CoinW Research Institute
On August 10, Yushu Technology completed online and offline subscriptions, with an issue price of 150.8 yuan. Each successful subscription number corresponds to 500 shares, and a single subscription requires a payment of 75,400 yuan. The announcement shows that the number of valid online subscriptions reached 9.7846 million accounts. After the adjustment, the final winning rate was 0.01809759%. On August 12, the winning results were announced, and investors who were allocated shares need to complete the payment as required.
Yushu Technology is currently the first company to achieve large-scale profitability with humanoid robots before its IPO, with shipments of humanoid robots exceeding 5,500 units in 2025, capturing a global market share of 32.4%, ranking first in the world. However, the issuance price-to-earnings ratio of 219 times and the price-to-sales ratio of 35.89 times are significantly higher than those of peers, indicating that its valuation includes a large amount of expected discount based on future growth. From the rush of 9.78 million accounts in the subscription to the positive pricing of CoinW Pre-IPO contracts post-listing, the market has effectively discounted long-term assumptions into the current stock price. By around 2030, humanoid robots are expected to achieve large-scale commercial use in productivity scenarios such as industrial manufacturing, and Yushu Technology is expected to maintain its global market share leading position during this period. After going public, optimizing customer structure, stabilizing gross margin, and restoring profit growth will be the three main lines to examine whether this long-term assumption can gradually be realized.
9.78 Million Accounts Participated in Subscription, Winning Rate Only 0.018%
The Sci-Tech Innovation Board is known for its high thresholds, but the subscription data of Yushu Technology illustrates that market enthusiasm is sufficient to cross these thresholds. Investors participating in this online subscription need to meet three conditions: first, they must have trading permission on the Sci-Tech Innovation Board, which requires an average asset of no less than 500,000 yuan over the first 20 trading days and more than 24 months of securities trading experience; second, they must hold a market value in the Shanghai market, calculated based on the average holdings of the previous 20 trading days prior to T-2, where each 10,000 yuan of market value corresponds to one subscription unit; third, they must have financial strength, as each successful subscription of 500 shares requires a payment of 75,400 yuan.
Even with these thresholds, this online subscription still attracted 9.7846 million investors, with the number of valid shares subscribed reaching 53.637 billion shares. The initial online issuance amount was only 6.471 million shares, resulting in a preliminary effective subscription multiple as high as 8,288.82 times. The issuer and the lead underwriter then initiated an adjustment mechanism, reallocating 3.236 million shares from offline back to online, bringing the final online issuance amount to 9.707 million shares, raising the final winning rate to 0.01809759%. In comparison, another popular new stock on the Sci-Tech Innovation Board this year, Changxin Technology, had an online winning rate of 0.47%, making Yushu Technology's winning probability less than one-tenth of the former.
The explosive subscription reflects the market's enthusiasm for leading companies in the sector. Since 2026, the average first-day increase of new shares in A-shares has reached as high as 276.04%. At the same time, it is worth noting that investors who did not win shares also have more diversified trading opportunities. The concept of robots is spreading across different markets, such as CoinW's TradFi sector has launched UNITREEUSDT. This provides investors with opportunities to trade ahead of the market by supporting round-the-clock trading and both long and short positions.
Valuation Increased 4.8 Times in Four Months, Performance Support or Emotional Premium?
From 12.7 billion to 60.993 billion yuan, Yushu's valuation has nearly increased by 4.8 times. Such rapid expansion is driven by both explosive performance and the scarcity of the sector: the leap in revenue and profit in 2025 provides fundamental support, while the exclusive identity of being the first A-share humanoid robot stock grants a sector premium. However, after superimposing these dual drivers, whether the 60.993 billion yuan market value has already overdrawn growth for the coming years needs to be cross-verified through price-to-earnings and price-to-sales ratios.
Performance Explosion: From Loss to Profit
Yushu's revenue in 2025 is expected to increase from 393 million yuan to 1.699 billion yuan, a year-on-year increase of 332.64%; net profit attributable to shareholders after deducting non-recurring gains and losses is expected to rise from 78.4765 million yuan to 591 million yuan, a year-on-year increase of 652.78%. The net cash flow from operating activities is approximately 670 million yuan, matching the scale of profits. In 2025, humanoid robot shipments are expected to exceed 5,500 units, capturing approximately 32.4% of the global market, ranking first in the world.
Sector Scarcity: Exclusive Premium
The listing of Yushu fills the gap in the A-share market for humanoid robots, and this scarcity brings liquidity and allocation premiums. From the industry cycle perspective, humanoid robots are at a critical node transitioning from technology validation to large-scale commercial use. Morgan Stanley predicts that from 2026 to 2050, the sales of humanoid robots in China will soar from 14,000 units to 5.42 million units. Whether this outlook can be realized or not, it provides a sufficiently grand narrative framework for current pricing.
Valuation Dissection: Price-to-Earnings and Price-to-Sales Ratios
To comprehensively assess whether Yushu's market value is reasonable, two core indicators must be examined simultaneously. To fully assess whether the market value is reasonable, both price-to-earnings ratio and price-to-sales ratio must be considered. The former measures the efficiency of the company in creating profits for shareholders, while the latter measures the company's ability to generate revenue, depicting valuation levels from different dimensions.
The price-to-earnings ratio is the ratio of total market value to annual net profit, reflecting the price investors are willing to pay for every 1 yuan of profit the company generates. This issuance's price-to-earnings ratio for Yushu is 219.23 times, corresponding to a net profit attributable to shareholders of 278 million yuan in 2025. This figure includes 349 million yuan in share-based payment expenses; if added back, the net profit attributable to shareholders, after deductions, is approximately 591 million yuan, giving a price-to-earnings ratio of about 103.25 times. Both calculations are above the industry average static price-to-earnings ratio of 38.56 times. A high price-to-earnings ratio indicates that the current profit scale is insufficient to support the existing market value, and the market is effectively prepaying for the assumption of high growth in profits over the coming years.
The price-to-sales ratio is the ratio of total market value to annual revenue, reflecting the price investors are willing to pay for every 1 yuan of revenue generated by the company. Unlike the price-to-earnings ratio, the price-to-sales ratio is less influenced by accounting expenses such as share-based payments, thus better reflecting the quality of revenue itself, and is therefore often used for growth-stage companies with fluctuating profitability. Yushu's issuance price-to-sales ratio is 35.89 times, while the industry average is about 19.74 times, indicating a nearly twofold difference.
Both price-to-earnings and price-to-sales ratios are above those of peers, pointing to a clearer conclusion: the market assigns a higher premium to Yushu's revenue quality and growth potential. Whether this premium is reasonable depends on whether its subsequent revenue can continue to maintain rapid growth and whether the revenue structure can achieve substantial improvement from an increased proportion of high-margin industrial customers.
Humanoid Robot Revenue Accounts for Over Half, But Sustainable Profitability Still Needs Validation
Further observation indicates that in 2025, humanoid robots will replace quadruped robots as Yushu's primary source of revenue. This business is expected to generate 868 million yuan in revenue for the year, accounting for 51.78% of main business revenue; revenue from quadruped robots is 698 million yuan. During the same period, shipments of humanoid robots reached 5,511 units, with a gross margin of 63.18%. These figures indicate that Yushu has initially established the capability for large-scale production and sales of humanoid robots.
Product Structure Change: G1 Growth, H1 Decline
The average sales price of Yushu's humanoid robots dropped from 593,400 yuan in 2023 to 166,400 yuan in 2025, a decrease of over 70%. This change is not a continuous price cut, but a switch in product structure from the high-priced H1 to the lower-priced G1. Sales of G1 units rapidly increased from 257 in 2024 to 3,395 in the first nine months of 2025, representing an annualized growth of 1661.35%, while H1 sales decreased by 54.06%. The strategy of trading price for volume was validated in 2025, but its boundaries are also becoming apparent. Improvements in craftsmanship have simultaneously reduced unit costs; once the market penetration of G1 approaches saturation, whether the next breakout product can take over will directly determine the subsequent revenue growth trajectory.
Customer Structure: Primarily Research and Education, Industrial Implementation Still in Exploration
Behind the declining average price is the practical constraint of customer structure. Currently, Yushu's humanoid robots are primarily used in research, education, cultural performances, and intelligent services, with industrial applications still in the exploratory phase. This means that current revenue mainly comes from non-production customers such as universities and research institutions, rather than actual production procurement from factories. The top five customers accounted for only 12.08% of revenue in 2025, indicating that the customer base is highly dispersed and the foundation for stable repurchases has not yet been solidified. More concerning is the changing external environment; on July 28, the U.S. Federal Communications Commission (FCC) updated its regulated list to include "advanced robotic equipment," effectively barring exports of new models to the United States. With Yushu's overseas revenue accounting for over 40%, the tightening of policies poses significant risks to its overseas business.
Divergence Between Revenue Growth and Profit Decline
After 2026, a clear divergence began to emerge between Yushu's revenue and profit. In the first quarter, revenue increased by 68.49% year-on-year, while the net profit attributable to shareholders after deductions decreased by 52.55% year-on-year. During the same period, R&D expenses increased by 38.328 million yuan, and marketing investments such as brand promotion also saw an uptick. The company projects that net profit attributable to shareholders after deductions will decline by 6.43% year-on-year to 219.7 million yuan in the first half. Meanwhile, to capture the next phase of market share, the company must increase its investment in R&D and marketing. The growth in revenue indicates that market demand remains, but the decline in profit signifies that the cost of trading price for volume is becoming evident. Yushu is transitioning from a phase of scale expansion to a high investment phase; if order growth lags behind increased investments, the high valuation will face a risk of adjustment.
Conclusion
From a global perspective, 2025 is poised to be a critical year for humanoid robots transitioning from conceptual interest to actual deliveries. IDC data shows that global shipments of humanoid robots are expected to reach about 18,000 units in 2025, as the industry enters a stage of concentration among leading players and differentiation among tiers. Yushu Technology's shipment volume exceeds 5,500 units, achieving a global market share of 32.4%, ranking first in the world.
However, the entire industry is still in the early stages of commercialization, and Yushu's position as the global leader may only reflect a temporary advantage due to the lack of true competitors. Tesla's Optimus and Figure AI currently have limited shipment volumes; this is not due to technological lag but rather because their products with autonomous intelligent decision-making capabilities and high-precision dexterous hands have not yet scaled up for mass production. Once these products begin mass production, industry competition will shift from who can build them to who can perform better, and a decline in Yushu's global market share is a high probability event, potentially even falling to single digits. The shift from demonstration products to productivity tools represents the real challenge the entire industry is about to face.
For Yushu, current success depends on two variables: one is whether substantial breakthroughs can be achieved in industrial applications, and the other is whether the overseas policy environment will tighten further. Yushu's significance has transcended beyond the company itself and as the first A-share humanoid robot stock, it will become the valuation anchor for the entire sector. Its performance upon listing will not only determine its own stock price trajectory but also influence the capital market pricing of subsequent companies like Zhiyuan and UBTECH, and will test whether the narrative-driven hard-tech investment model can smoothly transition to performance-driven. Regardless, it has already opened a new chapter, transitioning the humanoid robot industry into a phase subject to continuous verification by the public market, moving beyond an era focused solely on dreams.
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