Core Viewpoint - Yushu Technology has completed its IPO counseling work, indicating readiness for IPO application submission, with expectations of becoming one of the largest and most anticipated domestic technology IPOs in recent years [2][3] Group 1: IPO Progress - Yushu Technology's IPO counseling status has been updated to "counseling work completed," meeting the pre-application conditions for IPO [2] - The company plans to submit its IPO application documents between October and December 2025, along with detailed financial data [3] - The counseling was conducted by CITIC Securities, with legal and accounting support from Beijing DeHeng Law Offices and Rongcheng Certified Public Accountants, respectively [2] Group 2: Company Overview - Founded in 2016, Yushu Technology is a leading developer of humanoid and quadruped robots in China, known for its advanced motion control, perception systems, and intelligent algorithms [3] - The revenue structure for 2024 is projected to be approximately 65% from quadruped robots, 30% from humanoid robots, and 5% from component products [4] Group 3: Product Applications - About 80% of quadruped robots are used in research, education, and consumer sectors, while the remaining 20% are applied in industrial fields such as inspection and firefighting [5] - The company's humanoid robots are currently utilized solely for research, education, and consumer purposes [5] Group 4: Future Goals and Developments - The ultimate goal of Yushu Technology is to enable robots to perform complex tasks and integrate into daily life, although current technology is not yet fully capable [7] - The company is focusing on industrial robots for initial deployment due to higher safety requirements in household applications [7] - Yushu Technology is developing an intelligent emergency robot industrial park in collaboration with Ningbo Blue Cheng Emergency Industry Co., with a total investment of over 1.24 billion yuan [9]

Core Viewpoint - Yushu Technology has completed the IPO counseling process, but it is still in the acceptance phase and has not yet received the completion letter from the regulatory authority [2][4][5]. Group 1: IPO Counseling Process - Yushu Technology's IPO counseling has entered its final stage, but it is still awaiting acceptance from the Zhejiang Securities Regulatory Bureau [4][5]. - The counseling process includes several steps: filing for counseling, conducting related work, submitting a completion report, and obtaining an acceptance letter from the regulatory authority [4][5]. - The acceptance letter is crucial; without it, the counseling cannot be considered complete, and the company cannot proceed with the IPO application [5][6]. Group 2: Timeline and Expectations - Yushu Technology's counseling was officially accepted on July 18, 2025, and it has now entered the acceptance phase after nearly four months of counseling [5]. - There are currently 14 companies, including Yushu Technology, undergoing the counseling acceptance process, with many completing this phase in about six months [5]. - It is anticipated that Yushu Technology will likely receive the acceptance letter before December 2025, allowing it to submit its IPO application shortly thereafter [9][21]. Group 3: Company Background and Financials - Yushu Technology's actual controller, Wang Xingxing, holds a 34.76% stake in the company, with significant investments from well-known firms like Sequoia China, Tencent, and Alibaba [12][14]. - The company raised approximately 700 million yuan (about 100 million USD) in its last funding round, leading to a post-money valuation of around 12 billion yuan (approximately 1.7 billion USD) [14]. - There are varying reports on Yushu Technology's revenue, with estimates for 2023 and 2024 being around 200 million yuan and 400 million yuan, respectively, and net profits ranging from 10 million to 70 million yuan [16]. Group 4: Product Structure and Market Position - Yushu Technology's main products include quadruped robots, humanoid robots, and components, with sales contributing approximately 65%, 30%, and 5% to total revenue, respectively [17]. - The company has maintained profitability since 2020, with expectations for continued strong performance as it approaches its IPO [16]. Group 5: Underwriting and Future Prospects - CITIC Securities is the underwriting firm for Yushu Technology's IPO, deploying a large team of 24 members for the counseling process, indicating a strong commitment to the project [19][20]. - If Yushu Technology adheres to its timeline and submits its IPO application by the end of December 2025, it could potentially complete the listing by the second quarter of 2026 [21].

Core Viewpoint - Yushu Technology is nearing its IPO, becoming the first humanoid robot company listed in A-shares after completing 132 days of IPO counseling, with the status updated to "counseling acceptance" by CITIC Securities [2][3]. Group 1: IPO Counseling Process - During the counseling process, issues were identified regarding the planning of fundraising investment projects, which were not finalized at the beginning of the counseling period. The counseling team assisted the management in refining the investment project plan to align with future development needs [4]. - The company governance was initially lacking independent directors and specialized board committees. The counseling team helped establish a complete governance system, including the appointment of three independent directors and the formation of several board committees [5]. Group 2: Company Ownership and Market Position - The controlling shareholder and actual controller of Yushu Technology is Wang Xingxing, who directly holds 23.82% of the shares and controls an additional 10.94% through a partnership, totaling 34.76% [5]. - Yushu Technology was the first embodied intelligence enterprise to file for IPO this year, with a counseling agreement signed on July 7. The company aims to submit its listing application between October and December 2025 [6]. Group 3: Market Dynamics and Future Outlook - In 2024, the sales revenue distribution for Yushu Technology's products is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for components. Notably, 80% of quadruped robots are used in research, education, and consumer sectors, while humanoid robots are entirely focused on these areas [6]. - The embodied intelligence sector has seen a surge in financing activities this year, with several companies announcing funding rounds. Yushu Technology and other leading firms are initiating IPO plans amid this financing boom [7][8].

Core Viewpoint - Yushu Technology is actively preparing for its IPO, which is expected to be one of the largest and most well-known domestic technology company listings in China in recent years [3]. Group 1: Company Overview - Yushu Technology focuses on civil robotics, with its revenue structure in 2024 projected to be approximately 65% from quadruped robots, 30% from humanoid robots, and 5% from component products [4]. - About 80% of quadruped robots are used in research, education, and consumer fields, while the remaining 20% are applied in industrial sectors such as inspection and firefighting [4]. Group 2: IPO Preparation - Yushu Technology has completed its IPO counseling work with CITIC Securities, which confirms that the company has the necessary governance structure, accounting practices, and internal control systems to become a listed company [2]. - The company is expected to submit its listing application documents in the fourth quarter of this year [3]. Group 3: Product Development - On October 20, Yushu Technology launched the new generation full-size humanoid robot Unitree H2, which features a significant increase in joint flexibility from 19 to 31 joints, enhancing its movement capabilities by 63% [6]. - The founder of Yushu Technology, Wang Xingxing, stated that the H2 represents a shift from "moving machines" to "usable partners," aiming to serve safely and friendly [6]. Group 4: Industry Insights - Wang Xingxing highlighted that as AI technology advances, the dependency of robots on hardware performance will gradually decrease, suggesting that modern AI algorithms are more tolerant of hardware errors and inconsistencies [8]. - He emphasized that achieving embodied intelligence could bring robots closer to AGI (Artificial General Intelligence), which could perform a wide range of human-required tasks [8].

Core Insights - The China Securities Regulatory Commission (CSRC) disclosed the progress report of Yushu Technology's listing guidance work, indicating that the company is moving towards its IPO with the assistance of CITIC Securities as the guiding institution [1][2] Group 1: Listing Guidance Progress - Yushu Technology filed for listing guidance with the Zhejiang Securities Regulatory Bureau in July, with CITIC Securities as the guiding institution and Beijing Deheng Law Firm as the legal advisor [1] - The report highlights that during the guidance period, CITIC Securities conducted on-site due diligence, urged the company to operate in compliance, and communicated the latest regulatory updates [1][2] - The company is in the process of changing its name to "Yushu Technology Co., Ltd." following the approval at its fifth extraordinary general meeting in 2025 [1] Group 2: Company Governance and Development - The guidance team reported improvements in the company's governance structure and operational standards, indicating a positive trend in corporate governance [1] - The guidance work will continue with a focus on comprehensive due diligence, monitoring significant changes in the company, and ensuring compliance with the guidance plan [2] Group 3: Business Overview and Market Position - Yushu Technology plans to submit its listing application to the stock exchange between October and December 2025 [3] - In 2024, the sales revenue distribution for its products is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for component products, with 80% of quadruped robots used in research, education, and consumer sectors [3]

Core Viewpoint - The report outlines the progress of Yushu Technology's listing guidance work, indicating that the company is on track for its IPO application in late 2025, with ongoing improvements in corporate governance and operational compliance [1][2][3]. Group 1: Listing Guidance Progress - Yushu Technology filed for listing guidance with the Zhejiang Securities Regulatory Bureau in July 2023, with CITIC Securities as the guiding institution [1]. - The guidance work includes on-site due diligence, promoting standardized operations, and conveying the latest regulatory updates [1]. - The company is in the process of changing its name to "Yushu Technology Co., Ltd." following a resolution passed at its fifth extraordinary general meeting in 2025 [1]. Group 2: Future Work Arrangements - The next phase of guidance will involve comprehensive due diligence and continuous monitoring of significant changes within the company [2]. - The guidance team will focus on corporate governance, operational compliance, financial information, and business models to ensure orderly progress [2]. Group 3: Sales and Market Segmentation - Yushu Technology announced plans to submit its IPO application between October and December 2025 [3]. - In 2024, the sales revenue distribution for its products is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for component products [3]. - About 80% of quadruped robots are intended for research, education, and consumer markets, while the remaining 20% are for industrial applications such as inspection and firefighting [3].

Group 1 - Hangzhou Yixin Enterprise Management Consulting Partnership has been established, with a registered capital of 110,990 yuan, focusing on enterprise management consulting and financial consulting [1] - The founder of Yushu Technology, Wang Xingxing, holds a 99% stake in Hangzhou Yixin, while Hangzhou Tianze Technology Co., Ltd. holds 1% [1] - Shanghai Yixin Enterprise Management Consulting Partnership was also established by Wang Xingxing, with similar business scope and capital structure as Hangzhou Yixin [1] Group 2 - Yushu Technology, a leading company in the domestic robotics sector, is actively pursuing an IPO, with plans to submit listing application documents between October and December 2025 [2] - The sales revenue distribution for Yushu Technology's products in 2024 is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for component products [4] - The company has reported an annual revenue exceeding 1 billion yuan, with a workforce of around 1,000 employees since its establishment in 2016 [4]

Core Viewpoint - Unitree Robotics, a notable startup in the robotics sector, is preparing for an IPO, with plans to submit its filing documents between October and December 2025, revealing operational data at that time [5][6]. Group 1: Company Leadership Changes - The financial officer of Unitree Robotics has changed to Wang Feng, while the founder Wang Xingxing will no longer hold this position [1][2]. - Wang Feng has a background in traditional manufacturing and has previously worked in financial roles that involved cost optimization and corporate transformation [3]. Group 2: Company Overview - Unitree Robotics, established in 2016, focuses on the research, production, and sales of high-performance quadruped robots, humanoid robots, and components [2][5]. - The company has undergone a share reform in preparation for its IPO and has engaged CITIC Securities as its advisory firm [2]. Group 3: Revenue Structure and Market Application - For the year 2024, the sales distribution is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for component products [5][6]. - 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][7].

Core Viewpoint - Yushu Technology is actively preparing for its IPO, expected to submit documents to the stock exchange between October and December 2025, indicating a positive outlook for successful listing [1][2]. Company Progress - Yushu Technology announced its IPO preparation progress on September 2, with the listing journey starting from July 18 when it began receiving guidance from CITIC Securities [1]. - The company has completed 10 rounds of financing, with its latest round in June 2023 involving major investors like Tencent, Alibaba, and Ant Group, leading to a valuation exceeding 10 billion yuan [2]. Business Overview - For 2024, Yushu Technology's revenue breakdown is projected to be 65% from quadruped robots, 30% from humanoid robots, and 5% from component products, with a focus on civilian applications [2]. - The company has achieved annual revenue exceeding 1 billion yuan and has been profitable for five consecutive years since 2020, showcasing strong performance in the robotics industry [2]. Industry Context - The global robotics industry is experiencing explosive growth, with an average growth rate of 50%-100% in the first half of 2023, driven by policy support and market demand [3]. - The humanoid robot sector is entering a capital explosion phase, with financing expected to grow from 1.58 billion yuan in 2020 to 7.23 billion yuan in 2024, reflecting a compound annual growth rate of 35.6% [2]. - Yushu Technology's brand recognition is significantly enhanced through marketing events, such as performances during the Spring Festival and humanoid robot competitions, positioning it favorably against competitors [3].

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].