Investment Rating - The report maintains a "Recommended" investment rating for the industry, indicating an expected performance greater than 10% compared to the benchmark index [13]. Core Insights - Yushu Technology is expected to submit its IPO prospectus between October and December 2025, marking the initiation of its listing process [6][3]. - The company has grown significantly since its inception in 2016, expanding from 1 employee to over 1,000, with annual revenue exceeding 1 billion RMB [5][3]. - As of June 2025, the sales distribution of Yushu's products includes 65% from quadruped robots, 30% from humanoid robots, and 5% from components, with over 50,000 units of the Go1 quadruped robot sold globally [3]. - The application areas for quadruped robots are primarily in research, education, and consumer sectors (80% of revenue), while humanoid robots are entirely focused on research and education [3]. Summary by Sections Company Overview - Yushu Technology's revenue has surpassed 1 billion RMB, and it is poised for an IPO submission by the end of 2025 [2][3]. - The company has successfully completed a C round financing of approximately 600 million RMB, achieving a valuation of over 12 billion RMB [5]. Product Performance - The quadruped robot Go1 has achieved global sales exceeding 50,000 units, with significant revenue contributions from both research and industrial applications [3]. - The humanoid robots are entirely utilized in research and education, generating 300 million RMB in revenue [3]. Market Position - The report highlights the potential for Yushu Technology to capitalize on the rapid growth of the humanoid robot industry, suggesting that its upcoming IPO could lead to a revaluation of its commercial value [7].

更名公告引发市场关注 此次更名正值宇树科技冲刺IPO的关键时期。根据公开资料，该公司已进入上市辅导期，中信证券作为保荐机构正在积极推进相关工作。证券分析师指 出："在上市前完成更名，既避免了上市后的繁琐手续，也向投资者传递了公司全国化、国际化的发展愿景。" 宇树科技的发展轨迹 2025年10月21日，一则看似普通的工商变更信息在科技圈掀起波澜。宇树科技IPO辅导机构中信证券提交的"辅导工作进展情况报告"披露，这家机器人新锐 企业已通过股东会决议，将公司名称从"杭州宇树科技股份有限公司"变更为"宇树科技股份有限公司"，目前正在办理相关工商登记变更程序。 去地域化：战略升级的明确信号 去掉"杭州"二字，绝非简单的文字游戏。企业战略专家分析，这标志着宇树科技已完成从区域性企业向全国性科技公司的身份转变。类似案例在科技行业并 不鲜见——阿里巴巴曾从"杭州阿里巴巴"更名，字节跳动也经历了"北京字节跳动"到"字节跳动"的蜕变，这些更名往往预示着企业进入新的发展阶段。 上市前夕的关键动作 成立于2016年的宇树科技，最初以消费级机器人产品闻名。其四足机器人"Go1"凭借灵敏的运动性能和亲民价格，迅速打开全球市场。2023年 ...