长江商报消息 ●长江商报记者 沈右荣 市场期盼已久的明星企业宇树科技正式启动了IPO。 中国证监会官网显示，杭州宇树科技股份有限公司（简称"宇树科技"）已在浙江证监局办理辅导备案。 根据辅导工作安排，辅导机构最早将于2025年10月，对宇树科技是否达到发行上市条件进行综合评估，并协助公 司按相关规定准备首次公开发行股票并上市申请文件。 成立于2016年的宇树科技，专注于消费级、行业级高性能通用足式/人形机器人及灵巧机械臂的自主研发、生产和 销售，历经9年发展，已经成为一家独角兽企业。公司实际控制人王兴兴持股比约为34.76%。 近日，在天津夏季达沃斯论坛上，王兴兴首次披露，2024年度，宇树科技营收已突破10亿元。 宇树科技完成了多轮融资。最近一次融资落地，公司估值已超百亿元规模。尚未上市，创始人王兴兴财富已达 66.9亿元。 冲刺"人形机器人第一股" 独角兽宇树科技向A股市场发起了冲刺。 最新消息显示，宇树科技正式启动了IPO。公司已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。 本次IPO辅导，宇树科技的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 ...

谈及宇树科技，最为大众所熟知的是在春晚上"舞手绢"的宇树H1人形机器人。如今，宇树科技要登陆资本市场了。 截图于宇树科技官网 7月18日，证监会官网显示，宇树科技已开启上市辅导，由中信证券担任辅导机构，计划于2025年四季度协助公司按相关规定准备首次公开发行股票并上 市申请文件。 | 辅导对象 | 杭州宇树科技股份有限公司(以下简称"宇树科技"、"公司") | | | | --- | --- | --- | --- | | 成立日期 | 2016年8月26日 | | | | 注册资本 | 36.401.7906 万元 | 法定代表人 | 王兴兴 | | 京家庭切 | 浙江省杭州市滨江区西兴街道东流路 88号 1幢 306 室 | | | | 控股股东及持 | 公司控股股东,实际控制人为王兴兴先生,其直接持有公司 | | | | | 23.8216%股权,并通过上海宇翼企业管理咨询合伙企业(有限合伙) | | | | 股比例 | 控制公司 10.9414%股权,合计控制公司 34.7630%股权。 | | | | | C39 计算机、通信和其 | 在其他交易场 | | | 行业分类 | 他电子设备制造业 及 | ...

Core Insights - The article discusses the rapid rise of Yushu Technology, highlighting its upcoming IPO and the significant interest from major investors like Meituan, Alibaba, and Sequoia Capital [1][9][17] - Yushu Technology has achieved a valuation of 130 billion yuan, driven by its innovative robotics products and strong financial performance [1][6][17] Company Overview - Yushu Technology is led by founder Wang Xingxing, who controls approximately 34.76% of the company [1] - The company has transitioned from quadruped robots to humanoid robots, with notable products including the H1 humanoid robot that gained fame during the 2025 CCTV Spring Festival Gala [2][5] - Yushu Technology has maintained profitability for five consecutive years, with annual revenue exceeding 1 billion yuan since 2020 [6][7] Financial Performance - The company reported a significant sales volume of 23,700 quadruped robots in 2024, capturing approximately 69.75% of the global market share [7] - The average price of Yushu's quadruped robots is estimated at 45,000 yuan, contributing to over 1 billion yuan in revenue from this segment alone [7] Investment Landscape - Yushu Technology has undergone multiple funding rounds, with notable investments from Sequoia Capital, Meituan, and other prominent investors [10][16][17] - The company completed a C round of financing in June 2025, raising approximately 700 million yuan and achieving a post-investment valuation of 120 billion yuan, a 50% increase from the previous round [16][17] Market Position - Yushu Technology's primary revenue sources are from B2B orders with research institutions and AI companies, indicating a strong foothold in the commercial robotics sector [17] - The company is positioned to leverage the growing demand for robotics in various sectors, including education, energy, and healthcare [5][6]

知名经济学者、工业和信息化部信息通信经济专家委员会委员盘和林指出，宇树科技此前已通过知名度 获得了一些销量，不过它依然缺乏重磅应用场景，其营收可能很难维持。现阶段，股东投资宇树科技的 热情很高，宇树科技在前段时间融到了很多钱，所以该公司其实并不缺钱，而谋求IPO上市的目的在于 借着这股热度兑现对财务股东变现的承诺。宇树科技方面很清楚，人形机器人应用探索是个漫长的过 程，因此提前通过上市获得一批资金，并保留一个股权再融资的窗口，让原始股东中的财务投资人变现 退出，的确是当前宇树科技的最佳选择。宇树科技方面也会担心，如果人形机器人的应用探索情况不 佳，热度减退，那么宇树科技很可能就会遇到发展瓶颈，到时候再去上市，难度将变大。整体来看，当 前是宇树科技谋求IPO上市的最佳时间。 宇树科技创立于2016年，最早以四足机器人（即"机器狗"）起家，2023年开始，进军人形机器人领域， 先后推出了H1、G1两款人形机器人产品。G1曾凭借9.9万元的售价迅速打开市场，而H1在2025年央视 春晚的群舞表演令宇树科技"出圈"走红。王兴兴在2025夏季达沃斯峰会期间公开透露，该公司去年的营 收额超过10亿元。 （文章来源：中国经 ...

资本市场对宇树科技展现出持续看好态势。2024年2月，公司完成近10亿元B2轮融资，投资方包括美 团、金石投资、源码资本等知名机构。在最新一轮C轮融资中，公司更是获得了中国移动旗下基金、腾 讯、锦秋基金、阿里、蚂蚁集团、吉利资本等产业巨头的联合领投，充分彰显了市场对其发展前景的认 可。 从当前股权结构来看，创始人王兴兴直接持股23.8216%，并通过员工持股平台上海宇翼控制10.9414% 股权，合计持股比例达34.7630%，为公司实际控制人。 当前，随着人工智能、运动控制、感知交互等核心技术的持续突破，人形机器人行业正迎来快速发展 期。国际巨头如特斯拉Optimus、波士顿动力Atlas等加速布局，国内政策对"人工智能+机器人"领域也给 予重点支持。在这一背景下，宇树科技凭借高性价比产品和开放的开发者生态，有望在服务机器人、工 业自动化等应用场景中抢占市场先机。此次启动IPO辅导，预示着公司将借助资本市场力量进一步加快 技术研发和市场拓展步伐，或将成为国内人形机器人赛道的标杆企业。 7月18日，中国证监会官网披露，杭州宇树科技股份有限公司（简称：宇树科技）已正式启动首次公开 发行股票并上市辅导备案，辅导机 ...

7月18日，中国证监会官网显示，宇树科技已开启上市辅导，由中信证券担任辅导机构。 辅导备案报告显示，杭州宇树科技股份有限公司（下称"宇树科技"）成立于2016年8月26日，注册资本 3.64亿元。 智通财经记者 | 伍洋宇 图片来源：界面图库 智通财经编辑 | 文姝琪 宇树科技控股股东、实际控制人为王兴兴，王兴兴直接持有公司23.8216%股权，并通过上海宇翼企业 管理咨询合伙企业（有限合伙）控制公司10.9414%股权，合计控制公司34.7630%股权。 宇树科技启动IPO行业早有预期。今年5月29日，宇树科技发布通知称，因公司发展需要，杭州宇树科 技有限公司即日起名称变更为"杭州宇树科技股份有限公司"。同时，公司新增一位董事梁望南，身份为 北京京国瑞股权投资基金管理有限公司总经理。 在当时，宇树科技这一股改举动被认为是给上市铺路。 在各个公开场合上，宇树科技创始人兼CEO王兴兴都在着重强调行业高速发展和仍处于早期的两面性。 7月15日，王兴兴在一场见面会上谈及人形机器人行业发展现状，他表示，公司去年发布G1人形机器人 后，受到全球范围内的广泛关注，今年出货量相对去年有明显增长。"不单是我们公司，对整个机器 ...

专注于消费级、行业级高性能通用足式/人形机器人及灵巧机械臂的自主研发、生产和销 售。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，杭州宇树科技股份有限公司(以下简称"宇树科技")于2025年7月7日同中信证券 签署辅导，正式启动A股IPO进程。 成立于2016年的宇树科技专注于消费级、行业级高性能通用足式/人形机器人及灵巧机械臂的自主 研发、生产和销售。 今年年初，宇树科技的Unitree H1和G1人形机器人在京东开售，其中H1售价65万元，G1售价9.9 万元。此外，宇树科技的机器人还多次在央视春晚、美国拉斯维加斯CES等舞台亮相。 值得一提的是，宇树科技是全球首家公开零售高性能四足机器人并最早实现行业落地的公司。同时， 宇树高度重视自主研发和科技创新，全自研电机、减速器、控制器、激光雷达等机器人关键核心零部 件和高性能感知及运动控制算法，整合机器人全产业链，在足式机器人领域达到全球技术领先，现累 计提交国内外专利申请200余项，其中授权专利180余项。 据宇树科技创始人王兴兴日前透露，宇树科技的年营收超10亿元。另据宇树科技早期投资人透露 ...

Core Viewpoint - The article highlights the emergence and recognition of the "Hangzhou Six Dragons," a group of six influential tech companies in Hangzhou, focusing on advanced technologies such as robotics, AI, and brain-machine interfaces. These companies are collaborating rather than competing, aiming for partnerships and market presence [1][5][11]. Group 1: Company Overview - The "Hangzhou Six Dragons" includes six companies: Game Science, Deep Seek, Yuzhu Technology, Cloud Deep Technology, Strong Brain Technology, and Qunke Technology, all of which are at the forefront of new technology fields [5][8]. - Yuzhu Technology is known for its humanoid robot Unitree H1, while Strong Brain Technology focuses on brain-machine interfaces, and Qunke Technology started in spatial design [1][5][11]. Group 2: Market Presence and Recognition - The term "Hangzhou Six Dragons" gained popularity in early 2025, indicating the companies' rising influence in the tech industry, with public awareness of their products increasing significantly [5][6]. - The companies are not in direct competition but are enhancing each other's visibility and market presence through collaboration [7][11]. Group 3: Financial Performance - Qunke Technology reported revenues of 600 million yuan in 2022 and 664 million yuan in 2023, with a net loss of 338 million yuan and 242 million yuan for the same years, respectively [12][16]. - The company aims to achieve profitability in the near future, reflecting the common trend of initial losses among startups in high-tech sectors [16]. Group 4: Future Prospects - The companies are focusing on finding viable application scenarios for their technologies, with an emphasis on accumulating user bases and achieving technological breakthroughs [16]. - The potential for brain-machine interface technology to scale up is seen as promising, while Yuzhu Technology is exploring B2B applications [15][16].

Core Viewpoint - The article discusses the rising prominence of humanoid robots, particularly focusing on the supply chains associated with leading companies like Yushu Technology, Tesla, and Huawei, and highlights the investment opportunities and market dynamics surrounding these developments [1][2]. Group 1: Humanoid Robot Supply Chains - Yushu Technology's humanoid robot H1 gained significant attention after its appearance on the Spring Festival Gala, leading to the emergence of the "Yushu Chain" alongside Tesla's "T Chain" and Huawei's "H Chain" as the three core supply chains in the humanoid robot sector [1]. - The article notes that companies involved in the upstream core components of humanoid robots have seen substantial stock price increases, reflecting the market's enthusiasm for this technology [1]. Group 2: Market Reactions and Events - Following news of order cuts from Tesla's Optimus robot suppliers, the entire robotics sector experienced a downturn, with significant declines in T Chain-related stocks, indicating the influence of leading companies on the supply chain [3][4]. - Conversely, a positive event occurred when Zhi Yuan Robotics acquired a majority stake in Shangwei New Materials for approximately 2.1 billion yuan, leading to a surge in stock prices for related companies [4][5]. Group 3: Zhi Yuan Robotics' Strategy - Zhi Yuan Robotics has adopted a "high-profile" development model, leveraging a wide network of partnerships and investments across nearly 40 companies, positioning itself as a major player in the humanoid robot market [7][8]. - The company has completed multiple funding rounds, achieving a valuation of approximately 15 billion yuan, making it a leading startup in the field of embodied intelligence [8]. Group 4: Investment and Collaboration - Zhi Yuan Robotics has established a comprehensive ecosystem through joint ventures, investments, and collaborations with over 30 listed companies, enhancing its capabilities in the humanoid robot sector [11][12]. - The company has invested in several upstream and downstream robotics firms, focusing on various aspects such as tactile perception and humanoid robot development [12][13]. Group 5: Future Outlook - The article speculates on whether Zhi Yuan Chain could potentially rival Yushu Chain, suggesting that the dynamics of the humanoid robot supply chains may evolve as new players emerge [7][8]. - The ongoing developments in the humanoid robot sector, including partnerships and technological advancements, indicate a rapidly changing landscape with significant investment potential [20].

Core Viewpoint - Yuzhu Technology has achieved significant milestones in the robotics industry, including annual revenue exceeding 1 billion RMB and maintaining profitability since 2020, positioning itself as one of the few profitable companies in the sector [2][3]. Company Overview - Founded in 2016, Yuzhu Technology initially focused on quadruped robotic dogs and has since expanded its product line to include the general-purpose humanoid robot G1, which has generated considerable interest since its launch in 2024 [2]. - The company successfully launched its Unitree H1 and G1 humanoid robots on JD.com in early 2025, with prices set at 650,000 RMB and 99,000 RMB respectively, both of which sold out quickly [2]. - Yuzhu Technology has gained substantial brand recognition through appearances at major events such as the CCTV Spring Festival Gala and CES in Las Vegas [2]. Financing and Valuation - Between 2020 and 2022, Yuzhu Technology completed multiple financing rounds (Pre-A, A, A+, B, B+) with notable investors including Sequoia Seed, Chuangxin Capital, and others [2]. - In February 2024, the company raised nearly 1 billion RMB in a B2 round of financing, with participation from various investment firms [2]. - The company completed a C round of financing in early 2025, led by major investors including China Mobile's fund, Tencent, and Alibaba, raising close to 700 million RMB and achieving a post-investment valuation exceeding 12 billion RMB [3]. Industry Context - The robotics industry in China is experiencing rapid growth, with Morgan Stanley projecting the market size to reach 47 billion USD by 2024, accounting for 40% of the global total, and expected to grow to 108 billion USD by 2028, with a compound annual growth rate of 23% [4]. - Yuzhu Technology's founder, Wang Xingxing, highlighted the challenges of household applications for robots, suggesting that industrial and agricultural applications may develop more quickly [4]. Future Prospects - Wang Xingxing expressed interest in potential collaborations with large corporations like Haier, emphasizing the importance of aligning products with market needs and addressing safety and ethical concerns in human-interactive robots [6].