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 ...

官宣！2.64亿元，这家公司中标人形机器人项目！王兴兴、彭志辉，有新身份 每经编辑|杜宇 据优必选官方微信号11月25日消息，11月21日，"人形机器人第一股"优必选（9880.HK）中标广西防城港市人形机器人数据采集与测试中心和人工智能科创 教育示范项目，中标金额2.64亿元，产品以最新款可自主换电的工业人形机器人Walker S2为主。该项目将聚焦人形机器人在全国边境口岸的旅客和人员疏 导、岗哨巡检、物流、商业服务以及国内钢铜铝大型生产制造基地的设施巡检等项目。订单预计在12月交付。 截至目前，2025年优必选Walker系列人形机器人全年订单总金额达11亿元（不含全尺寸科研教育人形机器人天工行者和小型人形机器人AI悟空），持续引领 全球人形机器人商业化应用落地进程。 11 月 24 日，优必选成功进入 MSCI 中国指数，当天在港股成交量达到 31 亿港币，其中在盘后短短 8 分钟内成交 16 亿港币，显示国际资本非常看好人形机 器人第一股优必选的未来。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 图片来源：优必选官方微信号 11月24日，工业和信息化部网站发布了《人形机器 ...

来源：原点新财经 从启动辅导到顺利验收，宇树科技仅用132天，成为年内硬科技企业IPO进程中的一抹亮色。 证监会官网近日披露，宇树科技股份有限公司（简称"宇树科技"）已发布IPO辅导工作完成报告。 这家国内领先的机器人公司从7月18日辅导备案公示到完成辅导，历时132天，向A股市场迈出关键一 步。 中信证券在辅导工作完成报告中表示，经辅导，宇树科技已具备成为上市公司应有的公司治理结构、会 计基础工作和内部控制制度。 IPO进程快速推进 宇树科技的IPO辅导进程可谓高效。 今年7月7日，宇树科技与中信证券签署辅导协议，联合北京德恒律师事务所、容诚会计师事务所开展上 市辅导工作。 仅一天后，双方即通过公开发行辅导监管系统提交辅导备案登记材料。7月18日，中国证监会网上办事 服务平台对辅导备案报告进行了公示。 到11月15日，宇树科技已顺利完成全部辅导工作，从辅导备案到完成仅用时132天。 这一速度在年内冲刺IPO的硬科技企业中表现突出，反映出公司前期规范运作的坚实基础。 2023年开始，公司进军人形机器人领域，先后推出H1、H1-2、G1等人形机器人产品。 行业风口 更引人注目的是，宇树科技在商业化方面取得了实质 ...

Core Viewpoint - The CEO of Yushu Technology, Wang Xingxing, gained attention after his master's thesis from 2016, which proposed the concept of an electric-driven quadruped robot, went viral. This concept has now been widely accepted in the industry [3]. Group 1 - Wang Xingxing stated that the idea for the quadruped robot originated in 2013, and he considered dropping out of school to pursue entrepreneurship at that time. However, he initially did not have the resources to realize the idea [4]. - The company had already contemplated the development direction of quadruped robots in 2014 and 2015, which has now been successfully implemented [4]. - Wang Xingxing mentioned that he had previously worked on humanoid robots in 2009 but found it unfeasible for commercialization at that time. The advancements in AI technology have since revitalized the potential for humanoid robots [4]. Group 2 - Wang Xingxing encouraged entrepreneurs to envision future directions in technology, emphasizing that having a good direction is key to success [4]. - He holds a bachelor's degree in electromechanical engineering from Zhejiang University of Technology and pursued a master's degree in mechanical engineering at Shanghai University [4]. - In 2013, while still an undergraduate, Wang Xingxing created his first quadruped robot, XDog, and won a prize in a startup competition two years later, earning 80,000 yuan [4].

Group 1 - The lawsuit between Hangzhou Luweimei Daily Chemical Co., Ltd. and Hangzhou Yushu Technology Co., Ltd. regarding the infringement of invention patent rights is set to be heard on August 26, 2025, at the Hangzhou Intermediate People's Court [2] - Luweimei was established in June 2005, has a registered capital of 550,000 yuan, and its business scope includes internet sales of food, agricultural products, and daily necessities [2] - Luweimei has applied for patents including "an electronic dog" and "a simultaneous interpretation intelligent system," with the former already authorized [2] Group 2 - Yushu Technology has launched several series of quadruped robot products, including XDog and Laikago, and this is the first time the company has faced a lawsuit related to invention patents [2] - Currently, Yushu Technology is involved in two lawsuits, with the first being related to a non-compete dispute [2]

Group 1 - The core issue involves a patent infringement lawsuit filed by Hangzhou Luweimei Daily Chemical Co., Ltd. against Hangzhou Yushu Technology Co., Ltd., scheduled for trial on August 26, 2025, at the Hangzhou Intermediate People's Court [1][4]. - Luweimei was established in June 2005 with a registered capital of 550,000 yuan, focusing on internet sales of food, agricultural products, and daily necessities [2][3]. - Luweimei has applied for patents including "an electronic dog" and "a simultaneous interpretation intelligent system," with the former already authorized [2][3]. Group 2 - Yushu Technology, founded on August 26, 2016, has a registered capital of 364 million yuan and is primarily engaged in the research, production, and sales of high-performance robots and robotic arms [6][7]. - This is the first patent-related lawsuit faced by Yushu Technology, which has previously encountered two lawsuits, one of which was a non-compete dispute that was later withdrawn [4][5]. - Yushu Technology has initiated the process for its initial public offering (IPO), with CITIC Securities acting as the advisory institution, and the advisory agreement was signed on July 7, 2025 [6][7].

Group 1 - The lawsuit between Hangzhou Luweimei Daily Chemical Co., Ltd. and Hangzhou Yushu Technology Co., Ltd. regarding the infringement of invention patent rights is set to be heard on August 26, 2025, at the Hangzhou Intermediate People's Court [1] - Luweimei was established in June 2005 with a registered capital of 550,000 yuan, and its business scope includes internet sales of food, agricultural products, and daily necessities [1] - Luweimei has applied for patents including "an electronic dog" and "a simultaneous interpretation system for meetings," with the "electronic dog" patent already authorized [1] Group 2 - Yushu Technology focuses on the independent research, development, production, and sales of high-performance quadruped/humanoid robots and dexterous robotic arms, having launched several series of quadruped robot products [1] - This is the first time Yushu Technology has faced a lawsuit related to invention patents, although it has encountered two lawsuits in total, with the first being a non-compete dispute that was later withdrawn [1]

Group 1 - The core viewpoint is that the most important aspect for the robotics industry in the next 2 to 5 years is the development of end-to-end embodied intelligent AI models [1][24] - The current challenge in the robotics field is not the hardware performance, which is deemed sufficient, but rather the inadequacy of embodied intelligent AI models [1][18] - There is a misconception that the data issue is the primary concern; however, the real problem lies in the model architecture, which is not yet good or unified enough [1][21] Group 2 - The VLA (Vision-Language-Action) model combined with Reinforcement Learning (RL) is seen as insufficient and requires further upgrades and optimization [2][21] - The company has developed various models of quadruped and humanoid robots, with the quadruped model GO2 being the most shipped globally in recent years [3][4] - The humanoid robot G1 has become a representative model in the humanoid robot sector, achieving significant sales and market presence [5][6] Group 3 - The company emphasizes the importance of making robots capable of performing tasks rather than just for entertainment or display purposes [9][14] - Recent advancements in AI technology have led to improved performance in robot movements, including complex terrain navigation [11][12] - The company has focused on developing its core components, including motors and sensors, to enhance the performance and cost-effectiveness of its robots [10][24] Group 4 - The robotics industry is experiencing significant growth, with many companies reporting a 50% to 100% increase in business due to rising demand and supportive policies [16][17] - The global interest in humanoid robots is increasing, with major companies like Tesla planning to mass-produce humanoid robots [17][18] - The future of robotics will likely involve distributed computing to manage the computational demands of robots effectively [25][26]

Core Insights - Yushu Technology has initiated its IPO guidance and launched its latest humanoid robot, Unitree R1, indicating a simultaneous acceleration in its commercialization and capitalization processes [1][2] Group 1: IPO and Market Impact - Yushu Technology has completed the IPO guidance registration with the China Securities Regulatory Commission, with Citic Securities as the advisory institution, from July to September 2025 [2] - The controlling shareholder, Wang Xingxing, holds 23.82% of the company's shares directly and controls an additional 10.94% through a partnership, totaling 34.76% [2] - The IPO is expected to broaden Yushu Technology's financing channels, injecting funds into R&D for high-torque density motors, lightweight materials, and intelligent algorithms [2] - Yushu's listing may replicate Tesla's effect on the electric vehicle market, shifting the focus from "concept speculation" to "performance realization," potentially squeezing smaller players and favoring "technology leaders" in the industry [2] - A successful IPO for Yushu Technology could enhance investment interest in the humanoid robot sector and promote industry chain collaboration, helping China maintain a competitive edge globally [2] Group 2: Product Launch and Strategy - On July 25, Yushu Technology officially launched the Unitree R1 humanoid robot, priced starting at 39,900 yuan, making it the company's most affordable bipedal robot [3] - The R1 features 26 joints, weighs approximately 25 kg, and integrates multimodal voice and image models, positioning itself as a "developer platform" rather than a "labor replacement" [3] - The pricing strategy aims to expand the ecosystem by lowering development barriers, targeting AI companies, educational institutions, and enthusiasts, with future profitability expected from software and services [3] - The R1's pricing reflects Yushu's capabilities in self-research and domestic substitution of core components, benefiting from China's manufacturing advantages in lightweight materials and battery integration [3] - The R1 may foster a "developer economy" in educational, research, and light industrial scenarios [3] Group 3: Product Portfolio and Recommendations - Yushu Technology has launched a series of quadruped robots, including XDog, Laikago, AlienGo, A1, Go1, B1, Go2, and B2, along with humanoid robots H1, G1, and R1 since 2023 [4] - The simultaneous acceleration of commercialization and capitalization in humanoid robots suggests a growing interest in companies that may enter Yushu's humanoid robot industry chain [4]

Core Viewpoint - The article discusses the upcoming IPO of Yushu Technology, a leading humanoid robotics company in China, founded by Wang Xingxing, highlighting the growing trend of embodied intelligence companies preparing for public offerings [2][3][5]. Company Overview - Yushu Technology, founded by Wang Xingxing, is recognized as a prominent player in the humanoid robotics sector, with a significant investor base poised to benefit from the company's IPO [4][38]. - The company has evolved from a small team to a workforce of approximately 1,000 employees, achieving annual revenues exceeding 1 billion RMB [21][15]. Founder Background - Wang Xingxing, born in Ningbo, Zhejiang, developed a passion for robotics during his university years, leading to the creation of innovative robotic products [8][12]. - His entrepreneurial journey began after leaving DJI to establish Yushu Technology, which has since launched several notable robotic products [14][16]. Funding Journey - Yushu Technology's early funding was challenging, with initial rejections from venture capitalists due to its early-stage status [23][24]. - The company secured its first significant investment in 2016, followed by multiple funding rounds, including a notable B++ round that valued the company at 8 billion RMB [30][32][35]. Market Trends - The article notes a surge in IPO activities among robotics companies, with Yushu Technology and other firms like Zhiyuan Robotics preparing for public offerings [39][42]. - The robotics sector is experiencing a competitive financing landscape, with several companies completing substantial funding rounds to support their growth [45][46]. Future Outlook - The anticipated IPO of Yushu Technology is seen as a critical milestone, with the potential to reshape the landscape of embodied intelligence in the market [48][49]. - The article emphasizes the urgency for companies in the robotics sector to go public as a means of survival and growth in a rapidly evolving industry [47][48].