On June 1st, the Listing Committee of the Shanghai Stock Exchange held a gathering and reviewed and accredited the software of Yushu Technology Co., Ltd. for its preliminary public providing of shares on the Science and Technology Innovation Board.
Yushu Technology’s IPO was formally accepted by the Shanghai Stock Exchange on March twentieth and efficiently handed the evaluation on June 1st, with an general cycle of solely 73 days. It is value mentioning that Yushu Technology has successively obtained investments from properly – identified enterprise capital and industrial capital resembling Meituan, Sequoia, Tencent, and Alibaba. CITIC Securities, as the sponsor of Yushu Technology, and its non-public fairness funding fund Jinshi Growth and its wholly – owned subsidiary CITIC Investment maintain a complete of 4.4897% of the shares of Yushu Technology, and are subsequently considered certainly one of the essential beneficiaries of Yushu Technology’s IPO.
Profit has been achieved, and the income in the first half of this 12 months is anticipated to exceed 1 billion yuan
The cause why Yushu Technology has attracted vast consideration is carefully associated to its nationwide – stage affect. In the Spring Festival Gala in 2025, Yushu’s humanoid robots carried out cyber yangge on stage with dancers, subverting the public’s notion of conventional robots. In the Spring Festival Gala in 2026, the firm’s robots accomplished the world’s first totally autonomous humanoid robotic cluster martial arts efficiency. High – issue actions resembling backflips, cluster formation modifications, and coordinated martial arts had been all efficiently carried out, making it a “national business card” for home embodied intelligence know-how.
It is value mentioning that the prospectus reveals that Yushu Technology has achieved profitability.
In 2023, 2024, and 2025, the firm’s revenues had been 159 million yuan, 393 million yuan, and 1.699 billion yuan respectively; the web earnings had been – 11 million yuan, 95 million yuan, and 278 million yuan respectively; and the non – recurring revenue – adjusted web earnings had been – 18 million yuan, 78 million yuan, and 591 million yuan respectively. The firm expects its income from January to June 2026 to be roughly 1.052 billion yuan to 1.128 billion yuan, with a 12 months – on – 12 months enhance of roughly 35.62% to 45.41%; the non – recurring revenue – adjusted web revenue is anticipated to be roughly 236 million yuan to 283 million yuan, a lower of roughly 21.97% to six.43% in contrast with the similar interval final 12 months.
In the prospectus, Yushu Technology elaborated on its aggressive benefits: the whole gross sales quantity of the firm’s quadruped robots exceeded 33,000 models, laying the firm’s dominant place in the world quadruped robotic market. At the similar time, since the firm self – developed and launched its first humanoid robotic H1 in 2023 and the medium – sized humanoid robotic G1 in 2024, the gross sales quantity of the firm’s humanoid robotic merchandise has elevated quickly. In 2025, the firm’s humanoid robotic shipments exceeded 5,500 models (pure humanoid, excluding wheeled twin – arm robots), rating first in the world in phrases of shipments.
In this IPO, Yushu Technology plans to lift 4.202 billion yuan for the R & D challenge of clever robotic fashions, the R & D challenge of robotic our bodies, the growth challenge of latest clever robotic merchandise, and the building challenge of an clever robotic manufacturing base.
CITIC Securities will obtain double advantages from “investment banking + investment”
Going public on the capital market is just not solely the focus of the embodied intelligence monitor the place Yushu Technology is situated but additionally a feast for monetary establishments to deeply have interaction in industrial finance.
The sponsor of Yushu Technology is CITIC Securities. In addition to acquiring underwriting and sponsorship revenue, with its early fairness funding structure, CITIC – affiliated entities are additionally very more likely to get hold of appreciable fairness appreciation advantages after Yushu Technology goes public, reaching a deep – seated profit tie – up in the means of Yushu Technology’s itemizing.
The prospectus of Yushu Technology reveals that as of the signing date of the prospectus, Jinshi Growth, a non-public fairness funding fund of the sponsor CITIC Securities, and CITIC Investment, its wholly – owned subsidiary, maintain 4.1520% and 0.3377% of the issuer’s shares respectively, with a complete of 4.4897% of the issuer’s shares. Among them, Jinshi Growth is the seventh – largest shareholder of Yushu Technology. As of the signing date of the prospectus, CITIC Investment has promised to waive the voting rights of the firm’s shares, and there’s no concerted motion relationship between it and Jinshi Growth.
In addition, fairness funding establishments resembling Sequoia China, Shenzhen Capital Group, and Matrix Partners, in addition to industrial capital resembling Meituan, Tencent, and Alibaba, will even profit from Yushu Technology’s itemizing. Among them, Meituan holds 9.6488% of Yushu Technology’s fairness, and Sequoia China holds 7.1149% of Yushu Technology’s fairness.
Securities corporations: The present humanoid robotic business is at the daybreak of transferring from technological breakthrough to giant – scale commercialization
The embodied intelligence and humanoid robotic business chain is lengthy and has excessive technical boundaries. Yushu Technology’s profitable passing of the evaluation and fundraising for growth are considered landmark occasions that can drive the steady launch of upstream core {hardware} demand from high to backside and comprehensively speed up the commercialization rhythm of the business chain. The funding alternatives in embodied intelligence and humanoid robots have additionally attracted increasingly more consideration from market individuals. Many securities corporations are carefully following the progress of humanoid robots and have just lately launched related analysis studies.
In phrases of the present stage, WANLIAN SECURITIES identified that the present humanoid robotic business is at the daybreak of transferring from technological breakthrough to giant – scale commercialization. On the provide aspect, Tesla, Yushu Technology, Zhiyuan Robotics, and Ubtech are steadily advancing the mass – manufacturing rhythm; on the demand aspect, the growing older inhabitants and the rising labor price type an extended – time period driving drive. At the similar time, with the joint promotion of insurance policies and capital, and the steady injection of the soul into robots by giant AI fashions, humanoid robots are anticipated to type an rising business, regularly transferring from the B – finish to the C – finish, with broad market prospects in the future.
In phrases of funding alternatives, WANLIAN SECURITIES believes that 2026 is a vital window for mass – manufacturing verification and state of affairs implementation. It is beneficial to concentrate on the following instructions:
① Tesla and Yushu Technology are making comparatively fast progress in the humanoid robotic business. It is beneficial to concentrate to the core part producers which have entered or are anticipated to enter their provide chains, particularly in the hyperlinks with excessive worth and excessive technical boundaries resembling precision reducers, actuators, and sensors.
② Price is a crucial prerequisite for giant – scale commercialization. Focusing on the core logic of price discount, take note of the breakthrough and development of the home provide chain. Domestic enterprises are quickly lowering the general machine worth from the million – stage to the hundred – thousand – stage by self – developed know-how and provide – chain integration. With the price benefit and steady iteration, the home provide chain is anticipated to realize a leap from substitution to management. It is beneficial to concentrate to firms that grasp the core part applied sciences resembling motors, reducers, and controllers and might obtain mass manufacturing with low price and top quality.
Guotai Haitong additionally identified that just lately, automotive firms resembling Li Auto and BYD have entered the humanoid robotic enterprise, many home robotic new merchandise have been launched, and Yushu Technology is dashing to go public. Many firms in the business chain have accomplished giant – scale financing. It is beneficial to concentrate on robotic entire – machine producers and robotic core part suppliers, together with:
1) Whole machines: Recommend Ubtech and Hangcha Group. Related targets are Woan Robotics and Geek+;
2) Actuators and motors: Recommend Zhaowei Electromechanical. Related targets are Mingzhi Electric and Buko Co., Ltd.
3) Reducers: Related targets are Green Harmonic, Keda Lithium, Landie Technology, Ruidi Zhiqu, Haoneng Co., Ltd., and Zhongda Lide;
4) Lead screws: Recommend Hengli Hydraulics. Related targets are Zhejiang Rongtai, Best, Beite Technology, Shuanglin Co., Ltd., and Zhenyu Technology;
5) Sensors: Recommend Ampelon, Hanwei Technology, and (*73*) Testing.
6) Encoders: Related targets are Fengtiao Technology and Yapu Co., Ltd.;
7) Joint hinges: Recommend Changying Precision;
8) Structural components: Related goal is Ningbo Huaxiang;
9) Equipment: Recommend Bozhong Seiko and Kerry Technology.
(Disclaimer: The content material and information in the article are for reference solely and don’t represent funding recommendation. Investors shall bear the dangers on their very own in the event that they function primarily based on this.)
This article is from the WeChat official account “NBD Daily”. Author: Wang Yandan, Editors: Liang Luyue, Ye Feng, Du Hengfeng, Proofreader: Zhang Jinhe. Republished by 36Kr with authorization.