients include JD.com and Beijing Chaoyuan Times, with the top five customers representing 10.61% of total sales, indicating a relatively low customer concentration [4].

Investment Rating - The industry investment rating is "Overweight" [5][22]. Core Insights - The humanoid robot industry is at a critical point of industrialization, with the acceleration of commercialization driven by the IPO acceptance of Yushu Technology. As a leading company in the industry, Yushu Technology is expected to continuously release catalytic effects, promoting the collaborative development of the upstream and downstream of the industry chain, indicating a broad growth space for the industry [5][6]. Summary by Relevant Sections Performance - In 2025, Yushu Technology is projected to achieve a revenue of 1.708 billion yuan, representing a year-on-year increase of 335.36%. The net profit attributable to the parent company is expected to be 288 million yuan, up 204.29%, with a non-recurring net profit of 600 million yuan, reflecting a staggering growth of 674.29%. The gross margin for the first three quarters of 2025 is expected to reach 59.45% [5][6]. Product Structure and Pricing - The production of humanoid robots is expected to increase from 9 units in 2023 to 3,701 units by September 2025, with sales rising from 5 units to 3,551 units, achieving a production and sales rate of 95.95%. The average price per unit is projected to decrease from 593,400 yuan to 167,600 yuan, with revenue increasing to 595 million yuan, making it the core revenue source. The production of quadruped robots is expected to grow from 2,520 units in 2022 to 21,100 units by September 2025, with sales increasing from 2,403 units to 17,900 units, maintaining a production and sales rate above 95% [5][6]. Market Structure and Sales Channels - Yushu Technology primarily relies on offline channels for sales, accounting for over 85% of total sales, with direct sales being the main method supplemented by distributors. By 2025, online sales are expected to increase to 13.5% due to the introduction of e-commerce. The domestic revenue share is projected to rise to 60.80% in the first three quarters of 2025, surpassing overseas revenue [5][6].

Core Viewpoint - Yushu Technology has been accepted for IPO on the Sci-Tech Innovation Board, aiming to raise 4.202 billion yuan, with a target to become the global leader in humanoid robots by 2025, projecting a revenue of 1.708 billion yuan and a net profit of 600 million yuan [1][4]. Group 1: Company Overview - Yushu Technology, established in 2016, focuses on high-performance humanoid and quadruped robots, along with core components and intelligent models, covering various applications in sectors like power inspection, security, education, and industrial testing [4]. - The company aims to achieve a humanoid robot shipment of over 5,500 units by 2025, positioning itself as the global leader in this segment [4]. - Yushu's H1 humanoid robot has set a world record with a running speed exceeding 5 meters per second, and its G1 robot has achieved significant milestones in competitions [4]. Group 2: Financial Performance - Revenue growth from 2022 to 2025 shows a compound annual growth rate of 78.66%, with projected revenues of 122.92 million yuan in 2022, 159.13 million yuan in 2023, and 392.37 million yuan in 2024, leading to an expected 1.708 billion yuan in 2025, a year-on-year increase of 335.36% [5]. - The company transitioned from losses in 2022 and 2023 to a profit of 77.50 million yuan in 2024, with a projected net profit of 600 million yuan in 2025, reflecting a growth of 674.29% [5]. Group 3: Market Position and Competitors - The global humanoid robot market is still in the early stages of technological exploration and commercialization, with Yushu Technology and other companies like Tesla and Agility Robotics leading the way [8]. - Yushu Technology's valuation reached 12.7 billion yuan after a C+ round financing in 2025, with significant investments from major firms like Tencent and Alibaba [9][10]. - Comparatively, listed companies like UBTECH have reported lower revenues and higher losses, indicating Yushu's strong market position and growth potential [9].

北京德恒律师事务所 关于 宇树科技股份有限公司 首次公开发行股票并在科创板上市的 法律意见书 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 | 释义 2 | | --- | | 正文 9 | | 一、本次发行上市的批准和授权 9 | | 二、本次发行上市的主体资格 9 | | 三、本次发行上市的实质条件 9 | | 四、发行人的设立 12 | | 五、发行人的独立性 13 | | 六、发起人、股东及实际控制人 13 | | 七、发行人的股本及其演变 14 | | 八、发行人的业务 14 | | 九、发行人的关联交易及同业竞争 15 | | 十、发行人的主要财产 16 | | 十一、发行人重大债权债务 17 | | 十二、发行人重大资产变化及收购兼并 18 | | 十三、发行人章程的制定与修改 18 | | 十四、发行人股东会、董事会议事规则及规范运作 18 | | 十五、发行人董事、监事、高级管理人员和核心技术人员及其变化 19 | | 十六、发行人的税务及政府补助 19 | | 十七、发行人的环境保护和产品质量、技 ...

中信证券股份有限公司 关于 宇树科技股份有限公司 首次公开发行股票并在科创板上市 之 发行保荐书 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二六年三月 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"或"本机构"）及其 保荐代表人根据《公司法》《证券法》等有关法律、法规和中国证监会的有关规定以及 上海证券交易所的有关业务规则，诚实守信，勤勉尽责，严格按照依法制订的业务规则、 行业执业规范和道德准则出具本发行保荐书，并保证发行保荐书的真实性、准确性和完 整性。 本文件中所有简称和释义，如无特别说明，均与招股说明书一致。 3-1-2-1 | 目 | 录 | 2 | | --- | --- | --- | | 第一节 | 本次证券发行基本情况 | 3 | | | 一、保荐人名称 | 3 | | | 二、项目保荐代表人、协办人及项目组其他成员情况 | 3 | | | 三、发行人基本情况 | 4 | | | 四、本机构与发行人之间的关联关系 | 5 | | | 五、本机构的内部审核程序和内核意见 | 6 | | 第二节 | 保荐人承诺事项 | 8 | | 第三 ...

中信证券股份有限公司 关于 宇树科技股份有限公司 首次公开发行股票并在科创板上市 之 上市保荐书 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二六年三月 声明 一、发行人基本资料 公司名称：宇树科技股份有限公司 英文名称：Yushu Technology Co., Ltd. 统一社会信用代码：91330108MA27YJ5H56 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）及其保荐代表人已 根据《公司法》、《证券法》等法律法规和中国证监会及上海证券交易所的有关规定， 诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具本上市保荐书， 并保证所出具文件真实、准确、完整。 本上市保荐书所有简称释义，如无特别说明，均与招股说明书一致。 3-1-3-1 | 目录 | | --- | | 声明 | 1 | | --- | --- | | 目录 | 2 | | 第一节 发行人概况 | 3 | | 一、发行人基本资料 | 3 | | 二、主营业务情况 | 3 | | 三、发行人核心技术及研发水平 | 4 | | 四、主要财务数据及指标 | 6 | | 五、 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩 不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科 创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 宇树科技股份有限公司 （浙江省杭州市滨江区西兴街道东流路 88 号 1 幢） 首次公开发行股票并在科创板上市 招股说明书 （申报稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说 明书（申报稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应 当以正式公告的招股说明书作为作出投资决定的依据。 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 宇树科技股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作 ...

Core Viewpoint - Yushu Technology has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to become the first publicly listed humanoid robot company in A-shares, with a fundraising target of 4.202 billion yuan for various projects related to intelligent robots [1][5]. Financial Performance - In 2025, Yushu Technology is projected to achieve a revenue of 1.708 billion yuan, representing a year-on-year growth of 335.36%, and a net profit of 600 million yuan, up 674.29% year-on-year [2][4]. - The company has shown explosive revenue growth over recent years, with revenues of 123 million yuan in 2022, 159 million yuan in 2023, 392 million yuan in 2024, and an annualized figure of 1.167 billion yuan for the first nine months of 2025, resulting in a compound annual growth rate of 133.09% from 2022 to 2025 [3]. Market Position - Yushu Technology's quadruped and humanoid robots are reported to be among the top tier globally, with over 30,000 quadruped robots sold, establishing a strong market position [3]. - The company has sold over 5,500 humanoid robots in 2025, ranking first globally in this category [3]. Profitability - The company's net profit (excluding non-recurring items) has improved significantly, with figures of -8.07 million yuan in 2022, -18.02 million yuan in 2023, 77.5 million yuan in 2024, and 431 million yuan in the first nine months of 2025. The gross profit margin for its main business has also increased from 44.18% in 2022 to 60.27% in 2025 [4]. Fundraising and Investment Plans - The IPO aims to raise 4.202 billion yuan, allocated to four key projects: intelligent robot model R&D (2.02246 billion yuan), robot body R&D (1.10974 billion yuan), new intelligent robot product development (445.4 million yuan), and intelligent robot manufacturing base construction (624.11 million yuan) [5][6]. - The fundraising is intended to enhance the company's technological innovation, expand production capacity, and strengthen its position in the intelligent robotics industry [6]. Strategic Goals - Yushu Technology plans to leverage the IPO to enhance its capital strength, optimize corporate governance, and improve talent incentives, aiming to lead the global robotics industry towards large-scale application [6][7]. - The company emphasizes the importance of attracting and retaining talent in technology-intensive sectors, planning to implement long-term equity incentive plans and strengthen its R&D teams in AI, motion control, and perception interaction [7].