Author: Li Bing, Rongzhong Finance

"The first humanoid robot stock in the A-shares"

is coming.

"Thank you for giving us the opportunity to invest in Yushu five years ago."

At the Xiaomi press conference on March 19, Lei Jun said this to Wang Xingxing, who stood beside him, in front of the audience. The next day, on March 20, the Shanghai Stock Exchange's official website showed: Yushu Technology's IPO application for the Science and Technology Innovation Board has been officially accepted.

The timing is so precise that one can't help but marvel—Lei Jun truly has an eye for opportunity. The money invested five years ago is now about to become a stock that everyone wants to hold.

This is not an exaggeration. According to IT Juzi data, as of March 20, 2026, there have been 207 financing events in the Chinese robotics sector this year, of which humanoid robot financing accounted for 133, with a total of 115 companies obtaining funding. Among all these first-tier market robotics companies, Yushu is the only one that has turned profitable, with a gross profit margin approaching 60%, a global leading shipment of humanoid robots, and is officially knocking on the door of the A-shares.

The prospectus is very clear: revenue in 2025 is expected to be approximately 1.708 billion yuan, a year-on-year increase of 335%; net profit after deducing non-recurring items exceeds 600 million yuan; plans to raise 4.202 billion yuan. Even more remarkably, Yushu achieved profitability in 2024, with a gross profit margin soaring to 60.27% in 2025, and both humanoid and quadruped robots having a gross profit margin exceeding 60%, while most peers are still losing money or have gross margins below 30%. Out of the 4.2 billion yuan to be raised, over 2 billion will be invested in core technologies such as embodied large models, and production capacity will be expanded to an annual output of 75,000 humanoid robots and 115,000 quadruped robots.

While peers are still burning investor money to make prototypes, Yushu has already sold 5,500 humanoid robots, with an average selling price reduced to 167,600 yuan, while maintaining a gross profit margin of 62.9%.

This is the cruel rule of hard technology—whoever can first turn laboratory technology into products that users are willing to pay for can obtain the highest pricing power in the capital market.

From quadruped to humanoid, Yushu's "product leap"

Looking at Yushu's revenue structure, you will find a clear trajectory of strategic transformation.

In 2022, the company's main business revenue was 121 million yuan, with quadruped robots accounting for 76.57%, being the absolute mainstay. At that time, Yushu still gave the impression of "making robotic dogs." As of now, Yushu has sold over 30,000 quadruped robots, leading the global market share, earning cash flow, and producing at scale.

In August 2023, Yushu's first full-sized humanoid robot H1 hit the market, selling only 5 units that year, with revenue of 2.9671 million yuan, nearly negligible.

In 2024, the medium-sized humanoid robot G1 officially entered mass production, starting at a price of 99,000 yuan, becoming Yushu's first general-purpose humanoid robot to be launched at scale, marking the beginning of a critical process for the commercialization of humanoid robots. That year, Yushu achieved profitability.

The turning point occurred in 2025. At the beginning of the year, 16 H1 humanoid robots appeared on CCTV's Spring Festival Gala, completing an all-AI-driven group dance performance in Zhang Yimou's program "Yang BOT," with company founder Wang Xingxing personally boosting the performance. Overnight, "humanoid robots" became a technological focus of public discussion.

By the first three quarters of 2025, Yushu's humanoid robot sales revenue reached 595 million yuan, accounting for 51.53%, surpassing quadruped robots (488 million yuan, accounting for 42.25%) for the first time. In terms of sales volume, humanoid robots sold 3,551 units, which is 8.6 times that of 2024.

From 5 units to 3,500 units, it only took two years.

More crucially, the price curve has changed. The average selling price of humanoid robots fell from 593,400 yuan in 2023 to 260,700 yuan in 2024, and further down to 167,600 yuan in the first three quarters of 2025. Yushu explained in the prospectus: this is both a result of a change in product structure (the lower pricing of G1) and a proactive price adjustment, with the aim of "building long-term competitive advantages."

Exchanging cost-performance for scale, exchanging scale for data, and exchanging data for the speed of technological iteration.

This approach has already been validated in the quadruped robot market. Yushu has sold over 30,000 quadruped robots, leading the global market share. Now, they are replicating this path in the humanoid robot sector.

Wang Xingxing's ambitions do not stop there. In a recent public speech, he declared: "Humanoid robots will outrun Bolt by mid-2026." Bolt's world record for the 100 meters is 9.58 seconds, corresponding to a speed of about 10.4 meters per second. Yushu's H1 has already achieved a speed of over 5 meters per second during training.

Can this be realized? At least Yushu has made the market believe in this possibility.

Luxury shareholder list: half of the hard tech investment circle is aboard

Yushu's IPO has caused a tremor across the industry, not only because of its performance but also due to its "all-star lineup" of shareholders.

Founder Wang Xingxing directly holds 23.82% of the shares and indirectly holds 10.94%, making him the controlling shareholder of the company. However, through special voting rights arrangements, he actually controls 68.78% of the voting rights.

On the institutional investor side, the Meituan group (Han Hai Information, Galaxy Z, Chengdu Longzhu) holds approximately 9.6488%, making it the largest shareholder besides Wang Xingxing and the equity incentive platform Shanghai Yuyi. Sequoia Capital China (Ningbo Sequoia, Xiamen Yahang) holds about 7.1149%. Matrix Partners (Matrix No. 1, Matrix No. 3) holds about 5.4528%.

More noteworthy is the entry of internet giants. Tencent Technology holds directly 0.5986%, and Alibaba (Hangzhou Haoyue) and Ant Group (Shanghai Yunyang) are also present. The convergence of the two major camps betting on the same robotics company is extremely rare in the capital market.

On the industrial capital side, BYD, Geely, funds under China Mobile, the Beijing Robotics Industry Development Fund, Shenzhen Capital Group, and Jingshi Investment (under Citic Securities) have all participated. The national team, industry parties, and financial investors are all on board.

This list sends out two key signals:

First, a consensus on the sector has formed. From early purely financial investment (Shunwei, Sequoia) to later industrial capital (BYD, Meituan) and the addition of national team funds, it shows that robotics is viewed as a strategic national industry of certainty by various parties. BYD's entry suggests the imaginative space in automotive manufacturing scenarios, while Meituan’s backing points to the potential in logistics and delivery.

Second, there is a strong valuation premium capability. Against the backdrop of tightening liquidity in the primary market, Yushu can still attract such a dense influx of capital, proving its scarcity as an industry leader. By the time the C-round financing is completed in 2025, Yushu's post-investment valuation had exceeded 10 billion. Now, with the push for an IPO, the expected market cap can only be higher.

The money Lei Jun invested through Shunwei Capital five years ago will not yield a low return. It's no wonder Lei Jun is personally thanking Wang Xingxing—this is likely one of the most successful early investments by the Xiaomi group in recent years.

Yushu is the first

Yushu is the first humanoid robotics company to officially submit an application to the Science and Technology Innovation Board.

According to public information, over 20 robotics companies including Leju Robotics, Yundush, Stande, Youai Zhihui, Luoshi, Xiangong Intelligent, Atom, Jiazhi Technology, Kanope, and Jiuwu Intelligent have clear plans for listing. Yushu is the first to cross the finish line, with the current time point set on March 20, 2026, coinciding with the tenth anniversary of the company’s establishment.

What does this "first" signify?

First, the scarcity premium of "the first humanoid robot stock" in A-shares. Although the Hong Kong stock market already has companies like Ubtech (listing in December 2023) and Horizon Robotics (listing in December 2024), the valuation logic for hard tech companies in the A-share market is completely different. The liquidity of the Science and Technology Innovation Board, institutional allocation needs, and the endorsement of the "domestic substitution" narrative make Yushu one of the most scarce targets at present.

Second, the establishment of an industry valuation anchor. Yushu's issue price, price-to-earnings ratio, and market cap performance will directly affect the valuation expectations of subsequent queued companies. If Yushu can obtain a high premium, the entire industry will benefit; if the market response is tepid, later companies may be forced to adjust their expectations.

Third, the opening of capital exit channels. Over the past two years, financing in the robotics sector has been hot, but exit channels have been limited. Yushu's successful IPO means early investors now have a template for exit, making subsequent financing and acquisition deals in the robotics sector more active.

However, risks still exist. Yushu admits in the prospectus: "Given that the embodied large model technology is still under research and development testing globally, the company has not yet scaled its self-developed general-purpose embodied large model for application in robot products during the reporting period." However, Yushu has been prepared and has already open-sourced two major embodied large models, WMA and VLA, to pre-position itself for future technological direction.

This is a common bottleneck facing the entire industry. Yushu breaks down robot capabilities into "brain" and "cerebellum"—the cerebellum is responsible for movement control (running, jumping, flipping), while the brain is responsible for understanding, interaction, and autonomous decision-making. Currently, Yushu's cerebellum is at the industry peak, but the brain is not yet mature. Without a mature brain, robots can only execute preset commands and cannot truly understand their environment or autonomously plan tasks.

When this technological bottleneck is broken will determine whether general robots can move from laboratories to factories and homes, and will also determine Yushu's valuation ceiling after going public.

In 2026, star companies' "multiple rounds of financing" become the norm

If we broaden the perspective to the entire robotics sector, the financing enthusiasm of 2026 is nothing short of crazy.

According to IT Juzi data, as of March 20, 2026, there have been 207 financing events in the robotics sector, of which 115 are for humanoid robots, totaling 133 financing events.

One significant trend is that the financing rhythm of star companies is accelerating, with increasingly larger single-round amounts.

Zhiyuan Robotics, in its latest round, has a valuation exceeding 15 billion yuan. Its cleaning robot business "Zhidin Robotics" completed hundreds of millions in Series A financing in February, with investors including Shenzhen Investment Holding, Ecovacs, and others.

Galaxy General Robotics completed 2.5 billion yuan in B+ round financing in March, with a post-investment valuation of 22.5 billion yuan, with investors including the National Integrated Circuit Industry Investment Fund and other "national team" members.

Lingchu Intelligent completed 2 billion yuan in Pre-A round financing in March, with a post-investment valuation of 8 billion yuan.

Pasini completed 1 billion yuan in Series B financing in March, with a post-investment valuation of 10 billion yuan.

Xingdong Era completed 1 billion yuan in strategic financing in March, with a post-investment valuation of 10 billion yuan.

Another noteworthy development is that on March 18, the robot leasing platform "Qingtian Rental" completed hundreds of millions in angel round financing, with investors including Lehua Entertainment, Mingjia Capital—an investment institution co-founded by Huang Xiaoming. Lehua Entertainment, as an idol management company, is also beginning to layout the robot leasing sector.

After the Spring Festival Gala, Yushu's humanoid robot sales "surged." When robots start dancing Yangge, performing martial arts, they become consumer products with entertainment and traffic properties. Entertainment capital has sniffed this opportunity.

Financing rounds are also rapidly moving forward. Many companies complete multiple rounds of financing within a year of establishment, with Pre-A, A, and A+ rounds happening consecutively. Companies like Shenchong Xinghe, Lingyu Intelligent, Luobotai, and Gesong Technology completed angel or Pre-A round financing in March, with amounts ranging from tens of millions to hundreds of millions.

The logic behind this is that the sector is too hot, there is too much capital, and there are too few good projects. Institutions are afraid of missing out and can only rush ahead.

Finally

Returning to the moment when Lei Jun thanked Wang Xingxing.

On the surface, it appears to be an investor thanking a founder for providing an investment opportunity. But the deeper meaning is: thank you, Yushu, for proving that the humanoid robot sector truly has value, and thank you, Wang Xingxing, for making the bets of all possible return.

Yushu's IPO has opened up the A-share market's imagination for hard tech companies and has paved the way for more than 20 companies queued for listing.

Of course, challenges remain significant. The "brain" technology is not yet mature, the overseas trade environment is complex, and industry competition is intensifying; these risks are all clearly outlined in Yushu's prospectus. However, the market is willing to price this risk because everyone believes—embodied intelligence is the ultimate form of AI.

Wang Xingxing wrote in the "Statement to Investors" section of the prospectus: "2026 marks the tenth anniversary of Yushu Technology’s establishment. Over the past decade, we have always held on to our original intention, dreaming of using technology to drive the progress of human society. Now, we stand on the eve of breakthroughs in global AI and embodied intelligence technology, as humanity approaches the dawn of a higher civilization."

This narrative may be grand, but when spoken by the founder of a soon-to-be-listed company, it's hard not to be inspired. After all, in 2025 Yushu sold 5,500 robots, achieving revenue of 1.7 billion, and maintaining a gross profit margin of 60%.

And for those early investors in Yushu, they only need to do one thing:

Thank Wang Xingxing, and then wait to count the money.

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