Yushu Technology is rushing toward an IPO with new developments!

Topic: Yushu’s IPO Accepted, Revenue of 1.7 Billion with Net Profit of 600 Million, What is a Reasonable Market Value?

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Reporter: Mao Yirong

On March 20, the Shanghai Stock Exchange’s official website showed that Yushu Technology Co., Ltd. (hereinafter referred to as “Yushu Technology”) has had its Sci-Tech Innovation Board IPO application accepted, becoming another project that has undergone “pre-review” under the Sci-Tech Innovation Board IPO.

Yushu Technology plans to publicly issue no less than 40,446,400 shares, aiming to raise approximately 4.202 billion yuan, which will be used for four major projects: intelligent robot model research and development, robot body research and development, new intelligent robot product development, and the construction of intelligent robot manufacturing bases.

Yushu Technology is the second company to submit a declaration under the “1+6” policy pre-review mechanism of the Sci-Tech Innovation Board. This mechanism is essential for technology companies engaged in critical core technology breakthroughs or other specific circumstances, preventing significant adverse effects on their production and operation due to premature disclosure of business technology information and listing plans. The pre-review mechanism continues to highlight the Sci-Tech Innovation Board’s commitment to a “hard technology” positioning and its core orientation towards serving national strategies.

In recent years, Yushu Technology’s main business revenue has maintained a rapid growth trend, achieving revenues of 123 million yuan, 159 million yuan, and 392 million yuan from 2022 to 2024, with revenues reaching 1.167 billion yuan from January to September 2025. The operating revenue for the year 2025 is expected to further increase to 1.7 billion yuan. The revenue structure continues to optimize, with the revenue proportion from humanoid robots rising sharply from 1.88% in 2023 to 51.53% in the first three quarters of 2025, forming a core revenue dual pillar together with four-legged robots.

In terms of profitability, Yushu Technology’s main business gross margin steadily increased from 44.18% in 2022 to 59.45% in the first three quarters of 2025. The net profit for 2024 reached 94.5018 million yuan, and the net profit attributable to the parent company after deducting non-recurring gains and losses reached 600 million yuan in 2025, demonstrating strong core profitability.

Industry insiders believe that Yushu Technology’s push for listing on the Sci-Tech Innovation Board aligns highly with the “hard technology” sector positioning of the Sci-Tech Innovation Board and confirms the capital market’s attention and support for quality technology enterprises in future industries such as humanoid robots and embodied intelligence.

Market participants indicate that the Sci-Tech Innovation Board continues to play a “testbed” role in leading capital market reforms. The robot industry is an important engine driving a new round of industrial transformation and economic growth, and it is also a strategic high ground in global frontier technology competition. As a leading enterprise in the general robot and embodied intelligence industry, Yushu Technology’s listing will also enhance and enrich the Sci-Tech Innovation Board, inject quality liquidity into the capital market, optimize the asset structure, and promote the accelerated growth of more high-quality enterprises that possess core technologies and innovative vitality, ultimately becoming a strong engine driving high-quality development of the Chinese economy and cultivating new productive forces.

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Editor: Liu Wanli SF014