Utree Technology’s IPO: A Milestone for Humanoid Robotics in China’s A-Share Market

Half of the investment community is thanking Yushu

On March 19, during Xiaomi’s launch event, Lei Jun publicly expressed gratitude to Wang Xing for the investment opportunity in Yushu five years ago. The following day, the Shanghai Stock Exchange’s official website confirmed that Yushu Technology’s IPO application for the Sci-Tech Innovation Board had been officially accepted. The timing was impeccable, showcasing Lei Jun’s sharp insight. The funds invested five years ago are now on the verge of transforming into a highly sought-after stock. This is not an exaggeration. According to IT Juzi data, as of March 20, 2026, there have been 207 financing events in China’s robotics sector this year, with 133 specifically for humanoid robots, involving 115 companies. Among all these robotics companies, Yushu stands out as the only one that is already profitable, boasts a gross margin nearing 60%, leads the world in humanoid robot shipments, and is officially entering the A-share market.

The prospectus clearly outlines the company’s performance: an expected revenue of approximately 1.708 billion yuan in 2025, a year-on-year increase of 335%; a net profit exceeding 600 million yuan after deductions; and a plan to raise 4.202 billion yuan. Notably, Yushu achieved profitability in 2024, with a gross margin projected to reach 60.27% in 2025. Moreover, both humanoid and quadruped robots are expected to achieve gross margins above 60%, while most competitors are still operating at a loss or with margins below 30%. Of the 4.2 billion yuan to be raised, over 2 billion will be directed towards core technologies, including embodied large models, and the company plans to expand production capacity to manufacture 75,000 humanoid robots and 115,000 quadruped robots annually. While competitors continue to burn investor funds on prototypes, Yushu has already sold 5,500 humanoid robots, with an average selling price reduced to 167,600 yuan, while maintaining a gross margin of 62.9%. This illustrates the harsh reality of hard technology: the first to turn laboratory innovations into commercially viable products gains significant pricing power in the capital market.

Product Transition from Quadruped to Humanoid Robots

A closer look at Yushu’s revenue structure reveals a clear strategic transition. In 2022, the company’s main business revenue was 121 million yuan, with quadruped robots accounting for 76.57% of sales, firmly establishing them as the primary product. At that time, Yushu was primarily known for its “robot dogs.” As of now, Yushu has sold over 30,000 quadruped robots, securing the top global market share while generating strong cash flow through large-scale production. In August 2023, Yushu launched its first full-sized humanoid robot, the H1, which sold only 5 units that year, generating 2.9671 million yuan in revenue—almost negligible. In 2024, the G1, a mid-sized humanoid robot, began mass production with a starting price of 99,000 yuan, marking Yushu’s first scalable entry into the humanoid robot market and initiating a critical process for commercializing humanoid robots. That year, Yushu became profitable.

A pivotal moment occurred in 2025. At the start of the year, 16 units of the H1 humanoid robot appeared on CCTV’s Spring Festival Gala, performing an AI-driven group dance in a program directed by Zhang Yimou, with founder Wang Xing personally supporting the initiative. Overnight, “humanoid robots” transformed into a hot topic of technological discussion. By the first three quarters of 2025, Yushu’s humanoid robot sales revenue reached 595 million yuan, surpassing quadruped robots for the first time (488 million yuan, representing 42.25% of total revenue). In terms of sales volume, humanoid robots sold 3,551 units, a staggering 8.6 times the total sales for 2024.

Equally important is the pricing trend. The average selling price of humanoid robots dropped from 593,400 yuan in 2023 to 260,700 yuan in 2024, and down to 167,600 yuan in the first three quarters of 2025. Yushu explained in its prospectus that this is due to changes in product structure (with the G1 priced lower) and proactive pricing adjustments aimed at “building long-term competitive advantages.” This strategy involves exchanging cost performance for scale, utilizing scale to generate data, and using data to accelerate technological iteration. This approach has already been validated in the quadruped robot market, where Yushu has sold over 30,000 units and leads in global market share. Now, they are replicating this success in the humanoid robot sector.

Wang Xing’s ambitions extend further. In a recent public speech, he boldly stated, “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 approximately 10.4 meters per second. Yushu’s H1 has achieved a training speed of over 5 meters per second. Will this be realized? At the very least, Yushu has instilled confidence in the market about this possibility.

Impressive Shareholder List: The Hard Technology Investment Community is Onboard

Yushu’s IPO has caused a stir throughout the industry, not only due to its strong performance but also because of its impressive “all-star shareholder list.” Founder Wang Xing directly holds 23.82% of the shares and indirectly holds 10.94%, making him the controlling shareholder. He effectively controls 68.78% of the voting rights through special voting arrangements. Among institutional investors, the Meituan group (including Hanhai Information, Galaxy Z, and Chengdu Longzhu) holds approximately 9.6488%, making them the largest shareholder after Wang Xing and the Shanghai Yuyi equity incentive platform. Sequoia China holds about 7.1149%, and Jingwei Venture Capital holds approximately 5.4528%. Notably, major internet players have also joined in, with Tencent holding 0.5986% directly and both Alibaba (Hangzhou Haoyue) and Ant Group (Shanghai Yunzhen) making an appearance. The simultaneous backing of the two major camps for the same robotics company is exceedingly rare in the capital market.

In terms of industrial capital, companies like BYD, Geely, the China Mobile fund, Beijing Robot Industry Development Fund, Shenzhen Capital Group, and Jinshi Investment (under CITIC Securities) have also come on board. National teams, industry players, and financial investors are all involved. This shareholder list signals two key messages: first, a consensus has formed regarding the sector. The transition from early purely financial investments (such as Shunwei and Sequoia) to the inclusion of industrial capital (such as BYD and Meituan) and national team funds indicates that robotics is now recognized as a strategic national industry with strong certainty. BYD’s involvement hints at the potential in automotive manufacturing scenarios, while Meituan’s investment points to opportunities in logistics and delivery.

The second message is the company’s strong valuation premium capability. Amid tightened liquidity in the primary market, Yushu’s ability to attract such a flood of capital reflects its rarity as an industry leader. By the completion of its Series C financing in 2025, Yushu’s post-investment valuation exceeded 10 billion yuan. As the company approaches its IPO, its expected market value will likely rise even higher. The returns on the money that Lei Jun invested through Shunwei Capital five years ago will not be low. It’s no wonder that Lei Jun personally thanked Wang Xing—this could be one of Xiaomi’s most successful early investments in recent years.

Yushu is the first humanoid robot company to officially submit an application to the Sci-Tech Innovation Board. According to public information, over 20 other robotics companies, including Leju Robotics, Yundongchu, Stand, UAI, Luoshi, Xiangong Intelligent, A Tongmu, Jiazhitech, Kanopu, and Jiuwu Intelligent, have expressed clear intentions to go public. Yushu’s status as the first to cross the finish line, with a time frame set for March 20, 2026, coinciding with the company’s tenth anniversary, holds significant implications. First, the scarcity premium of being the “first humanoid robot stock” in A-shares. While there are already companies like UBTECH (set to list in December 2023) and Yujian (scheduled for December 2024) in Hong Kong, the valuation logic for hard tech companies in the A-share market differs significantly. The liquidity of the Sci-Tech Innovation Board, institutional allocation demands, and the narrative of “domestic substitution” make Yushu one of the most sought-after targets at present.

Secondly, establishing a valuation anchor for the industry. Yushu’s offering price, price-to-earnings ratio, and market performance will directly influence the valuation expectations of subsequent companies in the queue. If Yushu achieves a high premium, the entire industry will benefit; if the market reacts lukewarmly, subsequent companies may be forced to adjust their expectations.

Thirdly, the opening of capital exit channels. Over the past two years, financing in the robotics sector has been booming, but exit channels have been limited. Yushu’s successful IPO means early investors now have a template for exit, leading to more active follow-up financing and acquisition transactions in the robotics sector. However, risks also exist. Yushu’s prospectus admits, “Given that large model technologies are still in the R&D testing phase globally, the company has not yet scaled the application of its self-developed general large model to robot products during the reporting period.” Nevertheless, Yushu has been proactive, having already open-sourced two large models, WMA and VLA, to position itself ahead of future technological directions. This is a common bottleneck faced by the entire industry. Yushu has broken down robotic capabilities into a “brain” and a “small brain”—the small brain is responsible for motion control (running, jumping, tumbling), while the brain handles understanding, interaction, and autonomous decision-making. Currently, Yushu’s small brain ranks among the industry’s best, but the brain itself is not yet mature. Without a mature brain, robots can only execute preset commands and cannot genuinely understand their environment or autonomously plan tasks. When this technological bottleneck is broken will determine whether general-purpose robots can transition from laboratories to factories and homes, as well as the valuation ceiling for Yushu post-IPO.

2026: A Year of Multi-Round Financing for Star Companies

Expanding the focus to the entire robotics sector, the financing frenzy in 2026 has been nothing short of astonishing. According to IT Juzi data, as of March 20, 2026, there have been 207 financing events in the robotics sector, with 115 specifically for humanoid robots, totaling 133 financing instances. A notable trend is that star companies are accelerating their financing pace, with larger amounts raised in each round. Zhiyuan Robotics recently achieved a valuation exceeding 15 billion yuan. Its cleaning robot division, Zhiding Robotics, completed hundreds of millions in Series A financing in February, with investors including Shenzhen Investment Holding and Lek Electric. Galaxy General Robotics completed 2.5 billion yuan in Series B+ financing in March, with a post-investment valuation of 22.5 billion yuan, supported by a lineup of national team investors including the National Integrated Circuit Industry Investment Fund and China Bank Capital. Lingchu Intelligent secured 2 billion yuan in Pre-A financing in March, achieving a post-investment valuation of 8 billion yuan. Pashini completed 1 billion yuan in Series B financing in March, with a post-investment valuation of 10 billion yuan. Star Era also secured 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 robotics rental platform “Qingtian Rental” secured several hundred million yuan in angel round financing, with investments from Lehua Entertainment and Mingjia Capital, the latter being an investment firm co-founded by actor Huang Xiaoming. Lehua Entertainment, initially an idol management company, is now also venturing into the robotics rental space. Following the Spring Festival Gala, Yushu’s humanoid robot sales “soared.” As robots began to perform traditional dances and martial arts, they became products with entertainment and consumer appeal. The entertainment capital has caught wind of this opportunity, leading to rapid advancements in financing rounds. Many companies, established for less than a year, are completing multiple rounds of financing, with Pre-A, A, and A+ rounds occurring in quick succession. Companies like Shenqiong Xinghe, Lingyu Intelligent, Luobopai, and Gesong Technology have all completed angel or Pre-A rounds of financing in March, with amounts ranging from tens of millions to several billion yuan. The underlying logic is clear: the sector is too hot, funds are abundant, and there are too few good projects. Institutions are eager to get in on the action and are rushing ahead.

Returning to the moment when Lei Jun thanked Wang Xing, it might seem like a simple gesture of appreciation from an investor to a founder for the investment opportunity. However, the deeper significance lies in thanking Yushu for validating the value of the humanoid robotics sector and expressing gratitude to Wang Xing for creating the possibility of returns on everyone’s investments. Yushu’s IPO has opened up the imagination for hard tech companies in the A-share market and paved the way for over 20 companies waiting in line to go public. Of course, significant challenges remain. The “brain” technology is not yet mature, the international trade environment is complex, and competition within the industry is intensifying—these risks have been clearly stated in Yushu’s prospectus. Yet, the market is willing to assign a risk premium because everyone believes that embodied intelligence is the ultimate form of AI. In the prospectus’s “Statement to Investors,” Wang Xing wrote, “2026 marks the tenth anniversary of Yushu Technology. Over the past decade, we have remained true to our original aspiration, dreaming of using technology to drive the progress of human society. Currently, we stand on the brink of global breakthroughs in AI and embodied intelligent technologies, at the dawn of humanity’s advancement to a higher civilization.” This narrative may seem grand, but when voiced by a founder of a company about to go public, it is hard not to be inspired. After all, in 2025, Yushu managed to sell 5,500 robots, achieve revenue of 1.7 billion, and maintain a gross margin of 60%. For Yushu’s early investors, there is only one thing left to do: thank Wang Xing and wait to count their returns.