Yushu Technology passed the review in 73 days. Which companies will benefit?

On June 1st, the Listing Committee of the Shanghai Stock Exchange held a meeting and reviewed and approved the application of Yushu Technology Co., Ltd. for its initial public offering of stocks on the Science and Technology Innovation Board.

Yushu Technology's IPO was officially accepted by the Shanghai Stock Exchange on March 20th and successfully passed the review on June 1st, with an overall cycle of only 73 days. It is worth mentioning that Yushu Technology has successively received investments from well - known venture capital and industrial capital such as Meituan, Sequoia, Tencent, and Alibaba. CITIC Securities, as the sponsor of Yushu Technology, and its private equity investment fund Jinshi Growth and its wholly - owned subsidiary CITIC Investment hold a total of 4.4897% of the shares of Yushu Technology, and are therefore regarded as one of the important beneficiaries of Yushu Technology's IPO.

Profit has been achieved, and the revenue in the first half of this year is expected to exceed 1 billion yuan

The reason why Yushu Technology has attracted wide attention is closely related to its national - level influence. In the Spring Festival Gala in 2025, Yushu's humanoid robots performed cyber yangge on stage with dancers, subverting the public's perception of traditional robots. In the Spring Festival Gala in 2026, the company's robots completed the world's first fully autonomous humanoid robot cluster martial arts performance. High - difficulty actions such as backflips, cluster formation changes, and coordinated martial arts were all successfully carried out, making it a "national business card" for domestic embodied intelligence technology.

It is worth mentioning that the prospectus shows that Yushu Technology has achieved profitability.

In 2023, 2024, and 2025, the company's revenues were 159 million yuan, 393 million yuan, and 1.699 billion yuan respectively; the net profits were - 11 million yuan, 95 million yuan, and 278 million yuan respectively; and the non - recurring profit - adjusted net profits were - 18 million yuan, 78 million yuan, and 591 million yuan respectively. The company expects its revenue from January to June 2026 to be approximately 1.052 billion yuan to 1.128 billion yuan, with a year - on - year increase of approximately 35.62% to 45.41%; the non - recurring profit - adjusted net profit is expected to be approximately 236 million yuan to 283 million yuan, a decrease of approximately 21.97% to 6.43% compared with the same period last year.

In the prospectus, Yushu Technology elaborated on its competitive advantages: the total sales volume of the company's quadruped robots exceeded 33,000 units, laying the company's dominant position in the global quadruped robot market. At the same time, since the company self - developed and launched its first humanoid robot H1 in 2023 and the medium - sized humanoid robot G1 in 2024, the sales volume of the company's humanoid robot products has increased rapidly. In 2025, the company's humanoid robot shipments exceeded 5,500 units (pure humanoid, excluding wheeled dual - arm robots), ranking first in the world in terms of shipments.

In this IPO, Yushu Technology plans to raise 4.202 billion yuan for the R & D project of intelligent robot models, the R & D project of robot bodies, the development project of new intelligent robot products, and the construction project of an intelligent robot manufacturing base.

CITIC Securities will achieve double benefits from "investment banking + investment"

Going public on the capital market is not only the focus of the embodied intelligence track where Yushu Technology is located but also a feast for financial institutions to deeply engage in industrial finance.

The sponsor of Yushu Technology is CITIC Securities. In addition to obtaining underwriting and sponsorship income, with its early equity investment layout, CITIC - affiliated entities are also very likely to obtain considerable equity appreciation benefits after Yushu Technology goes public, achieving a deep - seated benefit tie - up in the process of Yushu Technology's listing.

The prospectus of Yushu Technology shows that as of the signing date of the prospectus, Jinshi Growth, a private equity investment fund of the sponsor CITIC Securities, and CITIC Investment, its wholly - owned subsidiary, hold 4.1520% and 0.3377% of the issuer's shares respectively, with a total 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 company's shares, and there is no concerted action relationship between it and Jinshi Growth.

In addition, equity investment institutions such as Sequoia China, Shenzhen Capital Group, and Matrix Partners, as well as industrial capital such as Meituan, Tencent, and Alibaba, will also benefit from Yushu Technology's listing. Among them, Meituan holds 9.6488% of Yushu Technology's equity, and Sequoia China holds 7.1149% of Yushu Technology's equity.

Securities firms: The current humanoid robot industry is at the dawn of moving from technological breakthrough to large - scale commercialization

The embodied intelligence and humanoid robot industry chain is long and has high technical barriers. Yushu Technology's successful passing of the review and fundraising for expansion are regarded as landmark events that will drive the continuous release of upstream core hardware demand from top to bottom and comprehensively accelerate the commercialization rhythm of the industry chain. The investment opportunities in embodied intelligence and humanoid robots have also attracted more and more attention from market participants. Many securities firms are closely following the progress of humanoid robots and have recently released relevant research reports.

In terms of the current stage, WANLIAN SECURITIES pointed out that the current humanoid robot industry is at the dawn of moving from technological breakthrough to large - scale commercialization. On the supply side, Tesla, Yushu Technology, Zhiyuan Robotics, and Ubtech are steadily advancing the mass - production rhythm; on the demand side, the aging population and the rising labor cost form a long - term driving force. At the same time, with the joint promotion of policies and capital, and the continuous injection of the soul into robots by large AI models, humanoid robots are expected to form an emerging industry, gradually moving from the B - end to the C - end, with broad market prospects in the future.

In terms of investment opportunities, WANLIAN SECURITIES believes that 2026 is a crucial window for mass - production verification and scenario implementation. It is recommended to focus on the following directions:

① Tesla and Yushu Technology are making relatively rapid progress in the humanoid robot industry. It is recommended to pay attention to the core component manufacturers that have entered or are expected to enter their supply chains, especially in the links with high value and high technical barriers such as precision reducers, actuators, and sensors.

② Price is an important prerequisite for large - scale commercialization. Focusing on the core logic of cost reduction, pay attention to the breakthrough and growth of the domestic supply chain. Domestic enterprises are rapidly reducing the overall machine price from the million - level to the hundred - thousand - level through self - developed technology and supply - chain integration. With the cost advantage and continuous iteration, the domestic supply chain is expected to achieve a leap from substitution to leadership. It is recommended to pay attention to companies that master the core component technologies such as motors, reducers, and controllers and can achieve mass production with low cost and high quality.

Guotai Haitong also pointed out that recently, car companies such as Li Auto and BYD have entered the humanoid robot business, many domestic robot new products have been released, and Yushu Technology is rushing to go public. Many companies in the industry chain have completed large - scale financing. It is recommended to focus on robot whole - machine manufacturers and robot core component suppliers, including:

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 Donghua Testing.

6) Encoders: Related targets are Fengtiao Technology and Yapu Co., Ltd.;

7) Joint hinges: Recommend Changying Precision;

8) Structural parts: Related target is Ningbo Huaxiang;

9) Equipment: Recommend Bozhong Seiko and Kerry Technology.

(Disclaimer: The content and data in the article are for reference only and do not constitute investment advice. Investors shall bear the risks on their own if they operate 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.