Core Viewpoint - Yushu Technology has made significant progress in its IPO process, with the completion of its counseling work as reported by CITIC Securities, indicating that the company is nearing its IPO application stage [1][6]. Group 1: IPO Counseling Progress - CITIC Securities submitted a report on November 10, confirming the completion of the IPO counseling for Yushu Technology, which is now in the "counseling acceptance" stage [1][5]. - The counseling was conducted in collaboration with Beijing DeHeng Law Offices and Rongcheng Accounting Firm, addressing two main issues: the finalization of fundraising plans and the establishment of a governance structure [5][6]. - The company has now established a complete governance system, including the appointment of three independent directors and the formation of various board committees, meeting the requirements for listed companies [5][6]. Group 2: Company Background and Market Position - Founded on August 26, 2016, Yushu Technology focuses on the development of high-performance quadruped and humanoid robots, with products including Laikago, Aliengo, and H1/G1/R1 [8][10]. - The company gained significant attention earlier this year when its humanoid robot performed on a popular TV show, leading to increased market interest and product launches [9][10]. - Yushu Technology plans to submit its IPO application to the Science and Technology Innovation Board between October and December 2025, with its progress aligning with previous expectations [10]. Group 3: Strategic Investments and Support - CITIC Securities has shown strong commitment to Yushu Technology, assigning 28 staff members to the counseling project and indicating a strategic investment in over 30 private technology companies [12][13]. - CITIC Securities holds a 0.3878% stake in Yushu Technology through its wholly-owned subsidiary, further emphasizing its vested interest in the company's growth [14].

【导读】宇树科技IPO新进展：辅导工作已完成 中国基金报记者晨曦 宇树科技IPO，再现新进展！ 一是辅导期开始时，公司募集资金投向方案尚未最终确定。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，协助公司研究确定并完善了募集资金投资项目计划，确保投资项 目符合公司未来发展所需。 二是辅导期开始时，公司尚未聘任独立董事，也未设置董事会专门委员会。辅导工作小组在辅导期内协 助公司按照上市公司治理要求，进一步完善了公司治理体系，督促公司聘任了三名独立董事，并设置了 董事会审计委员会、提名委员会、薪酬与考核委员会、战略委员会。截至报告出具日，辅导对象已建立 了完善的公司治理制度，符合上市公司相关要求。 经辅导，中信证券认为，辅导对象具备成为上市公司应有的公司治理结构、会计基础工作、内部控制制 度，充分了解多层次资本市场各板块的特点和属性；辅导对象及其董事、高级管理人员、持有百分之五 以上股份的股东和实际控制人（或其法定代表人）已全面掌握发行上市、规范运作等方面的法律法规和 规则、知悉信息披露和履行承诺等方面的责任和义务，树立了进入证券市场的诚信意识、自律意识和法 治意识。 此前，中信证券曾于 ...

【导读】宇树科技 IPO 新进展：辅导工作已完成 中国基金报记者 晨曦 宇树科技 IPO ，再现新进展！ 近期，证监会官网显示，中信证券已提交《关于宇树科技股份有限公司首次公开发行股票并 上市辅导工作完成报告》（以下简称《报告》），落款日期为 11 月 10 日。目前，宇树科技 的辅导状态为 " 辅导验收 " 。 来看详情 —— 宇树科技上市辅导完成 《报告》显示，此次宇树科技的上市辅导工作，由中信证券联合北京德恒律师事务所、容诚 会计师事务所（特殊普通合伙）共同开展。 《报告》提到，辅导过程中共发现两项问题： 一是辅导期开始时，公司募集资金投向方案尚未最终确定。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，协助公司研究确定并完善了募集资金投资 项目计划，确保投资项目符合公司未来发展所需。 今年 7 月，宇树科技开启上市辅导。据宇树科技相关投资方透露，宇树科技计划在科创板 IPO 。 今年 9 月，宇树科技在社交媒体上发帖称，公司正积极筹备 IPO ，预计将在 2025 年 10 月 至 12 月期间向证券交易所提交文件，届时公司的相关经营数据将正式公布。整体来看，宇树 科技目前进 ...

Group 1 - The company expects sales of quadruped robots, humanoid robots, and component products to account for approximately 65%, 30%, and 5% of total sales in 2024 respectively [1][2] - About 80% of quadruped robots are used in research, education, and consumer fields, while the remaining 20% are utilized in industrial applications such as inspection and firefighting [2] - The company transitioned from a "limited company" to a "joint-stock company" in May 2025, with a registered capital of 364 million yuan [2] Group 2 - The company completed a Series C financing round in June 2025, with investors including China Mobile Fund, Tencent, Alibaba, and Ant Group, achieving a market valuation exceeding 10 billion yuan [2] - The company has maintained profitability annually since 2020, with annual revenue exceeding 1 billion yuan [3] - The company has a projected annual sales volume of 23,700 quadruped robots in 2024, capturing approximately 69.75% of the global market share [3] Group 3 - The company is preparing for an IPO application expected to be submitted between October and December 2025, with the Zhejiang Securities Regulatory Bureau disclosing that the company has entered the listing guidance phase [1][4] - The company aims to be the first in the humanoid robot sector to list on the A-share market if it submits its IPO application on schedule [4]

Core Viewpoint - Boston Dynamics has upgraded its Atlas robot to incorporate end-to-end AI capabilities, allowing it to understand natural language commands, autonomously plan actions, and handle unexpected situations [1][8]. Group 1: Atlas Robot Capabilities - The new version, Atlas MTS, can recognize and open boxes even when the lid is closed [2]. - It can accurately identify changes in the position of objects, such as boxes being moved [4]. - Atlas can discover and correctly place missing items into boxes, showcasing its advanced perception [6]. - The robot can autonomously respond to unexpected situations, such as parts falling or lids not being closed [21][22]. - It has the ability to learn any action that a human can demonstrate, including tying knots and folding chairs [23]. Group 2: Technical Innovations - The upgrade was developed in collaboration with Toyota Research Institute and is based on a Large Behavior Model (LBM) [8]. - The LBM utilizes a diffusion Transformer model with 450 million parameters, converting various inputs like images and natural language into action commands for Atlas [17]. - The integration of a model predictive controller with a VR interface allows for precise control over a wide range of tasks, from fine motor skills to full-body movements [19][20]. Group 3: Transition to Electric Drive - Boston Dynamics has retired the hydraulic version of Atlas and released an all-electric version, which is more cost-effective and integrates better with AI systems [28][29]. - Electric drive systems offer higher precision, lower energy consumption, and are more compatible with AI learning frameworks [30]. - The transition to electric drive has enabled Boston Dynamics to continuously introduce new movements and capabilities for the robot [31][36]. Group 4: Competitive Landscape - The article also mentions the domestic company Yushu, which has consistently used electric drive technology in its robots, achieving rapid iterations and gaining global recognition [39]. - Yushu's product lineup includes various humanoid robots with different specifications and price points, showcasing a focus on electric drive philosophy [41]. Group 5: Future Outlook - The integration of electric drive technology with AI algorithms is expected to usher in a new era for electric robots [44].