With a net worth of 20 billion dollars, Wang Xingxing bid farewell to Wang Xingxing

Source | Yamano Shitayama (ID: shannongxiashan)

Text | Li Yuyao

Editor｜Yuan Wen

Everything in the past is a prelude.

In mid-March 2016, Wang Xingxing, who had just completed his master's thesis and had been hired in advance by DJI, became active on Zhihu.

He first asked, “What do people think of Google's plan to sell robotics companies?” I expressed my opinion under the question.

Two days later, the answer was copied to another question because “no one saw it next door” and “cheeky”:

“How do you evaluate the robotics company that Google is trying to sell in 2013: Boston Dynamics?” It received hundreds of interactions.

Judging from the subsequent action of not replicating the answers, he is satisfied with this number.

Ten years later, he is no longer “contented and happy,” but instead showed enough ambition — Yushu Technology, which he founded, submitted an application for listing on the Science and Technology Innovation Board on March 20.

After the June meeting, the IPO will commence on August 10. This means that as the first A-share humanoid robot, Yuuki is about to be tested by the market.

On the evening of August 6, Yushu Technology issued an announcement confirming the initial public offering price of 150.80 yuan/share.

After the issuance was completed, Yushu Technology's total share capital was 404,643.4 billion shares.

Based on this calculation,Yushu's issuance market value is 60.9 billion yuan, and founder Wang Xingxing, who holds about 33.36% of the shares, is expected to reach 20 billion yuan.

At this point, Wang Xingxing has completely bid farewell to his past self.

PART01---Construct

From time to time, he posts news on these two platforms, sharing his views on robots and AI and everyday life.

I'm used to using a emoticon or emoticon at the end of a sentence, and when referring to my master's research results, I often call myself “during the period when I despised people.”

When sharing my work, I also directly stated “Please give it a thumbs up” and “Please encourage everyone”.

In 2022, he co-starred with Yuuki Robot Dog to shoot a commercial.

After completing the Weibo promotion, he excitedly ran to Station B and said, “Although our robots have participated in various large-scale events,

But this should be my first time personally participating in Party A's commercial activities. One day of filming earned me my personal salary for half a year”.

At the time, although Yu Shu was already famous in the industry, few people cared about Wang Xingxing's social media.

It can be said that after almost ten years of posting on Zhihu, he is still an unknown responder when he returns. The turning point of the story happened on January 28, 2025.

The eighth CCTV program “Yang BOT” of the Spring Festival Gala in the Year of the Snake ended, and the Yuki robot went viral. For the first time, Wang Xingxing's name appeared in the public eye on a large scale.

After the 90s, I only passed English 3 times in my three years of high school, and neither undergraduate nor master's colleges were prestigious schools. These experiences close to the lives of ordinary people made netizens feel very kind.

Some people say that his company is called Yu Shu because of its good “vocabulary” and “outside” is too poor.

In the early days of his popularity, he updated several pieces of personal content one after another, but only moved his position to Weibo and Xiaohongshu.

His application suggestions were evaluated as “realistic” and “warm and rational.”

Netizens also mocked his book list for revealing his obsession with learning English well — while borrowing many science and technology books,

Wang Xingxing has borrowed several English learning books and a bilingual version of Psychic Chicken Soup.

But this grassroots narrative didn't last long.

On February 17, 2025, Wang Xingxing attended a private enterprise symposium, sat in the first row with Ma Yun, Ren Zhengfei, and Lei Jun, and spoke as one of six representatives of private entrepreneurs.

He was encouraged: “You're the youngest in here. The country's innovation requires the contribution of the younger generation.”

One year after that, he successively received the 2025 Chinese Youth May Fourth Medal and the 4th National Innovation Competition Award.

Attended the Summer Davos Forum, attended the Chinese and foreign press conference of the State Information Office as an entrepreneur representative, and was hired as an industry professor at the School of Robotics at Wuhan University.

In foreign countries, he has also received much attention.

After being selected in the “2025 World's 100 Most Influential People in the AI Field” list selected by the US “Time” magazine in September last year,

In July of this year, he also co-appeared on the cover of “Time” with Yushu's manned mecha product GD01, becoming the first Chinese entrepreneur to be on the cover of this publication in nearly eight years.

“Time” magazine commented that Wang Xingxing's contribution to bringing science fiction to reality is almost unmatched in the industry.

Wang Xingxing and Yu Shu manned mecha appeared on the cover of “Time” in July

Wang Xingxing gradually stepped into a different kind of story. He became an industry symbol. On the one hand, Yushu Technology's robots are gradually evolving under public attention.

At the beginning of the year, she was also ridiculed by the group as a “big mother” due to her erratic and slow movements, and by the end of the year, she was able to dance smoothly and unmistakably to the concert.

10 Yu Shu G1 danced with Wang Lihong's concert in July this year

On the other hand, Wang Xingxing is also intentionally managing public image.

Since attending formal occasions frequently, Wang Xingxing's attire has changed from a pullover to a shirt suit.

The frequency of his social media updates has also decreased; even when he updates, he almost always promotes products and no longer reveals his personal thoughts. That's not surprising.

Whether it's due to personal expectations or for the company's development,

I'm afraid Wang Xingxing wouldn't want to leave an impression on the public but only borrowing insignificant details like “Laugh Over Your English Story.”

He seems more interested in embedding himself in the larger coordinates of science and technology history. At Zhihu, he has long used a “tech supremacist” as his signature for his profile.

In public speeches, he bundled physical intelligence with AGI (General Artificial Intelligence) several times, and stated that Yuuki's mission is to achieve AGI.

H2 promotional image and “Destiny Awakens” promotional slogan on Yu Shu's official website

This sense of mission is also reflected in Yu Shu's name. Wang Xingxing once said in an interview, “I have always hoped that I could leave even a small trace in the entire history of human science and technology.

Technology is like a 'tech tree' that continues to grow. “Tech Tree” cannot be registered as a trademark, so we decided on 'Yu Tree'.”

Wang Xingxing, a young man with a grassroots temperament in the past, gradually disappeared.

PART02---stigmatization

Yushu Technology is a company with an extremely strong personality. In a sense, the characteristics of Yushu Technology are consistent with Wang Xingxing.

According to the announcement issued by Yushu Technology, the voting power of the company controlled by Wang Xingxing is 68.78%. After the current stock issuance, this ratio is still around 65.31%.

According to previous media reports, until 2025, Yu Shu's internal management style was still highly flat.

As CEO and CTO, Wang Xingxing has direct 1v1 one-line contact with each R&D staff, arranges tasks peer-to-peer, and inquire about progress every month.

At the same time, he is also Yu Shu's actual product number one, and is involved in recruitment, personally interviewing, and even drawing up written test questions.

Some investors said, “Wang Xingxing has a very strong desire for control and is unwilling to delegate power. He has the final say on everything; everyone must follow him.

So it's hard for him to find a partner (partner) in the direction of AI algorithms.” As a result, Wang Xingxing's past experiences and the ideas he shaped greatly influenced the company's operations.

In 2017, the original capital management partner Tian Jiangchuan noticed Yu Shu, but determined that Wang Xingxing's “background is grassroots.”

It did not match industry needs and fund preferences until 2019, when the technical advantages and application scenarios of Yushu Robot Dog were confirmed,

Only in 2020 did Initial Capital participate in Yu Shu's Pre-A+ round of financing. The example of initial capital is only a microcosm.

In the early days of starting a business, Wang Xingxing experienced more rejection. With an average resume and unable to tell a good story, it is difficult for him to win the trust of investors.

Yu Shu, founded in 2016, spent the first round of financing of 2 million yuan in 2018. Subsequent financing did not go well, and Wang Xingxing had to pay his own wages to employees.

Once you've been drenched in the rain, you'll know the importance of holding an umbrella. Wang Xingxing, who experienced the crisis, showed a strong conservative style in the company's business strategy.

For example, controlling costs. It adheres to the full-stack self-development route, develops and produces core hardware such as motors, speed reducers, and encoders by itself, and holds the most valuable part in its hands.

In 2025, the four-legged robot Go2 Air's starting price was reduced to less than 10,000 yuan, and it relied on this style of play.

YuShu four-legged robot product matrix map source official website

The observation from the perspective of Uki employees is even more vivid.

At one point, Wang Xingxing accidentally removed the battery in the conference room remote control, and everyone at the company said, “Don't use a cost-effective battery like the XX brand.”

With extreme cost control, Yuki will become the only humanoid robot company to achieve large-scale profits from 2024.

For the first half of 2026, the company expects revenue of RMB 1,052 to RMB 1,128 million, after deducting non-net profit of RMB 236-283 million.

At the same time, Yu Shu has kept a large amount of cash on his books for many years — as of December 31, 2025, Yu Shu held monetary capital of 1,419 billion yuan, and current assets accounted for 69.18% of total assets. First, Wang Xingxing adheres to the concept of “money must be spent on the cutting edge,” and the other is to ensure that the broken capital chain does not recur.

Source: Yushu Technology Science and Technology Innovation Board prospectus

However, conservatism is always a double-edged sword. On the one hand, in a context where smart circuits are generally burning money and losing money, conservative Yu Shu has become one of the few companies that have achieved profit.

However, at the same time, Yu Shu is priced as a “hardware company” in the capital market, and the market valuation is far lower than that of the intelligent robot with “platform” attributes.

Yu Shu admits in the prospectus that R&D investment for large models was relatively small during the reporting period.

Furthermore, work such as actual data collection and factory deployment training has not been carried out on a large scale. If the results of future large-scale R&D investment fall short of expectations,

It will be difficult for the company to maintain its leading edge in core technology, market position, etc.

Furthermore, due to technical information confidentiality considerations, Yushu Technology only held 262 patents as of January 31, 2026, of which only 20 were domestic invention patents.

In response to the inquiry letter, Yu Shu admitted that the small number of patents is not conducive to the company fully protecting its legitimate rights and interests in core technology.

The disadvantages of conservatism are also reflected in the structure of the business.

In the first three quarters of 2025, 73.6% of Yushu's humanoid robot business revenue came from the field of scientific research and education, and only 9.01% came from industry applications.

Meanwhile, 50% to 70% of the revenue from industry applications comes from corporate tours (welcome reception, route guidance).

Those actually used for intelligent manufacturing, intelligent inspection, and logistics distribution totaled only 15.702 million yuan, accounting for 2.64% of the total revenue of humanoid robots.

Source: Yushu Technology's “Response to the Second Round Pre-Review Inquiry Letter”

In other words, Yu Shu's current revenue is mainly supported by scientific research and education. Obviously, this isn't healthy. Small market capacity and few landing scenes are recognized as the two major death prone areas for humanoid robot companies.

PART 03 --- Breaking

When Yushu Technology and Wang Xingxing came to the door of the IPO, they had mixed feelings. Judging from the operating indicators, Yushu Technology is under pressure.

In the first quarter of 2026, Yushu's revenue was 423 million yuan, an increase of 68.49% over the previous year — the growth rate has declined sharply from 332.64% in 2025.

What is more serious is the profit side: deducting non-net profit of 40.2536 million yuan, a year-on-year decline of 52.55%.

One direct reason for the decline in profits is a sharp increase of 38.328 million yuan in R&D expenses over the same period last year, as well as a sharp increase in sales expenses due to brand promotion such as the Spring Festival Gala.

For Uki, who is known for being “stubborn,” this is very unusual. In 2025, Yushu Technology's R&D expenses and sales expenses accounted for 8.53% and 8.31% of revenue, respectively.

As a comparison, R&D expenses accounted for more than 25% of revenue and 23.54% of sales expenses during the same period;

Yuejiang Technology's R&D expenses accounted for 23.23% of revenue, and sales expenses accounted for 35.07%.

Cartography: Mountain Farmer Goes Down the Mountain

Behind this is the inside story of the entire embodying intelligence industry.New players are scrambling to catch up.

Tesla announced that the Optimus Gen-3 has begun small-batch trial production, and the price is expected to approach the current average unit price of the Yushu humanoid robot and will directly compete with Yushu; domestic automakers and consumer electronics companies such as Xiaopeng and Honor are also laying out across borders, impacting Yu Shu in terms of capital, manufacturing, and channels.

Real shot of the Gen-3 prototype at the AWE2026 exhibition site in Shanghai

According to data from the “China Real Intelligence Sector Investment and Financing Report for the First Half of 2026"

In the first half of the year, the total amount of domestic smart circuit financing reached 93.474 billion yuan, an increase of more than 5 times over the previous year. Old players should not be underestimated either.

On the one hand, they are building technical barriers and seizing market voice.

By the end of December 2025, Preferential Choice had 2,985 authorized patents, and Yuejiang had 651 authorized domestic and foreign patents.

On the other hand, they are actively saving up capital for business expansion.

Zhiyuan Robotics is sprinting into a Hong Kong stock IPO. The listing application for Yuejiang Technology has been approved, and the listing applications of Yunshen Technology and Leju Intelligence have been accepted.

Among them, Yuejiang Technology and Yunshen Technology plan to raise 1.2 billion yuan and 2,503 billion yuan respectively. Uki can't continue to be conservative.

According to the information disclosed in the prospectus, all of the capital raised by Yuki this time will be invested in R&D and construction of a manufacturing base.

Intelligent robot model development has also become the highest single project, and 48.13% of the total capital raised, or 2,022 billion yuan, will be allocated.

This is a clear shift in direction. Wang Xingxing also needs to be separated from his past self, regardless of whether that “self” points to conservative or strong.

Becoming a listed company means that the founder's personal will must make way for capital.

At age 26, Wang Xingxing expressed emotion in his first Zhihu response, “It's a miracle for people with a sense of technology to have a common language with a bunch of professional managers.”

Now, with Yushu Technology landing on the Science and Technology Innovation Board, Wang Xingxing will also join the ranks of the 10 billionaires.

Looking back now, he may be able to see his initial love in 2009 in the first-year boy who made the first small robot in his life.

Everything in the past is a prelude.

No matter what the future holds, at least for now, he is one of those lucky few people who have turned his dreams into reality — at the cost, he has also become another Wang Xingxing.

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