On August 24, shares of Yushu Technology Co.,Ltd. (688836.SH), dubbed the "first humanoid robot stock," extended their sharp decline, with intraday losses at one point widening beyond 10%. By the midday close, the drop had narrowed to 9.81%, with the stock trading at 606.44 yuan per share. While this still represents a gain of roughly 302% above its initial public offering price of 150.80 yuan, it marks a cumulative retreat of more than 44% from the first-day opening price of 1,100 yuan. The company's total market capitalization has fallen below the 250 billion yuan threshold, erasing approximately 95.9 billion yuan in value compared to its first-day closing figure.
Currently, Yushu Technology Co.,Ltd. trades at a price-to-earnings ratio of 419.84 times, with a turnover rate exceeding 19% and trading volume surpassing 3.57 billion yuan. The broader humanoid robot sector has also moved lower in tandem, with Yilian Technology and Donghua Testing both falling over 10%, while Orbbec and Far East Cable dropped more than 8%. Other popular names such as Topstar (under rights protection), GigaDevice, and Biwin Storage have each declined by over 5%.
On the news front, on August 20, Yushu Technology Co.,Ltd. unveiled a bionic seven-axis dexterous robotic arm featuring high-precision biomimetic joints, priced from 9,900 yuan with a self-weight of 5.5 kg. The company highlighted that dual-arm coordination enables material sorting and assembly tasks, making it suitable for a variety of scientific research and educational settings, while also exploring potential applications in service robotics.
Pricing Reset Amid Cooling AI Narrative
The decline reflects a broader cooling in the AI sector. During the first half of the year, A-share markets displayed intense enthusiasm for the AI supply chain. In May, Zhongji Innolight saw its share price surpass the 1,000 yuan mark, and the Shanghai Composite Index briefly climbed above 4,200 points. However, sentiment shifted sharply starting in July, with GigaDevice retreating approximately 45% from its peak and the A-share semiconductor index pulling back about 30% from its July high. In early August, news that the U.S. planned to restrict exports of data center components to China sent Zhongji Innolight down more than 13% in a single day.
Growing doubts in North American markets over the return on capital expenditures by tech giants such as Nvidia and Google are now transmitting through the computing supply chain into A-share pricing dynamics. Multiple institutional sources noted that the essence of this correction is the unwinding of crowded trades. Although the semiconductor sector's price-to-earnings ratio has eased from this year's high of 216 times to around 173 times, it remains more than 50% above the 112 times level recorded a year earlier. In this context, the pricing of high-priced new listings appears particularly conspicuous.
At its IPO price, Yushu Technology Co.,Ltd. corresponded to a 2025 diluted price-to-earnings ratio of 219 times, based on non-recurring items, against projected full-year revenue of 1.699 billion yuan and net profit of 278 million yuan. On August 20, the company's founder, Wang Xingxing, acknowledged at the World Robot Conference that robots entering factories currently face insufficient efficiency and generalization capabilities, adding that embodied large models remain in early stages of global development. This admission was widely interpreted by the market as a deliberate tempering of elevated valuations.
More notably, the knock-on effects have been significant. On the day Yushu Technology Co.,Ltd. listed, robotics-related stocks including Swancor, Leader Harmonious Drive, and Wolong Electric all suffered sharp losses, with more than ten stocks falling over 10%. Market analysts suggest this reflects both a "siphoning effect" as capital concentrates toward the sector leader and a broader reassessment of the entire robotics segment's valuation framework in the face of extremely high multiples.