作者｜鱼丸 编辑｜星奈 媒体｜AI大模型工场 从2016年的孤军奋战，到如今千人级别的团队规模，王兴兴九年磨一剑，实现了从技术追随者到行业引领者的华丽转身，终于在2025年11月15日完成了上 市辅导。 王兴兴曾说："在推动一些中规中矩的上市流程，某种意义上一直把公司上市当作去学习和成长的过程，就比如说面对中考、高考，我觉得这是企业迈向 更成熟的管理，更成熟的运营，一个阶段性的事情，也是对我们过去9年多时间的一个交代，也是对股东的一个交代。" 来时步步艰辛，再看已是繁花似锦。这场历时短短132天的考试，宇树显然满分上岸，但它多年来的努力，我们还需逐帧学习、逐帧分析。 01 一身孤勇，从初创到领航 2013年，就读于上海大学机械工程专业的硕士生王兴兴，受到波士顿动力BigDog机器人的启发，就此展开了他的具身智能生涯。 当时的他没有沿用当时行业主流的液压驱动方案，而是开创性地采用外转子无刷电机直驱技术路线，独立完成了全自由度四足机器人XDog的研发。 令人惊喜的是，这条技术路线有效简化了机械结构，降低了研发与制造成本，成为了宇树科技"低成本高性能"核心技术路线的基础。 时间辗转来到了2015年，王兴兴的XDog ...

Core Viewpoint - Yushu Technology has efficiently completed its IPO counseling process in 132 days, marking a significant step towards its listing on the A-share market, reflecting a solid foundation for its operations [2][16]. IPO Progress - The counseling process began on July 7, 2023, with Yushu Technology signing an agreement with CITIC Securities, and the counseling report was publicly disclosed on July 18 [2]. - The entire counseling process was completed by November 15, 2023, showcasing the company's effective preparation and governance structure [2][16]. Improvements During Counseling - CITIC Securities assisted Yushu Technology in refining its fundraising project planning, which was initially not finalized at the start of the counseling period [3]. - The company improved its governance structure by appointing three independent directors and establishing various committees, including the audit committee and nomination committee [4]. Company Overview - Founded in 2016, Yushu Technology specializes in the development, production, and sales of high-performance quadruped and humanoid robots, as well as dexterous robotic arms [5]. - The company has launched several quadruped robot products, including XDog, Laikago, and AlienGo, and has entered the humanoid robot market with products like H1, H1-2, and G1 in 2023 [6]. Financial Performance - Yushu Technology's annual revenue has exceeded 1 billion RMB, and the company has maintained profitability since 2020 [7][8]. - The latest valuation of Yushu Technology has surpassed 10 billion RMB, with significant investments from well-known institutions such as Meituan, Tencent, and Alibaba [9]. Revenue Structure - For 2024, the sales revenue distribution is projected to be approximately 65% from quadruped robots, 30% from humanoid robots, and 5% from components [9]. - About 80% of quadruped robots are utilized in research, education, and consumer sectors, while the remaining 20% are applied in industrial fields [9][10]. Industry Context - Yushu Technology is positioned within a growing investment trend in the embodied intelligence sector, with several companies announcing financing and initiating IPO plans [11][12][13]. - The company is expected to submit its listing application between October and December 2025, with a strong likelihood of being the first humanoid robot company listed on the Sci-Tech Innovation Board [15]. Product Development - The recent launch of the humanoid robot Unitree H2, featuring enhanced capabilities, signifies the company's commitment to advancing its technology [18]. - The CEO emphasized that the H2 represents a shift from "moving machines" to "usable partners" in the humanoid robot space [19].

Core Viewpoint - Unitree Technology is preparing for its initial public offering (IPO) in China, with guidance from CITIC Securities, indicating a strong governance structure and compliance with market regulations [2][3]. Group 1: Company Overview - Unitree Technology, founded on August 26, 2016, focuses on the research, production, and sales of high-performance general-purpose bipedal and humanoid robots, as well as dexterous robotic arms [3]. - The company has achieved annual revenue exceeding 1 billion yuan and is one of the few profitable robotics companies in the industry, employing around 1,000 people [5]. Group 2: IPO Progress - CITIC Securities has completed the IPO guidance work for Unitree Technology, confirming that the company and its key stakeholders are well-versed in the legal and regulatory responsibilities associated with going public [2]. - Unitree Technology plans to submit its listing application to the stock exchange between October and December 2023, with operational data to be disclosed at that time [3]. Group 3: Product Development - On October 20, 2023, Unitree Technology launched the new bionic robot Unitree H2, which stands 180 cm tall and weighs 70 kg, showcasing advanced movement capabilities such as dancing and martial arts [5]. - The H2 model features 31 joints, a 19% increase in joint count compared to the previous R1 model, enhancing its flexibility [11]. Group 4: Market Trends - The humanoid robot industry is experiencing significant growth, with manufacturers reporting average increases of 50% to 100% in demand, driven by supportive policies [5].

每经编辑｜段炼 11月15日消息，中信证券发布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。 宇树科技拟申请在中国境内首次公开发行股票并上市，中信证券开展辅导工作。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。 据证券时报10月21日消息，宇树科技IPO辅导机构中信证券近日提交了"辅导工作进展情况报告（第一期）"。 报告透露，宇树科技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"（此前为"杭州宇树科技股 份有限公司"），目前正在办理相关工商登记变更程序。 报告在谈及"目前仍存在的主要问题及解决方案"时透露，辅导工作小组会同宇树科技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 ...

Core Insights - The key element for embodied robots currently and in the future is the robot large model, with the current development stage being similar to the 1-3 years prior to the release of ChatGPT [1][3] - The industry of embodied intelligence has become one of the hottest technology sectors in recent years, with an estimated average growth of 50%-100% for intelligent machine companies in China this year [1][3] - The export growth rate of industrial robots in China has exceeded 51% this year, with expectations for even faster growth in intelligent robots [1] Industry Development - The progress of robot large models is slower than expected, and has not yet reached a critical point [3] - The company is conducting deep reinforcement learning for full-body motion control, with overall technological advancements being faster than expected but still not reaching the critical point [3] - A key capability for humanoid robots in the coming years will be the ability to quickly recover from being knocked down under strong interference [3] Model Preferences - Two mainstream models of embodied intelligence are discussed, with a preference for video-based world models [4] - The VLA+RL model is noted for its clear architecture and ability to train in simulation or real environments, but it faces challenges in generalization [5] - Video-based world models require significant computational power, which poses challenges for small and medium-sized robotics companies [5] Product Announcements - The company announced a new product on October 29, described as a compact robot with performance comparable to 2xGo2, likely a quadruped robot [7] - On October 20, the company officially launched the H2 bionic humanoid robot, which stands 180 cm tall and weighs 70 kg, capable of performing dance and martial arts [8][9] - The company has previously released three humanoid robots, with the latest model R1 launched on July 25, priced starting at 39,900 yuan, attracting market attention due to its cost-effectiveness [10] Company Background - The company recently changed its name to Yushu Technology Co., Ltd., with Wang Xingxing becoming the chairman [11] - Established in August 2016, the company has a registered capital of approximately 364 million yuan, focusing on the research and sales of intelligent robots and industrial robot manufacturing [11]

Core Viewpoint - Yushu is positioned as a leading player in the humanoid robot market, with plans to submit an IPO application by the end of 2025, setting a benchmark for other companies in the industry [3][16]. Group 1: Yushu's Market Position - Yushu is the closest to IPO among domestic robot companies, becoming a reference point for competitors [3]. - Other companies are either enhancing performance or reducing prices to compete with Yushu, while some are looking forward to the capital amplification effect of Yushu's IPO [3][18]. - The competition is not solely about speed but about sustainability in the market [3]. Group 2: Product Development and Differentiation - Yushu's latest robot, H2, features a unique design that has attracted interest for commercial applications, with rental prices expected to be around 10,000 yuan per day [6][9]. - Competitors like Magic Atom are aligning their product lines with Yushu, focusing on differentiation through AI capabilities rather than just hardware [10][12]. - The market is seeing a trend where companies are either matching Yushu's product offerings or undercutting prices to gain market share [10][12]. Group 3: Performance and Delivery Challenges - Performance testing is crucial for competitors to match Yushu's capabilities, with extreme conditions being used to validate hardware reliability [11][12]. - Yushu's engineering and delivery capabilities are recognized as significant advantages, with competitors acknowledging the need for improved manufacturing processes [13][18]. - The industry is experiencing a disparity in delivery capabilities, which affects the expansion potential of various companies [13]. Group 4: Industry Outlook and Capital Market Impact - Yushu's IPO is seen as a positive signal for the humanoid robot industry, potentially increasing market enthusiasm and driving growth [16][18]. - The market is expected to accommodate multiple companies with diverse technological routes and business models, rather than relying solely on Yushu [18]. - The long-term success in the humanoid robot sector will depend on sustained investment in technology, supply chains, and patience [18].

Core Insights - Hangzhou Unitree Technology Co., Ltd. has decided to change its name from "Hangzhou Unitree Technology Co., Ltd." to "Unitree Technology Co., Ltd." as part of its strategic development [3] - The company is undergoing a listing counseling process, with significant backing from major investors including Meituan and Sequoia China, and has recently completed a C round of financing amounting to nearly 700 million yuan [4] - Unitree's valuation has reached between 12 billion to 15 billion yuan, with projected revenues exceeding 1 billion yuan in 2024 [4] Company Overview - The controlling shareholder of Unitree is Wang Xingxing, who holds 23.82% of the shares directly and an additional 10.94% through a partnership, totaling 34.76% [4] - The company has launched its latest bionic robot, Unitree H2, which stands 180 cm tall, weighs 70 kg, and features 31 joints, enhancing its flexibility and capabilities [4] - Unitree has previously released three humanoid robots: H1, G1, and R1, with prices starting from 3.99 million yuan [5] Financial Performance - In 2024, the revenue structure of Unitree is expected to show that quadruped robots will account for 65% of total revenue, with 80% of that used in research, education, and consumer sectors, and 20% in industrial applications [5] - Humanoid robots are projected to contribute 30% to the revenue, focusing on research, education, and consumer markets, while component products will make up the remaining 5% [5] Market Position - Analysts suggest that if Unitree's market capitalization aligns with the average price-to-earnings ratio of A-share robotics companies, it could reach between 50 billion to 100 billion yuan post-listing, positioning it as a potential leader in the Sci-Tech Innovation Board [4]

Core Viewpoint - The article discusses the progress of Unitree Technology's IPO preparation, including its name change and the expected submission of listing application documents between October and December 2023 [2][3]. Group 1: Company Overview - Unitree Technology, founded on August 26, 2016, focuses on the research, development, production, and sales of high-performance general-purpose bipedal/humanoid robots and dexterous robotic arms [3]. - The company has achieved annual revenue exceeding 1 billion yuan and is one of the few profitable companies in the robotics industry, with a workforce of approximately 1,000 employees [5]. Group 2: Industry Insights - The humanoid robot industry is experiencing significant growth, with industry manufacturers and component suppliers reporting an average growth of 50% to 100% due to strong demand and supportive policies [5]. - The overall market for humanoid robots is expected to expand, driven by increasing demand and technological advancements [5]. Group 3: Product Development - Unitree Technology recently launched the new bionic robot Unitree H2, which stands 180 cm tall and weighs 70 kg, showcasing advanced movement capabilities such as dancing and martial arts [6]. - The H2 robot features 31 joints, a 19% increase in joint count compared to the previous R1 model, enhancing its flexibility [9]. - The company has previously released several humanoid robots, including R1, H1, and G1, with varying specifications and price points [10].

Group 1 - The core point of the article is that Yushu Technology is progressing with its IPO process and has recently submitted a report detailing its progress, including a name change and the development of new robotic products [1][3]. - Yushu Technology has decided to change its name to "Yushu Technology Co., Ltd." from "Hangzhou Yushu Technology Co., Ltd." and is currently undergoing the necessary registration changes [1]. - The company is focusing on ensuring that its fundraising projects align with its future development strategy, as indicated in the report on the current issues and solutions [1]. Group 2 - Yushu Technology has launched a new generation bionic robot, Unitree H2, which stands 180 cm tall and weighs 70 kg, showcasing advanced movement capabilities [1][2]. - The Unitree H2 robot features 31 joints, a 19% increase in joint count compared to the previous R1 model, enhancing its flexibility [2]. - The company has previously released several humanoid robots, including R1, H1, and G1, with varying specifications and price points, indicating a diverse product lineup [2][3]. Group 3 - Yushu Technology's revenue is projected to exceed 1 billion RMB in 2024, and it is one of the few profitable companies in the robotics industry [3]. - The company's quadruped robots dominate the global market, accounting for approximately 69.75% of sales in 2024, while over 1,500 humanoid robots have been delivered [3]. - The founder, Wang Xingxing, holds a significant stake in the company, controlling approximately 34.76% of the shares [3]. Group 4 - Yushu Technology was established in August 2016, with Wang Xingxing as the legal representative [4].

Core Viewpoint - Yushu Technology is actively preparing for its IPO on the Sci-Tech Innovation Board, with plans to submit application materials between October and December 2025, marking a significant milestone for the company and the broader robotics industry in China [3][4]. Company Overview - Yushu Technology, established in August 2016 and headquartered in Hangzhou, specializes in high-performance quadruped robots, humanoid robots, and dexterous robotic arms, positioning itself as a globally recognized civil robotics enterprise [5]. Product Line - The company offers a range of products including: - Consumer-grade quadruped robots (Go1, Go2, A1) designed for home companionship and education [6]. - Industrial-grade quadruped robots (B1, B2) suitable for inspections and emergency rescue [6]. - General-purpose humanoid robots (H1, G1) aimed at developers for further customization [6]. - Derivative consumer products like the PUMP fitness pump [6]. Supply Chain and Partnerships - Yushu Technology has established deep collaborations with various suppliers, including: - Zhongdali De, a key supplier of precision reducers and motors, holding a 10% stake in Yushu Technology [10]. - Changsheng Bearings, providing self-lubricating bearings for humanoid robots [11][13]. - Best, a supplier of high-precision components for both Yushu Technology and Tesla robots [14][16]. - Other notable suppliers include Jiangsu Leili, providing brushless motors and gearboxes [39], and Jinfa Technology, supplying high-performance materials [29][31]. Market Context - The robotics industry is witnessing significant growth, with 75 listed companies reporting a total revenue of 582.1 billion and a profit of 30.1 billion in the first half of 2025, indicating a competitive landscape between traditional giants and AI newcomers [60].