Investment Rating - The report maintains a "Recommended" investment rating for the industry, indicating an expected performance greater than 10% compared to the benchmark index [13]. Core Insights - Yushu Technology is expected to submit its IPO prospectus between October and December 2025, marking the initiation of its listing process [6][3]. - The company has grown significantly since its inception in 2016, expanding from 1 employee to over 1,000, with annual revenue exceeding 1 billion RMB [5][3]. - As of June 2025, the sales distribution of Yushu's products includes 65% from quadruped robots, 30% from humanoid robots, and 5% from components, with over 50,000 units of the Go1 quadruped robot sold globally [3]. - The application areas for quadruped robots are primarily in research, education, and consumer sectors (80% of revenue), while humanoid robots are entirely focused on research and education [3]. Summary by Sections Company Overview - Yushu Technology's revenue has surpassed 1 billion RMB, and it is poised for an IPO submission by the end of 2025 [2][3]. - The company has successfully completed a C round financing of approximately 600 million RMB, achieving a valuation of over 12 billion RMB [5]. Product Performance - The quadruped robot Go1 has achieved global sales exceeding 50,000 units, with significant revenue contributions from both research and industrial applications [3]. - The humanoid robots are entirely utilized in research and education, generating 300 million RMB in revenue [3]. Market Position - The report highlights the potential for Yushu Technology to capitalize on the rapid growth of the humanoid robot industry, suggesting that its upcoming IPO could lead to a revaluation of its commercial value [7].