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Author | Chai Xuchen
Editor | Zhou Zhiyu
As the wave of AI sweeps into the physical world, embodied intelligence is becoming a golden track for global technology and capital competition.
Recently, the official website of the China Securities Regulatory Commission showed that Yushu Technology has released a report on the completion of its IPO counseling work and plans to apply for an initial public offering and listing of stocks in the domestic market, with CITIC Securities as the counseling institution.
It is understood that during the listing counseling period, CITIC Securities and Yushu Research determined and improved the fundraising investment project plan to ensure that the investment projects meet future development needs; at the same time, Yushu improved its corporate governance system, appointed three independent directors, and established an audit committee, nomination committee, compensation and assessment committee, and strategic committee within the board of directors. CITIC Securities stated that Yushu has now established a sound corporate governance system that meets the relevant requirements for listed companies.
The completion of the listing counseling means that this robot company, known as the &#34;Chinese version of Boston Dynamics,&#34; is about to knock on the door of the A-share market. Yushu's IPO is also fully prepared, just waiting for the right opportunity.
Industry insiders pointed out that choosing to list on the A-share market reflects Yushu's consideration of establishing itself in the local market and enjoying the policy dividends of the Science and Technology Innovation Board and other sectors. For the A-share market, which is eager for &#34;new stories,&#34; the &#34;hard technology&#34; and &#34;futuristic&#34; representation of Yushu have a strong valuation appeal. Once successfully listed, its scarcity premium is self-evident.
Looking back at the entire embodied intelligence track, from the financing winter two years ago to the current overwhelming demand, Yushu has indeed caught a good opportunity.
Earlier this year, Yushu Robotics took the stage at the CCTV Spring Festival Gala, gaining a wave of national popularity. The &#34;Yushu concept stocks&#34; in the capital market subsequently soared, with star institutions betting on Yushu, and shareholders viewing it as the next &#34;DJI.&#34; The previous &#34;old shares&#34; of Yushu were snapped up crazily, with shares worth tens of millions being sold out in less than three days at the beginning of this year.
Now, flipping through the shareholder list of Yushu Technology, it is indeed star-studded. Well-known capital firms such as Sequoia China, Matrix Partners, Qiming Venture Partners, Shunwei Capital, Shenzhen Capital Group, and Meituan are prominently listed.
The rise of Yushu cannot be separated from the boost of the large model wave led by DeepSeek and ChatGPT. Industry insiders believe that this year, AI models have solved the &#34;brain&#34; problem of robots, while companies like Yushu provide powerful &#34;small brains&#34; (motion control) and &#34;bodies&#34; (hardware platforms). The combination of AI and robotics brings science fiction into reality, opening up market imagination.
Currently, the global embodied intelligence market is on the brink of explosion. Embodied robots are being viewed as the next generation of super terminals after automobiles, with capital pouring into the embodied intelligence track at an unprecedented density. According to IT Juzi, in the first eight months of this year, the financing amount in the domestic robotics field has reached 38.624 billion yuan, which is 1.8 times the total financing amount of 21.254 billion yuan for the entire year of 2024
The heat of embodied intelligence is beginning to radiate rapidly. At NVIDIA's annual shareholder meeting in June this year, Jensen Huang emphasized that AI and robotics are the two biggest growth opportunities, representing a growth potential worth trillions of dollars. Additionally, Cybers has recently teamed up with ByteDance to enter this field. Not long ago, after XPeng showcased its humanoid robot at its Technology Day, its stock price surged by 15%.
“With the rapid development of large models, there is finally an opportunity for AI and robotics to truly combine and get to work,” said Wang Xingxing, founder of Yushu.
People are also beginning to envision a future where robots will truly enter the workforce, including in households, factories, and the service industry. &#34;Letting AI work&#34; is the key node for players like Yushu to scale their commercial landing.
Liu Yizhang, a person in charge of the national and local co-construction of the embodied intelligent robot innovation center, mentioned that the national sales of humanoid robots are only a few hundred units in 2024, but the annual sales are expected to leap to about 20,000 units this year, showing an explosive growth trend.
As of the third quarter of this year, there have been 17 orders in the robot field exceeding ten million yuan. Among them, in July, Yushu and Zhiyuan Robotics jointly won the bid for the humanoid biped robot OEM project of China Mobile (Hangzhou) Information Technology Company, with a total amount of 124 million yuan.
The continuous emergence of large orders is a strong signal for the embodied intelligence industry moving towards its commercial year. An investor told Wall Street Insights that although the technical route competition for robots has not ended, the focus of competition has shifted to the comparison of commercialization capabilities—production speed and scene landing efficiency have become the key to victory.
With the advantage of technological first-mover benefits, Yushu has experienced a sales explosion in this wave of robotics and has become one of the few players in the industry that can truly make a profit.
According to Yushu Technology, for example, in 2024, the sales of quadruped robots, humanoid robots, and component products account for approximately 65%, 30%, and 5%, respectively. Among them, about 80% of quadruped robots are applied in research, education, and consumer fields, while the remaining 20% are used in industrial fields, such as inspection and firefighting; humanoid robots are entirely used in research, education, and consumer fields.
Wang Xingxing revealed that Yushu's annual revenue exceeded 1 billion yuan last year. A person close to Yushu's shareholders disclosed to Wall Street Insights that since 2020, Yushu's financial statements have maintained profitability every year, with last year's net profit approaching 100 million yuan.
Becoming one of the top profitable players is an important reason why capital has thrown olive branches at it. Currently, the robotics field is a fierce competition, with players like Zhiyuan Robotics, Galaxy General, Self-Variable Robotics, Fourier Intelligence, and UniXAI all being sought after by capital. Yushu also needs to leverage capital to enter more real business scenarios and achieve leapfrog development to stay at the final table.
For Yushu, an IPO is not the end but the starting point of a long march. The funds raised from the listing will be the ammunition for it to continue &#34;all in&#34; in the &#34;final battle&#34; of humanoid robots. It vows to show the market a future deeply participated in by robots, which is coming at an unprecedented speed
At this moment, Yu Shu is standing at the peak of the wave.
Risk Warning and Disclaimer
The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at one's own risk

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Yushu Technology has completed its IPO counseling work and plans to conduct its initial public offering and listing domestically. CITIC Securities Co., Ltd. served as the counseling institution, assisting Yushu in improving its corporate governance system and formulating a fundraising investment project plan. Yushu's choice to list on the A-share market reflects its strategy of focusing on the domestic market. Industry insiders believe that Yushu's "hard technology" and "futuristic" appeal have strong valuation attractiveness

- YuTree Technology has completed its IPO counseling report and plans to apply for an initial public offering in China, with CITIC Securities as its advisor.  
- The company aims to leverage the local market and benefit from policies related to the Science and Technology Innovation Board, reflecting strong investor interest in its "hard technology" and futuristic appeal.  
- With significant orders and a profitable track record, YuTree is positioned to capitalize on the booming embodied intelligence market, marking its IPO as a crucial step in its growth strategy.

Yushu is one step closer to IPO