The investment community's common answer: Yu Shu
author:Li Bing, Rongzhong Finance
Original title: Half of the investment circle is thanking Yuki
“The first A-share humanoid robot”,
It's coming.
“Thank you for giving us an opportunity to invest in Yushu five years ago.”
At the Xiaomi press conference on March 19, Lei Jun said this to Wang Xingxing, who was standing beside him, in front of the audience. The next day, March 20, the official website of the Shanghai Stock Exchange showed that the IPO application for the Yushu Technology Innovation Board was officially accepted.
The point-in-time card was so accurate that one can't help but be amazed — Lei Jun certainly has a bad eyesight. The money invested five years ago is now about to become a stock that everyone wants to hold.
This is not an exaggeration. According to IT Orange data, as of March 20, 2026, China's robot circuit had 207 financing incidents this year, including 133 humanoid robots, and a total of 115 companies received the money. Among all of these robot companies in the primary market, Yuuki is the only one that has already made a profit, has a gross margin of nearly 60%, has the highest shipment volume of humanoid robots in the world, and has officially opened the A-share door.
The prospectus is clearly written: revenue for 2025 is about 1.708 billion yuan, an increase of 335% over the previous year; net profit after deduction exceeds 600 million yuan; and the proposed capital raised is 4.202 billion yuan. What's even more rare is that Yu Shu achieved profit in 2024. The gross margin reached 60.27% in 2025. The gross profit of the humanoid and four-legged robot all exceeded 60%, and most of its peers were still losing money or less than 30% of the gross profit. Of the 4.2 billion dollars raised, more than 2 billion will go to core technologies such as full-sized models, and production capacity will also be expanded to 75,000 humanoid robots and 115,000 four-legged units per year.
While his peers were still burning investors' money to make prototypes, Yuuki was already able to sell 5,500 humanoid robots, bringing the average price to 167,600 yuan, and maintaining a gross profit margin of 62.9%.
This is the cruel rule of hard technology — whoever can first turn the technology in the lab into a product that users are willing to pay for can get the highest pricing power in the capital market.
From four-legged to a human figure, Uki's “product transition”
If you turn over Yushu's revenue structure, you will find a clear strategic transformation trajectory.
In 2022, the company's main business revenue was 121 million yuan, and four-legged robots accounted for 76.57%, making it the absolute main force. At that time, Uki still gave people the impression that he was “a robot dog.” Up to now, the Yushu four-legged robot has sold more than 30,000 units, has the largest share in the world, earns steady cash flow, and large-scale production.
In August 2023, Yushu's first full-size humanoid robot H1 went on sale. In that year, it sold only 5 units and earned 2.9671 million yuan, which is almost negligible.
In 2024, the medium-sized humanoid robot G1 was officially mass-produced, starting at 99,000 yuan. It became Yushu's first general-purpose humanoid robot to be marketed on a large scale, beginning the key process of commercializing humanoid robots. This year, Yuki made a profit.
The turning point came in 2025. At the beginning of the year, 16 H1 humanoid robots from Yushu appeared on the CCTV Spring Festival Gala to complete an AI-driven cluster dance performance on the program “Yang BOT” directed by Zhang Yimou. Wang Xingxing, the founder of the company, personally stood on the stage to help. Overnight, “humanoid robots” became the focus of public discussion on technology.
By the first three quarters of 2025, Yushu humanoid robots had sales revenue of 595 million yuan, accounting for 51.53%, surpassing four-legged robots for the first time (488 million yuan, accounting for 42.25%). In terms of sales, the humanoid robot sold 3,551 units, 8.6 times that of 2024.
From 5 units to 3,500 units, it only took 2 years.
What's more critical is the price curve. The average price of humanoid robots dropped from 593,400 yuan in 2023 to 267,700 yuan in 2024, to 167,600 yuan in the first three quarters of 2025. Yu Shu explained in the prospectus: This is not only a change in product structure (G1 pricing is lower), but also the result of active price adjustments, with the aim of “building a long-term competitive advantage.”
Use cost performance for scale, scale for data, and data for the speed of technology iteration.
This style of play has been proven in the four-legged robot market. Yu Shu has sold more than 30,000 four-legged robots, leading the global market share. Now, they're replicating this path on the humanoid robot circuit.
Wang Xingxing's ambitions don't stop there. In a public speech not long ago, he said, “Humanoid robots will run past Bolt in mid-2026.” Bolt's 100 meter world record is 9.58 seconds, corresponding to a speed of about 10.4 m/s. Meanwhile, the best speed score achieved by Yuuki H1 in preparation for the race has reached more than 5 m/s.
Can it be achieved? At least Yuuki has convinced the market of this possibility.
List of luxury shareholders: half of the hard technology investment circle is in the car
The reason why Yuuki's IPO caused shock throughout the industry was not only because of its performance, but also because of the shareholder list, which can be called an “all-star lineup.”
Founder Wang Xingxing holds 23.82% of the shares directly and 10.94% of the shares indirectly, and is the controlling shareholder of the company. However, through the special voting rights arrangement, he actually controlled 68.78% of the voting rights.
In terms of institutional investors, Meituan (Hanhai Information, Galaxy Z, Chengdu Dragon Ball) holds a total of about 9.6488% of the shares, making it the largest shareholder other than Wang Xingxing and the equity incentive platform Shanghai Yuyi. Sequoia China (Ningbo Sequoia, Xiamen Yaheng) holds approximately 7.1149% of the shares. Jingwei Venture Capital (Jingwei 1, Jingwei 3) holds about 5.4528% of the shares.
More notable is the entry of internet giants. Tencent Technology directly holds 0.5986% of the shares, and Ali (Hangzhou Haoyue) and Ant (Shanghai Yunyi) also appeared at the same time. The two camps are betting on the same robotics company, which is extremely rare in capital markets.
In terms of industrial capital, BYD, Geely, funds owned by China Mobile, Beijing Robotics Industry Development Fund, Shenzhen Venture Capital, and Jinshi Investment (a subsidiary of CITIC Securities) have joined the market. The national team, industry, and financial investors are all left behind.
This list unlocks two key signals:
First, a racetrack consensus has been formed. From early pure financial investments (Shunwei, Sequoia) to the addition of later industrial capital (BYD, Meituan) and national team funds, it shows that robots are regarded by all parties as a definitive national strategic industry. BYD's entry suggests room for imagination in the automobile manufacturing scene, while Meituan's support points to potential in the logistics and distribution sector.
Second, the valuation premium capacity is extremely strong. Against the backdrop of tightening liquidity in the primary market, Yuju can still attract such an intensive influx of capital, proving its scarcity as an industry leader. When Series C financing was completed in 2025, Yu Shu's post-investment valuation had already exceeded 10 billion dollars. Now that the IPO is sprinting, the market capitalization is only expected to be higher.
With the money that Lei Jun invested in Shunwei capital five years ago, the return multiplier will not be low. No wonder Lei Jun would personally thank Wang Xingxing — this is probably one of Xiaomi's most successful early investments in recent years.
Uki is the first
Yuki is the first humanoid robot company to officially submit an application to the Science and Technology Innovation Board.
According to public information, more than 20 robot companies, including Leju Robotics, Deep Cloud, Standard, Youai Zhihe, Luoshi, Xiangong Intelligence, Atung, Gazhi Technology, Canop, and Jiwu Intelligence, have clarified their listing plans. As the first to hit the line, Yuuki now stands on March 20, 2026, which coincides with the 10th anniversary of the company's founding.
What does “first” mean?
First, the scarcity premium for A-shares, the “first humanoid robot stock.” Although Hong Kong stocks already have robot companies such as Premium Choice (listed in December 2023) and Yuejiang (listed in December 2024), the A-share market's valuation logic for hard technology companies is completely different. The liquidity of the Science and Technology Innovation Board, and the support of the “domestic replacement” narrative have all made Yushu one of the scarce targets today.
Second, the establishment of industry valuation anchors. Yu Shu's issue price, price-earnings ratio, and market capitalization performance will directly affect the valuation expectations of the companies that will line up later. If Yu Shu can get a high premium, the entire industry will benefit; if the market reaction is lackluster, later companies may be forced to adjust their expectations.
Third, the opening of capital exit channels. In the past two years, robotic circuit financing has been booming, but exit channels are limited. The success of Yuju's IPO means that early investors have an exit model, and subsequent financing and mergers and acquisitions on the robot circuit will be more active.
But there are risks too. In the prospectus, Yu Shu admits: “Since the global full-size model technology is in the R&D and testing stage, the company has not applied self-developed general-purpose models to robot products on a large scale during the reporting period.” However, Yuuki has been preparing for a long time and has open source two large models, WMA and VLA, to advance the future technical direction of the card.
This is a common bottleneck facing the entire industry. Yu Shu disassembled the robot's abilities into a “brain” and a “cerebellum” — the cerebellum is responsible for movement control (running, jumping, and turning the head), and the brain is responsible for understanding, interaction, and autonomous decision-making. Currently, Uki's cerebellum is at the top of the industry, but his brain is not mature yet. Without a mature brain, robots can only execute pre-set instructions, and cannot truly understand the environment or plan tasks independently.
When this technological bottleneck is broken through will determine whether general robots can move from laboratories to factories and homes, and will also determine Yuki's valuation ceiling after going public.
In 2026, “multiple rounds of financing” for star companies will become the norm
If you expand your horizons to the entire robotics circuit, the popularity of financing in 2026 is insane.
According to IT Orange data, as of March 20, 2026, there were 207 robot circuit financing cases, of which 115 humanoid robots had funded, with a total of 133 financing cases.
One notable trend is that the financing pace of star companies is getting faster and the amount of money in a single round is getting bigger.
Zhiyuan robot's latest round of valuation exceeds 15 billion yuan. Its cleaning robot business “Zhiding Robotics” completed Series A financing of hundreds of millions of yuan in February. Investors include Shenzhen Investment Holdings and Lake Electric.
Galaxy General Robotics completed the 2.5 billion yuan B+ round of financing in March, with a post-investment valuation of 22.5 billion yuan. Investors include “national teams” such as the National Integrated Circuit Industry Investment Fund, SMIC Juyuan, Yizhuang SDIC, Bank of China, and Sinopec Capital.
Lingchu Intelligence completed the pre-A round of financing of 2 billion yuan in March, with a post-investment valuation of 8 billion yuan.
Pasini completed Series B financing of 1 billion yuan in March, with a post-investment valuation of 10 billion yuan.
Starlight Era completed strategic financing of 1 billion yuan in March, with a post-investment valuation of 10 billion yuan.
Another thing worth noting is that on March 18, the robot rental platform “DynaSky Rent” completed an angel round of financing of hundreds of millions of yuan. The list of investors included Lehua Entertainment and Mingjia Capital — investment institutions founded with the participation of Huang Xiaoming. As an idol agency, Lehua Entertainment has also begun to lay out robot rental tracks.
After the Spring Festival Gala, sales of Yuki humanoid robots “soared”. When the robot started jumping songs and martial arts, it became a consumer product with entertainment and traffic attributes. Entertainment Capital has sniffed out this opportunity.
Funding rounds are also moving rapidly forward. Many companies have completed multiple rounds of financing in less than a year since their establishment, and the Pre-A round, A round, and A+ rounds continued one after another. Companies such as Deep Dome Star Core, Lingyu Intelligence, Robo Party, and Geson Technology intensively completed the Angel Round or Pre-A round of financing in March, with amounts ranging from tens of millions to hundreds of millions of yuan.
The logic behind this is: the track is too hot, too much money, and too few good projects. Agencies are afraid of missing out; they can only rush to run.
Ultima
Back to the moment Lei Jun thanked Wang Xingxing.
On the face of it, this is an investor thanking the founder for giving the opportunity to invest. But the deeper meaning is: Thanks to Yu Shu for proving that the humanoid robot circuit is really valuable, and thank Wang Xingxing for making everyone's bets possible to pay off.
Yushu's IPO opened up room for imagination in the A-share market for hard technology companies, and also paved the way for more than 20 companies to line up in the future.
Of course, the challenges remain enormous. “Brain” technology is not mature, the overseas trade environment is complicated, and industry competition is intensifying. These risks are all clearly described in the prospectus. But the market is willing to price this risk because everyone believes that physical intelligence is the ultimate form of AI.
Wang Xingxing wrote in the prospectus “Statement to Investors”: “2026 marks the 10th anniversary of the establishment of Yushu Technology. Over the past ten years, we have always had our original intention and dream of using technology to advance human society. Now, on the eve of breakthroughs in global AI and embodied intelligence technology, humans are at the dawn of a more advanced civilization.”
This story may be a bit grand, but the founder of a company that is about to go public says it's hard not to get infected. After all, in 2025, Yushu will be able to sell 5,500 robots, achieve revenue of 1.7 billion, and maintain a gross margin of 60%.
And for those early investors in Yuuki, they only needed to do one thing:
Thanks Wang Xingxing, then wait to count the money.
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