Unitree Robotics IPO Application Accepted, Meituan Is Second Largest Shareholder, 2025 Revenue Surges 335.4% YoY, Net Profit Growth 204% | IPO Insights

Yushu Technology Co., Ltd. (hereinafter referred to as “Yushu Technology”) recently submitted an application for listing on the STAR Market of the Shanghai Stock Exchange. The prospectus (draft) shows that the company plans to publicly issue no less than 40.4464 million A-shares, accounting for at least 10% of the total share capital after issuance, with CITIC Securities serving as the sponsor.

From financial data, Yushu Technology’s performance shows explosive growth. In 2025, the company achieved operating revenue of 1.7082 billion yuan, a year-on-year increase of 335.36%; net profit attributable to the parent after deducting non-recurring gains and losses was 600 million yuan, up 674.29%. As a result, the company has become one of the few domestic general robot companies to achieve both scale revenue and substantial profitability simultaneously.

The prospectus disclosed by Yushu Technology shows that as of the signing date of this prospectus, Wang Xingxing directly holds 86.715 million shares, accounting for 23.8216% of the company’s total share capital, making him the controlling shareholder.

In addition, Meituan is Yushu Technology’s second-largest shareholder. Meituan’s subsidiaries HanHai Information, Galaxy Z, and Chengdu Longzhu, as shareholders of the company, have formed a concerted action relationship regarding their holdings, with a combined shareholding ratio of 9.6488%.

The company’s market position is also noteworthy. In 2025, Yushu Technology shipped over 5,500 humanoid robots (full-size humanoids, excluding wheeled bipedal robots), ranking first globally; during the reporting period, cumulative sales of quadruped robots exceeded 30,000 units, maintaining a leading share in the global market.

However, this sector is now seeing accelerated deployment by tech giants like Tesla, and trade friction risks also introduce uncertainties to its overseas revenue. The proposed maximum fundraising amount for this listing is 4.2 billion yuan, mainly to be invested in the development of embodied intelligent models and the construction of intelligent manufacturing bases.

Rapid growth in performance, but non-recurring items significantly impact net profit

Yushu Technology’s core financial indicators have shown rapid upward movement. During the reporting period, the company’s main business revenue grew from 121 million yuan in 2022 to 1.155 billion yuan in January-September 2025, and further increased to 1.708 billion yuan for the full year 2025, achieving over 14 times growth in two years.

The core engine supporting revenue growth has undergone a clear shift—the humanoid robot business has gone from zero to becoming the largest revenue source, surpassing quadruped robots. From January to September 2025, revenue from humanoid robots accounted for 51.53% of main business revenue, up from just 1.88% two years earlier. The proportion of quadruped robot revenue decreased from 76.57% to 42.25%, but the absolute amount continued to expand.

In terms of profit quality, the company emphasizes that net profit after deducting non-recurring gains and losses is the key indicator. In 2025, net profit was 288 million yuan, but net profit after non-recurring items was as high as 600 million yuan—the difference was due to a one-time recognition of 349 million yuan in share-based payment expenses (related to the capital increase of the equity incentive platform Shanghai Yuyi). This expense does not involve cash outflow and is classified as non-recurring gains and losses.

Regarding gross profit margin of main business, the company has shown continuous improvement. From 2022 to September 2025, the gross profit margin of main business increased from 44.18% to 59.45%, and for the full year 2025 (audited), it reached 60.27%. The prospectus attributes this mainly to cost control advantages brought by in-house R&D of core components and improved bargaining power after scale expansion.

Product Matrix and Technological Moat

Yushu Technology’s competitive advantage is built on a full-stack self-developed technological system. The company insists on independent R&D in core areas such as motor drive, overall mechanical structure, and embodied intelligent models. As of the end of January 2026, it holds 262 patents (including 20 domestic invention patents).

In terms of product matrix, the company has launched four main humanoid robot models: H1, H2 (full size), and G1, R1 (medium and small size), as well as multiple quadruped robot series (Go series, B series, A series) covering consumer and industrial applications. The R1 Air model starts at 29,900 yuan, and the G1 basic version starts at 85,000 yuan, significantly lowering the consumer threshold compared to earlier products.

In the field of embodied intelligent models, the company released the WMA architecture model “UnifoLM-WMA-0” in September 2025 and the VLA architecture model “UnifoLM-VLA-0” in January 2026, advancing two major technical routes in parallel. The prospectus also states that globally, embodied large model technology is still in R&D and testing stages. During the reporting period, the company has not yet scaled its self-developed general embodied large models for product application, only deploying and verifying in pilot scenarios such as its own factories.

As of September 2025, the company had 175 R&D personnel, accounting for 36.46% of total employees, with R&D expenses of 90.2094 million yuan, representing 7.73% of operating revenue.

Significant overseas revenue contribution, trade risks cannot be ignored

The international market is an important part of Yushu Technology’s business landscape. From 2022 to 2024, overseas revenue accounted for over 55% of main business revenue for three consecutive years. In 2025, driven by rapid domestic AI and robotics industry development and the brand effect from the Spring Festival Gala performance, domestic revenue share increased sharply to 60.80%, but the absolute value of overseas revenue continued to grow.

The prospectus lists international trade friction as a key risk requiring “special attention.” It states that since 2025, U.S. government tariffs on imported foreign goods have fluctuated. If the company is listed on control procurement or technology export restriction lists, it could face difficulties in maintaining rapid overseas sales growth or even a decline in performance.

Additionally, about 20% of raw materials are imported through domestic agents. Adverse changes in external supply chain policies could also impact material procurement and technological cooperation.

It is noteworthy that the company’s overseas sales are primarily settled in USD, and exchange rate fluctuations pose a potential risk. During the reporting period, the company’s foreign exchange gains and losses were -5.6782 million yuan, -2.9812 million yuan, -4.4377 million yuan, and +14.2282 million yuan, respectively, showing significant volatility.

Equity Structure and Special Voting Rights Arrangements

The actual controller, Wang Xingxing, directly holds 23.82% of the shares and controls additional voting rights through a special voting rights arrangement, with 44,074,296 Class A shares (each with 10 votes), giving him a total voting rights control of 68.7816%. Thus, Wang Xingxing is the controlling shareholder and actual controller of the company. After this issuance, his total control of voting rights will decrease to no more than 65.3090%.

For investor protection, the company has three independent directors and commits to paying cash dividends of no less than 10% of distributable profits annually, under the condition that business development needs are met. The prospectus also notes that under the special voting rights mechanism, if the actual controller’s interests are not aligned with those of minority shareholders, the latter may find it difficult to influence general meeting resolutions.

Fundraising of over 4.2 billion yuan, focusing on embodied intelligence

The proposed total fundraising amount is 4.202 billion yuan, allocated to four projects:

Intelligent robot model R&D project (2.022 billion yuan);

Robot body R&D project (1.11 billion yuan);

New intelligent robot product development project (445 million yuan);

Intelligent robot manufacturing base construction project (624 million yuan).

Among these, R&D projects account for approximately 85% of total fundraising, and manufacturing base construction accounts for 15%. The overall direction is to continue investing in core technologies like “brain” and “small brain,” while expanding capacity to meet rapidly growing market demand.

As of June 2025, the company’s latest market-oriented equity financing pre-money valuation was 12 billion yuan, with a post-money valuation of 12.7 billion yuan. Based on this valuation, the company’s post-issuance market value is expected to meet the STAR Market’s listing standard of no less than 10 billion yuan.

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