Original|Odaily Planet Daily(@OdailyChina)
Author|Wenser(@wenser 2010 )
On August 19th, Yushu Technology (688836.SH) officially listed on the Shanghai Stock Exchange's STAR Market. The A-share "First Humanoid Robot Stock" turned its title into reality. Its opening price was reported at 1100 yuan, up 629.44% from the issue price of 150.80 yuan, far exceeding the average first-day gain of 466.61% for STAR Market IPOs this year. Its market capitalization once surged to 445 billion yuan. In this wealth-creation feast within A-shares for the year, characterized by "only 73 days from acceptance hearing to IPO, nearly 9.8 million subscription accounts, and an online winning rate of only 0.018%". The profit from one lot of 500 shares also far exceeded previous estimates, reaching 475,000 yuan, representing an increase of about 6.3 times the principal.
Following overseas SpaceX's "largest IPO in human history" and the "domestic memory leader stock IPO" of storage newcomer Changxin Technology, Yushu Technology ascended the capital stage under the title of "the only profitable humanoid robot manufacturer" and received fervent market pursuit upon opening.
As of writing, Yushu Technology's stock price is temporarily reported at around 892 yuan, its market capitalization temporarily reported at 361 billion yuan, with a turnover rate reaching 55.25% and trading volume exceeding 15.3 billion yuan. At a time when AI and hard tech are advancing by leaps and bounds, Yushu Technology's listing itself is a microcosm of the capital market's main theme.
What is Yushu Technology Worth: The Market's Answer is 350-450 Billion Yuan
After Yushu Technology's IPO subscription ended, regarding the question "What is Yushu Technology's reasonable market capitalization range?", we presented various representative market views in our previous article "How Much is 'The First Humanoid Robot Stock' Yushu Technology Really Worth?". Looking back now, the boldest estimate by early investor Yuwen Chao, Partner at Dunhong Assets, turns out to be the closest to the capital market's pricing. He mentioned: "A market capitalization exceeding 200 billion yuan post-listing is very reasonable, and I think it might even exceed 400 billion yuan in the short term. This is not exaggerated compared to the valuations of similar overseas companies." Considering the market cap high point near 450 billion yuan upon opening and the current data exceeding 360 billion yuan, Yushu Technology's reasonable range has been lifted from the previous 200-250 billion yuan to the current 350-450 billion yuan.
High Market Cap, Low Float: Yushu Technology Re-enacts the Miraculous Rise of SpaceX and CXMT
It is worth mentioning that the reason Yushu Technology's market cap could surge to over 6 times its issuance market cap, aside from the market's high enthusiasm and optimistic expectations for humanoid robots, is that similar to many crypto projects and historic IPO projects like SpaceX and CXMT, it exemplifies a "low float, high market cap" model.
According to SSE announcements, Yushu Technology previously disclosed an issue price of 150.80 yuan per share, with a post-issuance total share capital of 404 million shares. Among these, the initial unrestricted circulating shares are 30,087,700 shares, accounting for 7.44% of the total share capital. The company's issue price corresponds to a fully diluted static price-to-sales ratio of 35.89 times based on 2025 figures, higher than the average level of comparable companies.
This can also be glimpsed from previous data on retail investor winning rates and total subscription accounts: It is reported that Yushu Technology issued 40,446,400 shares this time, accounting for only 10% of the post-issuance total share capital. After the clawback mechanism was triggered, the final online issuance was 9,707,000 shares, with valid subscription accounts reaching 9.7846 million, and a final winning rate of 0.0181%—this figure simultaneously set two new records for STAR Market IPOs: the lowest winning rate and the highest number of participating accounts. There were 19,414 winning numbers; winning one lot of 500 shares required a payment of 75,400 yuan. Online abandonment was only 8,734 shares, with zero abandonment by institutional investors, indicating strong payment willingness.
On the other hand, the strategic placement allocation to institutions and the relatively high shareholding ratio of founder Wang Xingxing also ensure weaker selling pressure, preventing a retail investor stampede on the first day of listing.
It is understood that nine investors, including institutions like the National Social Security Fund, DeepSeek, Tencent, CNPC Kunlun Capital, China Southern Power Grid, and China Telecom Tianyi Capital, collectively received allocations of approximately 8.09 million shares, with a subscription amount of about 1.22 billion yuan. Among them, DeepSeek received an allocation of 933,400 shares amounting to 141 million yuan, with a lock-up period of 36 months—far exceeding the usual 12 months for conventional institutions. The two parties have signed a strategic cooperation memorandum and will jointly conduct R&D in three directions: General AI, high-performance robotics, and AI large models. The National Social Security Fund received an equivalent allocation across three portfolios, with a 12-month lock-up period. Tencent, CNPC, China Southern Power Grid, and Tianyi Capital each received allocations of about 900,000 shares, with amounts all around 136 million yuan.
Before Yushu Technology's listing, the most criticized or controversial aspect was its sky-high price-to-earnings ratio of 219 times.
However, calculated based on 2025 non-GAAP net profit, the corresponding P/E ratio is 92.92 times; the corresponding fully diluted static price-to-sales ratio based on 2025 figures is 35.89 times. Although still higher than the average level of comparable companies, this is relatively much more reasonable compared to the "219" multiple. In hindsight, considering that many comparable domestic and foreign companies are mostly not yet profitable, while Yushu achieved 600 million yuan in non-GAAP profit in 2025, and its 2025 humanoid robot shipments exceeded 5,500 units, ranking first globally; the 150.8 yuan issue price turned out to be a value trough.
Founder Wang Xingxing Tops the Wealth List: Crowned "Richest Person of the 1990s Generation"
The surge in Yushu Technology directly caused founder Wang Xingxing's fortune to skyrocket.
The prospectus shows that Wang Xingxing, Chairman, General Manager, and CTO of Yushu Technology, directly holds 86,714,964 shares, accounting for 21.4395% of the company's total share capital post-issuance. Additionally, before the share issuance, he indirectly held a 9.5367% stake in the company through the equity incentive platform Shanghai Yuyi. Calculated together, Wang Xingxing directly and indirectly holds approximately over 31% of Yushu Technology's shares. The value of his holdings exceeds 110 billion yuan, earning him the weighty wealth title of "Richest Person of the 1990s Generation in China".
Previously, this title was held by Insta360 founder Liu Jingkang, who once won the title of richest person of the 1990s generation with a fortune of 20.2 billion yuan.
Of course, the beneficiaries of Yushu Technology's successful listing and soaring market cap are not just Wang Xingxing alone, but also the numerous investment institutions and individuals behind him. At the employee level, Mechanical Structure Lead Yang Zhiyu, Sales & Service System Lead Chen Li, and Algorithm & Software Lead Zhang Yangguang indirectly hold company shares through Shanghai Yuyi with ratios of 0.49%, 0.26%, and 0.15% respectively. Calculated based on a 350 billion yuan market cap, the value of their company stock holdings reaches 1.715 billion yuan, 910 million yuan, and 525 million yuan respectively, joining Wang Xingxing in stepping into the "Billionaire Club".
Yushu Technology's IPO Wealth Feast: Wang Xing (Meituan), Lei Jun (Xiaomi), Liang Wenfeng (DeepSeek)
Meituan: New Share Investment Paper Profit Exceeds 33.3 Billion Yuan, Holds Approximately 35,123,600 Shares
As the largest external shareholder by stake in Yushu Technology, Meituan-affiliated capital collectively holds approximately 35,123,600 shares through companies like Hanhai Information, Chengdu Longzhu, and Galaxy Z. The paper profit from this new share investment once exceeded 33.3 billion yuan.
Liang Wenfeng: Paper Profit from Yushu Tech New Shares Reaches 1.1 Billion Yuan
DeepSeek founder Liang Wenfeng, through his entities DeepSeek, Huafang Quant, and Jiuzhang Asset, collectively received allocations of approximately 1,191,600 shares via strategic placement and institutional placement. Based on the 150.8 yuan issue price and the highest opening price of 1100 yuan, Liang Wenfeng's paper profit from new share investment once exceeded 1.1 billion yuan. Calculated based on the current 360 billion yuan market cap, the holding value is about 1.06 billion yuan, still representing a paper profit of approximately 882 million yuan.
Lei Jun: Affiliated Parties of Shunwei Capital Achieve Paper Profit Exceeding 15.2 Billion Yuan
The overseas investment entity Astrend IV, affiliated with Shunwei Capital founded by Lei Jun, holds 16,106,000 shares of Yushu Technology, accounting for about 3.98% of the post-issuance total share capital, making it the fifth largest shareholder. The paper profit on its holding once exceeded 15.2 billion yuan.
It is worth mentioning that Shunwei Capital participated in Yushu's Series A financing as early as 2021, investing tens of millions of USD. Earlier this year, Lei Jun mentioned this investment with emotion: "Thank you Wang Xingxing for giving us the opportunity to invest in Yushu five years ago."
Apart from the above institutions and individuals, Yushu Technology's shareholder list also includes a host of star institutions and internet tech giants: Sequoia China collectively holds 7.11%, Matrix Partners holds 5.45%, while Tencent, Alibaba, and ByteDance are also on the shareholder list.
Repositioning Yushu's Ecosystem Coordinates: Can It Become the "World's First Humanoid Robot Stock"?
For Yushu Technology today, the IPO listing is far from a finish line where it can rest. A new checkpoint has emerged: How to grow from the domestic "First Humanoid Robot Stock" to the "World's First Humanoid Robot Stock"? At its current market cap of approximately 360 billion yuan, Yushu Technology's position in the global humanoid robot race is not yet secure.
Overseas Competitors: Figure AI, Boston Dynamics, Optimus in Hot Pursuit
Looking overseas, the company with the highest current valuation is Figure AI, valued at approximately 39 to 40 billion USD, equivalent to about 280 billion yuan. Despite this, its monthly production is only about 150 units, and it is not yet listed;
The well-known but oft-troubled Boston Dynamics has a valuation of only 3.4 billion USD, equivalent to about 22.9 billion yuan; currently under Hyundai Motor Group, it plans to start its first commercial deliveries in 2026;
1X Technologies is around 10 billion USD, Physical Intelligence around 5.6 billion USD, Apptronik around 5.5 billion USD, Agility Robotics around 2.1 to 2.5 billion USD (already listed via SPAC).
Tesla's Optimus (Optimus robot) does not have an independent valuation and is included in Tesla's overall market cap of approximately 1.33 trillion USD, with plans to start mass production by the end of 2026.
Domestic Comparable Companies: Zhiyuan, UBTech, Yuejiang Temporarily Struggle to Match Its Level
Among domestic comparable companies, after backdoor listing on Shanghai Weier New Materials, Zhiyuan Robot's market cap is approximately 68.3 billion yuan. UBTech's Hong Kong market cap is about 42.7 billion HKD (approximately 36.7 billion yuan). Yuejiang Technology's is about 10.9 billion HKD (approximately 9.36 billion yuan).
On the other hand, countless embodied AI enterprises are queuing up to compete for the next IPO slot: On July 24th, Zhiyuan Robot officially announced the start of its Hong Kong listing process; market rumors target a valuation of about 20 billion USD, with cornerstone round target valuation around 40-50 billion HKD; Yunshenchu, also one of the "Hangzhou Six Dragons", has had its STAR Market IPO application accepted. Companies like Galaxy General, Leju Intelligent, Zhi Pingfang, Zibianliang Robot, Zhuji Power, Zhongqing Robot, and Xingchen Intelligent are also striving in the embodied AI field.
Additionally, companies like Xinghai Tu, Songyan Power, Xingdong Century, Fourier Intelligent, and Yuanli Lingji have successively completed shareholding restructuring—according to incomplete statistics, at the doorstep of the Hong Kong Stock Exchange alone, there are already over 50 robot-related companies queuing up.
However, behind the intensifying competition and shrinking opportunity window, the "inverted market valuation versus actual delivery volume" is another real hurdle facing the robot sector: Figure AI's valuation was previously over four times that of Yushu, but its annual delivery volume was far lower than Yushu's. After Yushu's listing, this situation has somewhat improved, but the valuation gap between domestic and overseas markets still objectively exists. To grow into the world's first humanoid robot stock, Yushu Technology's market cap must at least look towards over 500 billion yuan.
Market Cap Forecasts and Subsequent Trends: Summary of Various Perspectives
Regarding the future direction of Yushu Technology's stock price, three lines of logic exist in the market.
The optimistic side believes that Yushu is a rare, pure-play humanoid robotics target in A-shares, already profitable and with global first-place shipments. Its strategic tie-up with DeepSeek brings imagination space for AI+robotics, backed by long-term funds like the National Social Security Fund and Tencent. Scarcity premium may drive the market cap to surge above 400 billion in the short term.
The cautious side points out that the 219 times fully diluted P/E ratio already incorporates high growth expectations. The Q1 profit decline shows profitability volatility. Over 70% of humanoid robot revenue still comes from scientific research and education, with industrial penetration still shallow. The digestion path for the planned capacity of 190,000 units/year from the fundraising project base needs verification. U.S. FCC regulations pose uncertainty for new model product overseas expansion. The high valuation requires sustained earnings growth to digest.
The neutral judgment view is that after an initial surge post-listing, it will enter a period of high-level volatility during the "earnings verification period". Referring to the path of hard-tech new stocks like Changxin Storage, the stock price will gradually return to being driven by fundamentals. Subsequent trends will depend on the pace of industrial scenario implementation and the commercialization breakthroughs of embodied large models.
Regarding the above issues and valuation direction, during the previous IPO roadshow, Wang Xingxing also responded to some questions. Besides the previously mentioned "remote-control toy controversy" and "P/E ratio controversy", Wang Xingxing also provided explanations on valuation, advantages compared to overseas competitors, U.S. FCC regulations, and commercialization plans:
Regarding Valuation: Wang Xingxing pointed out that most listed and soon-to-be-listed companies in the industry with similar main businesses are not yet profitable, while Yushu has already achieved strong profitability. This issuance valuation is the result of market-based pricing, aligning with the company's operational status and industry prospects. He also reminded investors, "I hope everyone buys the stock because they recognize the company's value, not for speculation. The company will disclose detailed information in a timely manner through legal channels."
Regarding Comparative Advantages: Wang Xingxing stated that currently, both domestic and foreign companies are in the testing and implementation phase for embodied large models and scenario applications. Yushu's advantages are concentrated in five dimensions: Engineering mass production, product iteration speed, product matrix, motion control, and open-source ecosystem, ultimately forming a platform effect of "open ecosystem + product portfolio + continuous delivery", not reliant on a single client or channel.
Regarding U.S. FCC Regulations: Wang Xingxing cited the prospectus to explain, "The company's six main products currently on sale (humanoid G1, H2, R1; quadrupedal Go2, B2, A2) have all obtained FCC certification. The policy change does not affect the continued sale of these models in the U.S.; the new regulations only restrict certification for new models." In 2025, Yushu's overseas revenue accounted for 43.65%, with the U.S. market share dropping from 18.39% in 2023 to 13.30%. Internal reviews by the Association for the Advancement of Automation in the U.S. show that nearly 90% of the latest robotics research papers from American universities use Yushu's products, indicating high customer stickiness.
Regarding Commercialization Pace: Wang Xingxing estimates that humanoid robots will primarily be applied in scientific research, application development, education, cultural performances, and smart services in the short to medium term; they will enter factories and homes only in the medium to long term. In 2025, the company's humanoid robot shipments exceeded 5,500 units, ranking first globally, but over 70% of the revenue came from scientific research and education, with industrial applications accounting for only about 9%, indicating commercialization is still in its early stages. The Q1 2026 non-GAAP net profit fell 52.55% year-on-year, mainly due to increased R&D investment and brand promotion during the Spring Festival Gala. The company stated it would balance investment and revenue but did not provide a timeline for profit recovery.
Additionally, it is worth mentioning that just before the IPO, Yushu Technology also launched a humanoid robot named "Superman", whose motion capabilities surpass human limits, receiving positive market feedback.
On A-Share Investment Themes Keywords: AI, Semiconductors, Embodied Intelligence, and Hard Tech
The market environment in which Yushu Technology listed is a stage where A-share tech themes are evolving in depth.
In August 2026, capital accelerated its shift from traditional sectors towards future technology tracks. The core themes include the following:
- AI Computing Hardware + Semiconductor Domestic Substitution is the strongest growth theme throughout the year. Capital has shifted from pure-concept AI applications to hardware segments with real orders and profit realization. Sub-sectors include high-speed optical modules, AI servers, liquid cooling temperature control, PCB substrates, and other computing infrastructure, as well as domestic substitution for semiconductor equipment and materials. Entering the interim report verification period in August, targets with solid earnings support are more favored.
- Humanoid Robots / Embodied Intelligence is the theme with the most concentrated event-driven catalysts currently. August can be called the "Humanoid Robot Super Catalyst Month"—Yushu Tech listing, 2026 World Robot Conference opening, Second World Humanoid Robot Games commencing, and intensive industry new product releases. MIIT data shows over 400 domestic whole-machine models, accounting for more than half globally. Quadrupedal robots' global market share is close to 70%, with core component localization rates exceeding 70%. As the "first stock", Yushu's listing pricing will provide a valuation anchor for the entire sector.
- "Six Networks"—Computing Power Network + New-Type Power Grid is a policy-driven strong theme for the year. National integrated computing power network construction continues to advance. By the end of June, domestic intelligent computing power scale reached 2185 EFLOPS, with 70 national-level computing power channels built in the past two years. The new-type power grid and computing power network form synergies, benefiting ultra-high voltage, smart grids, and energy storage in parallel.
Furthermore, directions like Low-altitude Economy (eVTOL airworthiness certification progress), Commercial Aerospace (reusable rocket breakthroughs, satellite internet constellation deployment), Quantum Technology (SOE participation empowering the field), and CPO Silicon Photonics (AI bandwidth demand driving optical interconnect upgrades) remain active. The overall investment logic can be summarized as "earnings are king, technology is the guiding principle". During the interim report season, pure thematic speculation is abandoned, with capital prioritizing hard-tech targets that have real orders and continuous holdings by national teams and northbound capital.
Compared to overseas capital markets that prefer "painting pies, eating pies, telling narratives, and discussing visions", domestic capital markets like A-shares are increasingly realistic, emphasizing genuine revenue, profit, growth rates, and even market share.
In this regard, Yushu Technology's development path remains arduous, but fortunately, the IPO listing has gotten it off to a good start.
Conventional Risk Disclosures:
- Valuation Digestion Risk: The issuance P/E ratio is at a relatively high level. If earnings growth fails to meet expectations, there is pressure for valuation correction.
- Commercialization Underperformance Risk: The progress of humanoid robot implementation in industrial and household scenarios is uncertain. The digestion path for the fundraising project's planned capacity of 190,000 units/year requires verification.
- Geopolitical Policy Risk: U.S. FCC regulations may affect overseas certification and sales of subsequent new model products.
- Intensified Competition Risk: Overseas manufacturers like Tesla, Figure AI, and domestic companies like Zhiyuan and UBTech continue to increase investment, potentially putting pressure on product pricing and market share.
- Technology Iteration Risk: The technological roadmap for embodied large models has not yet converged, requiring significant R&D investment and having a long commercialization cycle.
- Short-term Stock Price Volatility Risk: There is no regular 20% daily price limit for the first 5 trading days post-listing. Market sentiment may lead to significant stock price fluctuations.
