The "first humanoid robot stock on the A-share market" is here.
Carrying the label of the second-highest issue price this year and over-raising more than 1.8 billion yuan, Yushu Technology will officially land on the Sci-Tech Innovation Board today. Coupled with the opening of the 2026 World Robot Conference and the profit effect of IPO subscription, the market is eagerly awaiting another "wealth creation feast."
Pinzhun Laser, in the same machinery and equipment industry, went public yesterday, with a single-lot paper profit of 482,600 yuan, setting a new historical record for A-shares. For Yushu to become the "most profitable" new stock, its closing gain on the first day needs to exceed 640%.
High-Price Issuance, High-Heat Sector
Yushu Technology's issue price is 150.80 yuan per share, the second highest this year after Pinzhun Laser (186.88 yuan per share), which went public yesterday. Its issue price-to-earnings ratio is 219.23 times (post-issue shares), significantly higher than the industry average of 38.56 times for the general equipment manufacturing sector. Heavyweight players such as the National Social Security Fund, DeepSeek, and China National Petroleum Group appeared on the strategic placement list.
The company's total IPO fundraising amounted to approximately 6.099 billion yuan, with a net amount of about 5.917 billion yuan, exceeding the fundraising requirement of 4.202 billion yuan. The fundraising focus is bet on the "robot brain": 2.022 billion yuan is invested in intelligent robot model R&D, 1.110 billion yuan for body R&D, 445 million yuan for new product development, and 624 million yuan for manufacturing base construction.
Information shows that Yushu Technology was founded in 2016 and is one of the "Six Little Dragons of Hangzhou." Its products cover the full-size humanoid robots H1/H2, the medium-sized humanoid robot G1, and quadruped robots like Go2 and B2. It also independently develops core components such as motors, reducers, dexterous hands, and lidar.
In terms of performance, from 2023 to 2025, the company's revenue increased from 159 million yuan to 1.699 billion yuan, with a two-year compound growth rate of 226.78%. Its non-GAAP net profit in 2025 was 591 million yuan, a year-on-year increase of approximately 674%. The gross profit margin of its main business rose from 44.18% in 2022 to 60.13%. In 2025, the company shipped over 5,500 humanoid robots, ranking first globally, and cumulative sales of quadruped robots exceeded 30,000 units.
However, Yushu Technology's high growth faced pressure in 2026: its Q1 revenue increased 68.49% year-on-year to 423 million yuan, but its non-GAAP net profit decreased 52.55% year-on-year to 40.25 million yuan, mainly due to significant increases in R&D and sales expenses. The company expects H1 revenue to grow 35.62%-45.41% year-on-year, with non-GAAP net profit decreasing by 21.97%-6.43%, a significant narrowing compared to the Q1 decline.
How Much Can One Lottery Ticket Earn?
Just yesterday, Pinzhun Laser landed on the Sci-Tech Innovation Board. Its stock price surged 516.44% on its debut, closing at 1,152 yuan per share. A single lot (500 shares) generated a paper profit of about 482,600 yuan, firmly topping the year's "profit ranking" for new stocks. Can Yushu Technology, which follows closely behind, replicate or even surpass this?
According to East Money Choice data, since the beginning of 2026, the A-share market has welcomed 96 new "players," including 46 new stock listings in the Shanghai and Shenzhen markets.
Based on the first-day closing price, the top three single-lot paper profits this year are: Pinzhun Laser (482,600 yuan), Lianxun Instruments (358,600 yuan, first-day gain of 875.82%), and Changjin Photonics (309,500 yuan, first-day gain of 1510.52%). Zhenbao Technology and Chaochun Yingcai generated single-lot profits of 270,200 yuan and 218,500 yuan respectively.
Looking at the entire market, the first-day gains of these 46 Shanghai and Shenzhen new stocks ranged from 55.57% to 1510.52%. Excluding the highest and lowest values, the average first-day gain for new stocks this year is about 320.89%. If Yushu Technology achieves this gain, the single-lot paper profit would reach approximately 242,000 yuan, potentially ranking fifth on this year's IPO subscription "profit ranking."
From an industry perspective, seven new stocks in the machinery and equipment sector went public this year. The average first-day gain for Pinzhun Laser, Lianxun Instruments, Guoyi Company, Huikang Technology, Xinxing Tools, Yisiwei, and Taijin Xinneng is about 316.31%. If Yushu Technology achieves this gain, meaning a closing price of about 627.80 yuan per share, the single-lot profit would be about 238,500 yuan.
To surpass Pinzhun Laser and claim the title of "most profitable" new stock, Yushu Technology's first-day gain needs to reach 640.01% (closing price 1,115.94 yuan per share). If the gain reaches 475.55% (closing price 867.93 yuan per share), it can surpass Lianxun Instruments to rank second on this year's IPO profit ranking.
If Yushu Technology's closing gain reaches 480.93%, meaning a closing price of about 876.04 yuan per share, it will surpass Muxi Co., Ltd., which went public in mid-December last year, to become the second most profitable new stock in A-share history.
Regarding the humanoid robot sector, in the first half of this year, global humanoid robot shipments grew by a high 274.5%, confirming the continued explosive trend of the industry chain. Not only are domestic manufacturers "contending in a hundred schools of thought," but Tesla's Optimus V3 is also accelerating mass production. Institutions are generally optimistic that the industrial inflection point has arrived. From another perspective, the high issue P/E ratio of 219.23 times and the performance pressure from the year-on-year decline in Q1 net profit are also issues that Yushu Technology needs to face directly.
