10月21日，中国证监会官网披露了宇树科技上市辅导工作进展情况报告（第一期）（下称"报告"）。 回溯来看，今年7月，宇树科技在浙江证监局办理辅导备案，并披露了首次公开发行股票并上市辅导备 案报告。辅导机构为中信证券，律师事务所为北京德恒律师事务所，会计师事务所为容诚会计师事务 所。 报告显示，辅导期间，中信证券辅导工作人员根据国家有关法律法规及中国证监会有关规定展开辅导工 作，主要辅导内容包括持续对辅导对象进行现场尽职调查、督促辅导对象进行规范运行、传达最新监管 动态等。 报告提到，宇树科技于2025年第五次临时股东会审议通过了《关于公司更名的议案》，决定公司更名 为"宇树科技股份有限公司"，目前正在办理公司更名相关工商登记变更程序。 辅导机构介绍，目前，各项工作正处于有序推进中，辅导对象的企业制度建设与法人治理结构日趋完 善，公司治理水平有效提高。 在目前存在问题及解决方案上，辅导机构表示，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，协助公司管理层对计划募集资金投资项目进行论证分析，确保募集资金投资 项目符合公司未来发展战略。 据报告，下一阶段的辅导工作安排包括进一步开展全面尽 ...

辅导机构介绍，目前，各项工作正处于有序推进中，辅导对象的企业制度建设与法人治理结构日趋完 善，公司治理水平有效提高。 在目前存在问题及解决方案上，辅导机构表示，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，协助公司管理层对计划募集资金投资项目进行论证分析，确保募集资金投资 项目符合公司未来发展战略。 据报告，下一阶段的辅导工作安排包括进一步开展全面尽职调查、持续关注公司重大变化。辅导小组将 对辅导对象的公司治理、规范运作、财务信息及经营模式等方面进行更为全面的尽调梳理，按照辅导计 划以及公司具体情况有序推进辅导工作。 宇树科技于9月2日宣布，预计将在2025年10月至12月期间向证券交易所提交上市申请文件。 宇树科技彼时表示，以2024年为例，四足机器人、人形机器人和组件产品的销售额占比分别约65%、 30%和5%。其中，约80%的四足机器人应用于研究、教育和消费领域，而剩余的20%则用于工业领域， 如检查与消防；人形机器人则完全用于研究、教育和消费领域。 （文章来源：上海证券报） 10月21日，中国证监会官网披露了宇树科技上市辅导工作进展情况报告（第一期）（下称"报告"）。 回溯 ...

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].

Core Viewpoint - The announcement of Yushu Technology's IPO has generated significant interest in the market and industry, with plans to submit listing documents between October and December 2025 [1] Company Overview - Yushu Technology's business structure for 2024 shows revenue contributions from quadruped robots (65%), humanoid robots (30%), and component products (5%) [1] - The company is a leading player in the quadruped robot market, accounting for 60-70% of global market share [1][2] - The company has undergone a name change to "Hangzhou Yushu Technology Co., Ltd." as part of its preparations for the IPO [1] Financial Backing - Yushu 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 [2] - The founder, Wang Xingxing, holds a total control of 34.62% of the company through direct and indirect shareholding [2] Industry Context - The humanoid robot sector is experiencing a capital explosion, with financing growing from 1.58 billion RMB in 2020 to 7.23 billion RMB in 2024, reflecting a compound annual growth rate of 35.6% [2] - The average annual growth rate is projected to reach approximately 45.5% by 2029 [2] Competitive Landscape - Yushu's 2024 revenue is projected to exceed 1 billion RMB, positioning it as a notable player in the industry, although still trailing behind competitors like UBTECH [3] - The company emphasizes its focus on consumer applications, with 80% of quadruped robots and all humanoid robots dedicated to research, education, and consumer markets, avoiding industrial applications [3] Future Outlook - The submission of the IPO documents will reveal key metrics such as R&D investment ratio and order conversion rates, which are crucial for valuation and assessing the progress of humanoid robot technology in real-life applications [3] - Yushu's capital strategy may set a precedent for the commercialization pathways within the entire robotics sector [5]

Core Viewpoint - Yushu Technology is set to submit its IPO application between October and December 2025, with significant attention on its business fundamentals and market positioning as a leading quadruped robot manufacturer [2][3]. Group 1: Business Overview - In 2024, Yushu's revenue breakdown is projected to be 65% from quadruped robots, 30% from humanoid robots, and 5% from component products, indicating a strong focus on civilian applications [2]. - The company is recognized as a leading player in the quadruped robot market, accounting for 60-70% of global market share, with 80% of quadruped robots used in civilian sectors such as research, education, and consumer applications [2][3]. - Yushu's strategic focus is on civilian robots, with a limited 20% of quadruped robots applied in industrial settings, emphasizing its commitment to research, education, and consumer markets [4]. Group 2: Capital and Financing - Yushu completed a C-round financing in June 2025, attracting major investors like 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][4]. Group 3: Industry Context - The humanoid robot sector is experiencing a capital explosion, with financing growing from 1.58 billion RMB in 2020 to 7.23 billion RMB in 2024, reflecting a compound annual growth rate of 35.6% [3]. - The industry is entering a phase of accelerated IPO activity, with several companies like Extreme Intelligence and Boreton already listed, indicating a competitive landscape for Yushu [4]. Group 4: Future Implications - The upcoming IPO will reveal critical data such as R&D investment ratios and order conversion rates, which are essential for determining the company's valuation and assessing the progress of humanoid robot technology in real-life applications [4][6].

Core Insights - Yushu Technology is actively preparing for its IPO, with plans to submit application documents between October and December 2025 [1] - The company has completed the counseling filing with the Zhejiang Securities Regulatory Bureau, and a comprehensive assessment will be conducted to determine if it meets the listing conditions [1][4] - The controlling shareholder, Wang Xingxing, holds 23.82% of the company's shares directly and controls an additional 10.94% through a partnership, totaling 34.76% [4] Financial Overview - In 2024, Yushu Technology's revenue structure is expected to consist of approximately 65% from quadruped robots, 30% from humanoid robots, and 5% from component products [4] - 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] Strategic Vision - Wang Xingxing views the IPO as a significant step for the company, likening it to a high school examination that signifies maturity in management and operations [4] - The company emphasizes its commitment to applying high-performance general-purpose robots across various civilian industries since its establishment [5]

Core Viewpoint - Yushu Technology plans to submit its listing application to the stock exchange between October and December 2025, with relevant operational data to be disclosed at that time [1] Group 1: Sales Breakdown - In 2024, the sales revenue from quadruped robots, humanoid robots, and component products is expected to account for approximately 65%, 30%, and 5% respectively [1] - 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 [1] - Humanoid robots are exclusively used in research, education, and consumer sectors [1]