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Ask AI · How did the Spring Festival Gala become the key turning point for YuShu’s performance doubling?

In February 2026, YuShu Robotics showcased at the Temple of Heaven in Beijing. Photo/IC

The company has entered its 10th year since establishment, and YuShu’s listing process has taken another step forward.

About eight months after the listing process was initiated, on March 20, the Shanghai Stock Exchange official website announced that YuShu Technology Co., Ltd. (referred to as “YuShu”)'s application for STAR Market listing had been accepted, with a proposed fundraising of 4.202 billion yuan.

In the early stages of industry development, YuShu had clear advantages in core and operational control as well as cost management, and had already achieved stable revenue generation. As the prospectus disclosed, the company’s performance also surfaced, with YuShu turning profitable in 2024, and in 2025, leveraging the Spring Festival Gala “hype,” it achieved billion-yuan net profit: operating revenue reached 1.708 billion yuan, a year-on-year increase of 335.36%; net profit was 288 million yuan, up 204.29%; and net profit attributable to parent after non-recurring gains was 600 million yuan, up 674.29%.

YuShu states that the Spring Festival Gala is of great significance to it, to some extent reshaping its development trajectory. Beijing News Shell Finance reporters noted that previously, YuShu, deeply associated with “robot dogs,” saw its humanoid robot revenue surpass quadruped robots in the first three quarters of 2025, reaching 590 million yuan. Additionally, the Gala directly opened up the domestic market for YuShu. From January to September 2025, domestic revenue share surged to 60.8%.

Behind this push for listing, YuShu has gathered a super-luxury shareholder lineup including well-known investment institutions and star industry capital, covering Meituan, Ant Group, and Sequoia China.

2024 turns losses into profits, humanoid robots surpass “robot dogs”

Over the past two years, YuShu has achieved a performance turnaround, turning losses into profits in 2024, with a doubling of net profit in the following year.

According to the prospectus, from 2022 to 2025, YuShu’s revenue was 123 million yuan, 159 million yuan, 392 million yuan, and 1.708 billion yuan respectively; net profit was -22.1 million yuan, -11.15 million yuan, 94.5 million yuan, and 288 million yuan.

This was thanks to steady growth in quadruped robot performance, which is YuShu’s traditional strength, with humanoid robot business later catching up. From January to September 2025, sales revenue of quadruped robots was 488 million yuan, up 182.22% year-on-year; humanoid robot sales reached 595 million yuan, up 642.38%.

Before the Spring Festival Gala performance, YuShu’s quadruped robots had long been common in research institutions, outdoor patrols, and other scenarios worldwide. Its core technology for quadruped robots originated from the XDog quadruped robot scheme developed by founder Wang Xingxing during his master’s studies, featuring the world’s first low-cost external rotor brushless motor drive.

Therefore, before humanoid robots gained popularity, YuShu’s name was deeply associated with “robot dogs.” The prospectus shows that during the reporting period, total sales of YuShu’s quadruped robots exceeded 30,000 units; in 2022, quadruped robots accounted for 76.57% of YuShu’s total revenue.

By 2023, YuShu launched its first self-developed humanoid robot H1, which accounted for 1.88% of total revenue that year; the following year, it launched the medium-sized humanoid G1, with revenue from humanoid robots increasing to 27.6% of total revenue.

In the 2025 Spring Festival Gala, YuShu’s humanoid robots “became famous overnight.” The company stated in the prospectus that benefiting from the Gala performance early in 2025, its brand awareness and attention nationwide continued to rise.

From January to September 2025, YuShu sold 3,551 humanoid robots, a year-on-year increase of 1054.8%; the total humanoid robot shipments for the year exceeded 5,500 units (pure humanoids, excluding wheeled bipedal robots), ranking first globally in shipments. In the first three quarters of 2025, revenue from humanoid robots overtook quadruped robots, reaching 590 million yuan, accounting for 51.53% of YuShu’s main business.

YuShu’s main business revenue. Photo/YuShu Prospectus

Price plummets, gross margin rises, application scenarios still confined to education and science

The significance of the Spring Festival Gala for YuShu is not only to quickly open up the sales channel for humanoid robots but also to directly expand its domestic market.

YuShu’s prospectus shows that from 2022 to 2024, over 50% of its revenue came from overseas. However, from January to September 2025, the situation reversed, with domestic revenue share soaring to 60.8%.

With increased production and sales, the average selling price of YuShu robots has declined year after year. In 2023, when YuShu first produced humanoid robots, the average unit price was 593,400 yuan, with only 5 units sold that year; by the first three quarters of 2025, the average price of humanoid robots dropped to 167,600 yuan; the quadruped robots’ unit price fell from 38,300 yuan in March 2023 to 27,200 yuan in the first three quarters of 2025.

Despite the sharp decline in unit prices, gross margins have continued to rise. In 2022, YuShu’s main business gross margin was 44.18%, and by January-September 2025, it had increased by over 15 percentage points to 59.45%.

YuShu attributes this mainly to technological improvements, reduced manufacturing costs, and scale production enhancing bargaining power upstream. Product structure optimization also played a role; for example, the company’s first humanoid H1 is a full-sized robot, 180 cm tall, weighing 47 kg, while the G1 launched the following year is a medium-sized robot about 130 cm tall, with both the finished product and price lower than full-sized models.

The variety of products and high-volume production capacity have enabled YuShu robots to quickly land in multiple scenarios. In the first three quarters of 2025, YuShu’s net cash inflow from operating activities was 428 million yuan.

However, the Shanghai Stock Exchange’s official disclosure of YuShu’s reply to inquiry shows that research and education remain the main application scenarios for humanoid robots. In the first three quarters of 2025, 73.6% of humanoid robot revenue came from research and education, 17.39% from commercial consumption, and only 9.01% from industry applications, mainly used for enterprise guiding, intelligent manufacturing, and smart inspection.

For quadruped robots, revenue from research and education has decreased. In 2022, 68.61% of revenue from quadruped robots came from research and education; in the first three quarters of 2025, this dropped to 31.58%, while revenue from commercial consumption reached 42.3%, and industry applications accounted for 26.12%.

While the industry generally wonders when humanoid robots will be mass-produced and deployed in manufacturing plants, YuShu is clearly taking a different path. The effectiveness of “not entering factories” remains uncertain.

Wang Xingxing controls about 35%, backed by Tencent, Meituan, Ant Group’s “luxury investment team”

In the early stages of humanoid robot mass production and commercialization, “burning money on R&D” and losses are common. Compared to listed peers in Hong Kong like Yujian and UBTECH, YuShu’s profitability is particularly notable.

According to the prospectus, in 2024, UBTECH’s net profit after non-recurring gains and losses was a loss of 1.093 billion yuan, and Yujian’s was 95.36 million yuan; during the same period, YuShu’s net profit was 7.75 billion yuan.

In terms of gross profit margin, YuShu is significantly higher than UBTECH and Yujian. The prospectus shows that in 2024, YuShu’s comprehensive gross margin was 56.98%, compared to UBTECH’s 28.65% and Yujian’s 46.56%.

YuShu states that this is mainly due to differences in product structure and application scenarios. UBTECH’s robots are mainly educational, logistics, and household consumer products; Yujian’s are mainly collaborative robots.

Additionally, YuShu believes its cost control capabilities are industry-leading, maintaining a full-stack self-research approach for robot systems and core components, adopting motor drive technology in high-performance general robots ahead of others, and leveraging scale production to improve bargaining power.

As an “excellent student” in the industry, YuShu attracts significant capital attention. The prospectus shows that in December 2021, YuShu completed its first capital increase; four more in 2022; two in 2024; and a equity financing in June 2025.

Before this IPO, founder Wang Xingxing directly held 23.82% of shares, controlling a total of 34.76%. Under voting rights arrangements, his direct voting rights are 63.55%, and combined with the Shanghai Yuyi equity incentive platform he controls, the total voting rights reach 68.78%, making him the actual controller.

Behind him, YuShu also has a super-luxury shareholder lineup including well-known investment institutions and star industry capital, such as Meituan holding 9.6488% through Hanhai Information, Galaxy Z, and Chengdu Longzhu; Ant Group’s wholly owned subsidiary Shanghai Yunrang holding 0.2245%; Sequoia China holding 7.1149% via Ningbo Sequoia and Xiamen Yahang; Matrix Partners holding 5.4528% via Matrix No.1 and No.3; Tencent Technology holding 0.5986%.

“Brain” has shortcomings, over 2 billion yuan invested in intelligent robot model R&D

2025 is undoubtedly a year of rapid evolution in YuShu humanoid robot “mobility.”

Early in the year, on the Spring Festival Gala stage, the H1 humanoid robot performed a Yangge dance, impressing with hand movements. In December, at the Wang Leehom concert, YuShu’s G1 robot, dressed in silver, completed a high-difficulty “Webster” flip.

By the 2026 Spring Festival Gala, 24 G1 and 1 H2 robots will perform high-speed parkour, executing continuous fancy flips, jumps over tables, high jumps over 3 meters, single-leg continuous flips, and wall-assisted backflips.

The secret to the rapid evolution of YuShu humanoid robot mobility is explained in the prospectus. YuShu states that its general-purpose robot products have integrated self-developed embodied intelligence models, often compared to a “small brain,” which determines the robot’s overall agility and movement capabilities.

However, in the other core technology of embodied intelligence—the embodied large model, or “big brain”—YuShu’s self-developed general embodied large model has not yet been scaled into robot products. This technology is crucial for perception and interaction capabilities. YuShu plans to continue increasing R&D investment in embodied large models with the funds raised this time.

At the same time, YuShu emphasizes in the prospectus that it maintains full self-research for high-performance general robots and core components. These plans are reflected in future investments, with over 2 billion yuan of the proposed 4.202 billion yuan IPO proceeds allocated to intelligent robot model R&D; 1.1 billion yuan to robot body R&D; 450 million yuan to new intelligent robot products; and 620 million yuan to intelligent robot manufacturing base construction.

Beijing News Shell Finance Reporter Zhang Xiaohui

Editor Wang Jinyu

Proofreader Zhao Lin and Fu Chunyi