Yushu Technology is about to go public, and Wang Xingxing is about to be worth billions...

Why the rush?
It's obviously trying to beat Elon Musk's Optimus 3 to market.
Once Tesla's robot with a true AGI brain debuts,
Not to mention Yushu, the entire industry could be overturned.
After all, in robot competition, it's ultimately about the brain.
But looking at Yushu's financial report makes people nervous.
In 2025, net profit exceeds 600 million yuan, the only profitable company in the global robotics track.
But a closer look shows 73% of revenue comes from universities and research institutions.
Less than 20% is from actual commercial consumers, and industrial applications are only 9%.
Can this kind of profit be sustained?
If next year there are no research orders, will it immediately turn loss-making?
The latest R&D expenditure from January to September 2025 is only 90 million yuan, compared to UBTECH's total R&D investment of 1.4 billion yuan over three years from 2022 to 2024—hardly worth mentioning, and Tesla's is also over 10 billion yuan; Yushu's R&D expense rate is also far below that of listed peers; in terms of patents, Yushu has a mere 262, while UBTECH has 2,790.
Spending so little money to make good products,
Wouldn't Alibaba and Tencent easily crush with hundreds of billions invested?
More importantly, Yushu has never disclosed any progress in AGI development.
Not lacking money but rushing to go public, which naturally raises doubts that capital is trying to cash out.
As the first stock in humanoid robots,
Is Yushu a industry flag or just a capstone in a capital play? It's hard to say.