On the evening of May 25th, Yushu Technology Co., Ltd. (referred to as "Yushu Technology") updated its prospectus and is preparing to meet on June 1st, 2026.
Yushu Technology submitted its prospectus in March 2026, planning to raise 4.2 billion yuan, of which 2 billion yuan will be used for the research and development of intelligent robot models, 1.1 billion yuan for the research and development of robot bodies, 445 million yuan for the development of new intelligent robot products, and 620 million yuan for the construction of intelligent robot manufacturing bases.
First quarter revenue of 400 million, net profit decreased by 53% year-on-year
Yushu Technology is a high-performance general-purpose robot company, focusing on the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligent models.
Yushu Technology takes independent research and development as its core, and has established a full stack self-developed system covering robot body, core intelligent algorithms, embodied intelligence, and core components after years of accumulation. It has formed complete machine products represented by humanoid robots and quadruped robots, as well as robot core components such as body structure, joint module, energy system, computing platform, motion control system, perception system, and dexterous hand, and has carried out product promotion and industry application around the above products.
Since the launch of the first humanoid robot H1 in 2023 and the medium-sized humanoid robot G1 in 2024, the company's sales of humanoid robot products have achieved rapid growth. In 2025, the company's shipment of humanoid robots has exceeded 5500 units (pure humanoid, excluding wheeled dual arm robots).
According to the prospectus, Yushu Technology's revenue for 2023, 2024, and 2025 will be 159 million yuan, 392 million yuan, and 1.7 billion yuan, respectively; Net profits were -11.15 million yuan, 94.5 million yuan, and 278 million yuan respectively; The net profit after deducting non recurring expenses was -18.02 million yuan, 77.5 million yuan, and 591 million yuan, respectively.
Yushu Technology's revenue for the first quarter of 2026 was 423 million yuan, a decrease from 332.64% in the same period last year to 68.49%. At the same time, due to significant increases in research and development expenses, sales expenses, and other period expenses, the net profit after deducting non recurring expenses decreased from 84.8365 million yuan in the same period last year to 40.25 million yuan, a year-on-year decrease of 52.55%.
Yushu Technology expects its operating revenue from January to June 2026 to be approximately 1.052 billion yuan to 1.128 billion yuan, 35.62% to 45.41% higher than the same period last year's 776 million yuan. Due to the rapid increase in expenses such as research and development investment during this period, its net profit after deducting non recurring expenses is expected to be approximately 236 million to 283 million yuan, a decrease of approximately 21.97% to 6.43% compared to the same period last year, and a significant reduction in year-on-year decline compared to the first quarter of 2026.
Yushu Technology stated that the rapid growth of operating performance during the reporting period is closely related to the rapid increase in the popularity of the embodied intelligence industry worldwide since early 2025. With the company's revenue base growing from the initial level to a relatively high scale in the industry by 2025, coupled with the gradual easing of industry heat and increasingly fierce market competition, the year-on-year growth rate of the company's operating revenue has slowed down in the first quarter and first half of 2026, and due to the rapid increase in research and development expenses and other expenses during this period, there has been a year-on-year decline in net profit.
Meituan and Sequoia are important shareholders
Prior to this issuance, Wang Xingxing, the controlling shareholder, actual controller, chairman, general manager, and chief technology officer of Yushu Technology, collectively controlled 34.7630% of the company's shares. Through special voting arrangements, Wang Xingxing's total voting rights in the company were 68.7816%.
This post-90s tech tycoon who just showed off Chinese kung fu in front of the German Chancellor has recently been "discovered" by netizens on a dating platform. Wang Xingxing's criteria for choosing a spouse are quite "geek": clear self-awareness, correct values, sincere and kind personality, no bad habits, no smoking or drinking, and finally added the requirement of "having basic technological literacy", which has sparked discussions online.
Before the IPO, Hanhai Information, Chengdu Longzhu, and Galaxy Z held 7.6114%, 1.0187%, and 1.0187% of the company's shares, respectively. Among them, Hanhai Information is a wholly-owned subsidiary of Meituan, and Tianjin Sanhuai Technology Co., Ltd. controlled by Meituan, as a limited partner of Chengdu Longzhu, holds 43.42% of the partnership shares of Chengdu Longzhu; Dianping Investment Limited, controlled by Meituan, as a limited partner of Long-Z Fund I, LP, a wholly-owned shareholder of Galaxy Z, holds 37.80% of the partnership shares of Long-Z Fund I, LP.
In addition, Wang Xing, the actual controller of Meituan, indirectly holds 29% and 29.90% of the equity of Long-Z Fund I, LP executive partner, and Chengdu Longzhu executive partner, respectively.
According to the concerted action agreement signed by Hanhai Information, Chengdu Dragon Ball, and Galaxy Z, the three parties, as shareholders of the company, constitute a concerted action relationship regarding their holdings of company shares.
Although Meituan has faced tremendous competitive pressure in recent years, Wang Xing's investment is very strong. In addition to investing in Yushu Technology, he also heavily invested in Ideal Automobile in the early stages, as well as many well-known projects such as Zhipu AI, Moore Thread, and Muxi, all of which have yielded fruitful results.
Ningbo Sequoia and Xiamen Yaheng respectively hold 6.2100% and 0.9049% of the company's shares. The fund managers of Ningbo Sequoia and Xiamen Yaheng are Beijing Sequoia Kunde Investment Management Center (Limited Partnership) ("Sequoia Kunde") and Sequoia Capital Equity Investment Management (Tianjin) Co., Ltd. ("Sequoia Tianjin"), respectively. Sequoia Kunde and Sequoia Tianjin are jointly controlled by Beijing Sequoia Huanrui Management Consulting Co., Ltd., with Ningbo Sequoia and Xiamen Yaheng acting in concert.
Jingwei No.1 and Jingwei No.3 respectively hold 4.2598% and 1.1930% of the company's shares. The executive partners of Jingwei No.1 and Jingwei No.3 are both Nanjing Jingwei Jiangchuang Investment Management Partnership Enterprise (Limited Partnership), and they are acting in concert.
Jinshi Growth and CSI Investment respectively hold 4.1520% and 0.3377% of the company's shares. The executive partner of Jinshi Growth is CITIC Jinshi Investment Co., Ltd., which is a private equity investment fund subsidiary of CITIC Securities and an alternative investment subsidiary of CITIC Securities.
Before the IPO, Shanghai Yuyi held 10.9414% of the shares, Astrend IV held 4.4245%, Robot Fund held 3.8262%, Jiaxing Huamao held 3.1873%, Junwan Hongyi held 3.0699%, Source Code Capital held 2.6035%, China Net Investment held 2.1089%, Vertex held 1.8085%, Jiaxing Ruili held 1.6292%, and Hexacon held 1.3311%;
Xinjiang Deep Venture Capital holds 1.2888% of the shares, Guanghe Phase II holds 1.2232% of the shares, Zhejiang Rongteng holds 1.1868% of the shares, Zhongguancun Science City holds 0.9309% of the shares, Rongteng No.2 holds 0.9220% of the shares, Xiamen Yaheng holds 0.9049% of the shares, Jisi Investment holds 0.8980% of the shares, Dexin Investment holds 0.8662% of the shares, Guangzhou Chuxin holds 0.6489% of the shares, and Hangzhou Chuxin holds 0.6105% of the shares;
China Mobile Hechuang, Tencent Technology, and Wuxi Jinqiu each hold 0.5986% of the shares, Amber Anyun holds 0.5974%, Jiangsu Fanquan holds 0.5934%, Alibaba's Hangzhou Haoyue holds 0.4490%, Innovation Capital holds 0.3752%, Shanghai Sci Tech Innovation holds 0.3746%, CSI Investment holds 0.3377%, Shenzhen Venture Capital Group holds 0.2966%, Tianjin Computing Power holds 0.2783%, Xiangfeng Xiamen holds 0.2635%, Shanghai Yunqi holds 0.2245%, Junshi Venture Capital holds 0.1841%, Hechuang Investment holds 0.1497%, Guangyue Investment holds 0.1359%, Weifang Chuxin holds 0.1254%, and Shanghai Mi Investment holds 0.1254%. Da holds 0.1227% of the shares.
After this issuance, the voting rights controlled by Wang Xingxing will be reduced to no more than 65.3090%.
After the IPO, Wang Xingxing holds 21.4395% of the shares, Shanghai Yuyi holds 9.8472%, Hanhai Information holds 6.8502%, Ningbo Sequoia holds 5.5890%, Astrend IV holds 3.9820%, Jingwei No.1 holds 3.8338%, Jinshi Growth holds 3.7368%, Robot Fund holds 3.4436%, Jiaxing Huamao holds 2.8686%, and Junwan Hongyi holds 2.7629%;
Source Code Capital holds 2.3431% of the shares, China Open Investment holds 1.8980%, Vertex holds 1.6276%, Jiaxing Ruili holds 1.4662%, and Hexagon holds 1.1980%;
Xinjiang Deep Venture Capital holds 1.1599% of the shares, Guanghe Phase II holds 1.1009% of the shares, Jingwei No. 3 holds 1.0737% of the shares, Zhejiang Rongteng holds 1.0682% of the shares, Chengdu Longzhu and Zhongguancun Science City hold 0.9169% of the shares respectively, Rongteng No. 2 holds 0.8298% of the shares, Xiamen Yaheng holds 0.8144% of the shares, Jisi Investment holds 0.8082% of the shares, Dexin Investment holds 0.7796% of the shares, Guangzhou Chuxin holds 0.5840% of the shares, and Hangzhou Chuxin holds 0.5495% of the shares;
China Mobile Hechuang, Tencent Technology, and Wuxi Jinqiu each hold 0.5388% of the shares, Amber Anyun holds 0.5377%, Jiangsu Fanquan holds 0.5341%, Alibaba's Hangzhou Haoyue holds 0.4041%, Innovation Capital holds 0.3377%, Shanghai Sci Tech Innovation holds 0.3372%, CSI Investment holds 0.3040%, Shenzhen Venture Capital Group holds 0.2669%, Tianjin Computing Power holds 0.2505%, Xiangfeng Xiamen holds 0.2372%, Shanghai Yunqi holds 0.2021%, Junshi Venture Capital holds 0.1657%, Hechuang Investment holds 0.1347%, Guangyue Investment holds 0.1223%, Weifang Chuxin holds 0.1129%, and Shanghai Mida holds 0.1105%.
