Guotai Haitong: Core performance continues to iterate and upgrade, focusing on investment opportunities in the Yushu Siasun Robot & Automation industry chain or ecological chain.

Guotai Haitong released a research report stating that Yushu Technology is expected to further leverage the assistance of the capital market to continuously consolidate and strengthen its leading position in the industry. Yushu has significant advantages in the humanoid Siasun Robot&Automation field, with continuous iteration of technology and products. The report suggests focusing on investment opportunities in the Yushu Siasun Robot&Automation industry chain or ecosystem. Event: On October 20, Yushu Technology released the H2 humanoid Siasun Robot&Automation on its WeChat video account. This Siasun Robot&Automation model is 180cm tall and weighs 70kg. Key points from Guotai Haitong: The new H2 universal humanoid Siasun Robot&Automation has been released, with core performance continuously upgraded. According to the content from Yushu Technology's WeChat video account, the H2 humanoid Siasun Robot&Automation stands out with its highlights. It can perform ballet movements such as spins, backbends, and leg kicks, as well as stable martial arts movements like punches and knee strikes. Key upgrades to the H2 include: 1) Humanization upgrade: The 180cm height and 70kg weight are close to human proportions. The addition of a humanoid face enhances its visual appeal, making it more human-like. 2) Increased flexibility: The H2 has 31 joints (7 in each arm, 6 in each leg, 3 in the waist, 2 in the neck) allowing for more precise movements similar to humans. 3) Breakthrough in large-size humanoid Siasun Robot&Automation movement: The H2 can perform dancing movements with both feet off the ground, achieved through adjustments to the hip joint motor sequence and moving the knee actuator up the thigh for improved balance and motion control. Further demonstration of motion control algorithms and core component design capabilities. Through the release of the H2, Yushu Technology showcased its outstanding abilities in motion control and hardware design. 1) Motion control algorithms: The self-developed AISiasun Robot&Automation algorithm uses NVIDIA GPU accelerated simulation platform to assist in autonomous learning of high-speed running and dynamic dancing movements, with continuous evolution in learning capabilities. 2) Core components: Self-developed motors, reducers, and other key components with over 200 patent applications and 180 authorizations. The H1 joint motor has a maximum torque of 360Nm, and a 20-degree-of-freedom dexterous hand has been introduced, enabling multiple component layouts for the humanoid Siasun Robot&Automation. Leading shipment volume, with planned IPO to support growth. Yushu Technology plans to go public through an IPO, with completion of counseling registration and plans to submit the IPO application in the fourth quarter of 2025. As a leading company in the domestic quadruped and humanoid Siasun Robot&Automation industry, Yushu Technology had a 32.4% market share in the global Siasun Robot&Automation market in 2024, selling 23,700 units of robotic dogs, accounting for 69.75% of the global market. In the humanoid Siasun Robot&Automation field, over 1500 units were delivered in 2024. Yushu Technology has a wide customer base including universities, research institutions, and enterprises. Recently, Yushu Technology won the bid for the 2025-2027 project to provide manufacturing services for humanoid bipedal Siasun Robot&Automation for China Mobile (Hangzhou), with a winning bid of 46.05 million yuan. The report believes that Yushu Technology is expected to further leverage the assistance of the capital market to continuously consolidate and strengthen its leading position in the industry. Risk warnings: The lack of public disclosure of product details may lead to discrepancies between the analysis in the report and actual outcomes. Technological advancements and industrialization progress in humanoid Siasun Robot&Automation may not meet expectations, the IPO process of Yushu Technology may be delayed, and industry competition may intensify.