Utree Technology's IPO has been accepted, with Meituan as the second largest shareholder. Its annual revenue in 2025 has increased by 335.4% compared to the previous year, and its net profit has grown by 204%.

Yushu Technology Co., Ltd. (hereinafter referred to as "Yushu Technology") recently submitted an application for listing on the Science and Technology Innovation Board to the Shanghai Stock Exchange. The prospectus (draft) shows that the company plans to publicly issue no less than 40.4464 million A-shares, accounting for not less than 10% of the total share capital after the issuance. CITIC SEC serves as the sponsor. From a financial perspective, Yushu Technology's performance has shown explosive growth trends. In 2025, the company achieved operating income of 1.708.2087 billion yuan, an increase of 335.36% year-on-year; after deducting non-recurring gains and losses, the net profit attributable to the mother was 600 million yuan, an increase of 674.29% year-on-year. As a result, the company has become one of the few general Siasun Robot & Automation companies in the country to achieve both substantial income and substantial profitability at the same time. The prospectus disclosed by Yushu Technology shows that as of the signing date of this prospectus, Wang Xingxing directly holds 86.714964 million shares of the company, accounting for 23.8216% of the total share capital of the company, making him the controlling shareholder of the company. In addition, Meituan is the second largest shareholder of Yushu Technology. Meituan's Hanhai Information, Galaxy Z, and Chengdu Longzhu as shareholders of the company have a consistent action relationship with a total shareholding ratio of 9.6488%. The company's market position is also noteworthy. In 2025, Yushu Technology's humanoid Siasun Robot & Automation shipments exceeded 5,500 units (pure humanoid, excluding wheeled dual-arm Siasun Robot & Automation), ranking first in the world; the cumulative sales volume of quadruped Siasun Robot & Automation during the reporting period exceeded 30,000 units, maintaining a leading market share globally. However, this track is now facing accelerated layout by tech giants such as Tesla, and trade friction risks also bring uncertainty to its overseas income. The total amount of funds raised in this listing is expected to reach 4.2 billion yuan, mainly to be invested in the research and development of embodied intelligent models and the construction of intelligent manufacturing bases. High-speed profit growth, but non-recurring items significantly impact net profit Yushu Technology's core financial indicators have shown rapid growth. During the reporting period, the company's main business income increased from 121 million yuan in 2022 to 1.155 billion yuan in the first nine months of 2025, further climbing to 1.708 billion yuan for the full year of 2025, achieving a growth of over 14 times in two years. The core engine driving income growth has undergone a significant switch the humanoid Siasun Robot & Automation business has grown rapidly from scratch and quickly surpassed the quadruped Siasun Robot & Automation to become the largest source of income. In the first nine months of 2025, the income from humanoid Siasun Robot & Automation accounted for 51.53% of the main business income, compared to only 1.88% two years ago. The income from quadruped Siasun Robot & Automation has correspondingly decreased from 76.57% to 42.25%, but its absolute amount is still expanding. In terms of profit quality, the company emphasizes that the core reference indicator should be the net profit after deducting non-recurring items. The net profit in 2025 was 288 million yuan, but the net profit after adjustments was as high as 600 million yuan the difference was due to the company recognizing a one-time share payment expense of 349 million yuan (related to the capital increase of the equity incentive platform Shanghai Yuyi) during that period. This expense did not involve cash outflows and is considered a non-recurring gain or loss. In terms of gross profit margin of the main business, the company has shown continuous improvement. From 44.18% in 2022 to 59.45% in the first nine months of 2025, and 60.27% for the full year of 2025. The prospectus disclosed that this improvement is mainly due to the cost control advantage brought by the independently developed core components, and the enhanced bargaining power in procurement after the expansion of scale. Product matrix and technological moat Yushu Technology's competitive advantage is built on a full-stack self-developed technology system. The company insists on independent research and development of core elements such as motor drive, whole machine mechanical structure, and embodied intelligent models, holding 262 patents as of the end of January 2026 (including 20 domestic invention patents). In terms of product matrix, the company has launched four main humanoid Siasun Robot & Automation products: H1, H2 (full-size), G1, and R1 (medium and small size); as well as a series of quadruped Siasun Robot & Automation series covering consumer and industrial levels (Go series, B series, A series). The starting price for R1 Air is 29,900 yuan, and the basic version of G1 is 85,000 yuan, significantly lowering the consumption threshold compared to the earlier products. In the field of embodied intelligent models, the company has successively open-sourced and released the WMA architecture model "UnifoLM-WMA-0" and the VLA architecture model "UnifoLM-VLA-0" in September and January 2026, respectively, advancing these two technology routes in parallel. The prospectus also points out that the global large-scale embodied model technology is still in the research and testing stage, and the company has not yet scaled up the self-developed general embodied large model for product application during the reporting period, only completing deployment verification in pilot scenarios such as its own factories. As of the end of September 2025, the company had 175 R&D personnel, accounting for 36.46% of the total number of employees, with R&D expenses of 90.2094 million yuan, accounting for 7.73% of operating income. Significant contribution from overseas income, trade risks cannot be ignored The international market is an important part of Yushu Technology's business landscape. From 2022 to 2024, the company's overseas income accounted for over 55% of the main business income for three consecutive years. In 2025, driven by the rapid development of domestic artificial intelligence and Siasun Robot & Automation industries and the brand effects of the Spring Festival Gala performance, the proportion of domestic income has surged to 60.80%, but the absolute value of overseas income continues to grow. The prospectus lists international trade frictions as one of the core risks that need to be "specially considered". It pointed out that since 2025, the U.S. government's import tariff policy on foreign goods has fluctuated. If the company is included in the controlled procurement or technology export restriction list, it may face the risk of the overseas sales growth not being sustainable and even a decline in performance. Moreover, about 20% of the company's raw material purchases are imported through domestic agents, and unfavorable changes in external supply chain control policies may also affect material procurement and technological cooperation. It is worth noting that the settlement currency of the company's overseas sales is mainly in US dollars, and exchange rate fluctuations could also pose potential impacts. During the reporting period, the company's exchange gain and loss were -5.6782 million yuan, -2.9812 million yuan, -4.4377 million yuan, and +14.2282 million yuan, showing significant fluctuations. Shareholding structure and special voting rights arrangement The actual controller, Wang Xingxing, directly holds 23.82% of the company's shares, and through a special voting rights arrangement, 44,074,296 shares are designated as Class A shares (with 10 votes per share), giving him a total controlling voting rights of 68.7816%. Therefore, Wang Xingxing is the controlling shareholder and actual controller of the company. After this issuance, Wang Xingxing's total controlling voting rights are expected to be reduced to no more than 65.3090%. In terms of investor protection, the company has 3 independent directors and has committed to distribute cash dividends of not less than 10% of the current distributable profits each year, subject to meeting the business development needs. The prospectus also warns that under the special voting rights mechanism, if the interests of the actual controller are not aligned with those of small and medium shareholders, the latter may have difficulty influencing shareholder resolutions. Raising over 4.2 billion yuan, focusing on embodied intelligence The total amount of funds planned to be raised this time is 4.202 billion yuan, distributed to four projects: Intelligent Siasun Robot & Automation Model Research and Development Project (20.22 billion yuan); Siasun Robot & Automation Body Research and Development Project (11.10 billion yuan); New Intelligent Siasun Robot & Automation Product Development Project (4.45 billion yuan); Intelligent Siasun Robot & Automation Manufacturing Base Construction Project (6.24 billion yuan). The total amount of R&D projects accounts for approximately 85% of the total funds raised, while the manufacturing base accounts for 15%. The overall direction is to continue to enhance core technology research and development in the "big brain, small brain," and expand production capacity to meet the rapidly growing market demand. The most recent round of market-oriented equity financing for the company in June 2025 had a pre-investment valuation of 12 billion yuan and a post-investment valuation of 12.7 billion yuan. Based on the above valuation, the company's expected market value after this issuance is expected to meet the listing standards of the Science and Technology Innovation Board of not less than 10 billion yuan. This article is reproduced from Wall Street News; GMTEight Editor: Wenwen.