Yushu Technology's Sci-Tech Innovation Board IPO application accepted, leading the global general-purpose robotics track

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On March 20, the Shanghai Stock Exchange officially accepted the application for the initial public offering of shares by Yushu Technology Co., Ltd. (hereinafter referred to as “Yushu Technology”) on the Science and Technology Innovation Board. As the second company to be reviewed following the implementation of the pre-review mechanism for IPOs on the STAR Market, Yushu Technology’s IPO has attracted significant attention from the capital markets and industries. This hard-tech enterprise, deeply engaged in the field of high-performance general-purpose robots, has become a benchmark company in the global embodied intelligence and humanoid robot sector, thanks to its fully self-developed core technology system and globally leading scaled commercial capabilities, also adding a core strength to the hard-tech landscape of the STAR Market.

Unitree G1, image sourced from the official website

Fully self-developed foundation solidifies hard technology base, leading global scaling

Yushu Technology is a globally leading high-performance general-purpose robot company, focusing on the research, production, and sales of high-performance humanoid robots, quadrupedal robots, robotic components, and embodied intelligence models. It was the first to achieve public sales and industry implementation of high-performance quadrupedal robots globally, maintaining a leading position in global sales of humanoid and quadrupedal robots in recent years.

In recent years, the company’s main business revenue has maintained rapid growth, achieving operating revenues of 123 million yuan, 159 million yuan, and 392 million yuan from 2022 to 2024, with revenue reaching 1.167 billion yuan in the first nine months of 2025, further increasing to 1.7 billion yuan for the full year of 2025; the revenue structure has been continuously optimized, with the revenue share of humanoid robots rising rapidly from 1.88% in 2023 to 51.53% in the first nine months of 2025, forming a dual pillar of core income together with quadrupedal robots. On the profitability front, the gross profit margin of the company’s main business steadily climbed from 44.18% in 2022 to 59.45% in the first nine months of 2025, achieving a net profit of 94.5018 million yuan in 2024, and reaching a net profit attributable to the parent company of 600 million yuan after deducting non-recurring gains and losses in 2025, demonstrating strong core profitability.

As a typical hard-tech enterprise, Yushu Technology insists on fully self-developing high-performance general-purpose robots and core components, establishing a complete technology system covering robotic bodies, core intelligent algorithms, embodied intelligence, and core components, forming 12 industry-leading core technologies. On the hardware front, the company has made breakthroughs in key technologies such as integrated joint integration, high compactness body integration, and impact protection, achieving self-controllable high-performance motors, reducers, dexterous hands, and laser radars; on the model algorithm front, the company has fully self-developed core model algorithms such as embodied intelligence, reinforcement learning, and motion control, successively open-sourcing the general WMA model “UnifoLM-WMA-0” and the general VLA model “UnifoLM-VLA-0”, achieving systematic breakthroughs in the frontier field of embodied intelligence.

With leading technological strength, Yushu Technology has continuously set new global performance records for general-purpose robots, achieving the world’s first full-size electric humanoid robot backflip, the world’s first electric humanoid robot side flip, and the H1 humanoid robot achieving a running speed of over 5 meters/second in 2025, breaking the world record for running speed of full-size humanoid robots; at the first World Robot Sports Conference in 2025, the company won 11 medals, becoming the enterprise with the most gold medals and total medals. On the product front, the company has formed a product matrix covering all categories of quadrupedal and humanoid robots, with cumulative sales of over 30,000 quadrupedal robots from 2022 to September 2025, and humanoid robot shipments exceeding 5,500 units in 2025, ranking first in the world, far surpassing comparable companies in the industry, solidifying its absolute leading position in the global general-purpose robot market.

Image sourced from the internet

At the same time, the company’s products have achieved large-scale implementation in multiple scenarios, being widely used in frontier technology research and development by numerous well-known universities, research institutions, and technology enterprises globally, and achieving industry-level applications in areas such as inspection, surveying, firefighting, and public services, serving leading domestic and foreign enterprises such as State Grid, PetroChina, Sinopec, and Baowu Steel Group, and have appeared multiple times on international stages like CCTV’s Spring Festival Gala and the Asian Games, gaining widespread recognition in the global market for technical strength and product stability.

Anchoring future industrial tracks, interpreting the positioning of the STAR Market with new-quality productive forces

As a national key future industry direction, embodied intelligence and humanoid robots have been continuously included in national policy documents such as the “Guidance on the Innovative Development of Humanoid Robots.” The 2026 Government Work Report of the State Council clearly proposed cultivating and developing future industries such as embodied intelligence, and the “14th Five-Year Plan” also lists embodied intelligence as one of the future industries that will help form new economic growth points. The high-performance general-purpose robots and embodied intelligence track in which Yushu Technology operates is an important carrier of new-quality productive forces and a strategic high ground in global technological industry competition.

Yushu Technology is the second company to submit an application under the “1+6” policy pre-review mechanism of the STAR Market. This mechanism serves as an important safeguard to prevent significant adverse effects on production and operations from the premature disclosure of business technology information and IPO plans for technology enterprises engaged in tackling key core technologies or meeting other specific circumstances, continuously highlighting the STAR Market’s commitment to the “hard technology” positioning and service to national strategies. Yushu Technology’s push for an IPO on the STAR Market not only aligns closely with the “hard technology” sector positioning but also reflects the capital market’s attention and support for high-quality technology enterprises in future industry sectors such as humanoid robots and embodied intelligence. Humanoid robots represent a core track with both technical barriers and trillion-level industrial space, and Yushu Technology is one of the very few companies in the industry that has achieved “core technology fully self-developed + large-scale production realization + full-scenario commercialization closed loop,” providing an important model for the high-quality development of hard-tech enterprises in China.

According to the prospectus, the company plans to publicly issue no less than 40,446,400 new shares, with fundraising projects including the research and development of intelligent robot models, development of robotic bodies, development of new intelligent robot products, and construction of intelligent robot manufacturing bases, aiming to raise 4.202 billion yuan. All fundraising projects revolve around the company’s main business and will further strengthen the company’s advantages in core technology research and development, product iteration, and scaling capacity, helping the company to maintain its global leading position.

From an industry perspective, Yushu Technology’s development not only achieves global leadership in technology but also promotes the ecological construction of the entire general-purpose robot industry. Previously, investment institutions such as Morgan Stanley and NuAn Fund generally believed that the core pain point of general-purpose robot industrialization lies in balancing technical performance, mass production capabilities, and commercialization costs. Yushu Technology has achieved self-control of core components through fully self-developed technologies, breaking through the “bottleneck” of critical technologies and significantly lowering the market threshold for high-performance robots through large-scale delivery, pushing the industry from “prototype research and development” into a new stage of “large-scale implementation.” At the same time, the company has released 43 open-source projects through open-source ecological construction, building a globally active developer community, forming a virtuous cycle of technological innovation and industry implementation, and laying a solid ecological foundation for the development of China’s embodied intelligence industry.

The acceptance of Yushu Technology’s IPO application for the STAR Market is not only a milestone in the company’s journey toward global leadership but will also inject strong momentum into the innovation and upgrading of China’s general-purpose robot industry, further highlighting the core value of the STAR Market in serving national strategies and empowering future industries, helping China firmly grasp the initiative in global high-end technological competition.

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Editor: Yang Hongbo