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Source: Jinshi Miscellaneous

On March 20th, a major positive development for robots occurred: the Shanghai Stock Exchange accepted the IPO application of Yushu Technology Co., Ltd. on the STAR Market, proposing to issue 40,446,034 shares, with an issuance ratio of no less than 10% of the total share capital after issuance. CITIC Securities is not only the company’s exclusive sponsor but also holds 4.4897% of the shares through its subsidiaries Jinshi Growth and China Securities Investment.

In January this year, news about the “Yushu Technology IPO green channel being halted” flooded online communities. At that time, reports suggested regulators wanted to cool down the market, citing excessive robot bubbles. Yushu stated that it did not apply for a “green channel,” and the reports were inaccurate. Now, with the submission of the prospectus, this may bring some positive signals to the humanoid robot sector on Monday.

Yushu Technology is a leading high-performance general-purpose robot company in China, focusing on R&D, manufacturing, and sales of high-performance humanoid robots, quadruped robots, robot components, and embodied intelligence models. To date, it has sold over 30,000 quadruped robots. Since launching its self-developed humanoid robots H1 in 2023 and G1 in 2024, sales have grown rapidly, reaching 5,500 units in 2025, making it the world’s top in shipments.

The company’s humanoid robots have also seen significant performance improvements. In early 2025, 16 units of H1 participated in the CCTV Spring Festival Gala performance “YangBOT”; in May 2025, G1 became the only participating mech in the “CMG World Robot Competition Series,” opening a new field of humanoid robot combat globally; in August, at the inaugural World Robot Sports Games, it won multiple first places in running, relay, and obstacle courses, earning 11 gold medals. Other achievements are numerous.

Regarding revenue composition, quadruped robots once dominated the company’s income but were surpassed by humanoid robots in 2025. As of September 2025, Yushu’s humanoid robot revenue reached 595 million yuan, accounting for 51.53%; quadruped robot revenue was 488 million yuan, accounting for 42.25%.

Looking at revenue, Yushu Technology achieved 366 million, 391 million, 1.527 billion, and 2.865 billion yuan in 2022, 2023, 2024, and the first three months of 2025, respectively. Revenue growth has exploded since 2024, with September 2025 revenue nearly doubling the total for 2024.

Yushu Technology has a very high gross profit margin, increasing from 44% in 2022 to 59.45% currently. The explosive revenue growth and high gross margins have significantly boosted profits. Although it was loss-making in 2022 and 2023, it turned profitable in 2024 with a profit of 9,500 yuan, and by September 2025, profits exceeded 100 million yuan.

According to its standalone annual performance for 2025, revenue increased by 335% to 1.708 billion yuan, and profit grew by 204% to 288 million yuan, tripling the 2024 profit.

Yushu Technology plans to issue no less than 40,446,434 shares to raise approximately 4.2 billion yuan, implying an issuance price around 100 yuan per share. The funds will mainly be used for intelligent robot modeling R&D, new smart robot product development, robot body R&D, and the construction of an intelligent robot manufacturing base.

However, there are several issues or concerns with Yushu Robotics:

1. R&D expenditure as a percentage of revenue is at a historic low. Despite rapid revenue growth, R&D investment has not kept pace. As of September 2025, R&D expenses were 90 million yuan, the highest in history, but only accounted for 7.73% of revenue, the lowest ever. In 2023, R&D expenses accounted for 31.39%.
2. Inventory impairment risk. From 2022 to 2024 and the first nine months of 2025, the company’s inventory book value was 78 million, 79 million, 141 million, and 278 million yuan, respectively, with inventory representing over 10% of current assets, especially with inventory doubling in the first nine months of 2025. Meanwhile, inventory impairment provisions were 6.53 million, 9.71 million, 16.79 million, and 22.81 million yuan. In adverse market conditions, inventory write-downs could impact the company’s performance stability.
3. Increasing accounts receivable may also affect performance stability. At each period’s end, accounts receivable balances were 7.8467 million, 11.0671 million, 21.5948 million, and 83.4565 million yuan, accounting for 6.38%, 6.95%, 5.50%, and 7.15% of operating income, respectively.
4. The company’s high proportion of overseas revenue—over 35%—may face external market shocks and exchange rate fluctuations, risking gains or losses from currency translation. For example, in the first nine months of 2025, overseas revenue was 453 million yuan, nearly 40% of total income.
5. The sustainability of Yushu’s rapid growth is questionable. In 2025, revenue grew by 335% and profit more than doubled, which is achievable in early growth stages. However, as the company matures, especially with challenges in product promotion, raw material costs, and R&D investment uncertainties, maintaining such growth will be difficult.

Founded in 2016, Yushu Technology completed a shareholding reform in May 2025. The actual controller is Wang Xingxing, who held 34.76% of shares before listing and 68.78% of voting rights. After issuance, Wang Xingxing’s voting rights will not exceed 65.3%. The employee stock ownership platform Shanghai Yuyi holds 10.94%, Sequoia Capital holds 6.21%, and Han Hai Information holds 7.61%.

Currently, Yushu’s prominent shareholders include Sequoia Capital, Matrix Partners, Meituan, and others, each holding over 5%. The company also has investments from Source Capital, Shenzhen Venture Capital, Tencent, Ant Group, CITIC Securities, and more.

Previously reported by Jinshi Miscellaneous, the angel investor and first investor in Yushu Technology was Yin Fangming, a former co-founder of Roobo and now a general partner at Galaxy Venture Partners. According to the prospectus, Yin Fangming exited the board in August 2024.

In January 2020, the company received investment from top VC Sequoia Capital and Tencent’s DeXun Investment; in May, Sequoia invested again; in July 2021, it attracted a multi-million dollar funding from Lei Jun’s Shunwei Capital; in February 2022, it received a second round of funding with Shenzhen Venture Capital investing 5 million yuan, and Shunwei Capital investing 23.43 million yuan; in August 2022, Deep Web invested 20 million yuan; in January 2024, Matrix Partners acquired shares worth 71.5 million yuan.

In January 2024, Meituan’s Han Hai invested 248 million yuan, CITIC’s Jinshi Growth invested 155 million yuan, Cao Yi’s Source Capital invested 50 million yuan, Shenzhen Venture Capital invested 40 million yuan, and ZhongWang invested 30 million yuan.

From June to August 2024, Lei Jun’s Shunwei Capital cashed out over 10 million USD plus 15 million RMB, Meituan took over 10 million USD, Shanghai STAR Market took 15 million RMB, and Source Capital further transferred 30 million yuan.

In August 2024, the robot fund invested 150 million yuan, Zhongguancun Science City invested 39.24 million yuan, Meituan invested 28.88 million yuan, Matrix Partners invested 16.32 million yuan, Sequoia invested 21.29 million yuan, CITIC invested 14.23 million yuan, and Shenzhen Venture Capital invested 6.11 million yuan. Additional share transfers occurred in September 2024 and May 2025.

In June 2025, further investments included China Mobile (80 million yuan), Tencent (80 million yuan), Meituan (72.45 million yuan), Robot Fund (35.72 million yuan), Source Capital (16.59 million yuan), Matrix Partners (40.94 million yuan), ZhongWang (15.84 million yuan), and Shenzhen Venture Capital (9.68 million yuan).

Additionally, Source Capital acquired Wang Xingxing’s shares valued at 50 million yuan. Simultaneously, Shanghai Yuyi acquired 144,668 shares, holding 10.9414%.

Notably, Yushu Technology’s post-IPO valuation is estimated at 12.7 billion yuan. Based on this valuation, Wang Xingxing’s stake is worth approximately 3.025 billion yuan; the employee stock platform’s value is about 1.39 billion yuan; Meituan’s 9.6488% stake is worth roughly 1.225 billion yuan; Sequoia’s 7.1149% stake is valued at about 904 million yuan; Shunwei’s stake is worth 562 million yuan; Matrix’s 5.4528% stake is around 689 million yuan; CITIC Securities’ 4.4897% stake is about 570 million yuan; Source Capital’s stake is approximately 331 million yuan.

According to Jinshi Miscellaneous, Meituan’s total investment of 418 million yuan has already doubled in value; Source Capital’s 147 million yuan investment has gained 125%; CITIC’s 169 million yuan investment has gained 237%; and Matrix’s 129 million yuan investment has gained over 434%. Lei Jun’s Shunwei Capital has cashed out 84 million yuan, and Tencent’s co-founder Zeng Liqing’s DeXun Investment has cashed out 30 million yuan.

Once Yushu Technology goes public, the company is likely to target a market cap of 100 billion yuan, with Meituan’s gains exceeding 20 times, approaching 10 billion yuan; Source Capital’s gains could reach 16 times, earning about 2.5 billion yuan; CITIC’s gains over 25 times, earning over 4 billion yuan; Matrix’s gains over 40 times, earning over 5 billion yuan.

Additionally, Tencent’s 0.5986% stake (invested 800 million yuan) could increase to a valuation of 5.986 billion yuan; Ant Group’s 0.6715% stake (invested 900 million yuan) could rise to 6.715 billion yuan, with gains of six to seven times.