Yushu Technology's IPO application on the Science and Technology Innovation Board has been approved by the Shanghai Municipal Committee of the Shanghai Stock Exchange. The A-share market is about to usher in the first listing target with humanoid robots as the main business, marking a milestone in the capitalization process of the embodied intelligence track.
On June 1st, the 31st deliberation meeting of the Listing Review Committee of the Shanghai Stock Exchange in 2026 approved the initial public offering application of Yushu Technology Co., Ltd., determining that it meets the issuance conditions, listing conditions, and information disclosure requirements.
From being accepted by the Shanghai Stock Exchange on March 20th to today's meeting, it only took 73 days, setting a record for the fastest IPO review in 2026 so far - Changxin Technology, which was highly regarded during the same period, took 148 days to meet.
Yushu Technology plans to raise 4.202 billion yuan in this IPO, and based on an issuance ratio of no less than 10%, the overall valuation of the company is estimated to be at least 42 billion yuan. The industry generally expects the actual market value to be much higher than this. Meituan, the second largest institutional shareholder, holds 9.6488% of the shares, with an estimated equity value of over 4 billion yuan based on the above valuation. Compared to the early investment cost, the floating profit is expected to exceed 3 billion yuan; Early investors such as Sequoia China and Jingwei Venture Capital have also entered the harvest window simultaneously.
Yushu Technology was founded by post-90s entrepreneur Wang Xingxing in 2016 and is known as the; The Six Little Dragons of Hangzhou; One of the leading companies in embodied intelligence, and also one of the few complete machine manufacturers in the industry to achieve sustained profitability. In 2025, the company's operating revenue is about 1.7 billion yuan, net profit is about 278 million yuan, and the shipment of humanoid robots exceeds 5500 units, making the company claim to be the world's number one.
73 Day Rapid Transit: Science and Technology Innovation Board; Pre review "; Mechanism shows significant effectiveness
Yushu Technology is listed on the Science and Technology Innovation Board; Pre review mechanism; The second company to complete the declaration after landing. This mechanism allows companies to conduct confidentiality reviews and inquire about rectification in advance before formal application, thereby significantly reducing the review process after formal acceptance.
The 73 day meeting speed is extremely rare in the history of the Science and Technology Innovation Board. Industry insiders interpret this speed as precise support from regulatory authorities for high-quality hard tech companies, as well as policy endorsement of the strategic value of embodied intelligence tracks.
As a comparison, Changxin Technology, which is also highly regarded in the market, held the meeting for 148 days.
Yushu Technology characterizes this listing as a company's'; College Entrance Examination; And this'; College Entrance Examination; It landed on the occasion of the company's 10th anniversary. Wang Xingxing himself is expected to become the second post-90s entrepreneur to step onto the bell ringing stage of the Science and Technology Innovation Board, following Liu Jingkang from Yingshi.
Continuous high growth in performance, supported by profitability and high valuation
Financial performance is an important foundation for Yushu Technology to gain recognition in the capital market.
On the revenue side, the company's main business revenue maintains a high-speed growth trend. From 2022 to 2024, the operating revenue will be 123 million yuan, 159 million yuan, and 392 million yuan respectively; The operating revenue for the year 2025 is approximately 1.7 billion yuan. The company expects its operating revenue to be approximately 1.052 billion to 1.128 billion yuan in the first half of 2026, with a year-on-year increase of approximately 35.62% to 45.41%.
On the profit side, the gross profit margin of the main business has increased from 44.18% in 2022 to 59.45% in the first three quarters of 2025. Achieve a net profit of 94.5018 million yuan in 2024; By 2025, the net profit will be approximately 278 million yuan, with a non recurring net profit of 600 million yuan, making it one of the few complete machine enterprises in the domestic embodied intelligence industry to achieve sustained profitability.
In terms of revenue structure, the proportion of revenue from the humanoid robot business has rapidly increased from 1.88% in 2023 to 51.53% in the first three quarters of 2025. In 2025, the proportion of revenue from quadruped robots and humanoid robots was approximately 41.62% and 51.78%, respectively. Humanoid robots have officially surpassed quadruped robots as the largest source of revenue.
It is worth noting that in the first half of 2026, due to the rapid increase in expenses such as research and development investment, the company expects to deduct non recurring net profit of about 236 million to 283 million yuan, a year-on-year decrease of about 6.43% to 21.97%, but the decline will be significantly narrowed compared to the first quarter of 2026.
Star capital gathers, Meituan and other shareholders welcome a harvest moment
Yushu Technology has gathered top venture capital institutions and industry capital, and the IPO signifies that these early investors have officially entered the redemption window.
According to the prospectus (first draft), Meituan holds approximately 9.65% of the shares among external institutional shareholders, making it the second largest institutional shareholder. Hanhai Information, GalaxyZ, and Chengdu Dragon Ball, all subsidiaries of Meituan, will enter the market in two rounds of capital increase in 2024. Based on a market value of 42 billion yuan, Meituan's equity holdings are worth over 4 billion yuan, and compared to the investment cost at that time, the floating profit is expected to exceed 3 billion yuan.
Sequoia China holds approximately 7.11% of the shares. According to publicly available information, as early as 2019 when the robotics industry was still unpopular, Sequoia China completed its first round of investment with 15 million yuan, corresponding to a post investment valuation of only 150 million yuan. Since then, it has continued to increase its investment through Ningbo Sequoia and Xiamen Yaheng. Jingwei Venture Capital and Shunwei Capital hold approximately 5.45% and 4.42% of the shares, respectively. Industry leaders such as Tencent, Alibaba, Ant Group, and China Mobile also hold shares directly or indirectly.
The valuation trend of the company confirms the trajectory of continuous capital increase: from a post investment valuation of about 3.785 billion yuan in September 2024, to about 5 billion to 5.8 billion yuan at the beginning of 2025, and then to about 12 billion yuan when the C-round financing delivery is completed in June 2025, the valuation has increased more than twice in the past two years. Yushu Technology attributes this to the rapid development of artificial intelligence and general robots, which has led to a comprehensive increase in the company's attention and recognition in domestic and international markets.
Top global shipment volume, industry hits 30000 units by 2026
For manufacturers of humanoid robot bodies, shipment volume is the most core competitive indicator.
Based on multiple reports, it is estimated that the global shipment of humanoid robots will be around 15000 to 17000 units by 2025. Yushu Technology's shipment of humanoid robots has exceeded 5500 units (pure humanoid, excluding wheeled dual arm robots). The company claims that according to third-party data, its shipment volume will rank first in the global industry by 2025.
Looking ahead to 2026, the industry generally expects shipments to double. According to Shanghai Securities News and other media reports, Wang Feili, an industrial analyst at UBS Securities in China, predicts that the global shipment of humanoid robots will be about 30000 units by 2026. If AI technology accelerates and customer feedback exceeds expectations, it could reach 40000 units in extreme scenarios. Wang Xingxing revealed in a public interview in February 2026 that the company's target shipment of humanoid robots this year is 10000 to 20000 units, and it is expected to continue to maintain its leading position in the industry.
However, the competitive landscape is tightening.
Yushu Technology has newly disclosed the risks of intensified industry competition and weakened leading advantages in its prospectus (first draft). Tesla's humanoid robot Optimus Gen-3 has announced the start of small-scale trial production; Several domestic vehicle manufacturing and consumer electronics companies have officially established their presence in the field of humanoid robots, with certain advantages in resource investment, manufacturing experience, and market promotion. After their products enter the market, they will pose potential competitive pressure on Yushu Technology in terms of product pricing, market share, and profit margins.
" Brain "; Shortcomings: Nearly half of the fundraising is invested in model research and development
" The hardware gap will gradually narrow, and models are the barriers for ontology manufacturers; This judgment has formed a consensus within the industry.
In the past, there was a common impression that Yushu Technology was good at cerebellar (motor control) and weaker than the brain (modeling ability). Based on the prospectus and recent business developments, the company is accelerating efforts to address this shortcoming.
At the level of technical roadmap, Yushu Technology adopts a dual pronged strategy and simultaneously lays out; World Model - Action "; (WMA) and; Visual Language Action; (VLA) Two mainstream routes:
In September 2025, the company will open source and release the WMA architecture model; UnifoLM-WMA-0"； In January 2026, the VLA architecture model will be further released; UnifoLM-VLA-0"。 On May 25th, the company released the WVLA2.0 body model and simultaneously landed it in the G1 humanoid robot conference room for autonomous organization and application scenarios - the robot can smoothly complete tasks such as item placement, classification, and storage in external interference environments without the need for remote control.
The allocation of funds directly confirms the shift of strategic focus. In the 4.202 billion yuan fundraising plan, the investment in the intelligent robot model research and development project was the highest, reaching 2.02 billion yuan, nearly half of the total fundraising scale.
The benchmark effect is evident, and the IPO competition in the same track is accelerating comprehensively
Yushu Technology is accelerating the capitalization pace of the entire embodied intelligence industry chain, and a visible IPO competition has begun.
From the perspective of the same track dynamics, it belongs to the same category as Yushu; The Six Little Dragons of Hangzhou; In the depths of the cloud, the Science and Technology Innovation Board IPO has been accepted and entered the first round of inquiries; In May 2025, Leju Intelligent's IPO on the ChiNext board was accepted by the Shenzhen Stock Exchange, becoming the first company to apply for listing on the ChiNext board after the official implementation of the fourth set of listing standards; Xinghai Map, Zhongqing Robotics, and Songyan Power have also completed their stock reforms, preparing for the capital market. Galaxy General Motors completed a new financing of 2.5 billion yuan in March this year. Its investors have previously publicly stated that Galaxy General Motors is likely to be one of the first specific companies to go public; Zhiyuan Robotics continues to advance its IPO plan for the Hong Kong stock market, and its tender offer to acquire the Sci Tech Innovation Board company, Shangwei New Materials, has recently exceeded a market value of 70 billion yuan, which can serve as a reference for industry valuation.
The dual recognition given by the capital market to Yushu's rapid review and high valuation premium is essentially a forward-looking bet on the trillion dollar embodied intelligence track, but it also puts forward higher requirements for the company's subsequent technological realization and commercialization landing. After Yushu's meeting, the IPO bridge of thousands of troops may be further narrowed.
For Yushu Technology, going public; College Entrance Examination; Once settled, what lies ahead is a longer-term and more brutal battle: whether we can truly seize the initiative at the level of embodied models and maintain our leading position in shipment volume in the increasingly competitive landscape is the test; The first stock of embodied intelligence in A-shares; The ultimate test question for purity.
