A modular robotics company is poised to make its market debut, potentially igniting a new era of valuation clarity for the nascent industry. Industry insiders speculate that the stock could surge to a market capitalization of 100 billion yuan post-listing, driven by its leading position and the intense investor interest in the robotics sector. Yushu Technology Co.,Ltd. has set its IPO price at 150.8 yuan per share and will officially open online and offline subscriptions on Monday, August 10. This event marks the arrival of the "first humanoid robot stock" on the A-share market, providing the primary pricing benchmark for the embodied intelligence sector on the secondary market.
According to a late announcement on August 6, Yushu Technology's IPO is priced at a price-to-sales ratio of 35.89 times and a price-to-earnings ratio of 219.23 times. With a total share capital of 404.46434 million shares post-issuance, the company's market valuation at the offering price is 60.993 billion yuan. A securities analyst suggests that Yushu Technology's listing will shift the valuation framework for the industry from a primary market negotiation to a secondary market validation. This will not only make the company's performance a key reference for future financing and IPO pricing of other leading unlisted embodied intelligence firms but also pivot the investment criteria from a focus on technological narratives to a greater emphasis on commercial viability, thereby accelerating industry consolidation. Industry observers believe Yushu Technology's listing could catalyze the embodied intelligence track, particularly the humanoid robot supply chain, offering opportunities for valuation renewal. Following a significant correction in July, the broader tech sector has seen a recent rebound. Many analysts view the current phase as a period of digestion and consolidation for AI valuations, with the industry's upward trend remaining clear, and the AI theme expected to regain strength within the year.
What the 219x P/E Ratio Buys
The determination of Yushu Technology's IPO price provides a valuation anchor for the embodied intelligence sector. An analyst from Guoxin Securities commented that the 219x P/E ratio implies a core assumption: Yushu Technology must achieve growth significantly above the industry average in the coming years to justify its current valuation. This price reflects not just the company's 2026 earnings but the market's forward discounting of the long-term potential of the, potentially trillion-yuan, humanoid robot market. Shen Meng, executive director of Chanson & Co., believes the abundant market liquidity and the scarcity of IPOs with unique narratives support the elevated pricing of Yushu Technology's shares. He notes that humanoid robots are a policy-focused area, which further boosts valuation expectations for the entire sector. However, Shen also cautions that until humanoid robots enter production or service roles to enhance productivity, the industry's valuation remains largely conceptual and lacks fundamental support.
Financially, Yushu Technology's revenue grew from 159 million yuan in fiscal year 2023 to 1.699 billion yuan in fiscal year 2025, a compound annual growth rate of 226.78%. Its non-GAAP net profit attributable to parent company swung from a loss of 18.0191 million yuan to a profit of 591 million yuan. However, this high growth rate appears unsustainable. In the first quarter of 2026, the company's revenue was 423 million yuan, a 68.49% year-on-year increase, which is a significant slowdown from the 2025 pace. Non-GAAP net profit fell 47.69% year-on-year to 50.0138 million yuan. The company's forecast for the first half of 2026 projects revenue between 1.052 billion and 1.128 billion yuan, representing a 35.62% to 45.41% year-on-year increase, and non-GAAP net profit between 236 million and 283 million yuan, a 6.43% to 21.97% year-on-year decrease. The Guoxin Securities analyst attributes the profit decline primarily to "front-loaded expenses" as the company significantly increases R&D and marketing spending to capitalize on the industry's window of opportunity. This strategic choice creates short-term profit pressure, but whether the company can maintain high revenue growth alongside this expense expansion will be a key focus for investors. In his view, Yushu Technology's listing will reshape the industry landscape in three ways: first, by establishing a valuation benchmark that will be used by other unlisted companies for their own financing and IPO pricing; second, by accelerating industry consolidation, as future IPO prospects for robotics companies will depend on their ability to demonstrate profitability, not just technological prowess, thereby eliminating purely concept-driven firms; and third, over the medium to long term, by attracting more long-term capital to systematically allocate to the humanoid robot sector.
Following Yushu Technology, several other companies in the embodied intelligence field have also applied for A-share IPOs and are awaiting review. Among them, Yuejiang Technology (02432.HK), listed in Hong Kong, is also planning an IPO on the A-share ChiNext board, with its application accepted on April 27 and approved on July 22. Other companies in the queue include CloudMinds Technology Co., Ltd., which is applying for the STAR Market (Sci-Tech Innovation Board), and Leju Smart (Shenzhen) Co., Ltd., which is applying for the ChiNext board. Both are currently in the inquiry stage.
Commercialization Quality: 70% of Sales Go to Laboratories
The humanoid robot business has become Yushu Technology's largest revenue pillar. From 2023 to 2025, the revenue share from humanoid robots grew from 1.88% to 51.78%, while the revenue share from quadruped robots decreased from 75.78% to 41.62%. In 2025, Yushu Technology shipped over 5,500 humanoid robots, making it the global leader in volume, and has sold over 33,000 quadruped robots cumulatively over the past three years. In its response to an inquiry from the Shanghai Stock Exchange, the company disclosed that for the first nine months of 2025, 73.60% of its humanoid robot revenue came from scientific research and education, with commercial consumption and industrial applications accounting for 17.39% and 9.01%, respectively. Within the industrial applications segment, revenue from specific industrial scenarios like smart manufacturing or intelligent inspection was only 29.29%, with the rest coming from tasks like corporate tours. Industry observers at trade shows noted that while embodied intelligence companies are accelerating their penetration into industrial and commercial settings, and robots are showing performance improvements, widespread deployment in factory environments is not yet feasible. Key challenges include insufficient recognition capabilities, perception accuracy, and generalization abilities. During a recent IPO roadshow, Wang Xingxing, Yushu Technology's chairman, general manager, and CTO, stated that the company is investing in both WMA and VLA model architectures for its "brain" related embodied intelligence model technology. These efforts are currently in the R&D and testing phase, deployed in pilot scenarios such as the company's own factory. The company will continue to strengthen its R&D investment in embodied intelligence models and related data collection and scenario-based training.
Potential to Catalyze the Robotics Supply Chain
The imminent listing of the "A-share humanoid robot first stock" is generating renewed optimism for the tech sector. An analyst suggested this event could benefit core components, robot manufacturing, and other related sectors. The Guoxin Securities analyst identified three key areas to watch: first, core component makers like harmonic reducers, servo systems, and sensors, which will directly benefit from increased orders from humanoid robot production; second, humanoid robot manufacturers with scalable production capabilities, poised to benefit from the industry's valuation re-rating as it moves from "technology validation" to "batch delivery"; and third, companies with embodied intelligence algorithm capabilities, likely to benefit from the industry's intelligent upgrade. However, a strategy analyst indicated to Yicai that Yushu Technology's listing may not have a major impact on the broader A-share tech sector trends. Following a sharp correction in July, the tech sector rebounded in the week of August 3 to August 7. Wind data shows that sub-sectors that declined more sharply in July saw stronger rebounds: PCB (CITIC) rose 30.13%, semiconductor materials index rose 20.98%, and cables (CITIC) rose 23.39%, after falling 39.10%, 41.11%, and 52.55% in July, respectively. Zhongtai Securities believes the rebound was driven by two factors: investors' stricter criteria, requiring revenue growth to justify investment, and the reality that the earlier sharp falls were due to margin call liquidations, not a deterioration in fundamentals. The most intense phase of this deleveraging appears to be over. The fact that Amazon has shortened its AI investment payback period from five to three years suggests that investments in computational power are now generating sustainable commercial returns. Zhongtai Securities recommends: first, gradually increasing allocation to high-end manufacturing, such as the STAR 50 index, and domestic semiconductor equipment leaders; second, focusing on areas benefiting from the physical AI revolution, such as military AI and satellites, and specific commodities like optical fiber and tungsten-molybdenum; and third, for defensive positions, shifting from simply holding high-dividend stocks and baijiu to sectors like chemicals, engineering machinery, and precision equipment leaders that are integrated with high-end manufacturing. Chen Gang, chief strategy analyst at Soochow Securities, also believes that the current market phase is a period of valuation digestion and consolidation for the AI tech sector, with the upward industrial trend remaining clear. He expects that as the mid-year reporting season approaches, core tech sectors will continue to deliver results and guide earnings upwards, pushing the sector back into an upward cycle driven by both earnings and valuation expansion.