The capitalization process of the "Six Little Dragons of Hangzhou" is accelerating.
On May 18th, the Science and Technology Innovation Board IPO of Hangzhou Yunshen Technology Co., Ltd. (hereinafter referred to as "Yunshen") was accepted by the Shanghai Stock Exchange.
After Yushu Technology submitted its listing application and Qunhe Technology successfully landed on the Hong Kong Stock Exchange, another member of the "Hangzhou Six Little Dragons" has officially launched its IPO process.
Yunshen is a company specializing in embodied intelligent robots, with products covering quadruped, wheeled, humanoid robots, core components, and supporting technical services. They are mainly used in various scenarios such as power inspection, emergency firefighting, police security, etc.
Against the backdrop of the continuous rise in the concept of embodied intelligent robots, the core highlight of Yunshen's IPO is that it has already achieved a certain revenue scale in the robot scene and will turn losses into profits by 2025.
From 2023 to 2025, the revenue of Yunshen will be 50 million yuan, 103 million yuan, and 337 million yuan respectively, and the net profit attributable to the parent company during the same period will be 2.6 million yuan, 1.3 million yuan, and 29 million yuan, respectively.
Based on this performance, Yunshen has chosen the second set of listing criteria: "The expected market value is not less than 1.5 billion yuan, the operating income in the past year is not less than 200 million yuan, and the cumulative R&D investment in the past three years accounts for no less than 15% of the cumulative operating income in the past three years
From a fundamental perspective, the main driving force for this performance growth comes from the increased volume of quadruped robot business.
From 2023 to 2025, quadruped robots represented by the Jueying X series will generate revenue of 40 million yuan, 70 million yuan, and 196 million yuan respectively, accounting for 79.23%, 67.8%, and 58.11% of the total revenue.
By 2025, the sales of the Jueying X have reached 681 units, a year-on-year increase of over 100%.
The newly launched Bobcat M series in 2025 is also rapidly increasing in volume. As an industry level high dynamic wheeled robot, this series contributed a revenue of 74 million yuan in the current period, accounting for 22.11% of the main business revenue.
In the field of humanoid robots, Yunshen has launched the DR series products, focusing on all-weather outdoor work scenarios such as power operations, emergency firefighting, and industrial production.
However, from the perspective of commercialization, the humanoid robots in the cloud are still in the exploratory stage. In 2025, humanoid robots represented by the DR series will only generate 823000 yuan in revenue, accounting for less than 10% of the total revenue.
In this IPO, Yunshen intends to raise 2.503 billion yuan, mainly for the research and development of embodied algorithms and models, robot ontology and solutions, as well as the industrialization of embodied intelligent robots.
This also points to the expansion focus of the next stage of Cloud Deep: on the one hand, it will continue to consolidate cutting-edge technological capabilities such as embodied intelligent large models, and on the other hand, it will complement the research and development of robot bodies, product matrix expansion, large-scale production capacity construction, and industry scenario service capabilities.
With Qunhe Technology taking the lead in going public, Yushu Technology and Yunshen successively rushing to the Science and Technology Innovation Board, the story of the "Six Little Dragons of Hangzhou" is moving from industrial heat to capital market verification.
