Investment Rating - The report maintains a positive investment outlook on Yushu Technology, highlighting the potential growth in the humanoid robot sector and related supply chain opportunities [2][4]. Core Insights - Yushu Technology has evolved from a student project to a leading global player in the humanoid robot industry, with a focus on high-performance quadrupedal and humanoid robot development [2][4]. - The company has achieved over 60% market share in the quadrupedal robot segment and is recognized for its cost-effective humanoid robots, such as the G1 priced at 99,000 RMB [2][4]. - The report emphasizes the company's strong self-research capabilities, practical business approach, and cost advantages, which create a positive feedback loop for competitive advantages [2][4]. Summary by Sections 1. Yushu Technology: From Student Project to Global Leader - The company was founded in 2016 and has rapidly developed a range of quadrupedal robots, achieving significant market penetration and recognition [2][4]. - The launch of the humanoid robot H1 and the G1 has marked a significant step in the company's product matrix, showcasing high cost-performance ratios [2][4]. 2. Company Advantages: Self-Research, Practical Business, and Low Cost - Yushu Technology's self-research team has enabled rapid commercialization of quadrupedal robots, leading to a strong market position [2][4]. - The company has established a cost advantage through self-research of core components, allowing for competitive pricing against international counterparts [2][4]. 3. Future Outlook: Transitioning from Specialized to General Industrial Applications - The report anticipates that humanoid robots will gradually transition from specialized applications to more general industrial uses, with ongoing collaborations to enhance data collection and training [2][4]. - The integration of AI models with humanoid robots is expected to improve their operational capabilities in real-world scenarios [2][4]. 4. Investment Recommendations - The report suggests a focus on the growth trajectory of Yushu Technology and the broader domestic humanoid robot industry, with specific attention to related companies in the supply chain [2][4].