On August 10, Yushu Technology Co., Ltd. (688836.SH) began its IPO subscription on the Shanghai Stock Exchange, with an issue price of 150.8 yuan per share and a maximum subscription limit of 6,000 shares. CITIC Securities is the lead underwriter for the offering.
According to the prospectus, Yushu Technology Co., Ltd. is a world-renowned and internationally leading high-performance general-purpose robotics company, specializing in the research, development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. The company was the first globally to achieve public sales and industry deployment of high-performance quadruped robots, and its humanoid and quadruped robots have maintained leading sales volumes worldwide in recent years.
The company builds a robot product ecosystem through technological innovation. Its humanoid and quadruped robots are widely used by numerous prestigious domestic and international universities, research institutions, technology enterprises, and global developers. The company enjoys high recognition, particularly in overseas markets, and has driven technological progress and industrialization in the high-performance general-purpose robot sector through its leading global market share and continuous technological breakthroughs.
Yushu Technology Co., Ltd. places a strong emphasis on independent R&D and technological innovation. While continuously developing and iterating its humanoid and quadruped robot products, it has also fully developed core robot algorithms and models for embodied intelligence, reinforcement learning, and motion control, as well as intelligent systems for thermal management, energy management, and motor drives, and core robot components such as high-performance motors, reducers, dexterous hands, LiDAR, and various sensors. The company adheres to a full-stack self-developed core technology strategy for general-purpose robots, continuously enriching its product portfolio and leading the innovation and large-scale deployment of the high-performance general-purpose robot industry. It has secured a major share of the global market for quadruped and humanoid robots, particularly with strong brand recognition and market share in overseas markets.
During the reporting period, the company sold a total of over 33,000 quadruped robots, establishing a dominant position in the global quadruped robot market. Furthermore, since the launch of its first humanoid robot, the H1, in 2023, and the mid-sized G1 in 2024, the company's humanoid robot sales have grown rapidly. In 2025, the company's humanoid robot shipments exceeded 5,500 units (pure humanoid, excluding wheeled dual-arm robots), ranking first globally and demonstrating the company's first-mover commercialization advantage driven by core self-developed technology, achieving a leading market position in the general-purpose robot field.
Since 2024, the company has continuously improved the motion control and cluster scheduling performance of its humanoid robots. After pioneering an automatic cluster performance by a full-size humanoid robot in 2024, in early 2025, 16 H1 humanoid robots participated in the CCTV Spring Festival Gala dance performance "Yan BOT" using a fully AI-driven cluster system. In March 2025, the G1 humanoid robot achieved an electrically-driven side flip, setting a new industry record. In May 2025, the G1 was the only model selected for the mecha combat arena competition in the "CMG World Robot Competition Series," opening a new field of global humanoid robot combat. In August 2025, at the inaugural World Robot Games, the H1 and G1 performed excellently, with the H1 winning first place in the 1,500-meter run, 400-meter run, and 4x100m relay, and the G1 winning first place in the 100m hurdles with a time of 33.71 seconds, garnering a total of 11 medals. The company won the most gold medals and total medals, fully demonstrating the motion performance and reliability advantages of its products in high-dynamic tasks. By early 2026, the company once again raised the benchmark for humanoid robot technology with a fully autonomous, cluster-controlled martial arts performance, "Wu BOT," where 24 G1 and 1 H2 robots demonstrated millisecond-level coordination in high-speed parkour and drunken boxing sparring, breaking multiple global records for continuous freestyle table-jumping parkour and projectile flips.
Financially, for the fiscal years 2023, 2024, and 2025, Yushu Technology Co., Ltd. reported operating revenues of approximately 159 million yuan, 393 million yuan, and 1.699 billion yuan, respectively. During the same periods, net profit was approximately -11.1451 million yuan, 95.4747 million yuan, and 278 million yuan, respectively.