Humanoid Robots Hit Global #1 Shipments! From Unitree's IPO Prospectus, See Wang Xingxing's "Technical Ambitions" and "Expansion Blueprint"

The prospectus has been released, revealing the background of Yushu Technology, one of the most popular domestic embodied intelligence companies.

On March 20, Yushu Technology Co., Ltd.'s IPO on the STAR Market was updated to “application accepted,” making it another project approved for pre-review on the STAR Market.

According to the draft prospectus, Yushu Technology plans to raise 4.202 billion yuan, with funds allocated to four major projects: intelligent robot model development, robot body development, new intelligent robot product development, and the construction of an intelligent robot manufacturing base.

The draft prospectus shows that the initial issuance will be no less than 40.446 million shares (before the exercise of the over-allotment option), representing at least 10% of the total share capital after issuance, with a par value of 1 yuan per share. This also means that Yushu’s market value at issuance will be at least 42 billion yuan.

On February 28, 2026, Yushu Technology’s humanoid robots performed a dance at the Central Square in Tonglu County, Zhejiang Province. All images are from Xinhua News Agency.

CEO Wang Xingxing, with an annual salary of 2.5 million yuan, holds controlling interest in Yushu

According to the draft prospectus, founder and chairman Wang Xingxing directly holds 86.714964 million shares, accounting for 23.8216% of the company’s total equity. He is the controlling shareholder. Under the voting rights disparity arrangement, Wang Xingxing’s direct voting rights account for 63.5457%. Combined with his control of the Shanghai Yuyi equity incentive platform, his total voting rights in the company reach 68.7816%. Therefore, Wang Xingxing is the company’s controlling shareholder and actual controller.

Additionally, Yushu has 44 shareholders holding over 5%, including Meituan’s Han Hai Information, Galaxy Z, and Chengdu Longzhu, which are acting in concert, with a combined shareholding of 9.6488%; Ningbo Sequoia and Xiamen Yahang are acting in concert, holding 7.1149%; and Weijie No.1 and Weijie No.3 are also acting in concert, holding 5.4528%.

Star investors such as Jingshi Growth, CITIC, Shunwei Capital, Tencent, Alibaba, Geely, China Mobile, Shenzhen Venture Capital, Chuxin Capital, Guanghe, Beijing Robot Industry Investment Fund, Zhongguancun Science City, and Shanghai Science and Technology Innovation Fund are also present.

The draft prospectus further shows that in 2024, the total salary paid to directors, supervisors (excluding supervisors before the establishment of the supervisory committee), senior management, and core technical personnel who signed labor contracts with Yushu was 8.6389 million yuan.

Wang Xingxing’s salary was 2.4952 million yuan.

Humanoid robot revenue surpasses quadruped robots, pricing adjusted to build competitive advantage

According to the draft prospectus, from 2023 to 2025, Yushu Technology’s operating revenue was 159.1344 million yuan, 392.3706 million yuan, and 1.7082 billion yuan, respectively, with net profits of -11.1451 million yuan, 94.5018 million yuan, and 288 million yuan. The gross profit margin of main business increased from 44.18% in 2022 to 59.45% in the first nine months of 2025.

Major financial data of Yushu

In terms of production and sales, Yushu’s quadruped robots sold over 30,000 units during the reporting period, establishing a leading position in the global quadruped robot market. Since 2023, with the launch of its first humanoid robot H1 and the medium-sized G1 in 2024, sales of humanoid robots have grown rapidly, with over 5,500 units shipped in 2025 (excluding wheeled dual-arm robots), ranking first globally. Moreover, revenue from humanoid robots in the first nine months of 2025 has already surpassed that of quadruped robots, becoming a new growth driver.

Specifically, from January to September 2025, the production and sales rate of quadruped robots was 84.96%, while that of humanoid robots was 95.95%. In terms of revenue, in the first nine months of last year, Yushu’s revenue was 1.167 billion yuan, with quadruped robots contributing 488 million yuan (average price 27,200 yuan), and humanoid robots contributing 595 million yuan, accounting for over half, with an average price of 167,600 yuan.

Production, sales, and revenue of quadruped and humanoid robots

Yushu states that the overall production and sales rate of quadruped robots was high over the past three years. The rate declined slightly in the first nine months of 2025, mainly because the company began cooperation with JD.com at the end of 2024, mainly selling consumer-grade quadruped robots on a delivery-first, settlement-later basis, with revenue recognized after settlement. As of September 2025, the number of goods shipped from JD’s self-operated warehouses was large, causing a temporary decline in the production and sales rate.

For humanoid robots, production and sales have increased year by year. In 2023 and 2024, the H1 and G1 models were launched and began mass production and sales, leading to higher production and sales rates. By September 2025, the rate had risen to a high level.

Regarding the decline in humanoid robot prices, Yushu explains that it is mainly due to product structure and technological progress. The second mass-produced humanoid robot G1, a medium-sized model, has lower costs and prices than the full-sized H1, and its sales growth has driven down the overall average price. Technological improvements, such as ongoing process innovations and cost structure optimization, have also steadily reduced the unit cost of humanoid robots. To further strengthen its industry position and build long-term competitive advantages, Yushu states that after comprehensive assessment of market development, cost trends, and profitability, it has appropriately lowered product prices in 2025.

On August 11, 2025, at the World Robot Conference, visitors watch a robot boxing demonstration at Yushu’s booth.

Slow industry adoption, Yushu reveals strengths and weaknesses

Yushu states that its competitive advantages include self-developed algorithms and intelligent motion control, a full-stack self-developed mechanical design system and hardware, cost control and large-scale delivery, rapid product iteration and continuous innovation, first-mover advantages, a rich product matrix, and open industry chain collaborations.

However, it also faces clear disadvantages. Currently, Yushu’s financing channels are relatively limited, mainly relying on primary market equity financing and internal accumulation. Industry applications also need further development.

Yushu emphasizes that high-performance general-purpose robots, as frontier technology, have received widespread and high attention from capital markets, industry, and media in recent years, with generally optimistic market expectations. However, the industry is still in the early stages of technological breakthroughs and commercialization. If progress in key technologies, cost control, or scene applications is slow, current market enthusiasm and capital interest could decline significantly, potentially slowing industry growth and adversely affecting the company’s market expansion and performance.

Long-term, large-scale commercialization of humanoid robots faces multiple challenges, including technical reliability, production costs, market acceptance, and legal regulations. If downstream demand develops slowly or experiences cyclical fluctuations, it could directly impact industry and company capacity utilization and revenue realization.

Yushu states that, based on application plans of leading domestic and international manufacturers, in the short to medium term, humanoid robots will mainly be used in scientific research, application development, education, cultural performances, and intelligent services. In the medium to long term, their goal is to enter factories and households, providing services in industrial, domestic, and social scenarios. As technology advances, costs decrease, and applications expand, the penetration rate in fields like industrial manufacturing, consumer services, and public services is expected to increase over the next few years. The order of application deployment will depend on the complexity of tasks and the degree of scenario structuring.

In their second pre-review inquiry response, Yushu also mentioned that from January to September 2025, revenue from humanoid robots in industry applications accounted for only 9.01%, mainly in enterprise tours, intelligent manufacturing, and intelligent inspection, with enterprise tours comprising about 50-70%.

Industry application status of Yushu’s humanoid robots

Frankly discussing risks

Yushu also points out risks such as international trade frictions and regulatory policy upgrades, intensified industry competition and disorderly practices, corporate governance risks related to shareholder voting mechanisms, and the risk of high revenue growth rates and declining gross margins.

According to the draft prospectus, from 2022 to September 2025, overseas revenue accounted for 57.21%, 55.63%, 55.70%, and 39.20% of main business income, respectively. In the first nine months of 2025, despite a significant increase in domestic revenue, overseas sales still grew well, with a proportion over 35%. The company’s overseas sales are mainly settled in US dollars.

Yushu states that from 2022 to 2024, overseas revenue share was slightly higher than domestic, indicating strong recognition of its products abroad. In the first nine months of 2025, domestic revenue share rose sharply to 60.80%, mainly due to the company’s brand awareness and attention from the Spring Festival Gala at the beginning of 2025; additionally, rapid domestic AI and robotics industry development and policy support have boosted procurement and application in research, education, commercial, and industry sectors, significantly increasing domestic sales.

Yushu also notes that if industry competition intensifies, or if there are technological upgrades or product iterations, the company could face a more complex operating environment. For example, slower-than-expected commercialization, or products not meeting downstream needs, could slow revenue growth; failure to maintain technological leadership might lead to price competition and inventory issues; automation upgrades and project implementations not meeting expectations could hinder cost reduction and efficiency gains, raising costs and reducing gross margins, negatively impacting profitability.

As of the reporting period, Yushu’s inventory book value was 77.5374 million yuan, 78.9577 million yuan, 140.5805 million yuan, and 278.0366 million yuan, accounting for 24.12%, 24.20%, 11.07%, and 11.14% of current assets, respectively, with increasing amounts and relatively high proportions. The provision for inventory obsolescence was 6.525 million yuan, 9.7107 million yuan, 16.7937 million yuan, and 22.8106 million yuan, representing 7.76%, 10.95%, 10.67%, and 7.58% of inventory.

Meanwhile, Yushu has significantly increased outsourcing labor. During the reporting period, outsourced personnel mainly engaged in repetitive, low-tech assembly, testing, warehousing, and cleaning tasks. Outsourcing expenses were 14 million, 11.6169 million, 19.2226 million, and 50.4011 million yuan, respectively.

Yushu explains that order volumes have grown rapidly, and in-house recruitment could not meet the short-term demand. To ensure product delivery, the company adopted outsourcing. Future plans include building automated production lines to reduce reliance on external labor, with outsourcing scale expected to decrease as automation progresses.

Expenses on R&D, sales, and management

Yushu has 175 R&D personnel, accounting for over 30% of total employees. From January to September 2025, R&D expenses were 90.2094 million yuan, higher than the full-year 2024, but R&D expenses as a percentage of revenue decreased from 17.84% to 7.73%. Yushu states it will continue increasing R&D investment to strengthen technological advantages.

Major clients include Kingsoft and Galaxy Tongyong

On the client side, Yushu purchased cloud services from Beijing Kingsoft Cloud Network Technology Co., Ltd., with orders close to 100 million yuan.

Galaxy Tongyong is a major client, with a signed order of 16.371 million yuan. Also, JD.com (Beijing JD Century Trading Co., Ltd.) and China Mobile (China Mobile Information Technology Co., Ltd.) are among its clients.

Galaxy Tongyong is a multimodal embodied large model general robot company. Its founder, Wang He, previously attended a banquet with Wang Xingxing hosted by NVIDIA CEO Jensen Huang, attracting attention. Additionally, Yushu’s director Liang Wangnan is a director at Galaxy Tongyong.

Yushu states that Galaxy Tongyong’s product purchases are mainly for its own R&D and secondary development for external sales, with transaction prices fair and consistent with market prices.

Yushu also notes that sales to related parties are small, with prices fair and market-aligned.

Focus on embodied large models, manufacturing base expected to produce over 190,000 units annually

In its fundraising plan, Yushu allocates 48.13% (over 2 billion yuan) of funds to the largest single investment: developing core technologies for embodied large models, including “big brains” and “small brains” for intelligent robot models.

The company also plans to build a manufacturing base as a key IPO project. Once completed, it is expected to produce 75,000 humanoid robots and 115,000 quadruped robots annually.

Yushu analyzes the industry from three aspects: “big brain,” “small brain,” and “body.”

In “big brain,” global research is still in exploratory stages, with no unified or mature technical consensus. Multiple technical routes such as VLA (Vision-Language-Action), WMA (World-Model–Action), and dual-system are developing in parallel, offering broader innovation space and competitive opportunities.

In “small brain,” current technology has significantly surpassed early control methods relying on precise models and pre-programmed libraries, entering a hybrid intelligent control stage combining data-driven and optimization theories.

In “body,” development trends show a balance between high performance and industrial feasibility. Future evolution of humanoid body tech will focus on standardization, lifecycle cost optimization, new materials, advanced manufacturing, and bionic design.

Wang Xingxing has stated that the biggest challenge for humanoid robots is at the model level. Over the past year, he emphasized that embodied intelligence is not yet at GPT-level; generalization ability is still insufficient. He believes that if robots can complete about 80% of tasks in 80% of unfamiliar environments based on instructions, that would be the GPT moment.

He hopes Yushu can achieve this, but admits success depends on luck. If within 1-2 years, someone can realize this goal, they would undoubtedly be the world’s leading embodied intelligence model. This IPO attempt may be a crucial step in that “luck” battle.