Unitree's IPO application was accepted, last year's revenue increased by more than three times, earning 288 million yuan.

This article is reprinted from: Urban Express

Reporter Liang Yingjie

The much-anticipated IPO of Yushu Technology has made new progress. Yesterday afternoon, the Shanghai Stock Exchange official website showed that Yushu Technology’s Sci-Tech Board IPO application has been accepted. According to the draft prospectus, Yushu Technology plans to raise 4.202 billion yuan in this IPO.

With the exposure of the “Yushu Technology Co., Ltd. Initial Public Offering and Listing on the Sci-Tech Board Prospectus (Draft),” this highly acclaimed robotics company has officially unveiled its mystery to the public.

First, let’s address everyone’s biggest concern: Is Yushu Technology profitable?

The answer is yes. According to disclosed performance data, Yushu has experienced explosive revenue growth from 2022 to 2025 (full-year review), increasing from 123 million yuan to 1.708 billion yuan.

Especially in 2025, under the halo of the “Hangzhou Six Little Dragons,” revenue grew by 335.36% compared to 2024’s 392 million yuan.

As founder Wang Xingxing previously stated, Yushu Technology’s cost control far exceeds industry peers. While other robotics companies are burning money wildly, Yushu turned a profit in 2024, with a net profit of 288 million yuan last year, and an adjusted net profit of as high as 600 million yuan.

In comparison, the well-established Hong Kong-listed robotics company UBTECH reported a revenue of 621 million yuan in mid-2025, but a loss of over 400 million yuan.

Perhaps due to the increasing volume of products, Yushu’s gross profit margin has been steadily improving, rising from 44.22% in 2023 to 60.27% last year.

In addition to revenue and profit, Yushu’s control over sales expenses, management expenses, and financial expenses surpasses industry peers. Notably, Yushu’s R&D expense ratio is also below the industry average.

Regarding revenue composition, the proportion of humanoid robots, which repeatedly exceeded expectations, increased from less than 2% in 2023 to 51.53% from January to September 2025. In other words, the “humanoid robot” sector of Yushu Technology is still gaining value.

The prospectus also disclosed Yushu’s positioning: a world-renowned, internationally leading high-performance general-purpose robot company. During the reporting period, it led global sales of quadruped robots; in 2025, its humanoid robot shipments (over 5,500 units) ranked first worldwide.

In addition to robotic dogs and humanoid robots, Yushu’s products also include joint modules, dexterous hands, collaborative robotic arms, perception sensors, and more. Yushu states that its technological features include:坚持全栈自主研发，涵盖机器人本体、核心智能算法、具身智能模型（“大脑”与“小脑”）及核心部件（电机、减速器、传感器等）。

Regarding the purpose of this listing, Yushu said it aims to seize opportunities in the robotics industry, advance core technology breakthroughs, optimize corporate governance and talent strategies, and support future development. The raised 4.202 billion yuan will mainly be used for four projects: intelligent robot model R&D, robot body R&D, new intelligent robot product development, and intelligent robot manufacturing base construction.