Yushu Technology's listing has catalyzed interest in the embodied intelligence sector, with upstream core components being the first to realize performance gains. As the embodied intelligence track heats up, Yushu Technology's IPO process has become a focal point in the capital market. However, amidst this technological revolution, the performance across the industrial chain shows significant divergence.

Recent semi-annual 2026 performance forecasts reveal a critical shift from "concept hype" to "performance validation," with upstream core component companies leading the way in profit realization. The capital heat for hard tech continues to rise. On August 5, Yushu Technology initiated preliminary inquiries for its STAR Market IPO, with online and offline subscription dates set for August 10 and payment due by August 12, officially opening the capital window for A-shares' "first humanoid robot stock." According to Yushu Technology's announcement, it plans to publicly issue 40,446,434 new shares, accounting for 10% of total post-issuance shares. The issue price is set at 150.8 yuan per share, with a P/E ratio of 219.23 times and a P/S ratio of 35.89 times. Proceeds will fund intelligent robot model R&D, body R&D, and manufacturing base construction. From the STAR Market's acceptance of its IPO application on March 20 to the registration approval announcement on July 2, the 104-day "lightning-fast approval" pace, combined with Spring Festival Gala exposure, overseas expansion, and a forecasted decline in non-recurring net profit, has made this new stock one of the most closely watched in the hard tech sector recently.

Yushu Technology's subscription timing coincides with a surge in primary market financing for embodied intelligence. According to reports, Perception Intelligence Technology recently announced a 1 billion yuan Series C (strategic) round, raising total funding to 3.5 billion yuan with a post-investment valuation exceeding 10 billion yuan, setting a global record for tactile sensing track financing. The round was co-led by an unnamed global consumer electronics and semiconductor company, BOC International Investment, and Kunpeng Fund, with proceeds going to mass production of tactile sensing chips and full-modal perception solution delivery. Research institutions' statistics on embodied intelligence track financing in the first half of the year confirm unprecedentedly high investor interest and investment. According to IT Juzi's "2026 First Half China Embodied Intelligence Investment and Financing Report," total financing in the domestic embodied intelligence track exceeded 90 billion yuan in the first half of 2026, reaching 93.5 billion yuan, a fivefold increase from the first half of 2025. The number of financing events reached 322, a year-on-year increase of 137%. The report also notes that leading companies in the sector have strong fundraising capabilities, with the top 20 companies by financing amount totaling 55 billion yuan, accounting for 59% of total financing, highlighting a significant head effect. Companies like Autonomous Robot, Zhipingfang, Qianxun Intelligent, and Jijia Vision each raised over 3 billion yuan in the first half of the year. Dongwu Securities noted in a recent research report that since 2026, primary market financing in the robotics sector has seen explosive growth, with both scale and density reaching historic highs, shifting from "broad casting" to "heavy betting." The report states that the capital allocation logic has moved away from early-stage widespread testing and decentralized investments, focusing instead on high-barrier core tracks like humanoid robot complete machines, core components, and embodied large models, concentrating on high-quality projects with core tech barriers, mass production capabilities, and real order support, forming an investment pattern of "head aggregation, key breakthroughs."

Upstream core components are the first to realize performance gains. Currently, the upstream core component segment has shown a "pre-increase" curve, becoming the biggest beneficiary of catalysts from new stocks like Yushu Technology. According to data, as of August 11, 39 companies in the embodied intelligence sector disclosed their first-half 2026 performance forecasts, while 8 companies released formal interim reports (including Dongfang Jinggong, which also issued a performance forecast). Among companies issuing performance forecasts, those with forecasted net profit changes exceeding 10 times include Estun Automation, Fullhan Microelectronics, and Kaierda, with net profit growth rates (upper limits) reaching 2,593.68%, 1,420.19%, and 1,191.07%, respectively. Additionally, 8 companies, including SigmaStar Technology, Advanced Micro-Fabrication Equipment, Allwinner Technology, and EVE Energy, are expected to see net profit growth between 1 and 10 times. Among the 8 companies that released formal interim reports, Haozhi Electromechanical is one of only two with profit growth exceeding 100%, with net profit attributable to parent up 266.57% year-on-year. Dongfang Jinggong grew even faster, with net profit attributable to parent up 867.75% year-on-year, exceeding the 700%-800% upper limit of its semi-annual performance forecast. Among companies with expected performance growth, Estun Automation is a leader in the motor and control system sector, focusing on automation core components, motion control, and robotics and intelligent manufacturing systems. Robotics and intelligent manufacturing systems are the main source of revenue. According to the company's financial report, this segment contributed 3.997 billion yuan in revenue in 2025, up 31.8% year-on-year, accounting for 81.77% of total revenue, a 6 percentage point increase from 75.65% in 2024. Estun's fast-growing robotics and intelligent manufacturing system revenue is linked to the rapid expansion of China's embodied intelligence market. According to 36Kr Research Institute, China's embodied intelligence market size has grown from 213.3 billion yuan in 2018 to 915 billion yuan in 2025, and is expected to surpass the trillion yuan mark in 2026. IDC's "Global Humanoid Robot Market Analysis" estimates that global humanoid robot shipments reached 18,000 units in 2025, with Chinese companies occupying the top six positions, led by Yushu Technology and Zhiyuan Robot. Benefiting from the rapid expansion of the embodied intelligence market, Estun's 2026 first-half performance forecast expects net profit attributable to parent of 150 million to 180 million yuan, up 2,144.74% to 2,593.68% year-on-year; non-recurring net profit of 60 million to 75 million yuan, up 440.85% to 526.07% year-on-year. Estun attributed the surge in interim performance in its announcement to optimizing product structure, focusing on high-value-added products and high-quality orders, and strengthening budget controls, but also noted a significant impact from non-recurring gains: "During the reporting period, the company's non-recurring gains and losses increased significantly year-on-year, mainly due to the completion of the asset restructuring of its investee Nanjing Craft Equipment Manufacturing Co., Ltd. (Nanjing Craft) and Nanjing Chemical Fiber Co., Ltd. (Nanjing Chemical Fiber), resulting in an increase in the fair value of the company's equity in Nanjing Chemical Fiber."

Leadshine Technology, also in the motor and control system sector, with products like servo systems, stepper systems, and control technology, saw slower interim performance growth than Estun, expecting net profit attributable to parent of 184.3591 million to 196.2533 million yuan, up 55% to 65% year-on-year. However, based on its first-quarter net profit of 72.1203 million yuan, its quarterly performance shows a clear growth trend. Data shows the company expects second-quarter net profit of 112.2388 million to 124.1330 million yuan, up 77.81% to 96.66% year-on-year and 56.63% to 72.22% quarter-on-quarter. Leadshine Technology stated in its announcement that the mid-term performance increase is due to "the downstream intelligent manufacturing automation equipment market environment recovering, a general decline in the labor population, and a gradual recovery in downstream demand, leading to a significant improvement in the company's business order situation. Coupled with the company's continued efforts to increase market development in key strategic industries and emerging business areas, related business revenue contributions are gradually increasing, positively driving overall performance." Leadshine also noted that, facing large increases in raw material prices like commodities and chips, it actively implemented a "two increases, two reductions" operating strategy: increasing high-end industries and customers, increasing high-end explosive products and solutions, reducing management and communication costs, and reducing supply chain and production costs. During a survey in late July by institutions like China Universal Fund, Ruijing Fund, Puyin Anche Fund, China Asset Management, and CITIC Securities, Leadshine stated that with its comprehensive advantages in products, channels, and management, it has set a revenue growth target of 30% to 50%. It further noted, "In the robot core components track, we are focusing on two core categories: joint modules and dexterous hands, and actively investing in cerebellum-related R&D. Joint modules account for 50% of robot costs and dexterous hands for 20%. In 2026, the market size for joint modules is about 3 billion to 3.5 billion yuan. The planetary module will be prioritized for volume, suitable for over 80% of humanoid robots, while harmonic modules have limited volume due to weak impact resistance and high costs. The company adheres to a 'big first, then small; head first, then all areas' expansion strategy, with significant industry positioning advantages. We will continue to increase investment in the robotics business, striving to become a top supplier in domestic and international markets."

In the core materials and chips for embodied intelligence, JLMAG Rare Earth focuses on R&D, production, and sales of high-performance rare earth permanent magnet materials. In the first half of the year, the company expects net profit attributable to parent of 400 million to 460 million yuan, up 31.17% to 50.84% year-on-year. JLMAG attributed the performance growth to its advantageous position in the new energy and energy-saving sectors, and specifically noted that its revenue from the robotics and industrial servo motor segments grew about 90% year-on-year, with some small-batch deliveries of robot motor rotor products for embodied robots. SigmaStar Technology, a global leader in video surveillance chips, layouts in the embodied intelligence chip sector. The company expects first-half 2026 net profit attributable to parent of 820 million to 900 million yuan, up 583.72% to 650.42% year-on-year. SigmaStar attributed the growth to the high prosperity of the downstream industry and the continued release of its core competitiveness: "1. The end-edge AI industry demand is exploding, with continuous optimization and upgrading of the product structure; 2. The supply chain system is resilient, with continuous strengthening of capacity assurance." SigmaStar stated in its announcement that, based on the high prosperity trend of the downstream end-edge AI industry and its core competitive advantages, it expects its subsequent operating performance to maintain a trend of quarter-on-quarter improvement. Long-term, the end-edge AI industry has broad growth space and clear development prospects. The company will continue to closely follow industry technology iteration and market trends, increase investment in core product R&D, and deepen strategic investments. It will continue to iterate and improve its full-gradient computing power chip product matrix, optimize and upgrade supporting development platforms, and deepen industrial chain resources to build a "chip + platform + ecosystem" integrated solution system, continuously improving the industrial ecosystem layout and consolidating long-term supply chain collaboration advantages. Overall, the excellent performance of these companies fully demonstrates that segments with the highest unit value concentration, such as joint execution systems, reducers, servo motors, permanent magnet materials, and chips, are gaining predictable performance visibility as the capacity of leading complete machine manufacturers ramps up. In the secondary market, in the first half, companies like Huafeng Test Control, Xinyuan Stock, Advanced Micro-Fabrication Equipment, and Leaderdrive saw their stocks rise more than 100%, while SigmaStar Technology, Fullhan Microelectronics, and Estun Automation also performed well. Even during the recent market rebound, the embodied intelligence sector performed strongly. Data shows that from July 31 to August 10, the embodied intelligence index rose 12.17%, outperforming the broader market index (4.28%) by nearly 8 percentage points. Stocks like Shengyi Technology, OBI Zhongguang-W, Suocheng Technology, Fullhan Microelectronics, Leaderdrive, and Haozhi Electromechanical rose more than 30% during this period.

Midstream integrators face a critical hurdle in crossing the commercialization threshold. Amid the rising capital heat and upstream performance increases, the financial performance of embodied intelligence complete machine and integration companies is not optimistic. The latest 2026 first-half performance forecasts show many companies are "continuing losses" or "first-time losses," especially midstream integrators facing significant operational pressure. For example, Yijiahe expects a net loss of 128 million yuan in the first half of 2026, Jingye Intelligence expects a first-time loss of 12.5 million yuan, Xinshida expects a first-time loss of 11 million to 16 million yuan, Yanhua Intelligence expects a first-time loss of 7.5 million to 15 million yuan, ST Huizhou expects a first-time loss of 60 million to 75 million yuan, Jiechuang Intelligence expects a first-time loss of 2.2 million to 4.4 million yuan, Seres expects a first-time loss of 1.5 billion to 1.8 billion yuan, Julong Intelligence expects a continuing loss of 50 million to 75 million yuan, and Xiangyang Bearing expects a continuing loss of 24.5 million yuan. Overall, 16 of the 39 companies issuing forecasts expect losses, accounting for over 40%. Among these loss-making companies, Yijiahe, a robot intelligent application service provider, with products including robots, smart grid equipment, and smart automation equipment, stated that the continued loss in the first half was due to "market environment factors and the delivery rhythm of some projects not meeting expectations, leading to a decline in robot business revenue and a corresponding reduction in gross profit. Although the company actively carried out various management optimization efforts, the overall expense ratio remained at a high level during the reporting period. Combined, these factors led to the company's loss." Yijiahe has been in continuous loss since 2022. Xiangyang Bearing, which produces automotive bearings and constant velocity joints, has been in loss since 2020. It disclosed that its "flexible bearings and cross roller bearings for robots are currently in the sample delivery verification stage." Xiangyang Bearing attributed the first-half loss to "a decline in performance of domestic companies and the continued loss of overseas subsidiaries. During the reporting period, due to a decline in sales of major domestic passenger car customers, demand shrank, leading to a year-on-year decline in revenue and profit. The overseas Polish factory was affected by geopolitical factors, resulting in continuous losses. The company has dispatched domestic personnel to the Polish factory to take over management and implement a series of cost-reduction and efficiency-improvement measures to reverse the unfavorable operating situation. Additionally, due to exchange rate fluctuations, exchange losses were higher than the same period." For these companies, the persistent loss predicament is essentially a necessary pain as the embodied intelligence industry moves from "technical validation" to "commercial closure." Currently, over 80% of complete machine shipments are still concentrated in non-essential scenarios like scientific research, education, and commercial performances. The 4-7 year long payback period in the industrial sector puts downstream integrators first under the pressure of "high R&D investment, low scale effect." As Dongwu Securities noted, "Industrial value and technological focus are shifting profoundly. From the upstream, core components and large models occupy a very high value share of the industrial chain." The commercialization pace of midstream manufacturing and downstream integration will heavily depend on the penetration of rigid scenarios where "manufacturing, logistics, and inspection have high process standardization and repetitive tasks, with clear robot deployment boundaries, entering the stage of scaled verification first." With Yushu Technology's listing and capital raising for expansion, the "Matthew effect" in the embodied intelligence industry chain will further intensify. Companies with weak core tech barriers and scenario implementation capabilities at the tail end may face significant pressure or even be phased out.