Core Viewpoint - Yushu Technology has completed its IPO guidance work and plans to apply for an IPO in China, marking a significant step towards becoming the first humanoid robot company listed in A-shares, which is expected to drive new development opportunities in the entire robotics industry chain [1] Group 1: IPO and Market Potential - The completion of Yushu Technology's IPO guidance reflects the accelerated capitalization of the robotics industry, showcasing a precise match between capital efficiency and technology cycles [1] - Yushu Technology's post-C round financing valuation reached 12 billion yuan, with major investments from China Mobile, Tencent, Alibaba, and others [1] - The market size for embodied intelligence in China is projected to reach 5.295 billion yuan by 2025, accounting for approximately 27% of the global market, while the humanoid robot market is expected to reach 8.239 billion yuan, representing about 50% of the global market [1] Group 2: Industry Collaboration and Supply Chain - The IPO of Yushu Technology is anticipated to lead to increased orders for related supply chain companies, fostering a positive ecosystem through upstream and downstream collaboration [2] - The humanoid robot industry encompasses various segments, with core components and sensors, AI algorithms, and application scenarios being critical areas of focus [3] - Yushu Technology's capitalized progress is expected to positively impact its supply chain partners through collaboration in supply chain cooperation, technology research, and market expansion [3] Group 3: Strategic Partnerships - Yushu Technology has established stable partnerships with several listed companies, including Giant Star Legend and Zhongdali De, enhancing its commercial application capabilities [3] - A joint venture, Yuxing Entertainment Technology Co., Ltd., has been formed between Yushu Technology and Giant Star Legend to develop globally influential interactive smart robot products [4] - The first product from this collaboration, "Giant Star Dog," has secured over 120 million yuan in orders, demonstrating the commercial potential of the "IP + robot + AI" integration model [5] Group 4: Supply Chain Contributions - Key suppliers for Yushu Technology include Zhongdali De, which provides core components, and Lingyun Light, which collaborates on developing embodied intelligence solutions [5][6] - Other suppliers include Aobo Zhongguang for 3D visual sensors, Zhaoyi Innovation for NOR Flash chips, and Weilan Lithium for lithium batteries [7] - Companies like iFlytek and Baotong Technology are also collaborating with Yushu Technology to enhance AI voice interaction and develop industrial robots for various applications [9]

Core Viewpoint - Yushu Technology Co., Ltd. plans to submit its IPO application in Q4 2025, marking a significant milestone as the first profitable humanoid robot company globally, which is expected to attract attention to the entire humanoid robot industry chain [1] Shareholding/Investment - Juxing Technology holds shares in Yushu Technology through its subsidiary, ensuring clear equity investment and direct asset appreciation [3] - Jing Shan Light Machine participated in Yushu's early investment through an industrial investment fund, though specific shareholding ratios are not disclosed [3] - Shoukai Co., Ltd. indirectly holds approximately 0.85% of shares through the Jinshi Growth Fund, indicating a relatively high indirect shareholding among A-share listed companies [3] - Jinfat Technology holds 4.77% indirectly through the Jinshi Growth Fund and is a leading chemical materials company with over 60% market share in robot shell materials, reporting a 35.5% revenue growth in H1 2025 [3] - Wolong Electric Drive holds 0.1525% indirectly and has seen a 36.76% net profit increase in H1 2025, with a gross margin of 28% [3] - Other companies like Jingxing Paper and Rongsheng Environmental Protection hold minor indirect stakes, primarily for financial investment [3][4] Core Suppliers - Zhongdali De is the core supplier of planetary reducers, with orders locked at 3.2 billion yuan for 2025, accounting for 36% of Yushu's costs [6] - Changsheng Bearings exclusively supplies self-lubricating bearings with over 80% penetration, expecting 8% of its revenue from robot business in 2025 [6] - Aobi Zhongguang is the sole supplier of 3D vision modules, with a supply ratio of 72% and a doubling of revenue in H1 2025 [6] - Lide Technology provides flexible tactile sensors, breaking the monopoly of Korean companies [6] - Weilan Lithium Core is the core supplier of lithium batteries for Yushu, with an expected 60% supply ratio in 2024 [6] Technical Cooperation Partners - iFLYTEK collaborates on developing the "robot brain," with a leading position in voice recognition and a planned R&D investment of 2.392 billion yuan in 2025 [8] - Lingyun Optical is jointly developing the FZMotion motion capture system, achieving high precision and expected stock price growth of over 200% in 2025 [8] - Zhongke Chuangda provides motion control algorithms and holds 1.86% of shares, with strong adaptability in edge computing modules [8] - Other partners include Shuanglin Co., Ltd. and Shengtong Co., Ltd., focusing on various components and educational collaborations in robotics [8][9]

Core Viewpoint - The company, Lingyun Guang (688400.SH), has developed the FZMotion motion capture system, which plays a crucial role in evaluating production robots before they leave the factory, acting as a "referee" for pre-shipment assessments [1] Group 1 - The FZMotion system effectively assists in measuring production robots' performance indicators and action consistency before delivery [1] - The company leverages its motion capture technology to create innovative solutions for embodied intelligence applications, covering the entire process from perception to decision-making to action [1] - The system utilizes sub-millimeter optical motion capture technology combined with multi-modal force and touch data synchronization, significantly enhancing data accuracy [1] Group 2 - The company has developed proprietary algorithms for robot skeletal redirection and reinforcement learning simulation training, which improve the learning efficiency of humanoid robots [1]

格隆汇9月11日丨凌云光(688400.SH)在投资者互动平台表示，公司FZMotion动捕系统可较好的助力量产 机器人出厂前的指标测评、动作一致性测评，充当出厂前裁判员角色；公司依托于运动捕捉系统，实现 具身智能应用从感知-决策-行动"的创新性解决方案，通过亚毫米级的光学动捕技术+力触多模态数据同 步融合，实现了精准感知，大幅度提升数据精度；通过独家自研的机器人骨骼重定向算法+强化学习仿 真训练，提升人形机器人学习效率。 ...