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 - UBTECH Robotics, known as the "first humanoid robot stock," has won a bid for a humanoid robot project worth 264 million yuan, focusing on data collection and testing in Guangxi [1] Group 1: Company Developments - UBTECH's latest product, the Walker S2, will be the main focus of the project, which includes applications in passenger guidance, patrol inspection, logistics, and commercial services [1] - The total order amount for UBTECH's Walker series humanoid robots is projected to reach 1.1 billion yuan by 2025, excluding other robot models [1] - UBTECH successfully entered the MSCI China Index on November 24, with trading volume reaching 3.1 billion HKD, indicating strong international investor interest [1] Group 2: Industry Standards and Committee Formation - The Ministry of Industry and Information Technology has announced the formation of a standardization technical committee for humanoid robots, with a public consultation period from November 25 to December 24, 2025 [3][4] - The committee aims to optimize the standardization roadmap, accelerate the development of key technology standards, and promote international cooperation in standardization [8] Group 3: Key Personnel - Wang Xingxing from Yushu Technology and Peng Zhihui from Zhiyuan Innovation are proposed as deputy chairpersons of the new committee [4][6] - Wang Xingxing has a background in robotics, having created the first quadruped robot while still an undergraduate, and has since founded his own company [7] - Peng Zhihui, known as a prominent figure in the robotics industry, has rapidly advanced his company, launching several humanoid robots and establishing a production facility [7]

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 - 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].