● 本报记者 葛瑶 刘英杰 全球人形机器人产业或迎来"拐点"时刻。在刚刚开幕的2026年国际消费电子展（CES 2026）上，海内外 厂商旗下的最新产品纷纷亮相，人形机器人已成为全球科技竞争与产业变革的核心焦点。Wind数据显 示，万得人形机器人概念指数自2025年12月17日以来累计上涨12.92%。 分析人士认为，具身机器人行业未来市场空间广阔，产业链技术不断取得突破，商业化落地进展顺利， 全球市场已呈现供需共振、景气度同步提升的良好态势。 人形机器人"进阶之年" 北京时间1月6日-1月9日，CES 2026在美国拉斯维加斯举办。受展会预期及产业进展推动，A股人形机 器人概念板块持续活跃。Wind数据显示，1月6日，万得人形机器人概念指数上涨0.54%，指数成分股 中，翔楼新材、航天智装涨超5%，冠盛股份、绿的谐波等涨超4%。 作为全球科技的风向标，CES 2026汇聚了国内外顶尖企业的最新技术成果，而人形机器人无疑成为了 此次展会的焦点之一。开幕首日，英伟达CEO黄仁勋在主题演讲中宣布："机器人领域已正式迎来属于 自己的'ChatGPT时刻'。" 黄仁勋表示，当前大多数机器人属于专才，精于单一任务却缺乏 ...

Core Viewpoint - Yushu Technology Co., Ltd. is accelerating its path to the capital market with plans to apply for an IPO in China, having achieved annual revenue exceeding 1 billion yuan and continuous profitability [1][3][15]. Group 1: IPO Progress - Yushu Technology has completed its IPO counseling work, with CITIC Securities as the counseling institution, confirming that the company has established a sound corporate governance system [3][8]. - The counseling process took four months, starting from July 8 to November 10, indicating a smooth path towards the IPO [4][8]. - The company plans to submit its IPO application documents between October and December 2023, with relevant operational data to be disclosed at that time [6][15]. Group 2: Company Overview - Founded on August 26, 2016, Yushu Technology focuses on the research, production, and sales of consumer and industrial robots, including quadruped robots, humanoid robots, and robotic arms [5][11]. - The company has approximately 1,000 employees and is led by founder Wang Xingxing, who holds a 23.82% stake in the company [5][6]. Group 3: Financial Performance - Yushu Technology's annual revenue has surpassed 1 billion yuan, and it has maintained profitability since 2020 [15][21]. - The company has successfully completed multiple financing rounds, with the latest C round raising nearly 700 million yuan, pushing its valuation to over 12 billion yuan [14][15]. Group 4: Product Portfolio - The company has a diverse product matrix, primarily supported by its quadruped robots and humanoid robots, with the quadruped robots accounting for about 70% of the global market share [18][21]. - Yushu Technology's quadruped robots, such as the Go series, target the consumer market, while the B series focuses on industrial applications [18][19]. - The humanoid robots, H1 and G1, are designed for various applications, with G1 priced at 99,000 yuan, aimed at the consumer and educational markets [19][21]. Group 5: Market Strategy - Yushu Technology has positioned itself well in the market by leveraging over 95% self-developed core hardware and achieving a 60% component reuse rate between its quadruped and humanoid robots [22][23]. - The company has also focused on building a developer ecosystem to support secondary development, enhancing its commercial viability [23][24].

Core Insights - The key element for embodied robots currently and in the future is the robot model, which is at a developmental stage similar to the early years before the release of ChatGPT [1] - The growth rate of the intelligent machinery industry in China is estimated to be around 50% to 100% for each company this year, with industrial robot exports increasing by over 51% [1] - The progress of robot models is slower than expected, and the industry has not yet reached a critical point for embodied intelligence [2] Company Developments - Yushu Technology announced the release of the H2 bionic humanoid robot, which stands 180 cm tall and weighs 70 kg, capable of performing dance and martial arts [4] - The company has previously launched three humanoid robots: G1, H1, and R1, with the latest R1 model priced starting at 39,900 yuan, attracting market attention due to its cost-effectiveness [4] - Yushu Technology underwent a name change to Yushu Technology Co., Ltd. on October 23, with Wang Xingxing becoming the chairman [5] Industry Trends - Embodied intelligence has become one of the hottest technology sectors in recent years, with significant advancements expected in the near future [1] - The industry is currently facing challenges with the mainstream models, particularly those based on video generation, which require substantial computational power [3] - The company is focusing on deep reinforcement learning for full-body motion control, laying the groundwork for large-scale data collection [2]

Core Viewpoint - Yushu Technology's name change from "Hangzhou Yushu Technology Co., Ltd." to "Yushu Technology Co., Ltd." signifies a strategic shift towards a more international and simplified brand image, aligning with its goal of transitioning from a regional to a global enterprise [1][5] Company Overview - Founded in 2016 by Wang Xingxing, Yushu Technology initially focused on quadruped robots, achieving significant milestones such as launching the world's first high-performance low-cost quadruped robot Laikago in 2017 and showcasing its quadruped robot "Benben" during the 2021 CCTV Spring Festival Gala [2] - The company has introduced several innovative products, including the first fully functional humanoid robot H1 in 2023 and the G1 humanoid robot priced at 99,000 yuan, targeting the consumer market [2] Technological Innovation - Yushu Technology has submitted over 200 domestic and international patent applications, with more than 180 patents granted, covering key areas such as robot perception, motion control, structural design, and intelligent algorithms, establishing a strong technological barrier [3] - The company received international recognition by winning an award at the 2025 World Intellectual Property Organization Global Awards in Geneva, highlighting its competitive technological strength [3] Global Expansion - Yushu Technology has begun to establish a global presence, serving clients including Nvidia, Meta, and Samsung, as well as prestigious institutions like Stanford University and MIT, indicating its products' popularity both domestically and internationally [4] - The company faces challenges such as a shortage of top talent and issues related to overseas intellectual property protection and market competition [4] Industry Context - The global humanoid robot market is at a critical juncture of technological breakthroughs and industrial implementation, with Yushu Technology's name change being a strategic move to position itself for future competition [5] - The transition from a regional to a global player requires not only technological capabilities but also effective strategic planning, organizational management, and intellectual property protection [5][6]

Core Insights - Yushu Technology announced the release of the H2 humanoid robot, which stands 180 cm tall and weighs 70 kg, showcasing capabilities in dance and martial arts performance [1] - The H2 robot features 31 degrees of freedom, indicating enhanced flexibility and precision in movement [1] - Previous models include G1, H1, and R1, with R1 being the latest model launched at a competitive price of 39,900 yuan, attracting market attention [1] - The H1 robot gained recognition for its performance in the 2025 CCTV Spring Festival Gala and won awards at the 2025 World Humanoid Robot Sports Competition [1][2] Product Performance - The H1 robot has a maximum speed of 5 meters per second, making it the fastest robot globally, with expectations for further speed improvements [2] - G1, set to launch in May 2024, is noted as the best-selling robot globally from last year to this year, with specifications including a height of approximately 132 cm and a weight of 35 kg [2] - G1 features a 9,000 mAh battery with a runtime of about 2 hours, retailing from 99,000 yuan [2]

Core Viewpoint - Yushu Technology has officially launched the H2 bionic humanoid robot, which stands 180 cm tall and weighs 70 kg, showcasing advanced movement capabilities such as dancing and martial arts performances [1]. Group 1: Product Launch and Features - The H2 humanoid robot features a more human-like appearance and can perform various movements, including modeling [1]. - Prior to the H2, Yushu Technology teased a new humanoid robot on August 19, highlighting its agility and elegance with a ballet pose and indicating it would have 31 degrees of freedom for enhanced flexibility and precision [3]. - The company has previously released three humanoid robots: G1, H1, and R1, with R1 being the latest model launched on July 25, priced starting at 39,900 yuan, which has garnered market attention due to its cost-effectiveness [3]. - The H1 robot, which performed at the 2025 CCTV Spring Festival Gala, is noted as the first full-size humanoid robot capable of running, achieving a top speed of 5 meters per second, making it the fastest robot globally [3]. Group 2: Sales and Market Performance - The G1 robot, released on May 13, 2024, is recognized as the best-selling robot globally from last year to this year, standing 132 cm tall and weighing 35 kg, with a retail price starting at 99,000 yuan [4].

Core Insights - Yushu Technology announced the release of the H2 humanoid robot, which stands 180 cm tall and weighs 70 kg, showcasing capabilities in dance and martial arts performances, as well as modeling [1] Product Development - On August 19, Yushu Technology teased the new humanoid robot with a poster featuring ballet poses, highlighting its agility and elegance, and indicating it would have 31 degrees of freedom for enhanced flexibility and precision [3] - The company has previously launched three humanoid robots: G1, H1, and R1. The R1, released on July 25, is priced starting at 39,900 yuan and has garnered market attention despite not yet being mass-produced [3] - The H1 robot performed in the 2025 CCTV Spring Festival Gala and is noted as the first full-size humanoid robot capable of running, having won first and third place in the 1500-meter event at the 2025 World Humanoid Robot Sports Competition [3] - The H1's speed has improved from 3.3 meters per second in 2023 to over 5 meters per second, making it the fastest robot globally, with expectations for further record-breaking performance [3] Sales and Market Position - The G1, released on May 13, 2024, is recognized as the best-selling robot globally from last year to this year, standing 132 cm tall, weighing 35 kg, and retailing from 99,000 yuan with a battery life of approximately 2 hours [4]

Core Viewpoint - The collaboration between Weilan Lithium and Yushu Technology marks a significant advancement in the integration of embodied intelligence and advanced energy storage solutions, highlighting the growing demand for high-performance batteries in the robotics sector [2][3]. Group 1: Collaboration Details - Weilan Lithium has confirmed its partnership with Yushu Technology, a leading global robotics company, to supply lithium batteries for their robots [1]. - The partnership signifies a deepening collaboration in the field of robotic power solutions, with Weilan Lithium providing customized 18650 high-rate cylindrical batteries that meet the dynamic performance needs of Yushu's quadruped and humanoid robots [2]. - By 2024, Weilan Lithium's batteries are expected to account for 60% of the battery supply in Yushu Technology's products, indicating a strong reliance on Weilan's technology [2]. Group 2: Market Implications - The collaboration is seen as a "strong alliance," enhancing Yushu Technology's product competitiveness by ensuring a stable and powerful energy source from a top-tier battery supplier [2]. - Weilan Lithium's entry into Yushu Technology's supply chain is a successful implementation of its "electric tools+" strategy, opening up broader market opportunities in rapidly growing sectors such as service robots, artificial intelligence, and automation [2]. - The demand for specialized power batteries is expected to surge due to the explosive growth of intelligent mobile robots transitioning from laboratories to industrial and everyday applications [3]. Group 3: Company Profiles - Weilan Lithium specializes in the research, production, and sales of high-performance cylindrical lithium-ion batteries, serving as a key supplier in the high-end electric tool market and actively expanding into new application areas such as clean appliances and energy storage [4]. - Yushu Technology focuses on the development and production of intelligent mobile robots, with its quadruped robots gaining significant influence across various sectors, including entertainment, education, and industrial inspection [5].

Core Insights - Yuzhu Technology plans to submit an IPO application to the Chinese stock exchange between October and December 2023 [1] - The company specializes in high-performance quadrupedal and humanoid robots, as well as dexterous robotic arms, focusing on both consumer and industrial applications [3] Group 1: Company Overview - Yuzhu Technology was founded on August 26, 2016, by Wang Xingxing [3] - The company has achieved global technological leadership in the quadrupedal robot sector, with its flagship product, Unitree Go1, having shipped over 50,000 units, capturing more than 60% of the global consumer quadrupedal robot market [3] - The humanoid robot product H1 was featured in a creative dance performance directed by Zhang Yimou during the 2025 CCTV Spring Festival Gala, showcasing a collaboration with Xinjiang Arts Institute [3] Group 2: Sales Projections - In 2024, the sales revenue distribution for Yuzhu Technology's quadrupedal and humanoid robots is projected to be 65% and 30%, respectively [3] - Approximately 80% of quadrupedal robots will be utilized in research, education, and consumer sectors, while the remaining 20% will serve industrial applications such as inspection and firefighting [3] - All humanoid robots will be applied in research, education, and consumer fields [3] Group 3: Future Disclosure - More detailed business information will be disclosed in the IPO application documents [3]

Group 1: Federal Reserve and Market Reactions - Federal Reserve Chairman Powell hinted at an openness to interest rate cuts, indicating resilience in the U.S. economy despite labor market slowdowns and high tariffs, while cautioning against inflation risks [3][4] - Following Powell's remarks, the probability of a 25 basis point rate cut in September surged to approximately 90%, up from 75% prior to his speech, reflecting strong market expectations for a rate cut [4] - The anticipated rate cuts are expected to lead to a global liquidity surge, with emerging markets likely to benefit from capital inflows as other central banks follow suit with monetary easing [6][7] Group 2: Stock Market Performance - Global stock markets have reached new highs, with major indices in the U.S., Japan, and the UK hitting historical peaks, while Germany and Brazil also set records in July [7] - The A-share market in China has seen increased trading activity, with the Shanghai Composite Index reaching its highest level in nearly a decade [7] Group 3: Humanoid Robot Industry Insights - The humanoid robot sector is experiencing significant investment interest, but there are warnings of a potential bubble, with some experts predicting that certain companies may not survive past 2025 [9][20] - Reports indicate that some humanoid robot companies have seen stock prices increase by 3-5 times before even starting production, raising concerns about overvaluation [9] - Goldman Sachs suggests that the timeline for achieving a technological breakthrough in humanoid robots is unclear, with expected global shipments of 76,000 to 502,000 units by 2027/2032, slower than market expectations [11] Group 4: Commercialization and Investment Trends - Chinese humanoid robot companies are rapidly advancing in commercialization, with significant contracts such as a 124 million RMB order from China Mobile and a 91 million RMB order from Meiy Automotive Technology [23][25] - The humanoid robot sector in China has seen a surge in investment, with total financing in the first half of 2025 reaching 19.5 billion RMB, of which 60% (approximately 8.4 billion RMB) was in China [28] - The frequency of investment events in the humanoid robot field has increased significantly, with an average of 1.5 to 2 days between events since July 2025 [28]