Group 1 - The China Securities Regulatory Commission (CSRC) has received a report from CITIC Securities regarding the completion of the IPO guidance for Yushu Technology Co., Ltd. as of November 10 [1] - The guidance team assisted Yushu Technology in enhancing its corporate governance structure, including the appointment of three independent directors and the establishment of various committees [1] - CITIC Securities believes that Yushu Technology has developed a sound corporate governance system and is well-prepared for the IPO process, having a comprehensive understanding of the legal responsibilities and obligations related to public offerings [1] Group 2 - Yushu Technology was established on August 26, 2016, and is focused on the research and development of high-performance quadruped and humanoid robots [2] - The company has independently developed key components such as motors, reducers, controllers, and laser radars, along with motion control algorithms [2] - Yushu Technology's product range includes quadruped robots like Laikago, Aliengo, Go series, and humanoid robots H1/G1/R1 [2]

Core Viewpoint - Yushu Technology has made significant progress in its IPO process, with the completion of its counseling work as reported by CITIC Securities, indicating that the company is nearing its IPO application stage [1][6]. Group 1: IPO Counseling Progress - CITIC Securities submitted a report on November 10, confirming the completion of the IPO counseling for Yushu Technology, which is now in the "counseling acceptance" stage [1][5]. - The counseling was conducted in collaboration with Beijing DeHeng Law Offices and Rongcheng Accounting Firm, addressing two main issues: the finalization of fundraising plans and the establishment of a governance structure [5][6]. - The company has now established a complete governance system, including the appointment of three independent directors and the formation of various board committees, meeting the requirements for listed companies [5][6]. Group 2: Company Background and Market Position - Founded on August 26, 2016, Yushu Technology focuses on the development of high-performance quadruped and humanoid robots, with products including Laikago, Aliengo, and H1/G1/R1 [8][10]. - The company gained significant attention earlier this year when its humanoid robot performed on a popular TV show, leading to increased market interest and product launches [9][10]. - Yushu Technology plans to submit its IPO application to the Science and Technology Innovation Board between October and December 2025, with its progress aligning with previous expectations [10]. Group 3: Strategic Investments and Support - CITIC Securities has shown strong commitment to Yushu Technology, assigning 28 staff members to the counseling project and indicating a strategic investment in over 30 private technology companies [12][13]. - CITIC Securities holds a 0.3878% stake in Yushu Technology through its wholly-owned subsidiary, further emphasizing its vested interest in the company's growth [14].

【导读】宇树科技IPO新进展：辅导工作已完成 中国基金报记者晨曦 宇树科技IPO，再现新进展！ 一是辅导期开始时，公司募集资金投向方案尚未最终确定。辅导工作小组会同公司管理层结合行业发展 趋势、自身竞争优势、未来发展规划，协助公司研究确定并完善了募集资金投资项目计划，确保投资项 目符合公司未来发展所需。 二是辅导期开始时，公司尚未聘任独立董事，也未设置董事会专门委员会。辅导工作小组在辅导期内协 助公司按照上市公司治理要求，进一步完善了公司治理体系，督促公司聘任了三名独立董事，并设置了 董事会审计委员会、提名委员会、薪酬与考核委员会、战略委员会。截至报告出具日，辅导对象已建立 了完善的公司治理制度，符合上市公司相关要求。 经辅导，中信证券认为，辅导对象具备成为上市公司应有的公司治理结构、会计基础工作、内部控制制 度，充分了解多层次资本市场各板块的特点和属性；辅导对象及其董事、高级管理人员、持有百分之五 以上股份的股东和实际控制人（或其法定代表人）已全面掌握发行上市、规范运作等方面的法律法规和 规则、知悉信息披露和履行承诺等方面的责任和义务，树立了进入证券市场的诚信意识、自律意识和法 治意识。 此前，中信证券曾于 ...

【导读】宇树科技 IPO 新进展：辅导工作已完成 中国基金报记者 晨曦 宇树科技 IPO ，再现新进展！ 近期，证监会官网显示，中信证券已提交《关于宇树科技股份有限公司首次公开发行股票并 上市辅导工作完成报告》（以下简称《报告》），落款日期为 11 月 10 日。目前，宇树科技 的辅导状态为 " 辅导验收 " 。 来看详情 —— 宇树科技上市辅导完成 《报告》显示，此次宇树科技的上市辅导工作，由中信证券联合北京德恒律师事务所、容诚 会计师事务所（特殊普通合伙）共同开展。 《报告》提到，辅导过程中共发现两项问题： 一是辅导期开始时，公司募集资金投向方案尚未最终确定。辅导工作小组会同公司管理层结 合行业发展趋势、自身竞争优势、未来发展规划，协助公司研究确定并完善了募集资金投资 项目计划，确保投资项目符合公司未来发展所需。 今年 7 月，宇树科技开启上市辅导。据宇树科技相关投资方透露，宇树科技计划在科创板 IPO 。 今年 9 月，宇树科技在社交媒体上发帖称，公司正积极筹备 IPO ，预计将在 2025 年 10 月 至 12 月期间向证券交易所提交文件，届时公司的相关经营数据将正式公布。整体来看，宇树 科技目前进 ...

Core Viewpoint - The article highlights the significant role of Chen Li, co-founder of Yushu Technology, in the commercialization of the company, emphasizing the importance of having market-oriented talent alongside technical expertise in a startup team [1][7]. Group 1: Background of Founders - Wang Xingxing and Chen Li share a similar educational and professional trajectory, both hailing from Ningbo, Zhejiang, and having studied mechanical engineering at Zhejiang University of Technology and later at Shanghai University [3][4]. - Their strong friendship and complementary skills led to Chen Li joining Yushu Technology after leaving a stable position at Hikvision, where he brought valuable sales experience [4][9]. Group 2: Commercialization Efforts - Chen Li transitioned from product development to focusing on commercialization after Yushu's launch of the quadruped robot Laika Go in October 2017, leading sales, marketing, and customer engagement efforts [4][9]. - The company has achieved significant global market penetration, with a market share of approximately 70% in 2023 and projected sales of 23,700 quadruped robots in 2024, representing a market share of 69.75% [9]. Group 3: Investment and Growth - Yushu Technology has seen a series of successful funding rounds, particularly since 2022, with Chen Li playing a crucial role in investor relations [5][9]. - The company has maintained profitability for five consecutive years, distinguishing itself as one of the few positive cash flow cases in the robotics industry [9]. Group 4: Industry Trends - The article notes a growing emphasis on commercialization in the robotics sector, with companies increasingly focused on securing orders and demonstrating return on investment (ROI) [11][13]. - Recent collaborations and contracts in the industry indicate a competitive landscape where companies are actively pursuing large-scale commercial projects [12][13].

Core Viewpoint - The article discusses the IPO journey of Yushu Technology, a prominent humanoid robotics company in China, highlighting the growing trend of embodied intelligence companies seeking public listings [2][3][24]. Company Overview - Yushu Technology, founded by Wang Xingxing, is recognized as a leading humanoid robotics company in China, with a significant investor base poised to benefit from the upcoming IPO [4][12]. - The company has evolved from a small team to a workforce of approximately 1,000 employees, achieving annual revenue exceeding 1 billion RMB [12]. Founder Background - Wang Xingxing, the founder, has a background in robotics, having developed a quadruped robot during his graduate studies, which laid the foundation for his entrepreneurial journey [9][10]. - His early experiences included challenges in securing funding and gaining recognition, but he eventually attracted significant investment from notable venture capital firms [18][19]. Investment Journey - Yushu Technology's financing history includes several key rounds, with notable investors such as Sequoia Capital and Meituan participating in later rounds, leading to a valuation of 8 billion RMB by September 2024 [20][21]. - The company is currently in the process of a C round financing, with a pre-IPO valuation exceeding 10 billion RMB, indicating strong market interest [22]. Industry Trends - The article notes a surge in IPO activities among robotics companies, with several firms, including Zhiyuan Robotics and Jizhi Robotics, also preparing for public listings [25][26]. - The trend reflects a broader movement in the embodied intelligence sector, where companies are racing to secure funding and market presence amid increasing competition [28][30]. Market Dynamics - The competition for IPOs is described as a critical factor for survival in the robotics industry, with many startups still in the research and development phase, making the transition to commercialization challenging [29][30]. - The article emphasizes that achieving a public listing is seen as a significant milestone for companies in this rapidly evolving sector, marking a potential turning point for their future [31].