On August 19, the A-share "first stock of humanoid robots" Yushu Technology officially landed on the STAR Market.
On the first day of trading, Yushu Technology made a stunning debut: the issue price was 150.80 yuan/share, and it opened at 1100 yuan/share, soaring 629.44% compared to the issue price, corresponding to a market value of approximately 444.9 billion yuan.
What does this mean for investors who were allocated shares earlier?
Each allocation of Yushu Technology consists of 500 shares. Based on the issue price, one allocation requires a payment of 75,400 yuan; if calculated at the opening price of 1100 yuan, the market value of one allocation of shares reaches 550,000 yuan, with a floating profit of about 474,600 yuan.
In other words:
75,400 yuan of new share investment turns directly into a market value of 550,000 yuan after trading starts.
However, behind this crazy market is a deeper concern about the valuation the capital market gives to a robotics company, and DeepSeek has already invested real money in this field.
61 billion IPO valuation, opening surged to 444.9 billion
The issue price of Yushu Technology was 150.80 yuan, and after the issuance, the total share capital was about 404 million shares, corresponding to an IPO market value of about 60.993 billion yuan.
But the opening price today went directly to 1100 yuan.
Corresponding market value:
60.993 billion yuan → about 444.9 billion yuan
In just one opening price, the company's valuation given by the market increased by about 383.9 billion yuan.
In terms of growth, Yushu Technology opened at a rise of 629.44%, also becoming the stock with the highest opening rise on the first day of issuance since 2026.
This is not just an ordinary new stock listing.
It resembles a concentrated pricing of the capital market on embodied intelligence, humanoid robots, and the AI hardware industry chain.
But what truly stimulates the market is not just “robots””
One important reason Yushu Technology has received such high attention is:
It stands at the intersection of two hot narratives: AI and robots.
The company mainly engages in the research, development, production, and sales of high-performance general humanoid robots, quadruped robots, robotic components, and embodied intelligence models.
And on the eve of its listing, Yushu Technology released a demo video of its humanoid robot "Superman."
The officially disclosed data is very astonishing:
Jumping 2 meters from a standstill, with a maximum speed of 12.66 meters/second.
These two figures are reported to exceed human records in standing jumps and running.
This means that what the capital market is currently speculating on is no longer the traditional concept of “robot manufacturing.”
But rather: AI large models + robot bodies + motion control + embodied intelligence
This larger industrial narrative.
Why is DeepSeek worth mentioning separately?
Because prior to Yushu's listing, DeepSeek had already participated in its IPO strategic placement with real capital.
According to the strategic placement results disclosed by Yushu Technology earlier, Hangzhou DeepSeek AI Basic Technology Research Co., Ltd. (DeepSeek) was allocated about 933,400 shares, and based on the issue price of 150.80 yuan, the amount is approximately 14.1 million yuan, with a lock-up period of 36 months.
This is not an ordinary secondary market purchase.
But an IPO strategic placement.
More crucially, the cooperation direction between Yushu and DeepSeek itself aligns very well with the most popular narratives in the current AI industry:
Combining the brain of large models with the body of robots.
Yushu is more skilled in the robot body, motion control, and overall capabilities, while DeepSeek's core strengths lie in large models, inference, and generalization capabilities.
The directions of cooperation disclosed earlier include research and development of technologies related to general artificial intelligence and embodied intelligence product development.
So today, as Yushu lists and surges, the market’s attention is not solely on:
“A robot company has gone public.”
But rather on : AI large models are increasingly deepening their entry into the robot industry chain.
How much has DeepSeek made from this 14.1 million yuan investment?
This requires special attention to the timeframe.
DeepSeek's 14.1 million yuan strategic placement is calculated based on Yushu's issue price of 150.80 yuan.
If simply calculated at today’s opening price of 1100 yuan:
933,400 shares × 1100 yuan
Approximately equals:
1.027 billion yuan.
Corresponding to a floating profit of about:
886 million yuan.
This means that just based on today’s opening price calculated statically:
The shares of Yushu Technology obtained through DeepSeek's strategic placement of approximately 14.1 million yuan have a market value exceeding 1 billion yuan at the time of opening.
However, this is just the book value calculated at the opening price, which does not mean that DeepSeek has realized this profit.
The reason is simple:
The lock-up period for strategic placement shares is 36 months.
Therefore, this investment cannot be realized at today’s price in the short term.
What’s crazier is: Yushu’s IPO pricing itself is not cheap
If we only look at today’s 629% rise, it is easy to overlook another fact:
The issue price of 150.80 yuan itself corresponds to a relatively high valuation.
According to the issue price, Yushu Technology has an IPO market value of about 61 billion yuan, with a diluted price-to-earnings ratio of about 219.23 times after excluding non-recurring expenses in 2025, which is significantly higher than the average level of related industries on the STAR Market.
The company is expected to achieve an operating income of about 1.699 billion yuan in 2025, with a net profit of about 590 million yuan after excluding non-recurring expenses; the company estimates an operating income of about 1.052 billion to 1.128 billion yuan and a net profit attributable to the parent company of about 258 million to 306 million yuan in the first half of 2026.
Therefore, today's market actually throws a bigger question to the market:
What is the future value of humanoid robots?
If the robot industry enters a real large-scale production phase in the future, then today’s high valuation may just be the market pricing ahead of time.
But if the industry remains in the early stages of technology validation and commercialization, then such a huge leap in valuation also means the market has already factored in highly optimistic growth expectations.
This is also where traders should really pay attention
Yushu Technology's opening surge of 629% is certainly exciting.
But for traders, what is truly worth observing is actually not:
“How much did it rise today?”
But whether the market will see:
① High valuation spreading to the robotics sector
If Yushu Technology's high valuation after listing can be accepted by the market, then the robotics industry chain may gain a new valuation anchor.
Some institutions have previously suggested that Yushu's listing is likely to become a new valuation reference for the robotics sector.
② Robots transitioning from “storytelling” to “looking at orders”
This might be the most important change in the next phase.
In the past, the market speculated on humanoid robots, focusing mainly on:
Technological breakthroughs, product launches, policy catalysts.
But with Yushu’s listing, the capital market has begun to establish a clearer valuation benchmark for public companies.
In the future, the market may focus more on:
Shipment volume, orders, gross profit margin, mass production capacity, cost reduction speed.
Yushu previously disclosed that its shipment of pure humanoid robots had already exceeded 5,500 units by 2025.
This means the industry is gradually transitioning from "Are there robots?" to:
"Can robots be sold at scale?"
For AI and the cryptocurrency market, there’s another signal worth observing
If we look at Yushu, DeepSeek, and the current development of the AI industry together, we notice an increasingly evident trend:
The competition in AI is gradually extending from pure software models into the real world.
Previous competition in large models mainly focused on:
Parameters, computing power, reasoning capabilities, Agents.
Now it has started to include:
Robot bodies, sensors, actuators, motion control, embodied intelligence.
This means: AI is transitioning from "intelligence on screens" to "intelligence in the real world."
This is also why Yushu's IPO has attracted such high attention.
It is not just a listing of a company.
In some sense, it has also become a window for the capital market to observe the commercialization process of embodied intelligence.
But after a 629% surge, the real test is just beginning
Today’s opening price of 1100 yuan has already brought Yushu Technology's market value to approximately 444.9 billion yuan.
But the market must answer one question:
What kind of performance is needed to support this valuation of 444.9 billion yuan?
If the future shipment of robots grows rapidly, commercialization accelerates, and AI models deeply integrate with robots, then today’s crazy market could just be the starting point of the industrial cycle.
But if the industry’s commercialization speed is lower than expected, such a high valuation also means a larger space for potential decline.
So for traders:
629.44% is news, 444.9 billion is a number, what truly determines the subsequent market is performance.
And today, Yushu Technology has directly placed the valuation issue of the entire robotics sector in front of the market.
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