Yushu Technology Co.,Ltd. will begin trading on the stock market tomorrow, with its initial public offering priced at 150.8 yuan per share. At this price, the company's market capitalization upon listing is estimated at approximately 60.99 billion yuan, with total expected proceeds reaching 6.099 billion yuan. Previously, CCB International had assigned a secondary market valuation of 109 billion yuan to the company. Industry insiders have also projected that Yushu Technology Co.,Ltd. could reach a valuation of 200 billion yuan following its listing. It has been noted that the company plans to host a thank-you luncheon on the day of its market debut.
As a high-performance general-purpose robotics firm, Yushu Technology Co.,Ltd. focuses on the research, development, production, and sales of advanced humanoid robots, quadruped robots, robotic components, and embodied intelligence models. The company traces its origins to its predecessor, Yushu Co., Ltd., established on August 26, 2016, and was reorganized into Hangzhou Yushu Technology Co., Ltd. on May 28, 2025. Notably, 2026 marks the tenth anniversary of the company's founding.
Serving as a benchmark case under the pre-review mechanism, Yushu Technology Co.,Ltd. moved swiftly through the listing process: its IPO application was accepted on March 20, it passed the review on June 1, and registration became effective on July 2—all within just over 100 days. According to the prospectus, the company reported revenues of 159 million yuan, 392 million yuan, and 1.708 billion yuan for 2023, 2024, and 2025, respectively. Net profits during the same periods stood at -11.1451 million yuan, 94.5018 million yuan, and 288 million yuan. Within the capital-intensive high-performance general-purpose robotics sector, Yushu Technology Co.,Ltd. stands out as one of the few robot makers globally to achieve scaled sales and profitability.
Based on audited financial data, Yushu Technology Co.,Ltd. generated revenue of 423 million yuan in the first quarter of 2026, with year-on-year growth easing to 68.49% from the prior year's 332.64%. Meanwhile, due to significant increases in period expenses such as R&D and sales costs, non-GAAP net profit declined to 40.2536 million yuan from 84.8365 million yuan in the same period last year, representing a 52.55% drop. Looking ahead, the company projects first-half 2026 revenue of approximately 1.052 billion to 1.128 billion yuan, a year-on-year increase of around 35.62% to 45.41%. However, owing to the rapid rise in R&D investment and other period expenses, non-GAAP net profit for the period is expected to be between 236 million and 283 million yuan, down about 21.97% to 6.43% from the prior year—a marked improvement over the first-quarter decline.
During an online roadshow, Wang Xingxing, chairman of Yushu Technology Co.,Ltd., described the upcoming listing as a brand-new starting point for the company. He emphasized that the firm is actively exploring a broader range of product forms and models, including humanoid robots, quadruped robots, and mech suits.