Core Viewpoint - Half of the "Hangzhou Six Little Dragons" have initiated the listing process, with Hangzhou Yunshen Technology Co., Ltd. officially starting its IPO guidance on December 23, 2025, with CITIC Securities as the advisory institution [1] Company Overview - Hangzhou Yunshen Technology was established on November 29, 2017, with a registered capital of 8.234958 million yuan [2] - The company focuses on embodied intelligence technology innovation and industry applications, specializing in the research, production, sales, and service of quadruped robots, humanoid robots, and core components [3][4] - The controlling shareholder and actual controller of the company is Zhu Qiuguo, who directly holds 1,350,000 shares, accounting for 16.39% of the company's shares [2][4] Recent Developments - On December 9, 2025, the company announced the completion of over 500 million yuan in Series C financing, aimed at increasing R&D investment and talent acquisition [3] - The financing round was led by China Merchants International and Huaxia Fund, with participation from various strategic investors, including funds from China Telecom and China Unicom [3][4] - The company aims to enhance the commercialization and scalability of embodied intelligent robots across various industries, facilitating the deep integration of industrial resources and technological innovation [4] Market Outlook - The embodied intelligence sector is viewed as the next wave of AI, with the humanoid robot market in China projected to reach nearly 38 billion yuan by 2030, growing at a compound annual growth rate of over 61% from 2024 to 2030 [5] - The industry is expected to benefit from the accelerated implementation of "robot+" application scenarios and the continuous improvement of the industrial chain, marking a new window for commercialization [5]

Investment Rating - The industry rating is "Outperform the Market" [7][15]. Core Insights - Cloud Deep Technology, one of the "Six Little Dragons of Hangzhou," recently completed over 500 million C-round financing, led by China Merchants International and Huaxia Fund, with participation from China Telecom and China Unicom's funds. This funding will support technology research and development, capacity expansion, and market development, while building a "technology-industry-scenario" ecosystem to promote the commercialization of embodied intelligent robots [3][4]. - The company has developed a full-link technology system for "perception-decision-execution." It launched the M20 wheeled robot in April, capable of operating in extreme environments, and the DR02 humanoid robot in October, which breaks the limitations of controlled environments. The DeepVLA 1.0 navigation system was also introduced, enabling precise navigation across floors for civilian applications [4][5]. - The humanoid robot market in China is projected to reach nearly 38 billion by 2030, with a compound annual growth rate exceeding 61% from 2024 to 2030. Sales of humanoid robots are expected to grow from approximately 4,000 units to 271,200 units [5]. Summary by Sections Financing and Development - Cloud Deep Technology secured over 500 million in C-round financing, which will facilitate multi-dimensional development and capital-driven technology transformation [2][3]. Product Innovations - The company has released the M20 wheeled robot and the DR02 humanoid robot, both designed to operate in extreme conditions, along with the DeepVLA 1.0 navigation system for enhanced civilian applications [4]. Market Potential - The humanoid robot market in China is anticipated to grow significantly, with projections indicating a market size of nearly 38 billion by 2030 and a substantial increase in unit sales [5].